The Ticker
Bank of New York Mellon profit rises 26%
1/16/13 9:09am
Bank of New York Mellon Corp.'s ($29.51 -0.13%) fourth-quarter profit rose 26% as the trust bank increased its assets under management and custody while also posting a credit in its loan loss provisions. Trust banks act as custodians and servicers for corporations and Wall Street and make most of their money collecting fees for various servicing activities, leaving results heavily dependent on market forces.
