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☆ The market is near all-time highs. That doesn't mean it can't go much higher
▼ + stars: | 2024-03-27 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

Looking at the recent performance of the market and several stocks in our portfolio, one thing is clear: This is a market that wants to go higher. We would much rather see stocks up on strong earnings instead of rising on lower rates that are only lower because the operating environment is deteriorating. But it's important to understand, at a high level, what kind of market we are still in — a bull market seeking new heights. We are fielding a lot of questions about how one should approach a market near all-time highs. Now, that doesn't mean stocks are on a one-way march higher and a pullback is impossible.

Persons: Jerome Powell, we've, We're, We'll, it's, –, Morgan Stanley, Coterra, Jim Cramer's, Jim Cramer, Jim, Erik McGregor Organizations: Federal Reserve, Fed, Linde, DuPont, Coterra Energy, Jim Cramer's Charitable, CNBC, Financial, LightRocket, Getty Locations: —, U.S, Russia, Ukraine, China, Taiwan, New

☆ Tech firms, Wall Street lead job cuts in Corporate America
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +9 min

TECHNOLOGY, MEDIA AND TELECOM SECTORMeta Platforms (META.O):The Facebook-parent said it would cut 10,000 jobs, just four months after it let go 11,000 employees. read moreMicrosoft Corp (MSFT.O):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. The company laid off under 1,000 employees across several divisions in October, Axios reported, citing a source. Workday (WDAY.O):The software company will cut roughly 500 jobs, or 3% of its workforce, citing a challenging macroeconomic environment. Morgan Stanley (MS.N):The Wall Street powerhouse was planning to cut about 3,000 jobs in the second quarter ended June 30, Reuters reported in May.

Persons: Brendan McDermid, Goldman Sachs, Axios, Pat Gelsinger, Elon Musk, Morgan Stanley, Lazard, Coinbase, cryptocurrencies, Phillips, Johnson, Joseph Wolk, Deborah Sophia, Akash Sriram, Granth Vanaik, Eva Mathews, Yuvraj Malik, Sourasis Bose, Priyamvada, Tiyashi Datta, Manya Saini, Jaspreet Singh, Maju Samuel, Sriraj Kalluvila, Pooja Desai Organizations: REUTERS, TELECOM, Meta, Facebook, IBM Corp, Spotify Technology SA, Spotify, Microsoft Corp, Intel Corp, Reuters, New York Times, Elon, Cisco Systems, HP, Rivian, Match, Dell Technologies, Technologies, U.S . Central Intelligence Agency, Goldman Sachs, Wall, Citigroup, Bloomberg News, BlackRock, Bed, Dow, Johnson, 3M, Thomson Locations: New, Wall, U.S, York, New Jersey, Bengaluru

☆ BNY Mellon to raise minimum wage, add mental health benefits
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

A BNY Mellon sign is seen on their headquarters in New York's financial district, January 19, 2011. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Dec 1 (Reuters) - BNY Mellon (BK.N) will increase its minimum wage next year to $22.50 an hour from $20 and expand mental health benefits for employees, the bank said in a statement on Friday. Bank of America (BAC.N) raised its minimum hourly wage to $23 in October, heading toward a goal of $25 by 2025. BNY Mellon will also expand its mental health benefits to cover 12 therapy sessions a year, expanding from five currently. "We want our employees to feel valued and know that they are being compensated competitively," said Sharyn Jones, BNY Mellon's global head of talent.

Persons: Brendan McDermid, BNY Mellon, Sharyn Jones, Lananh Nguyen, Sharon Singleton Organizations: REUTERS, BNY, Bank of America, Thomson Locations: New, U.S

