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Bank of New York Lower After Profit Drop Due to Low Rates

January 20, 2021

Via: TheStreet

Bank of New York Mellon (BK) – Get Report shares fell on Wednesday after the banking company reported declines in fourth-quarter earnings and revenue that stemmed from low interest rates.

Net income fell to $755 million, or 79 cents a share, from $1.45 billion, or $1.52, in the year-earlier quarter. Adjusted earnings per share totaled 96 cents, down from $1.01.

Revenue dropped 20% to $3.84 billion from $4.78 billion a year earlier.

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