BNY Mellon's Pershing business sees interest rates rise in 2022

Megabank BNY Mellon is also counted among the incumbents. Continuing on the cryptocurrency path Despite the collapse of the FTX exchange and the sharp drop in digital asset values, the technology remains healthy.

In prepared remarks during a Jan. 13 conference call with analysts, Pershing, a major storage company, and its parent company release During the bank’s fourth-quarter earnings call, BNY Mellon CEO Robin Vince cited “real-time payments” and “reimagining custody, collateral, and digital assets” as two of the bank’s promising long-term growth initiatives.

Vince also praised Pershing for “two very exciting wins” announced in the fourth quarter, in the form of new custodial relationships with insurance company State Farm and fintech startup AltaFinance. The new business comes after Reports Last week, BNY said it would cut 1,500 jobs this year, about 3% of its workforce. It was unclear whether any of those jobs would be filled by Pershing, and the bank did not immediately respond to a request for comment.

Vince said the megabank remains bullish on the technology behind bitcoin, ethereum and other cryptocurrencies. US digital asset custody platform Launched in October, the latest Editorial From the Financial Times.

“That will continue to be a focus for us — not so much cryptocurrency, but the broader opportunities that exist across digital assets and distributed ledger technology,” Vince said. According to the records From Insider Monkey Transcripts: “Recent cryptocurrency market events have only further highlighted the need for trustworthy, regulated providers in the digital asset space.”

To see what financial advisors will find most interesting from Pershing and parent company BNY Mellon's fourth-quarter earnings, scroll down through the slideshow. For the companies' third-quarter earnings, click hereTo see where they stand as of mid-2022, This link.

Note: Results include BNY Mellon-owned Pershing, the largest of the bank's market wealth services divisions, and the megabank's investment and wealth management division.