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BNY Mellon to add up to 100 positions at wealth management unit

A BNY Mellon sign is seen on their headquarters in New York's financial district, January 19, 2011. REUTERS/Brendan McDermid
A BNY Mellon sign is seen on their headquarters in New York's financial district, January 19, 2011. REUTERS/Brendan McDermid

(Reuters) - BNY Mellon Corp , the world's largest custody bank, said it would add up to 100 positions at its wealth management unit, expanding the sales force at the unit by 50 percent in the next two years.

Banks such as Morgan Stanley and Goldman Sachs Group Inc have been expanding their less risky wealth management businesses as increased regulations hit investment banking.

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)

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