Reuters: US Dollar Report: BNY Mellon's revenue falls 1 percent; tax case causes loss

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BNY Mellon's revenue falls 1 percent; tax case causes loss Apr 17th 2013, 10:47 April 17 | Wed Apr 17, 2013 6:47am EDT April 17(Reuters) - BNY Mellon Corp on Wednesday said first-quarter revenue fell 1 percent as the world's largest custody bank reported a loss because of a high-stakes tax battle with the U.S. Internal Revenue Service. The world's largest custody bank's net loss of $266 million, or 23 cents a share, reflected a U.S. Tax Court decision announced in February that triggered a previously announced $854 million charge against profit. In the year-earlier quarter, BNY Mellon's net income was $619 million, or 52 cents a share.

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