Clients Trying to Avoid Deposit Charges: BNY Mellon

Bank is helping customers pull cash from Denmark and Switzerland, CEO says.

Bank of New York Mellon Corp., with $27.1 trillion of assets under custody and administration, said it’s helping clients pull cash from Denmark and Switzerland as the central banks take measures to stem appreciating currencies.

“We’ve been working with our clients on how to sweep their money out of Denmark so they don’t get subjected to a charging environment,” Chief Executive Officer Gerald Hassell said in an interview in Doha, Qatar. In Switzerland “we’ve been able to work with our clients to not have cash trapped there.”

Funds Close

More than half of Europe’s money market funds by assets have closed because securities they invest in pay negative returns after the ECB cut interest rates, Standard & Poor’s said in July. Funds with assets totaling 79 billion euros ($97 billion) have closed, out of a pool of 133 billion euros rated by the New York-based firm, S&P said in a report.

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