The Bank of New York Mellon Corp. building at 1 Wall St. is seen in New York's financial district March 11, 2015. BNY Mellon, the sole settlement agent for Treasury securities, disconnected the Chinese bank from the platform after the hack and is waiting for a third party to attest that it is safe to reconnect, the sources said. The attack, confirmed by ICBC on Thursday, is the latest in a string of demands for ransom that hackers have claimed this year. ICBC Financial Services, the bank's U.S. unit, said it was investigating the attack that disrupted some of its systems, and making progress toward recovering from it. Reporting by Lananh Nguyen and Paritosh Bansal; Editing by Megan DaviesOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, BNY Mellon, ICBC, Lananh Nguyen, Paritosh, Megan Davies Organizations: of New York Mellon Corp, REUTERS, Commercial Bank of, Treasury, ICBC Financial Services, Thomson Locations: U.S

A BNY Mellon sign is seen on their headquarters in New York's financial district, January 19, 2011. "We're in a period when the Treasury market needs to be relied upon for its safety and liquidity," Nate Wuerffel, head of market structure at BNY Mellon, said in an interview. "And if on top of that you're trying to implement very rapidly a fundamental reassembly of the Treasury market, that's when you run the risk of having market functioning deteriorate." Liquidity crunches in recent years have raised regulatory concerns about the Treasury market's ability to function during times of stress. "Central clearing will strengthen the market’s core attributes of safety and liquidity in times of stress.

Persons: Brendan McDermid, BNY Mellon, Treasuries, Nate Wuerffel, Wuerffel, Davide Barbuscia, Laura Matthews, Richard Chang, Sam Holmes Organizations: REUTERS, Companies Bank of New York Mellon, U.S . Securities, Exchange Commission, Treasury, SEC, BNY, Federal Reserve, Federal, Thomson Locations: New

A BNY Mellon sign is seen on their headquarters in New York's financial district, January 19, 2011. "We're in a period when the Treasury market needs to be relied upon for its safety and liquidity," Nate Wuerffel, head of market structure at BNY Mellon, said in an interview. "And if on top of that you're trying to implement very rapidly a fundamental reassembly of the Treasury market, that's when you run the risk of having market functioning deteriorate." Notably, in March 2020 the market seized up as pandemic fears gripped investors, prompting the Federal Reserve to buy Treasuries to support the market. "An extended implementation timeline in the final rule could substantially lower the risk that the transition itself could worsen market functioning," Wuerffel said in a note on Wednesday.

Persons: Brendan McDermid, BNY Mellon, Treasuries, Nate Wuerffel, Wuerffel, Davide Barbuscia, Laura Matthews, Richard Chang Organizations: REUTERS, Companies Bank of New York Mellon, U.S . Securities, Exchange Commission, Treasury, SEC, BNY, Federal Reserve, Federal, Thomson Locations: New

☆ BNY Mellon beats profit estimates on boost from higher interest rates
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +2 min

The Bank of New York Mellon Corp. building at 1 Wall St. is seen in New York's financial district March 11, 2015. Last week, JPMorgan (JPM.N), Wells Fargo (WFC.N) and Citigroup (C.N) beat analysts' estimates for the latest quarter and raised FY23 interest income forecasts. BNY Mellon's net interest revenue for the reported quarter jumped nearly 10% to $1.02 billion, compared with $926 million a year earlier. While higher interest rates have benefited banks, they have also deepened fears of more loan defaults, prompting lenders to maintain reserves on the sidelines. New York-based BNY Mellon kept aside $3 million in provision for credit losses for the quarter.

Persons: Brendan McDermid, Banks, BNY Mellon, Jaiveer Singh, Shinjini Organizations: of New York Mellon Corp, REUTERS, Bank of New York Mellon Corp, U.S . Federal Reserve, JPMorgan, Citigroup, Thomson Locations: Wells Fargo, New York, Bengaluru

☆ Kazakh fintech Freedom Holding is being investigated by DOJ, SEC, documents show
▼ + stars: | 2023-10-06 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

The SEC's Boston regional office has been probing Freedom for months, according to documents seen by CNBC and people familiar with the matter. The U.S. Attorney's Office for Massachusetts is also making preliminary inquiries into Freedom, documents seen by CNBC show. Nearly 115,000 Freedom shares changed hands in the first half hour of trading, 1.25 times the stock's 10-day average. Turlov and Freedom are aware of the SEC probe, which has been going on for months, a person familiar with the matter told CNBC. An SEC spokesperson told CNBC that it doesn't comment on the existence or nonexistence of an investigation.

