BNY Assets Growth Strengthens Case for Market Optimism
Typically, when economists parse banks’ quarterly earnings, they’re looking for clues to consumer health: How much are customers saving? Can they keep up with their credit card payments? But BNY Mellon isn’t an ordinary bank, and its earnings report yesterday offered a higher-level view of the economy — financial markets in particular. Founded in 1784 by Alexander Hamilton, BNY isn’t a retail bank offering loans and deposit accounts to consumers. Instead, it’s a bank for banks, holding and safeguarding ...