Bank of New York Mellon reported on Wednesday that its second-quarter earnings fell 43% amid securities losses and writedowns related to the ongoing housing woes.

While Bank of New York Mellon managed to remain profitable last year, it has struggled in the past couple quarters when its earnings plunged on investment writedowns. The company is a "custodial bank," which generally holds investments and securities for other investors but it has recently faced troubles related to secondary businesses, such as managing money market funds.