BNY Mellon, the US banking and wealth management firm, reported a net loss of $2.44 billion for the three months to 30 September, reversing a net income of $303 million for the same period a year ago, as the bank’s results were affected by reorganisation costs.

At the wealth and asset management side of the business, fees, excluding performance fees, totalled $649 million, a drop of 18 per cent compared with the prior year and an increase of 6 per cent sequentially.

The US bank said the year-over-year decrease in fees “reflects global weakness in market values, partially offset by new business. The sequential increase reflects improved market values and new business”.

Assets under custody and administration amounted to $22.1 trillion at the end of September, a fall of 1 per cent compared with the prior year and an increase of 7 per cent sequentially. It said the year-over-year fall was attributable to lower market values, which offset business wins.

Assets under management, excluding securities lending assets, amounted to $966 billion, a fall of 9 per cent compared with the prior year. Net asset outflows in the third quarter totalled $16 billion.

The firm made a provision for credit losses of $147 million in the quarter, compared with $61 million in the second quarter of this year.