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Expect Writedowns For Bank NY Mellon
Profits for 2009 at Bank of NY Mellon (BK - Analyst Report) should reflect further writedowns from securitized mortgages that it still has on its books.
Presently, BK has securitized mortgages totaling $34 billion on its books, representing approximately 2% of the company's balance sheet.
Even though the company has seen the curtailment of its profits during this current crisis, it has posted profits and expects to remain profitable for 2009 overall.
Currently the company is expanding its presence in China and indicated the intent to expand its presence in continental Europe and other Asian markets.
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| Market Summary | Feb 10, 2010 06:10 am ET |
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