Persons: that's, Timur Turlov, Turlov, Hindenburg, Citron Organizations: Nasdaq, Securities, Exchange, CNBC, Boston, Attorney's, Massachusetts, SEC, DOJ, Justice, Hindenburg, Citron Research, Las, Trump, Financial, Financial Industry, Authority, Freedom Locations: Almaty, Kazakhstan, Russian, U.S, Kazakh, Central Asia, Eastern Europe, New York, Las Vegas, New

☆ Wall Street banks shed jobs to ease cost pressures
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

Morning commuters walk on Wall Street in New York's financial district October 30, 2014. Others, like Citigroup (C.N), are preparing to cut jobs as part of a structural revamp targeted to remove complexity. It also laid off nearly 1,000 employees from First Republic Bank, the collapsed lender it had acquired from the Federal Deposit Insurance Corp. The bank laid off about 3,200 people earlier this year in its biggest headcount reduction since the 2008 financial crisis. Lazard (LAZ.N) -The New York-based investment bank said it would cut around 10% of its workforce in 2023.

Persons: Brendan McDermid, Goldman Sachs, Morgan Stanley, JPMorgan Chase, Wells Fargo, Wells, Mike Santomassimo, Santomassimo, Charles Schwab, Lazard, Jaiveer Singh, Maju Samuel Organizations: REUTERS, Banking, Citigroup, JPMorgan, First Republic Bank, Federal Deposit Insurance Corp, Reuters, Financial Times, Bloomberg News, Wall Street, UBS Group, Credit, Thomson Locations: New, U.S, New York, York, Bengaluru

☆ Cash-strapped New Yorkers are doing the unthinkable: Moving to Jersey City
▼ + stars: | 2023-09-10 | by ( Juliana Kaplan | Noah Sheidlower | ) www.businessinsider.com time to read: +12 min

New Yorkers fed up with a tough housing market are making the pilgrimage to Jersey City. New York City housing is becoming more elusive and expensive, and Jersey City is an attractive option. That's not to say that Jersey City is much cheaper, but there are more options: Along the Hudson River waterfront in Jersey City, dozens of luxury high-rises have sprouted up within the last 10 years, some filled with their own coffee shops, heated pools, and rooftop dog runs. Now, he knows at least eight to 10 acquaintances who have taken the Jersey City plunge since he moved. When it comes to the space and amenities that Jersey City provides, "once you have it, you can't go back."

Persons: Chelsea Vaughn, I'm, Vaughn, brownstones, Vaughn isn't, Steven Fulop, Fulop, cringes, Alexa Lacayo, would've, She'd, Susannah Byrne, Byrne, should've, Joey Politano, Zack Chibane, he's, Chibane Organizations: Service, Bushwick, Jersey City, New, Apple, Jersey, NYC, Income Housing Association, Alexa, New York's Financial, York, New Jersey, New York Locations: Jersey City, While Jersey, York, New York City, Jersey, Wall, Silicon, Brooklyn, Brooklyn , Manhattan, Vaughn, Harlem, New York, Grove, —, It's, Florida, New, Manhattan, Hoboken, Murray Hill, Hudson, NYC, New Jersey

[1/2] A BNY Mellon sign is seen on their headquarters in New York's financial district, January 19, 2011. A lawyer for BNY Mellon also declined to comment. They have long said their contracts shielded them from liability for RMBS losses, and that particularly sophisticated investors should have known the risks. In its December 2015 complaint, Commerzbank accused BNY Mellon of sitting "idly" as losses piled up, rather than force lenders to buy back and servicers to address troubled loans. The case is Commerzbank AG v. The Bank of New York Mellon et al, U.S. District Court, Southern District of New York, No.

