BNY

While millions of employees have voluntarily left their jobs over the past year, senior level industry leaders have continued to advance their careers.

Chief Financial Officer Emily Portney said Bank of New York Mellon would be interested in buying more custody assets if an opportunity arises and the price is right. In the meantime, it continues to eye deals for small tech companies.

BNY Mellon and State Street have been granting millions of dollars in discounts to ensure investors in money market mutual funds stay in the black. Recent moves by the Fed are expected to relieve the pressure.

The bank anticipates strong demand from businesses that want to settle invoices faster. It also wants to get ahead of competition from fintechs offering similar services.

Hood Qaim-Maqami, divisional CIO at the Bank of New York Mellon, has ideas about how technology can be used to make people feel connected.

Governments are digitizing money, creating a need for banks to provide rails to connect consumers and central banks.

Citing strong client demand, the nation's largest custody bank is building infrastructure and a team that can help clients store and manage bitcoin and many other types of virtual currency and tokenized assets.

Bank of New York Mellon, State Street and Northern Trust have even more reason to slash costs than commercial banks because their options to boost revenue are more limited. Problem is, they also have fewer cost-cutting options.

New rules on shareholder submissions of proxy proposals could help banks fend off demands to disclose more pay data, cut financing to fossil fuels companies and adopt other reforms.

BNY Mellon has launched a system that automates medical and dental insurance claim payments, attaches benefit explanations and enables virtual card support for medical providers.

The bank's Pershing unit is using fingerprint and facial recognition technology on Apple devices to protect user access to its desktop software.

The German bank agreed to pay $150 million to New York State for its dealings with Jeffrey Epstein; the new tool will help lenders determine which borrowers are in the best shape to weather a crisis.

The employee assisted authorities in currency trading investigations that cost the bank $714 million; Citi is eyeing an expansion of its commercial banking ops in Europe, Middle East and Africa as other lenders exit on coronavirus fears.

An investment firm that has been pressuring large companies to enhance disclosures said that its efforts at JPMorgan Chase, Wells Fargo, Bank of America and Bank of New York Mellon are gaining ground.

The bank was one of the first users of The Clearing House's RTP network. Andrew Haskell explains how faster payments are helping the bank and its clients.

The investment bank is raising its return on equity target following a record earnings year; Democrat lawmakers say JPMorgan's response on racial discrimination questions was inadequate.

Despite the weaker-than-expected results, interim CEO Thomas Gibbons pledged to continue spending heavily on tech upgrades aimed at cutting costs, improving efficiency and developing innovative products.

Todd Gibbons, who succeeded Charlie Scharf in September, said tech investments give the custody bank a competitive edge and make it more efficient.

Once struggling to remain relevant, the Providence, R.I., bank is now an industry standout. Inside the story of its resurgence.

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