The Bank of New York Mellon on Wall Street, New York.
Scott Mlyn | CNBC
Bank of New York Mellon missed analysts’ estimates for quarterly profit on Thursday, as the world’s largest custodian bank earned less from its interest-earning assets due to rate cuts by the Federal Reserve.
Big U.S. banks that reported results earlier this week also highlighted the hit from lower interest rates after the U.S. Federal Reserve cut borrowing costs three times last year against the backdrop of the prolonged U.S.-China trade war.
“Although we continue to be negatively impacted by lower rates, a flat yield curve, and low foreign exchange volatility, we remain intensely focused on carefully managing costs,”…