Custody Banks Like State Street and BNY Mellon Are Quietly Near Record Highs. Here's What's Driving the Rally.

Category: Markets

Published: 2026-07-02T09:30:00.000Z

Custody banks State Street, BNY Mellon, and Northern Trust are outperforming the broader banking sector, with gains of 26-32% year-to-date. These institutions benefit from rising assets under custody, increased trading activity during market volatility, and higher net interest income from reinvesting client deposits. BNY Mellon reported record Q1 revenue of $5.4 billion with 36% net income growth, driven by deposit surges and fee income increases.

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