Custody banks

The new tax law took a one-time bite out of fourth-quarter results, but higher rates strengthened yields and new business boosted fee income.

BNY Mellon plowed some of its tax law savings into restructuring efforts.

Rather than forming a consortium of peers to investigate blockchain technology, as many banks have done, one of the world's largest asset managers is acting on its own.

Federal Deposit Insurance Corp. Chairman Martin Gruenberg on Tuesday opposed efforts to roll back “core reforms” to bank regulation that were implemented after the 2008 financial crisis, but said some review of the Dodd-Frank law is warranted.

In his first major move as CEO, Charlie Scharf has made several management changes at Bank of New York Mellon.

Ronald O’Hanley withdrew from law school at Vanderbilt University in 1983 after admitting to plagiarism while editor-in-chief of the school’s law review, according to a news report.

The ongoing bull market produced more fee income, interest income and new business at the Boston custody bank, which reported a 9% gain in revenue.

Growth in asset servicing offset declines in fees from foreign exchange and depositary receipt activity.

Profits at the custody bank rose 16%, but it announced a new streamlining program that is expected to generate yearly savings of $250 million by 2020.

Frederick Waddell will retire as CEO of the Chicago custody bank at the end of 2017 but will remain chairman.