The Irish banking arm of New York investment management giant BNY Mellon saw pretax profits slip by 37 per cent last year. Fees and commissions at BNY Mellon International Bank, which acts as an investment trustee and custodian through its offices in Dublin and Luxembourg, dropped to about $8.9 million (€6.6 million) in 2010 from almost $10.2 million a year earlier.

As a result, pretax profits contracted from $4.9 million to $3.1 million. In the latest accounts filed for the bank, which has offices at Dublin’s Grand Canal Dock, the directors described its 2010 performance as “satisfactory”.

BNY Mellon International Bank’s parent company PNC Global Investment Servicing was acquired by BNY Mellon in July 2010 for $2.31 billion, and the Irish banking subsidiary was rebranded.

BNY Mellon employs 1,800 staff between its Dublin, Cork and Wexford bases.