BNY Decreases Prime Lending Rate to 8.0%
Rhea-AI Summary
BNY has announced a decrease in its Prime Lending Rate by 0.50 percentage points, from 8.50% to 8.00%. This change will take effect on Thursday, September 19, 2024. The Prime Lending Rate is a key benchmark used by banks to set interest rates for various types of loans, including credit cards, mortgages, and business loans.
This reduction in the Prime Lending Rate could potentially impact borrowing costs for consumers and businesses, making loans more affordable. It may also affect interest rates on savings accounts and certificates of deposit. The decision to lower the rate may be influenced by broader economic factors and monetary policy decisions.
Positive
- Reduction in Prime Lending Rate by 0.50 percentage points, potentially lowering borrowing costs for customers
Negative
- Possible decrease in interest income for the bank on variable-rate loans tied to the Prime Lending Rate
News Market Reaction 1 Alert
On the day this news was published, BK gained 0.96%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
About BNY
BNY is a global financial services company that helps make money work for the world – managing it, moving it and keeping it safe. For 240 years BNY has partnered alongside clients, putting its expertise and platforms to work to help them achieve their ambitions. Today BNY helps over
BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Headquartered in
Contacts:
Media
Garrett Marquis
+1 949 683 1503
garrett.marquis@bny.com
Analysts
Marius Merz
+1 212 298 1480
marius.merz@bny.com
View original content:https://www.prnewswire.com/news-releases/bny-decreases-prime-lending-rate-to-8-0-302252555.html
SOURCE BNY
FAQ
What is BNY's new Prime Lending Rate as of September 19, 2024?
By how much did BNY (BK) decrease its Prime Lending Rate?
When will BNY's new Prime Lending Rate take effect?
What was BNY's Prime Lending Rate before the announced decrease?
