BNY Mellon Falls as CEO Scharf Tells Investors to Be Patient

Bank of New York Mellon Corp. fell the most in two years after Chief Executive Officer Charles Scharf said that investors looking for a quick improvement in the bank’s performance needed to be patient. “We are focused on increasing the rate of revenue growth,” he said on a conference call. “Given the nature of our business it takes time.” Scharf also painted a mixed picture of the business, saying there were “pockets of strength,” as well as “softness,” in the investment management unit which experienced outflows.