While Bank of New York Mellon Corp. waits for interest rates to rise, the banking company plans to continue to look for ways to control costs this year as it expands its asset management and asset servicing businesses overseas.

Robert Kelly, the company’s chief executive officer, said during a conference call Wednesday that he expects interest rates will rise by the end of this year and the company will look to cut expenses by $100 million. He said it will look to leverage the benefits of both in 2011 and 2012.

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