The Bank of New York Mellon Corporation
Coverage of The Bank of New York Mellon Corporation in the Nexus archive.
- Bank of America, Chipotle, Dell, and Uber are chipping in on Trump Accounts for their workers’ kids—but most companies are sitting it out
Over 6.5 million families have enrolled in Trump Accounts since July 4, but most employers are not contributing to these savings accounts for employees' children. Bank of America, Chipotle, Dell, and Uber are among 55+ companies offering contributions, while many others await Treasury guidance on implementation. The One Big Beautiful Bill Act allows tax-free employer contributions up to $2,500 annually, but operational details remain unclear.
- Stocks drift higher on Wall Street as oil prices swing
U.S. stocks rose as BlackRock and other companies reported strong profits, while oil prices fluctuated near one-month highs due to the Iran war. Inflation data showed slower-than-expected increases, reducing pressure on the Federal Reserve to raise interest rates.
- Technology stocks lead markets higher, while oil prices keep rising
Technology stocks led global markets higher as AI sector gains momentum, with the S&P 500 rising 0.4% and the Nasdaq up 0.6%. South Korea’s Kospi surged 6.2%, driven by Samsung Electronics and SK Hynix, while ASML reported stronger-than-expected revenue growth linked to AI demand. BlackRock and major banks saw stock gains amid strong earnings reports, and U.S. inflation slowed, easing pressure on the Federal Reserve.
- Trump Accounts to launch without rollovers
The Trump administration plans to launch Trump Accounts next week without allowing firms to host the children’s savings accounts on their platforms. Companies like Chime, Empower, Fidelity, and SoFi had hoped to enable rollovers from the Treasury Department’s app, developed with Bank of New York Mellon and Robinhood, but guidance on rollovers may not arrive until August.
- SpaceX, US government discuss stock donation for Trump Accounts
The Trump administration has discussed with SpaceX the possibility of donating stock to children’s savings accounts called Trump Accounts, set to launch soon. The potential donation could symbolize a reconciliation between Elon Musk and President Donald Trump after a previous conflict. The Treasury Department partners with Bank of New York Mellon and Robinhood for the account rollout.
- BNY Profit Beats Analyst Estimates on Revenue Gains
BNY Mellon reported higher-than-expected profits driven by revenue gains. The financial services company, based in New York, exceeded analyst estimates, signaling strong performance.