Persons: Brendan McDermid, Germany's, George Daniels, Commerzbank's, Dave Wollmuth, BNY Mellon, Commerzbank, Daniels, The Bank of New York Mellon, Jonathan Stempel, Grant McCool Organizations: REUTERS, Bank of New York Mellon, District, BNY Mellon, Countrywide, NovaStar, BNY, New York, CDO, Commerzbank, The Bank of New York, Court, Southern District of, Thomson Locations: New, U.S, Manhattan, Barrington, Southern District, Southern District of New York, New York

☆ A turbulent few years for stocks has led to a boom in therapy services for stressed out traders
▼ + stars: | 2023-08-27 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +7 min

After a stressful few years for stocks, traders are flooding the offices of therapists and mental health professionals. Wall Street is seeing elevated rates of depression, anxiety, and substance abuse, psychologists told Insider. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. That even applies to professional Wall Street traders, who already work grueling hours in cutthroat environments. Meanwhile, 32% of trading professionals said they had at least considered therapy or mental health services due to stress at work.

Persons: It's, Megan, it's, Goldman Sachs, Dr, Greg Kushnick, he's, Reid Daitzman, He's, Kushnick, Créde Sheehy, Kelly Organizations: Service, Wall, Oasis, Bank of America, of America, Financial, Finance, Quest Diagnostics Locations: Wall, Silicon, California, New, Connecticut

Da Ponte denied a Bloomberg report that the payments processor paused development of its stablecoin in February. But da Ponte argues this troubled backdrop is exactly why PayPal is poised to succeed. Then there's the hypothetical digital dollar that would be the Fed's take on a central bank digital currency, or CBDC. "We have a large base of consumers; we have a large base of merchants," da Ponte said of PayPal's "two-sided network." Da Ponte sees PayPal's more than 20-year tenure in the payments space as one of the company's chief advantages in the stablecoin market.

Persons: Jose Fernandez da Ponte, PayPal's, Da Ponte, Paxos, it's, Ponte, stablecoins, Nic Carter, Stablecoins, Carter, Andy Bromberg, Andreessen Horowitz, Bromberg, PYUSD, Jeremy Allaire, Allaire, Patrick McHenry, McHenry Organizations: PayPal, CNBC, Bloomberg, SEC, New, Regulators, Valley Bank, U.S ., U.S, Castle, Ventures, Companies, Eco, Coinbase Ventures, Paypal, Facebook, Financial Services, America Locations: U.S, New York, Bromberg, web3, United States, R, DexTools

☆ Insurer AIG profit beats estimates on gains in life and retirement unit
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File PhotoAug 1 (Reuters) - American International Group (AIG.N) exceeded second-quarter profit expectations on Tuesday, driven by growth at its life and retirement unit and lower-than-expected catastrophe losses in what was a very expensive quarter for the industry. AIG, one of the world's biggest commercial insurers, said net premiums written in its general insurance arm for the quarter ended June grew 10% to $7.5 billion. AIG's life and retirement unit saw a 42% jump in premiums and deposits, partly helped by record sales in fixed index annuities. AIG's general insurance accident year combined ratio was 88%, compared with 88.5%, a year earlier. The metric excludes catastrophe losses and a ratio below 100 signifies that the insurer earns more from premiums than it pays out in claims.

Persons: Brendan McDermid, Mawar, Gallagher, Noor Zainab Hussain Organizations: AIG, REUTERS, American International, Companies, Thomson Locations: New, New York, Guam, United States, Bengaluru

☆ Hybrid work is the new normal, as companies rethink work habits and office and retail space
▼ + stars: | 2023-07-13 | by ( Stephanie Dhue | Stephanie-Dhue | ) www.cnbc.com time to read: +2 min

Virojt Changyencham | Moment | Getty ImagesOffice demand declinesThat flexibility is helping drive down demand for office space. By 2030, McKinsey predicts, demand for office space will be as much as 20% lower than it was in 2019, depending on the city. While remote and hybrid work is the big reason, the trend toward more desks in less space and shifts to automation were also factored into its analysis. Lower office space demand has companies rethinking how to make their real estate jibe with new work habits. Working in teams and increasing productivity are the top reasons office workers with flexibility give for being on-site.

