UPDATE 1-BNY Mellon 1st-quarter profit rises on foreign exchange trading

April 22, 2015 11:00 AM

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April 22 (Reuters) - BNY Mellon Corp said Wednesday first-quarter earnings rose 16 percent, beating Wall Street estimates, as the bank lowered expenses and saw revenue from trading foreign currencies surge from year-ago levels.

BNY Mellon Chief Executive Gerald Hassell has been under pressure from hedge fund activists unhappy with expense controls and profit growth at the world's largest custody bank. But in the first quarter, non-interest expense at the bank fell 1 percent to $2.7 billion from year-ago levels.

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