UPDATE: BNY Mellon Posts Downbeat Q1 Earnings

Bank of New York Mellon

posted a loss in the first quarter. Bank of New York posted a quarterly loss of $253 million, or $0.23 per share, versus a year-ago profit of $619 million, or $0.52 per share. Excluding one-time items, the company earned $0.50 per share. Its revenue declined 0.9% to $3.61 billion. However, analysts were expecting earnings of $0.52 per share on revenue of $3.61 billion. Its noninterest expenses rose 2.6%. Bank of New York shares closed at $27.76 yesterday.