BNY Mellon Ceases New Banking Business In Russia

Bank of New York Mellon Corp. (BK) Thursday announced that it has ceased new banking business in Russia and suspended investment management purchases of Russian securities, in response to Moscow's attack on Ukraine.

"BNY Mellon stands united in the face of the tragic events occurring in Ukraine. We are initially donating $1 million and matching our employees' contributions. We are also taking action to look after the wellbeing of our employees and the members of our community who have been impacted," the company said in a statement.

The company said it will continue to work with multinational clients that depend on its custody and record keeping services to manage their exposures.

The company expects government sanctions and these actions to result in about $100 million one-time reduction in revenue in the first quarter of 2022. It will also impact the firm's annual revenue by an estimated $80 million to $100 million going forward.

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