World's biggest custody bank, Bank of New York Mellon Corp (BNY) Mellon has claimed that it has more than tripled its earnings during the second quarter of this fiscal. Higher overseas fees and proper management of investor assets has been the reason that pushed the earnings, said the bank.

Net income of the bank climbed by 54 cents to $658 million; as against 15 cents or $176 million last year.

However, this is lesser than what the analyst had expected. They said that the profits would be around 55 cents. But the good thing is that unlike the last year there are no write downs during this time.

The step taken by the Federal Reserve to keep the lending rates to zero since December 2008 has impacted the situation of the banks and has lowered their fixed-income and forced firms to waive their fees. BNY Mellon was no different.

State Street was no different case either. But now, with the figures going in for a positive turn both the companies are ready to sell their units to raise capital which they want to use in areas where more profit can be generated.