Year on year, the bank has seen Q1 net income go up 16% to US$766m. But legal costs took their toll. Within the three month period, BNY Mellon paid $700m by way of settlement with Manhattan US Attorney Preet Bharara and New York Attorney General Eric Schneiderman for misleading investors over the price they would pay on forex transactions. It also paid £126m to the UK regulator, the Financial Conduct Authority, for not ring-fencing its customer accounts in compliance with the regulations. Source: Financial Times
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