Shares in BNY Mellon fell 7.8 per cent to $46.72 yesterday after the lender's fourth-quarter profit missed analysts' estimates. Net income at the US's biggest custodian bank rose 67 per cent year on year in the final quarter to $1.4bn (£1.1bn) — but much of this was due to the sale of an unspecified asset. When this one-time boost was stripped away, net income was $989m. This took earnings per share to $1.01, missing analysts' expectations of $1.04. BNY Mellon — which specialises in investment management and services — said low interest rates had dented its bottom line this year, taking a chunk out of its interest revenue. Many of the major US banks reporting this season cited rate cuts in 2019 as hurting profits.

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