BNY Mellon Is Buy Despite Soft Earnings

The following commentary comes from an independent investor or market observer as part of TheStreet’s guest contributor program, which is separate from the company’s news coverage.

NEW YORK (Trefis) — BNY Mellon failed to impress investors with its first quarter earnings, which were slightly below expectations. This was evidenced by the fact that the bank’s shares dropped the most among banks over trading on Wednesday. The world’s largest custody bank ended the quarter with revenue of $3.6 billion — similar to the figures for Q4 2011 and Q1 2011. The bank’s net income figure for the quarter was $631 million.

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