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BNY Mellon Chief Executive Gerald Hassell has
been under pressure from hedge fund activists unhappy with
expense controls and profit growth at the world's largest
custody bank. But in the first quarter, non-interest expense at
the bank fell 1 percent to $2.7 billion from year-ago levels.
The custody bank's earnings were $766 million, or 67 cents a
share, compared with $661 million, or 57 cents a share, in the
year-ago quarter.
Analysts, on average, were expecting 59 cents a share, according
to Thomson Reuters I/B/E/S.
Revenue was $3.9 billion, or 6 percent higher than the year-ago
quarter. Analysts had, on average, expected $3.7 billion in
revenue.
Foreign currency revenue had a big impact on the quarter, rising
67 percent to $217 million from year-ago levels on higher volume
and volatility.
(Reporting By Tim McLaughlin Editing by W Simon)
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