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BK - Bank Of New York Mellon News Story

$42.48 -0.6  -1.5%

Last Trade - 3:56pm

Large Cap
Market Cap £30.05bn
Enterprise Value £4.82bn
Revenue £12.14bn
Position in Universe 269th / 6407

BUZZ-Street View: BNY Mellon's income to remain under pressure as tech expenses rise

Fri 17th January, 2020 11:46am
** Bank of New York Mellon Corp  BK.N  missed analysts' avg.
estimates for quarterly profit on Thursday, as it earned less
from its interest-earning assets owing to rate cuts by the
Federal Reserve*:nL4N29L2YW
    ** JP Morgan ("underweight", PT: $49) says it is unclear if
BK can deliver positive operating leverage in the near term;
company's forecast has been consistently negative
    ** Brokerage RBC ("sector perform", PT: $52) expects deposit
trends to remain competitive and sees continued pressure on net
interest income
    ** CFRA ("hold", PT: $48) expects "margins to remain under
pressure from those challenges that will likely be exacerbated
by BK's need to ramp up its technology spend in a long overdue
    ** Jefferies ("hold", PT: $50) cuts 2020 and 2021 EPS
estimates to $4 from $4.30, and $4.35 from $4.65 respectively,
due to tech-spending driven higher costs and flatter core fee

 (Reporting by Aniruddha Chakrabarty)
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