Bank of New York Mellon earnings drop, thanks to a huge restructuring charge


Some of the same forces that helped Wall Street's biggest firms make lots of money buying and selling bonds are also responsible for a giant, unexpected third-quarter loss at Bank of New York Mellon (BK), the company said Tuesday.

The largest of the so-called custodial banks that specialize in holding investors' securities lost $2.46 billion, or $2.05 a share, after taking an enormous charge to mend its own portfolio of mortgage-related investments, it said.