Bank of New York Mellon net drops 88%

The Bank of New York Mellon Corp. late Tuesday reported fourth-quarter net income of $61 million, or 2 cents per share, compared with earnings of $520 million, or 45 cents per share, in the year-earlier period. The bank attributed the 88% decline in large part to $1.24 billion in securities write-downs. It said its assets under management were $928 billion, 17% below year-earlier levels, and assets under custody or administration totaled $20.2 trillion, off 13%. Revenue at Jersey City, N.J.-based Pershing LLC, a subsidiary of the bank, fell to $288 million, from $314 million. Excluding two execution businesses sold by BNY Mellon in the 2008 first quarter to BNY ConvergEx, Pershing's clearing business was up 20%.