BNY Mellon, Under Investor Pressure, Posts 9% Revenue Growth

Bank of New York Mellon Corp. Chief Executive Officer Charles Scharf should be able to keep his doubters at bay -- at least for awhile. Scharf, who is under pressure to show his bank can generate organic growth, delivered $4.2 billion in revenue in the first quarter, a 9 percent expansion over the prior year’s period, which exceeded analyst expectations, according to an earnings report Thursday. The revenue results, which were driven by year-over-year increases in stock prices and higher interest rates, helped boost BNY Mellon’s shares to their biggest gain since November 2016.