How Safe Is Bank of New York Mellon and Its Dividend?
Second-quarter results for banks are coming in, and we have seen some big drops in earnings as they have built up credit loss reserves. Coronavirus-related issues have created issues for consumers who have credit card debt as well as for businesses that have been forced to temporarily close.
Bank of New York Mellon (NYSE: BK) has a somewhat different business model than the typical bank that makes its money by taking deposits and making loans. While these types of transactions are part of BNY's operations, it has other revenue streams that don't rely on credit risk.
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Source Fool.com
