'At what point do some of these businesses deserve to be set free away from the regulatory shackles on your bank ?'.
The Financial Times reports that Bank of New York Mellon faced down shareholder angst over costs, profitability and executive pay at its annual meeting, with Gerald Hassell, its chairman and chief executive, rejecting calls to spin off the company’s asset management business.
Hassell told investors that such a spin-off had been considered. 'We’ve done the math, we’ve done it several times, we continue to look at it', he said. 'We’re not afraid to take action'.
There were questions from Third Avenue, the 28th biggest shareholder, with a $241m stake, over its lacklustre returns and business mix. 'At what point do some of these businesses deserve to be set free away from the regulatory shackles on your bank ?' asked Vic Cunningham, an analyst at Third Avenue.
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