Difficult Quarter for BNY Mellon, as Fees and Net Interest Income Both Drop, Outlook Worsens
Wide-moat-rated Bank of New York Mellon reported first-quarter results that highlighted the difficult environment the trust banks are facing today. Revenue was down 7%, driven by declining fee revenue and net interest revenue. While expense control was good, with expenses declining 1%, it could not make up for the revenue headwinds the bank is facing, and earnings per share declined 15%. This should have been partially expected, given the flattening yield curve as well as the more difficult mark...Bank of New York Mellon divides its businesses into two business segments, Investment Services and Investment Management. The company also has an Other segment, which includes the leasing portfolio, corporate treasury activities, derivatives and other trading activity, corporate and bank-owned life insurance, renewable energy investments and business exits. The company's two principal United States banking subsidiaries engage in trust and custody activities, investment management services, banking services and various securities-related activities. The company has four other United States bank and/or trust company subsidiaries concentrating on trust products and services across the United States.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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