Persons: Virojt, Jordan Goldstein, Goldstein Organizations: McKinsey, York's Financial, Financial Locations: San Francisco, Houston, Manhattan, New York, Lower

☆ Erdogan considering Erkan as Turkey cenbank chief, sources say
▼ + stars: | 2023-06-05 | by ( Orhan Coskun | ) www.reuters.com time to read: +4 min

Erkan met with Mehmet Simsek, Turkey's newly-appointed treasury and finance minister, in Ankara on Monday, one of the sources said. The two sources told Reuters she is set to meet Erdogan soon to discuss the possible role. Turkey's policy rate was cut to 8.5% from 19% in 2021, setting off a historic currency crash in late 2021. Erkan would be the country's fifth central bank chief in four years. The central bank has been the linchpin of Erdogan's programme of monetary stimulus and targeted credit to boost economic growth, exports and investments.

Persons: Erdogan, Tayyip Erdogan, Hafize Gaye Erkan, Erkan, Mehmet Simsek, Sahap Kavcioglu, Goldman Sachs, Simsek, Kathryn Wylde, Wylde, Naci Agbal, Marsh, Jonathan Spicer, Daren Butler, Angus MacSwan, Emelia Organizations: Reuters, First Republic Bank, Treasury, Ivy League, Princeton, New, First, JPMorgan, Greystone, Thomson Locations: Turkey, ANKARA, United States, Ankara, New York City, U.S

☆ New York's financial watchdog on recent bank failures, protecting consumers and small businesses
▼ + stars: | 2023-05-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNew York's financial watchdog on recent bank failures, protecting consumers and small businessesAdrienne Harris, Superintendent of New York State Department of Financial Services, joins 'Squawk Box' to discuss the fallout from recent bank failures, ways to prevent bank runs in the future, and more.

Deutsche Bank agreed to pay $75 million to victims of sex predator Jeffrey Epstein to settle a federal lawsuit accusing the bank of enabling and benefitting from its customer's sex trafficking of young women, sources told CNBC on Wednesday night. The bombshell deal still leaves JPMorgan Chase to defend its own would-be class action lawsuit by Epstein accusers in U.S. District Court in Manhattan, which involves similar allegations. The settlement agreement by Deutsche Bank, which will set aside $75 million for Epstein accusers, was first reported by The Wall Street Journal. Deutsche Bank spokesman Dylan Riddle would not comment on the deal, but noted that his bank has spent more than 4 billion euros [$4.34 billion] to strengthen internal financial controls. "In recent years Deutsche Bank has made considerable progress in remedying a number of past issues," Riddle said.

☆ FDIC hires Newmark Group to sell billions of Signature Bank debt - source
▼ + stars: | 2023-03-29 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

[1/2] The company logo for Signature Bank is displayed at a location in Brooklyn, New York, U.S., March 20, 2023. Earlier this month, state regulators closed New York-based Signature Bank, making it the third largest failure in U.S. banking history. The subsidiary, Flagstar Bank, assumed substantially all of Signature Bank's deposits, some of its loan portfolios and all 40 of its branches. On Tuesday, FDIC told Signature Bank's crypto clients they have until April 5 to close their accounts and move their money. New York's financial regulator had said earlier in March its decision to close Signature Bank had "nothing to do with crypto."

☆ Signature Bank faced criminal probe ahead of its collapse - Bloomberg News
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

March 14 (Reuters) - U.S. prosecutors were investigating Signature Bank's (SBNY.O) association with crypto clients before regulators suddenly seized the lender last weekend, Bloomberg News reported on Tuesday, citing people familiar with the matter. The report comes after New York's financial regulator earlier in the day said its decision to close Signature Bank had "nothing to do with crypto", but was spurred by what it called "a significant crisis of confidence in the bank's leadership" after the collapse of Silicon Valley Bank. The SEC, Justice Department and Signature Bank didn't immediately respond to Reuters' request for comments. State regulators closed New York-based Signature Bank on Sunday, the third largest failure in the U.S. banking history, and two days after authorities shuttered Silicon Valley Bank (SVB) in a collapse that stranded billions in deposits. As of September last year, almost a quarter of Signature Bank's deposits came from the cryptocurrency sector, but the bank announced in December last year that it would shrink its crypto-related deposits by $8 billion.

