Bank of New York Mellon Corp. said Tuesday, in a regulatory
filing, it will log a $100 million after-tax charge in the current
quarter, due to administrative errors the bank made regarding
certain funds it manages.
The New York-based trust bank's disclosure followed a filing
last year in which the bank said it could be liable to certain
funds it manages due to errors tied to certain funds' offshore tax
exempt status.
The status potentially exposes BNY Mellon to a tax liability
related to the funds' profits, the bank said.
BNY Mellon declined to name the funds. Last year it had said it
was possible that it could lose up to $175 million in connection
with this issue.
Separately, on Tuesday, the bank also disclosed, in the
regulatory filing, it will log an after-tax gain of $200 million
from the sale of its downtown Manhattan headquarters.
The sale is expected to close in the third quarter, and the
gain--which amounts to $345 million before tax--will be recorded in
the same quarter.
BNY Mellon, last week, said it had agreed to sell its Art Deco
headquarters tower on Wall Street for $585 million to a venture led
by developer Harry Macklowe.
Write to Saabira Chaudhuri at saabira.chaudhuri@wsj.com
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