Bank of NY Mellon Profit Falls in Fourth Quarter
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The Bank of New York Mellon Corp.'s fourth-quarter profit tumbled 68 percent due to its exposure to assets backed by mortgages and a tough comparison to last year, when the bank sold its retail operations for about $1.4 billion.
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Bank of New York Mellon Corp  said on Thursday fourth-quarter profit fell 72 percent, reflecting a one-time gain a year earlier, and a write-down for collateralized debt obligations.
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Fourth-quarter profit fell 8 percent on declining advertising sales at the companyâs newspapers and television stations.
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Bank of New York Mellon Corp ,  created this month from the merger of Bank of New York Co. and  Mellon Financial Corp., on Thursday said rising fees from  holding securities and processing trades helped boost operating  profit at the former Bank of New York and Mellon.
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U.S. investment bank Morgan Stanley  MWD.N on Wednesday said quarterly profit dropped by a third  on lower bond trading revenue and higher expenses, falling  short of Wall Street's low expectations and pushing its shares  down as much as 8 percent.
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NYSE Group Inc.  posted a fourth-quarter profit on Friday, reversing a year-earlier loss, but results were not as strong as some investors had hoped, and its shares fell.
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JPMorgan Chase & Co  said on  Wednesday quarterly profit fell a worse-than-expected 24  percent as the No. 3 U.S. bank lost $1.3 billion on risky  mortgages and set aside more money for rising losses on  home-equity and auto loans.
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Hurt by rising losses from home equity loans, Wells Fargo & Co. said fourth-quarter profit fell, the first decline in more than six years.
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Fifth Third Bancorp, the ninth largest US bank, on Thursday said fourth-quarter profit will fall well short of analyst forecasts, as it takes $340 million of
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Bank of America Corp , the second-largest U.S. bank, on Thursday said third-quarter profit fell 32 percent, a steeper decline than expected, hurt by mounting credit losses and the impact of volatile markets on its investment banking unit.
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The bank said its fourth-quarter earnings fell sharply,  to $268 million from $5.26 billion a year earlier, hurt by mounting credit losses and weak investment banking results.
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The company reported fourth-quarter profit of $85 million on weakness in its risk and insurance services business.
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JPMorgan Chase & Co said on Wednesday quarterly profit fell a worse-than-expected 24 percent as the No. 3 U.S. bank lost $1.3 billion on risky mortgages and set aside more money for rising losses on home-equity loans.
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The company said fourth-quarter earnings fell from year-ago results that included a one-time gain. But adjusted profit exceeded expectations on Wall Street, driven by higher sales.
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U.S. investment bank Morgan Stanley  MWD.N on Wednesday said quarterly profit dropped by a third  on lower bond trading revenue, weak equities results and higher  expenses, falling short of Wall Street's low expectations and  pushing its shares down as much as 8 percent.
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Quarterly profit fell a much larger-than-expected 32 percent, hurt by mounting credit losses and poor trading results in the bankâs investment banking unit.
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Morgan Stanley  on Wednesday said third-quarter profit fell as the summertime freeze in mortgage and corporate loan markets forced the bank to mark loans down by $940 million, but shares held their own on optimism that financial markets may be starting to revive.