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BNY Mellon Has Net Loss of $266 Million on Tax Expense

Bank of New York Mellon Corp., the world’s largest custody bank, said earnings were weighed down by low interest rates and asset growth was curbed by the loss of a big client.

BNY Mellon reported a net loss for the quarter after earnings were cut by $854 million, or 73 cents a share, because it wasn’t allowed to take foreign tax credits. Income excluding the tax cost was $588 million, or 50 cents a share, compared with $619 million, or 52 cents, a year earlier, the New York-based bank said today in a statement. BNY Mellon missed analysts’ estimates for adjusted profit of 52 cents a share, the average of 22 estimates in a Bloomberg survey.