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MarketScreener Homepage  >  Equities  >  Nyse  >  Bank of New York Mellon Corporation (The)    BK

BANK OF NEW YORK MELLON CORPORATION (THE

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Bank of New York Mellon : BNY Mellon to pay $3 million after Massachusetts probe of funds glitch

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03/21/2016 | 01:24pm EDT
The Bank of New York Mellon Corp. building at 1 Wall St. is seen in New York's financial district

(Reuters) - Bank of New York Mellon Corp has agreed to pay $3 million in settling a state investigation into problems it faced in calculating net asset values on some 1,200 mutual funds last August, Massachusetts' top securities regulator said on Monday.

Massachusetts Secretary of the Commonwealth William Galvin said the New York trust bank had subcontracted the calculations to a third party and lacked a backup plan when the sub-contractor was unable to calculate net asset values for the funds. The lack of the plan "represents a departure from high standards of commercial honor," the settlement agreement states, according to Galvin's office.

The glitch unsettled broad parts of the fund industry last summer and highlighted how reliant BNY Mellon remained on a patchwork of technology platforms.

The outage left BNY Mellon unable to calculate net asset values on the funds for about 66 clients by the close of trading on Aug. 24, according to a statement by Galvin's office, which added that BNY Mellon has since improved its internal controls and supervisory procedures.

BNY spokesman Kevin Heine said the bank is unaware of any investor losses tied to the problems and that it calculated net asset values with other means that day. Where funds requested it, shareholder transactions were reprocessed with system-generated net asset values and the bank waived any reprocessing fees, he said.

"While we truly regret any confusion our clients may have experienced during the initial hours of the outage, the fact remains that BNY Mellon took decisive action during an unprecedented vendor failure to protect our clients’ interests and deliver daily net asset values to the funds in accordance with their instructions," Heine said.

(Reporting by Ross Kerber in Boston; Editing by Marguerita Choy)

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Financials (USD)
Sales 2019 15 725 M
EBIT 2019 4 995 M
Net income 2019 4 090 M
Debt 2019 32 796 M
Yield 2019 2,58%
P/E ratio 2019 10,6x
P/E ratio 2020 11,0x
EV / Sales2019 4,76x
EV / Sales2020 4,76x
Capitalization 42 117 M
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Technical analysis trends BANK OF NEW YORK MELLON CO
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Mean consensus HOLD
Number of Analysts 23
Average target price 47,38  $
Last Close Price 45,67  $
Spread / Highest target 24,8%
Spread / Average Target 3,75%
Spread / Lowest Target -10,2%
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Managers
NameTitle
Charles William Scharf Chairman & Chief Executive Officer
Lester J. Owens Head-Operations & Senior Executive VP
Michael Santomassimo Chief Financial Officer
Bridget E. Engle Chief Information Officer & Senior Executive VP
Sabet Elias Chief Technology Officer
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