BNY Mellon FX profits dive in quarter 1

US banking giant Bank of New York Mellon has announced declines in company profits for the first quarter of 2012. The bank saw revenues slide against 2011 figures and witnessed a major set back in its Foreign Exchange business which was down by 21%.

BNY Mellon the words largest custodian bank and 7th largest bank in the world reported net income of $619 million, or 52 cents a share, compared with $625 million, or 50 cents a share, a year earlier.

Its FX division generated $136 million in the fist quarter, a decline of 21% measured against previous years figures and a 26% drop from the fourth quarter of 2011.

BNY Mellon along with State Street bank have been battling the courts against claims they have been 'over charging' pension funds.

BNY Mellon has a wide range of FX products for corporates and institutional investors.

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