BNY Mellon expects after tax charge of $100m after admin errors

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Bank of New York Mellon, the world’s largest custody bank, expects to record an after-tax charge of about $100m in the second quarter linked to administrative errors in certain funds it manages.

Bloomberg News reports that the company said in a filing Tuesday that the errors, which it first disclosed in 2013, relate to questions about the resident status of certain funds, potentially exposing the firm to tax liability for the funds’ earnings.

BNY Mellon last week said it would take an $80m to $100m severance charge in the second quarter for unspecified cuts to its workforce.

To access the complete Bloomberg article hit the link below:

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