BNY Mellon quarterly income drops
LONDON (MarketWatch) -- The Bank of New York Mellon Corp. on Wednesday reported a drop in second-quarter net income to $466 million, or 39 cents a share, from $735 million, or 59 cents a share in the year-ago-period. The result included a previously announced litigation charge of $212 million after tax, or 18 cents a share. Analysts surveyed by Factset expected income to total 50 cents a share. Revenue came in at $3.62 billion, down 6% from the same quarter last year, while non-GAAP basis revenue reached $3.59 billion. Assets under management rose 2% to $1.3 trillion at June 30 2012 compared with last year, the company said.