Finance & Business World

The Bank of New York Mellon Co., New York City, saw second quarter 2008 profit down by one-third compared to the same three months last year. BNY Mellon (NYSE:BK) today reported net income of $309 million or $.27 per diluted share for the quarter ended June 30, 2008. That compares to $445 million and $.62 for the second quarter of 2007. Revenue for the recently completed quarter was $3.41 billion.

BNY Mellon recorded a $380 million after-tax charge related to lease transactions for the three months ended June 30, 2008, which reduced net interest revenue by $377 million low fee cash advance.

BNY Mellon was created through the July 1, 2007 merger between Mellon Financial Corp., Pittsburgh, and The Bank of New York Co. Inc.

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