NEW YORK (AP) — Bank of New York Mellon said Friday that its net income fell in the fourth quarter after it took a loss on an investment.
BNY Mellon is a trust bank, acting as a custodian and providing financial services like investment management for institutions, corporations and wealthy individuals. During the fourth quarter its assets under management rose 14 percent to $1.58 trillion.
Bank of New York Mellon Corp. said its net income fell to $513 million, or 44 cents per share, for the three months ended Dec. 31 from $622 million, or 53 cents per share, a year ago.
The company said it earned 54 cents per share excluding a loss of $115 million related to an equity investment. But its results still came up short of Wall Street estimates.
Its revenue rose 4 percent to $3.75 billion from $3.61 billion.
FactSet says analysts expected earnings of 62 cents per share on revenue of $3.91 billion in revenue.
BNY shares declined $1.01, or 3 percent, to $32.91 in morning trading. Its shares are up more than 24 percent over the past year.