Northern Trust stated it too was affected by unfavourable markets but managed to partially offset this with new business.
Revenue from asset servicing, its largest business, was down 7% in comparison to the first quarter of last year at $1.4 billion
New research from industry analytics provider Coalition showed revenues from global securities services providers collectively reached $37.2 billion in 2018.
The two US investment banks are the first to report their quarterly earnings, with their results often seen as a reflection of the current state of the banking industry.
BNY Mellon’s CEO Scharf hoped to reassure investors that it still has a solid pipeline of mandate wins to come.
Investment services revenues of increased 8% to $3.1 billion year-on-year but remained flat over the previous quarter.
Citi and JP Morgan both recorded a 12% increase in the second quarter for their securities services businesses.
The world’s largest custodian recorded revenues of $4.2 billion in the quarter, up by 9% year-on-year.