Goldman Sachs Maintains Neutral on Bank of New York Mellon

Goldman Sachs is out with its report today on Bank of New York Mellon BK, maintaining Neutral. In a note to clients, Goldman Sachs writes, "Elevated expenses clearly remain an issue for BK, partially masking improving top-line growth momentum. Excluding 2Q's positive seasonality, the low rate environment will likely continue to weigh on forward estimates, absent of a meaningful expense management program. That said, investor expectations heading into the print were already low." At the time of posting, shares of BK were trading at $24.45, down 0.77% from Monday's close.