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BNY Mellon in 1.5bn loss on writedowns

BANK of New York Mellon took a hefty charge during the third quarter following the restructuring of its securities portfolio, resulting in a net loss of $2.5bn (&pound;1.52bn) &ndash; but the earnings season got off to an upbeat start elsewhere on Wall Street.<br /><br />The New York-based trust bank said the $4.8bn charge would reduce the risk of future securities losses over time.<br /><br />But shares in the company jumped almost three per cent after the bank&rsquo;s earnings topped expectations.<br /><br />Elsewhere on Wall Street, the US earnings season got off to a positive start, with internet giant Yahoo trebling third quarter profits thanks to cost cutting. It earned $186m compared with $54m in the same period last year while revenue fell 12 per cent to $1.58bn.<br /><br />Caterpillar, the heavy equipment maker and industrial bellwether, reported a profit of $404m for the third quarter, down 53 per cent on last year &ndash; but well ahead of expectations.&nbsp; <br /><br />And drug maker Pfizer reported a third-quarter net profit of $2.9bn, up 26 per cent from a year earlier, despite sales sliding three per cent to $11.6bn.<br /><br />Meanwhile, Coca-cola reported falling sales in the US and Europe but managed to keep earnings flat at $1.9bn thanks to double digit growth in China and India. <br />