Santa’s visit to BNY Mellon this year hasn’t been so rewarding. New data from the investigation reveals how the bank was overcharging FX transactions and the case shows many ‘ill practices’ committed by the banking giant.
BNY Mellon was accused of over charging its publish pension fund clients for FX transactions resulting in over $2 billion of ‘excess’ fees paid by the pension funds.
The latest reports and data revealing internal details about the case show BNY Mellon acting unfavourably to its clients to make a monetary gain.
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A whistleblower nick names “Rambo” has disclosed data showing key staff knew the amount they were charging clients and believed they did not have to inform them.
Apparently BNY Mellon had marketing material which claimed ‘Free of Charge’ in regards to FX transaction fees, the wording was removed in November 2009, this occurred after State Street had a suit filed against them for similar practices.
In addition, internal memos revealed the bank would decide on the rates it charged clients, the price were often at the days least favourable prices hence the bank generated profits.