During the quarter, the French-headquartered global custodian recorded a number of key mandate wins, boosting AUC and revenues.
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.