Meanwhile, the wirheouse’s advisor headcount ticks down and recruitment loans drop, again.

BNY Mellon’s CEO also sees a distribution opportunity for the company’s proprietary funds.

Clients opened almost 1.2 million retail accounts, boosting flows to mutual funds and ETFs, the firm reports.

Despite growing to about $1.1 trillion in AUM, senior executives made a series of bets to keep pace in a changing industry that have yet to pay off.

CEO Sergio Ermitto said "buybacks have been demonized way too much."

The chief executive outlined a future where offices need not be fully staffed.

The company allocated $5.1 billion for loan losses in the second quarter, the most since 2010.

Wealth management profits fell, but a steep rise in transactional business offset some of the decline.

Fixed-income trading revenue almost tripled, driving a 73% jump in total trading that surged past expectations.

The bank has been in turmoil relative to peers for years. The economic fallout from the coronavirus pandemic only made matters worse.