November 9, 2012 / 12:25 AM / 5 years ago

BNY Mellon blames Sandy for lost revenue, reduced activity

BOSTON (Reuters) - BNY Mellon Corp warned on Thursday that it expected some loss of revenue and reduced business activity in the fourth quarter, blaming the snarls caused by Hurricane Sandy.

“However, we are unable to estimate the loss of revenue and storm-related costs at this time,” BNY Mellon, the world’s largest custody bank, said in a quarterly filing with U.S. regulators.

Hurricane Sandy affected several of BNY Mellon’s facilities in the northeastern United States. But the New York-based bank said its continuity plans have functioned well, allowing it to serve its customers.

“We expect some loss of revenue related to market closures on October 29 and October 30 and reduced business activity in the immediate aftermath of the storm,” BNY Mellon said.

Reporting By Tim McLaughlin. Editing by Andre Grenon

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