BNY Mellon's activist board member on Tuesday praised the bank's financial progress and the leadership of Chief Executive Gerald Hassell, even as the company's stock is down about 12% over the past year and lagging the benchmark S&P 500 Index.
"Are we satisfied? No. Do we have more work to do? Absolutely," Garden said. "...I think it's clear management is performing at a high level."
Garden made his remarks at BNY Mellon's annual meeting in New York. Trian, the activist hedge fund run by billionaire Nelson Peltz, owned about 2.9% of the bank's stock at the end of 2015.
BNY Mellon reduced expenses by 2% last year and revenue climbed about 5%, without currency effects.
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