BNY Mellon, Northern Trust merger could make sense long-term, says Wells Fargo

A potential merger between BNY Mellon (BK) and Northern Trust (NTRS) could make sense long-term given similar businesses and cost takeout, though a merger would change the BNY Mellon story, Wells Fargo analyst Mike Mayo tells investors in a research note. The firm, which made no change to its Equal Weight rating or $96 price target on BNY Mellon shares, thinks math for a potential deal could be “complicated” and that a big deal could change company morale.