Despite the loss of First Republic as a custodial client through
In an earnings call on Tuesday, Bank of New York Mellon Chief Financial Officer Dermot McDonogh acknowledged that the firm's Pershing custodial business is experiencing "continued headwind from the ongoing de-conversion" of a regional bank client. McDonogh named no names but the client he referred to is widely known to be First Republic,
Despite the departure of the regional banking client, McDonogh said Pershing brought in $23 billion in net new assets in the quarter.
"We feel the underlying strength of the business, you're always going to take your lumps and things that happen that you wouldn't expect to happen," McDonogh said. "And we feel we have the ability and the confidence, and the people, and the strategy, and the products to earn our way out of that."
BNY Mellon CEO Robin Vince called attention to the introduction of a new wealth management system
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"As we onboard additional clients through the remainder of 2023, we are planning to start disclosing relevant financial information and leading indicators for you all to keep track of Wove's growth trajectory at the beginning of next year," Vince said in the earnings call.
For highlights from Pershing and parent company BNY Mellon's earnings in the third quarter, scroll down. To read about the firms' second quarter,
Note: The quarterly results include BNY Mellon-owned Pershing, which is the largest part of the firm's Market and Wealth Services segment, and those of the megabank's Investment and Wealth Management unit.