Bank Of New York Mellon: The Write-Downs Will Keep Coming

Sorry, America. Mortgage assets at banks are still not written down all the way.

Bank of New York Mellon’s CEO was quoted in Swiss paper as saing that his bank will have further write-downs on the value of securitized mortgages it still has on its books

“Yes, we will book further write-downs, but we will be able to handle them. The securitized mortgages on our books amount to $3 to $4 billion, which corresponds to only 2 per cent of our balance sheet,” Robert Kelly told Switzerland’s Finanz und Wirtschaft.

Reuters adds:

Kelly said the bank, which saw first-quarter profit fall more than expected in April, would be profitable in 2009.

“BNY Mellon has posted a profit in all quarters of the crisis. We will also be profitable in 2009,” he said.

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