BNY Mellon warns of 1Q revenue hit tied to Russian ops

Bank of New York Mellon in New York said it expects to take a notable revenue hit in the first quarter tied to a decision to suspend certain activities in Russia. 

The $444 billion-asset company disclosed in a regulatory filing Thursday that it had ceased new banking business in Russia and suspended investment management purchases of Russian securities in response to the country’s invasion of Ukraine. 

That decision, along with government sanctions, will likely result in a roughly $100 million one-time reduction in revenue in the first quarter. They will also reduce annual revenue by $80 million to $100 million.