BNY Mellon board member praises progress

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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.

Reuters reports that Ed Garden, who is also a senior executive at Trian Fund Management, said the bank's leadership has demonstrated the will necessary to improve performance.

"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.

To access the complete Reuters article hit the link below:

BNY Mellon's activist board member praises progress, even as stock slumps

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