Bank of New York Mellon today posted a first-quarter loss of $266 million, or 23 cents per share, after taking a previously announced charge related to certain foreign tax credits being disallowed by U.S. Tax Court.
The charge amounted to $854 million, or 73 cents per share, and involved the 2001 and 2002 tax years.
Excluding the charge, the New York-based trust and custody bank earned $588 million, or 50 cents per share. That compared with profits of $619 million, or 52 cents, in the first quarter of 2012.
Revenue for the quarter was flat at $3.61 billion vs. $3.65 billion a year ago.
A conference call with analysts was set for this morning.
Patricia Sabatini: firstname.lastname@example.org or 412-263-3066.