Banking On New York Mellon
Happy 225th birthday Bank of New York Mellon! The bank rang the Closing Bell at the NYSE today touting $19.5 trillion in assets under custody, $881 billion in assets under management.
For a company that’s managed to survive the financial fallout, it looks like the bank is on firm footing. When CEO Bob Kelly spoke to Maria on the “Closing Bell” he told her the company is past the point where they need TARP. In fact, Kelly said the company ‘is willing and able to repay TARP as soon as the government allows.’
When asked about the market, Kelly told Maria the market is improving. Kelly said “the smart money is making long-term investments” and their “wealth management business is gaining clients.”
Mr. Kelly also said Bank of New York Mellon’s capital structure is stronger than it’s ever been when he spoke to Maria exclusively this afternoon.
The company is gaining ground in performance. Year-to-date the stock has returned 42%. That’s a nice gift for investors!
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