Write-Down Contributes to Profit Fall at Trust Bank
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Fourth-quarter profit at the Bank of New York Mellon declined 68 percent because of its exposure to assets backed by mortgages and a strong quarter a year ago, when the bank gained $1.4 billion after unloading its retail operations.
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MORGAN Stanley, the American investment bank, has seen its quarterly profits slide 34 per cent amid reduced trading revenues. The latest figure fell well short of Wall Streetâs already-lowered expectations after a summer of sluggish market activity.
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The newspaper publisher and television station operator said fourth-quarter profit dropped 70 percent, hurt by a write-down and less political advertising revenue.
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SunTrust Banks restated its first- and second-quarter earnings on Monday because of an error in how the bank accounted for loss reserves.
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Deutsche Bank reports a 48% drop in profits as the global credit squeeze hits its investment earnings.
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The nation's second-largest bank attributing the weaker performance to poor results in fixed-income trading.
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Turmoil in the subprime mortgage market took its toll on two Wall Street investment banks today, as second-quarter profit at Bear Stearns dropped 33 percent and Goldman Sachs squeezed out a modest 1 percent rise in profit.
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M&T Bank Corp , the first large U.S. bank to report fourth-quarter results, said on Monday that profit tumbled 70 percent, hurt by debt write-downs and turmoil in residential real estate markets.
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Wachovia Corp , the fourth-largest U.S. bank, on Friday said third-quarter profit fell, hurt by write-downs related to difficult credit market conditions.
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The bank said fourth-quarter net income fell to $11.1 million, hurt by a tripling of credit losses and a bailout of money market mutual funds.
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Wachovia Corp , the fourth-largest U.S. bank, on Tuesday said quarterly profit fell a larger-than-expected 98 percent, hurt by write-downs relating to turmoil in mortgage and credit markets.
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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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Earnings at U.S. banks fell slightly in the first three months of the year amid a continuing housing slump and tightening credit standards, a banking regulator said on Thursday.
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The Royal Bank of Canada, the country&#39;s biggest bank, said yesterday it suffered a 5% drop in third-quarter profit, displaying weakness in its US operations and citing tight interest-rate spreads and rising expenses.
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U.S. power company Scana Corp SCG.N  on Friday said quarterly profit fell, on litigation costs and a  writedown related to an investment in a telecommunications  business.
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Wells Fargo & Co  on Wednesday said fourth-quarter profit fell, the first decline in more than six years, hurt by rising losses from home equity loans.
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Morgan Stanley yesterday said third-quarter profit sank 17 percent, as the number two US investment bank was forced to write down nearly $1 billion worth of loans amid the summer's global credit crisis.