May 22 BNY Mellon Corp, the world's
largest custody bank, said it would add up to 100 positions at
its wealth management unit, expanding the sales force at the
unit by 50 percent in the next two years.
Banks such as Morgan Stanley and Goldman Sachs Group
Inc have been expanding their less risky wealth
management businesses as increased regulations hit investment
BNY Mellon said on Wednesday it would add private and
mortgage bankers, portfolio managers and wealth strategists at
the wealth management unit.
"As part of a long-term growth strategy, we are dedicating
substantial resources toward strengthening wealth management's
global distribution capabilities and team," Curtis Arledge,
Chief Executive of BNY Mellon Investment Management, said in a
BNY Mellon and other custody banks have been struggling with
low interest rates. The company reported a first-quarter loss
due to a high-stakes tax battle with the U.S. Internal Revenue
BNY Mellon shares closed at $30.09 on the New York Stock
Exchange on Tuesday.