BNY Mellon CFO says expenses included costs for software glitch
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BOSTON (Reuters) - Bank of New York Mellon (NYSE: BK) Chief Financial Officer Thomas Gibbons said the custody bank's expenses during the third quarter included "concessions" given to clients impacted by a system outage over the summer.
Speaking on a conference call with securities analysts on Tuesday, Gibbons said noninterest expenses of $268 million the bank reported for the three months ended September 30 included concessions given to clients affected by the outage, which affected about $400 billion in client assets. http://reut.rs/1kkLxgG
(Reporting by Ross Kerber; Editing by Chizu Nomiyama)
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