BNY Mellon re-thinks Q4 2014 19 February 2015New York Reporter: Stephanie Palmer
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BNY Mellon has made adjustments to its Q4 2014 financial results in order to include an additional after-tax litigation expense of $598 million.
The adjustment comes in anticipation of the settlement of various matters, including BNY Mellon’s foreign exchange-related actions.
The bank predicts a significant decline in the aggregate range of losses for legal proceedings in Q4 2014. The amended net income is now $209 million, or $0.18 per share.
Assets under management or administration are unaffected, remaining at $28.5 trillion, a 3 percent increase on Q4 2013. The slight increase is partly attributed to higher market values and net new business, offset by the unfavourable impact of a stronger US dollar.
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