BNY BEATS Q3 PROFIT ESTIMATES AS ASSETS UNDER CUSTODY AND ADMINISTRATION TOP $50 TRILLION

BNY beat third-quarter profit estimates on Friday, boosted by higher investment services fees as assets under its custody and administration exceeded the $50 trillion mark for the first time.

The bank's fees, typically calculated as a percentage of the assets under custody, benefited from a market rally that boosted their value as well as acquisition of new clients.

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