BK Bank of New York Mellon Corporation

Bank of New York Mellon Corp.'s CEO said the firm is spending a significant amount of money on disaster recovery and resiliency.

"We look at pandemics, regional outages, disasters, and practice shutting down locations," said Todd Gibbons, acting chief executive at Bank of New York Mellon.

"We've practiced this in the U.S. In certain regions, including Asia-Pacific and in Northern Italy, we are operating with the majority of staff working from home."

As for the coronavirus outbreak, Mr. Gibbons said the temporary economic impact is clear in occupancy rates for hotels and the effects on oil and commodity prices.

"But the long-term impact is difficult to assess," he said.

--Justin Baer

(END) Dow Jones Newswires

February 28, 2020 15:55 ET (20:55 GMT)

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