☆ Communities struggling with banking access give banks on wheels a spin
▼ + stars: | 2023-02-08 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +12 min

Banks on wheels are an attempt to repair the gaps within the U.S. banking landscape, which disproportionately impact Black and Hispanic communities. Banks on wheels aim to offer at least a partial solution to the increasingly deserted banking landscapes in minority communities. BankonBuffalo's mobile branch is an attempt to bridge those access gaps. Bank deserts are any areas where there are no bank branches within 10 miles of its center, according to the U.S. Census Bureau. The borough currently has 123 bank branches, according to a national bank branch location database, down from 144 in 2018.

☆ Zara founder buys Seattle skyscraper for $323 million
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

MADRID, Dec 15 (Reuters) - Spanish billionaire and Zara founder Amancio Ortega has bought a residential skyscraper in Seattle for $323 million, his private firm Pontegadea said on Thursday. Ortega, the main shareholder of fashion giant Inditex (ITX.MC) and one of the world's 30 wealthiest entrepreneurs, signed the deal yesterday through his family office, Pontegadea added. Kiara tower, located in Seattle's South Lake Union neighbourhood in the United States, has 461 luxury apartments and is 133 metres tall. The purchase follows a $500-million investment in a 64-floor skyscraper of luxury apartments in New York's Financial District. Just this year, Ortega's investment vehicle also bought Royal Bank Plaza, a landmark skyscraper in Toronto, and one of the largest single-office buildings in Scotland.

☆ One of New York's largest commercial landlords is spending $1.5 billion to convert office buildings into apartments as office vacancy rates remain elevated
▼ + stars: | 2022-12-10 | by ( Robert Davis | ) www.businessinsider.com time to read: +5 min

Prior to the pandemic, office buildings were the lifeblood of central business districts across the country. For example, data from commercial real estate giant CBRE shows that about 25% of all New York's offices remain available for lease while other markets, like San Francisco and Boston, face similarly high vacancy rates. Silverstein's move also comes at a time when commercial real estate property values are declining. According to a November study from RentCafe, developers created more than 28,000 apartments through conversion projects in 2021, an increase of 25% when compared to 2020. Sage acquired Econo Lodge and a Travel Lodge in Tacoma, Washington for $14.2 million and plans to convert both buildings into apartments.

☆ FTX investor Sequoia removed its glowing 13,000-word profile of Sam Bankman-Fried and replaced it with somber note after its investment cratered to $0
▼ + stars: | 2022-11-10 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +3 min

VC firm Sequoia Capital removed a lengthy September profile of FTX founder Sam Bankman-Fried this week. The URL now shows Sequoia's note telling investors it's marking down its $214 million FTX investment to $0. The profile of Bankman-Fried recounted his first pitch to Sequoia during his Series B round. Sequoia linked to its letter about marking down its investment in FTX from around $214 million to $0. The now-removed Sequoia profile is still available to read on the Internet Archive's Wayback Machine.

☆ Aviva Investors agrees outsourcing deal with BNY Mellon
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

A BNY Mellon sign is seen on their headquarters in New York's financial district, January 19, 2011. REUTERS/Brendan McDermid (UNITED STATES - Tags: BUSINESS)LONDON, Sept 27 (Reuters) - Aviva Investors (AV.L) has agreed a deal to outsource data and back office functions to BNY Mellon (BK.N), the two companies said on Tuesday, as the investment division of the British insurer looks to bolster its services to clients and cut costs. Asset managers have increasingly been handing over responsibility for back office functions such as custody of securities to third parties, while outsourcing has in some cases extended as far as front office functions such as trading. Transferring activities such as custody, accounting and performance measurement to BNY Mellon will "allow us to enhance our client proposition and improve operational efficiency," Mark Versey, Aviva Investors CEO, said in a statement, adding that the partnership with BNY Mellon was "transformative" for the fund manager's business. BNY Mellon said it was using cloud-based platform Data Vault to provide data to Aviva.

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