Bank of New York Mellon Corp said on Wednesday that second-quarter net income had fallen 37 percent on lower foreign exchange revenue and after it paid $212 million to settle an investor lawsuit.
The world's largest custody bank reported net income of $466 million, or 39 cents a share, compared with $735 million, or 59 cents a share, a year earlier.
As announced earlier this month, the results included an after-tax charge of $212 million to settle an investor lawsuit accusing the bank of imprudently investing their cash in a risky debt vehicle that collapsed in 2008.
Quarterly revenue fell to $3.62 billion from $3.85 billion.
Assets under custody and administration amounted to $27.1 trillion, an increase of 3 percent from a year earlier.
Investment management and performance fees rose 2 percent to $797 million.
Foreign exchange revenue fell 15 percent to $157 million. BNY Mellon faces several lawsuits that accuse the bank of overcharging on forex trades, but denies any wrongdoing.
(Reporting by Tim McLaughlin in Boston; Editing by Lisa Von Ahn)