The year-over-year increase primarily reflects higher equity market values, net new business, including growth in collateral management, and the favourable impact of the weaker US dollar.
BNY Mellon cited securities lending, net new business, equity market values and money market fees, as the primary drivers of its growth.
Charles Scharf, chair and CEO of BNY Mellon, said: 鈥淥ur fourth quarter results were impacted by new tax legislation and actions that we took to strengthen our firm for the longer term.鈥�
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