Bank of New York Mellon Q1 earnings down 57%; cuts dividend
Parent of Pershing and Dreyfus cuts dividend to nine cents a share from 24 cents, to save $700M a year.
Bank of New York Mellon Corp. said Tuesday that its first-quarter profit dropped an unexpectedly steep 57 percent and that it was slashing its dividend in hopes of repaying a government investment.
Its shares fell more than 5 percent in premarket trading.
The New York-based bank cut its divide
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