Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Bny Mellon Profits Fall in Third Quarter

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Bny Mellon Profits Fall in Third Quarter

Article excerpt

Bank of New York Mellon reported lower profit for the third quarter as revenue fell, but the custody and asset management powerhouse kept a lid on expenses.

"Given the global market instability and continued low interest rates, it has been an exceedingly challenging revenue environment," chairman and CEO Gerald Hassell told analysts in a conference call Tuesday.

Net income skidded 23 percent to $820 million, or 74 cents per share, vs. $1.07 billion, or 93 cents, in the same quarter last year.

Stripping out gains on asset sales last year - including the sale of the company's One Wall Street headquarters building - and litigation and restructuring costs, BNY Mellon earned $828 million, or 74 cents per share, compared with $734 million, or 64 cents per share, a year earlier.

Revenue for the quarter slumped 18 percent to $3.79 billion from $4.61 billion last year.

"Our third-quarter results reflect our focus on delivering significant value to our shareholders in all market environments," Mr. …

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