BNY Mellon's balance sheet up $10 bln as clients navigate shutdown
BOSTON, Oct 16 (Reuters) - BNY Mellon Corp's balance sheet has ballooned by nearly $10 billion in October as the bank's clients sit on more cash to ride out the turmoil caused by the U.S. government's shutdown.
"We've seen some various money market funds and various clients get more defensive and put more into cash, so our balance sheet is up about $10 billion since quarter-end," BNY Mellon Chairman and Chief Executive Gerald Hassell said Wednesday on a conference call. "We are prepared to handle that."
At the end of September, BNY Mellon's balance sheet had $372 billion in total assets. Liabilities were $334 billion, including deposits of $255.6 billion, according to the bank's financial statements.