Bank of New York Mellon Corp
Net income attributable to common shareholders declined 57 percent to $322 million, or 28 cents per share, from $746 million, or 65 cents, a year earlier, the bank reported on Tuesday.
The latest results included 21 cents per share of charges to write down goodwill and investments, and 4 cents per share of merger costs. The bank said revenue fell 22 percent to $2.93 billion.
Analysts on average expected profit of 63 cents per share on revenue of $3.67 billion. It was not immediately clear on what basis the forecasts were made.
Before the impact of common stock dividends, net income fell 51 percent to $370 million.
Bank of New York Mellon reduced its quarterly dividend to 9 cents per share from 24 cents.
Citing a difficult market environment, Chief Executive Robert Kelly said the decision to lower the payout was not made lightly, and reflects our commitment to build capital and repay the $3 billion of taxpayer funds received in a bailout.
Shares of Bank of New York Mellon closed Monday at $28.03 on the New York Stock Exchange. They have fallen 1 percent this year, compared with a 29 percent drop in the KBW Bank Index <.BKX>.
(Reporting by Jonathan Stempel; editing by John Wallace)