BNY Decreases Prime Lending Rate to 8.0%

BNY has announced a decrease in its Prime Lending Rate by 0.50 percentage points, from 8.50% to 8.00%.

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

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NEW YORK, Sept. 18, 2024 /PRNewswire/ -- BNY will decrease the Prime Lending Rate by 0.50%, from 8.50% to 8.00%, effective Thursday, September 19, 2024.

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 90% of Fortune 100 companies and nearly all the top 100 banks globally to access the money they need. BNY supports governments in funding local projects and works with over 90% of the top 100 pension plans to safeguard investments for millions of individuals, and so much more. As of June 30, 2024, BNY oversees $49.5 trillion in assets under custody and/or administration and $2.0 trillion in assets under management.

BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Headquartered in New York City, BNY employs over 50,000 people globally and has been named among Fortune's World's Most Admired Companies and Fast Company's Best Workplaces for Innovators. Additional information is available on www.bny.com. Follow on LinkedIn or visit the BNY Newsroom for the latest company news. 

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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is BNY's new Prime Lending Rate as of September 19, 2024?

BNY's new Prime Lending Rate will be 8.00% effective September 19, 2024.

By how much did BNY (BK) decrease its Prime Lending Rate?

BNY (BK) decreased its Prime Lending Rate by 0.50 percentage points, from 8.50% to 8.00%.

When will BNY's new Prime Lending Rate take effect?

BNY's new Prime Lending Rate of 8.00% will take effect on Thursday, September 19, 2024.

What was BNY's Prime Lending Rate before the announced decrease?

BNY's Prime Lending Rate before the announced decrease was 8.50%.