BNY Mellon has restated its fourth-quarter results to include an additional after-tax legal expense of $598m to resolve several legal issues such as foreign exchange-related matters.
As a result, the bank expects a significant decline in the aggregate range of reasonably possible losses for legal proceedings for the quarter ended 31 December 2014.
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Additionally, the bank has also adjusted its net income to $209m, or 18 cents a share, versus the $807m, or 70 cents a share it posted last month.
Last month, BNY Mellon reported fourth quarter net income applicable to common shareholders of $807m, or $0.70 per diluted common share, an increase of 57.3% compared to $513m, or $0.44 per diluted per common share a year ago.
BNY Mellon manages $1.7trn of assets under management, safeguards about $28.5trn in assets for money managers, companies and other clients, performing administrative functions on behalf of other banks and corporations.
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