(Reuters) - BNY Mellon Corp
Banks such as Morgan Stanley
BNY Mellon said on Wednesday it would add private and mortgage bankers, portfolio managers and wealth strategists at the wealth management unit.
"As part of a long-term growth strategy, we are dedicating substantial resources toward strengthening wealth management's global distribution capabilities and team," Curtis Arledge, Chief Executive of BNY Mellon Investment Management, said in a statement.
BNY Mellon and other custody banks have been struggling with low interest rates. The company reported a first-quarter loss due to a high-stakes tax battle with the U.S. Internal Revenue Service.
BNY Mellon shares closed at $30.09 on the New York Stock Exchange on Tuesday.
(Reporting by Tanya Agrawal in Bangalore; Editing by Don Sebastian)