Organization Root Tag

The exit of the shuttered regional bank's wealth arm to JPMorgan overshadowed a highly profitable year for the BNY Mellon unit that houses the giant custodian.

The Internal Revenue Service and the Treasury Department told businesses they won't have to report on the digital assets they receive until regulations are issued.

The firm's wealth and investment unit contributed more than half of the Wall Street giant's profits and revenues for 2023.

The bank's wealth management and investment management units have been standouts in recent years.

The asset and wealth division helped drive the gains, posting its highest quarterly revenue in two years on a gain tied to the sale of a financial-management business. That helped counter fixed-income trading results and investment-banking fees that fell short of expectations.

Retirement plan sponsors and their financial advisors receive guidance from the IRS on how the Secure 2.0 Act opened the door for "de minimis financial incentives."

The Internal Revenue Service provided initial guidance to aid employers in establishing pension-linked emergency savings accounts, an outgrowth of the wide-ranging SECURE 2.0 Act of 2022.

As a whole, the megabank saw its net income rise by 9% in 2023's final quarter. But its wealth management unit was another story.

The firm's wealth management co-head said that recent changes to its pay grid have been favorably received.