UPDATE: BNY Mellon Q4 Net Income Drops 26%

Bank of New York Mellon Corp (NYSE: BK) reported a 26% drop in its fourth-quarter net income.

Bank of New York Mellon's quarterly net income declined to $500 million, or $0.42 per share, from $673 million, or $0.54 per share, in the year-ago quarter. Its revenue fell to $3.54 billion from $3.75 billion. However, analysts were expecting earnings of $0.54 per share on revenue of $3.75 billion.

Bank of New York Mellon shares fell 1.74% to $20.90 in pre-market trading.