BNY Mellon to Refrain From New Russian Business and Securities
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Bank of New York Mellon Corp., the world’s biggest custody bank, said it has ceased new banking business in Russia and suspended investment-management purchases of Russian securities in the wake of the invasion of Ukraine.
The moves are expected to trim first-quarter revenue by about $100 million and cut annual revenue by $80 million to $100 million going forward, bank spokesman Garrett Marquis said late Thursday in an emailed statement.