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BNY Mellon CFO says expenses included costs for software glitch
October 20, 2015 / 12:44 PM / 2 years ago

BNY Mellon CFO says expenses included costs for software glitch

BOSTON, Oct 20 (Reuters) - Bank of New York Mellon 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. reut.rs/1kkLxgG

Reporting by Ross Kerber; Editing by Chizu Nomiyama

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