Bank of New York Mellon Corp.'s (BK) first-quarter earnings fell 1% from a prior-year period that didn't have a credit loss provision as the trust bank's fee revenue also dipped.

Trust banks act as custodians and servicers for corporations and Wall Street, leaving results heavily tied to market actions. Bank of New York Mellon was already pinched by historically low interest rates and the largest U.S custody bank saw its foreign-exchange volumes drop during the fourth quarter, amid scrutiny over the treatment of trading clients.

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