Bank of New York Mellon has just reported its fourth quarter results. Total revenue of $4.8bn was up 19 percent, with fee revenue rising 26 percent, nearly all of the increase being driven by the sale of an equity investment.

Total revenue from investment services fell by 2 percent and pre-tax income fell by 9 percent. Assets under custody and/or administration reached $37.1 trillion, up 12 percent.

Interim CEO Todd Gibbons said: "In 2019, we continued to build the foundation for growth and the fourth quarter showed progress toward this goal. We recently announced additional partnerships that further our efforts to provide best-in-class services to our clients by opening our platform and combining our capabilities with industry leaders and innovative fintechs.

"Expenses continued to be well managed as our investments to drive operating efficiencies are bearing fruit. Although we increased our technology spend by nearly 10 percent for the year, overall expenses were down.

"Additionally, we continue to deliver strong capital returns to shareholders, returning $4.4 billion in 2019 through share buybacks and dividends. In 2020, we plan to continue investing in technology to further enhance service quality, launch new capabilities, drive additional efficiencies and improve resiliency."

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Bank of New York Mellon has just reported its fourth quarter results. Total revenue of $4.8bn was up 19 percent, with fee revenue rising 26 percent, nearly all of the increase being driven by the sale of an equity investment.

Total revenue from investment services fell by 2 percent and pre-tax income fell by 9 percent. Assets under custody and/or administration reached $37.1 trillion, up 12 percent.

Interim CEO Todd Gibbons said: "In 2019, we continued to build the foundation for growth and the fourth quarter showed progress toward this goal. We recently announced additional partnerships that further our efforts to provide best-in-class services to our clients by opening our platform and combining our capabilities with industry leaders and innovative fintechs.

"Expenses continued to be well managed as our investments to drive operating efficiencies are bearing fruit. Although we increased our technology spend by nearly 10 percent for the year, overall expenses were down.

"Additionally, we continue to deliver strong capital returns to shareholders, returning $4.4 billion in 2019 through share buybacks and dividends. In 2020, we plan to continue investing in technology to further enhance service quality, launch new capabilities, drive additional efficiencies and improve resiliency."