BNY Mellon to Pay $714M for Bilking Forex Customers
Bank of New York Mellon will repay $84 million to customers it admitted to defrauding through its "standing instruction" foreign exchange trading program.
Pershing Adds to FundVest Platform
New additions to the no-transaction-fee platform address a growing appetite for advisory share classes as FundVest assets cross the $100 billion threshold.
New Hire Roundup: Steve Dunlap to Head Wealth Management at Cetera
Also this week in new hires, Jeff Pawliger was named Janus' regional director for southern Florida, and PFM Group announced that Susan Musselman, Fred Eoff and Johanna Roodzant have joined with the acquisition of SDM Advisors.
BNY Mellon Profits Drop, but Pershing Clearing Helps Offset Losses
Pershing's clearing services revenue helped offset the Bank of New York Mellon's Q1 losses stemming from a foreign tax credit fight.
BNY Mellon Boosts Profits 23%: Q4 Earnings
Clearing fees at Pershing unit rise to $294 million in the period and nearly $1.2 billion for 2012
Top 10 Biggest U.S. Banks in 5 Key Reputation Categories
Dix & Eaton, a communications consultancy, ranked the nation’s largest bank holding companies in each of the five critical categories, like ROI and image, that determine reputation.
Top 10 Biggest U.S. Banks With Best Reputations
Dix & Eaton, a 60-year-old communications consultancy, identified nine critical value factors that drive the reputation of financial institutions, and ranked the nation’s 10 largest bank holding companies in terms of each.
5 Best & Worst Broker-Dealers: Q4 Earnings
Brokerage firms in the fourth quarter boosted earnings growth as high as 191% and reported declines as low as 131%–AdvisorOne selected 10 to spotlight.
Q4 Earnings: BNY Mellon Profits Drop 25%; Pershing Flat
BNY Mellon’s Q4 profits totaled $0.42 per share compared with $0.54 per share in the fourth quarter of 2010. Analysts had anticipated EPS of $0.52 in Q4.
Pershing Parent BNY Mellon Settles Probe for $1.3 Million
The investigation dealt specifically with one of the company's subsidiaries, Mellon Financial Markets (now BNY Mellon Capital Markets).