BNY Mellon to take $850 million profit c

March 21 [Thu], 2013, 12:58
BOSTON (Reuters) - BNY Mellon Corpsaid on Monday it will take an $850 million hit against first-quarter profit, a move that also will erode some of its capital after losing a high-stakes tax case to the U.S. Internal Revenue Service.

The world's largest custody bank announced the hit against capital and earnings just hours after the U.S. Tax Court rejected BNY Mellon's bid to keep $900 million in tax benefits. The after-tax charge against profit is about $850 million, the bank said.

The bank claimed a benefit that stemmed from a $1.5 billion loan from Barclays Plc , funding so cheap, in fact, that at one point Barclays actually paid BNY Mellon to take Barclays' money, according to court papers.

The IRS challenged the benefit and won after the court ruled that the transactions lacked "economic substance," meaning they were done solely for tax purposes.

Investors won't be completely blindsided by the profit hit because BNY Mellon previously disclosed in U.S. regulatory filings that it might have to book a reserve of up to $850 million in the event of an unfavorable ruling in the case.

BNY Mellon said it would appeal the U.S. Tax Court's decision.

After taking the charge, the bank said it expects it will continue to be well capitalized. But its Basel III Tier 1 common equity ratio will decline by about 55 basis points.

At the end of 2012, the bank's Basel III Tier 1 common equity ratio was 9.8 percent.

(Reporting by Tim McLaughlin; Additional reporting by Kim Dixon and Patrick Temple-West in Washington D.C.; Editing by Lisa Shumaker)



http://blog.yahoo.com/_MIURAC265DHWBO4EKNWDP7H3CA/articles/1118132
http://kenethbzvo.guildomatic.com/news/show/797043
http://grantynufk.webs.com/apps/blog/show/24913323
http://beverlyofoqn.webs.com/apps/blog/show/24913326
http://cathienu.blog.free.fr/index.php?post/2013/03/21/Downloads-Snowed-in-Together-e-book
http://blogs.rediff.com/shamekapyo/2013/03/21/basic-administration-for-citrix-xenapp-6-certification-exam-preparation-course-in-a-book-for-passing-the-1y0-a18-exam-the-how-to-pass-on-your-first-try-certification-study-guide-e-book-downloads/
http://blogs.rediff.com/olgaobmc/2013/03/21/runaway-ralph-ralph-mouse-ebook/
http://blog.yahoo.com/_SLSCJTPNBSP6PCJQAHY5VU7UQQ/articles/1059099
http://en.netlog.com/bernardoserafin/blog/blogid=19966802
http://en.netlog.com/nedmortenson/blog/blogid=19966814
http://blog.yahoo.com/_IZERJ7CHKREEUTNZPXH5Y3LJDY/articles/1132402
http://blog.yahoo.com/_V4DNCEZO5HOF4GDDRLWM2CPXQI/articles/1294218
http://qamucyst.systemeblog.com/The-first-blog-b1/To-Love-the-Wind-and-the-Rain-African-Americans-and-Environmental-History-downloads-b1-p23.htm
http://qusalock.blogminister.com/The-first-blog-b1/Growing-food-in-the-southwest-mountains-A-permaculture-approach-to-home-gardening-above-6500-feet-in-Arizona-New-Mexico-southern-Colorado-and-southern-Utah-online-b1-p22.htm
http://brianneqie.guildomatic.com/news/show/797046
http://en.netlog.com/dellajolliff/blog/blogid=19966821
プロフィール
  • プロフィール画像
  • アイコン画像 ニックネーム:shelaoi
読者になる
2013年03月
« 前の月  |  次の月 »
1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31
最新コメント
ヤプミー!一覧
読者になる
P R
カテゴリアーカイブ
月別アーカイブ
http://yaplog.jp/shelaoi/index1_0.rdf