Asset management revenue fell by 12 per cent over the 12-month period, at $618 million in the three months to June 30, 2019, it said in a statement.

Fee revenue fell by 3 per cent, mainly due to outflows of assets under management from the second quarter of 2018, and the unfavorable effect of a stronger US dollar, it said. This was partially offset by higher fees in Issuer Services, growth in clearance volumes and collateral management, as well as higher client assets and volumes in the firm’s Pershing business.

Net interest revenue fell by 12 per cent. The higher yield on interest-earning assets was more than offset by higher deposit and funding costs, lower non interest-bearing deposits and loan balances and the impact of hedging activities, said.

Assets under custody and/or administration and assets under management of $35.5 trillion, increased by 6 per cent, primarily reflecting higher market values and net new business, partially offset by the unfavorable impact of a stronger dollar..

Assets under management, at $1.8 trillion, rose by 2 per cent, mainly reflecting higher market values, partially offset by the unfavorable impact of a stronger dollar (principally versus the British pound) and net outflows.

Across the group as a whole, net income, attributable to shareholders, was $969 million, a year-on-year fall of 8 per cent.

“The impact of the level and shape of the yield curve, as well as continued low levels of volatility and muted market activity, negatively impacted our results. This was partially offset by a decline in expenses as we continue to manage the company prudently – even more so, given the current environment,” Charlie Scharf, chairman and chief executive, said.