RSS feedBNY Mellon
’The cash killing BNY Mellon: details
Cash may be king but it’s going to cost the subjects. Negative interest-rates are here and that’s rarely a good sign. Click through for the two-page explanatory note sent to clients by BNY Mellon. A 13 basis point fee will be charged on accounts with an average monthly balance of over $50m “per client relationship”.
The cash killing BNY Mellon
The search for a safe haven just got even trickier. BNY Mellon announced on Thursday that it is to charge a fee on all those cash deposits piling in as investors flee risk assets. Presenting, then, the latest cash killers — flashes courtesy of Reuters:
BofA approached BNY Mellon CEO
Bank of New York Mellon chief executive Robert Kelly was recently approached about taking the CEO position at Bank of America but has shown no interest in the job, the WSJ reported. Kelly was approached more than once about potentially succeeding incumbent CEO Kenneth Lewis,
Globe pub group on brink
Globe Pub Company, the ailing pub operator owned by property entrepreneur Robert Tchenguiz, was on the brink of administrative receivership on Wednesday night. The Bank of New York Mellon, which became the trustee to Globe’s bondholders after the group defaulted on a £257m asset-backed loan in April,
BNY Mellon sees M&A chances
Bank of New York Mellon sees more acquisition opportunities in Europe than in Asia, according to Robert Kelly, the bank’s chairman and CEO, reports Reuters. Kelly said European financial institutions had been harder hit by the financial crisis than their Asian counterparts and were refocusing as a consequence.
Russia drops BNY Mellon suit
Russia dropped a $22.5bn lawsuit against Bank of New York Mellon on Thursday after agreeing an out-of-court settlement in a case related to a decade-old money laundering scandal. A judge in Moscow’s arbitration court said Russia’s federal customs service,
Fed plans repo markets revamp
The US Federal Reserve is considering big changes to the giant repurchase – or repo – markets where banks raise overnight dollar loans. The plans include the creation of a mechanism to replace the clearing banks that handle transactions – the biggest of which are JPMorgan Chase and Bank of New York Mellon - serving as intermediaries between borrowers and lenders.
BlackRock scrambles for BGI
BlackRock was on Sunday in discussions with Barclays as it raced to seal the purchase of Barclays Global Investors and see off an 11th-hour challenge from Bank of New York Mellon. Barclays is expected to decide early this week on who should buy its BGI unit.
Weekend catch-up
In case you missed these stories from the Weekend FT:
- RBS starts Asian asset sale
RBS, the stricken UK bank, started the divestment process for many of its Asian assets on Thursday, distributing an official sale document covering businesses in 12 countries.