Bank of New York Mellon Corp
For the period ended Mar 31, 2025. Filed May 2, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 2, 2025
BNY$147.72+0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-01.
0001390777-24-000133
Items 2 and 3. Management’s Discussion and Analysis of Financial Condition and Results of Operations; Quantitative and Qualitative Disclosures about Market RiskGeneralOverviewKey third quarter 2024 and subsequent eventsHighlights of resultsFee and other revenueNet interest incomeNoninterest expenseIncome taxesReview of business segmentsCritical accounting estimatesConsolidated balance sheet reviewLiquidity and dividendsCapitalTrading activities and risk managementAsset/liability managementSupplemental information – Explanation of GAAPRecent accounting and regulatory developmentsWebsite informationConsolidated Income Statement (unaudited)Consolidated Comprehensive Income Statement (unaudited)Consolidated Balance Sheet (unaudited)Consolidated Statement of Cash Flows (unaudited)Consolidated Statement of Changes in Equity (unaudited)Current report: 10-Q
Period ended 2025-03-31; filed 2025-05-02.
0001390777-25-000084
Items 2 and 3. Management’s Discussion and Analysis of Financial Condition and Results of Operations; Quantitative and Qualitative Disclosures about Market RiskGeneralOverviewHighlights of resultsFee and other revenueNet interest incomeNoninterest expenseIncome taxesReview of business segmentsCritical accounting estimatesConsolidated balance sheet reviewLiquidity and dividendsCapitalTrading activities and risk managementAsset/liability managementSupplemental information – Explanation of GAAPRecent accounting and regulatory developmentsWebsite informationConsolidated Income Statement (unaudited)Consolidated Comprehensive Income Statement (unaudited)Consolidated Balance Sheet (unaudited)Consolidated Statement of Cash Flows (unaudited)The baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 1036 previous paragraphs and 942 current paragraphs.
587 unchanged; 241 reworded; 79 added; 163 removed; 45 previous and 35 current paragraphs rearranged.
Tables are not compared: 140 previous and 120 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (79)
Current report
•Total revenue increased 6%, primarily reflecting:
Current report
•Net interest income increased 11%, primarily reflecting the reinvestment of maturing investment securities at higher yields, partially offset by changes in deposit mix. (See “Net interest income” on page 9.)
Current report
•Noninterest expense increased 2%, primarily reflecting higher investments and employee merit increases, partially offset by efficiency savings. (See “Noninterest expense” on page 11.)
Current report
•AUC/A of $53.1 trillion increased 9%, primarily reflecting client inflows, higher market values and net new business.
Current report
•AUM of $2.0 trillion was flat reflecting higher market values, offset by cumulative net outflows.
Current report
•Our Tier 1 leverage ratio was 6.2% at March 31, 2025 and 5.7% at Dec. 31, 2024. The increase reflects higher capital, including issuances of preferred stock, and lower average assets. (See “Capital” beginning on page 33.)
Current report
(a) Beginning in the first quarter of 2025, certain rebate agreements, which were previously recorded as distribution and servicing expense, began to be reflected as a reduction of investment management fees. These amounts totaled approximately $20 million for both the first quarter of 2025 and first quarter of 2024 and impacted the variances for investment management and performance fees and related revenue subtotals in the table above.
Current report
Investment and other revenue increased $48 million compared with the first quarter of 2024 and $90 million compared with the fourth quarter of 2024. The increase compared with the first quarter of 2024 primarily reflects a disposal gain recorded in the first quarter of 2025. The increase compared with the fourth quarter of 2024 primarily reflects net securities losses recorded in the fourth quarter of 2024 and a disposal gain recorded in the first quarter of 2025.
Current report
Investment services fees increased 6% compared with the first quarter of 2024 and decreased 1% compared with the fourth quarter of 2024. The increase compared with the first quarter of 2024 primarily reflects net new business, higher market values and
Current report
higher client activity. The decrease compared with the fourth quarter of 2024 primarily reflects lower Depositary Receipts revenue.
Current report
Investment management and performance fees decreased 5% compared with the first quarter of 2024 and 9% compared with the fourth quarter of 2024. The decrease compared with the first quarter of 2024 primarily reflects the mix of AUM flows, an adjustment for certain rebates (offset in noninterest expense) (refer to note(a) in the table above) and lower equity investment income, partially offset by
Current report
AUM was $2.0 trillion at March 31, 2025, flat compared with March 31, 2024, reflecting higher market values, offset by cumulative net outflows.
Current report
Net interest income increased 11% compared with the first quarter of 2024 and decreased 3% compared with the fourth quarter of 2024. The increase compared with the first quarter of 2024 primarily reflects the reinvestment of maturing investment securities at higher yields, partially offset by changes in deposit mix. The decrease compared with the fourth quarter of 2024 primarily reflects changes in balance sheet size and mix, partially offset by the continued reinvestment of maturing investment securities at higher yields.
Current report
Total noninterest expense increased 2% compared with the first quarter of 2024, primarily reflecting higher investments and employee merit increases, partially offset by efficiency savings. Excluding notable items, total noninterest expense increased 2% (Non-GAAP) compared with the first quarter of 2024. Total noninterest expense decreased 3% compared with the fourth quarter of 2024, primarily reflecting lower severance expense, efficiency savings and lower litigation reserves, partially offset by higher investments and revenue-related expense. Excluding notable items, total noninterest expense increased 1% (Non-GAAP) compared with the fourth quarter of 2024.
Current report
Our business segments are consistent with the structure used by the President and Chief Executive Officer, our Chief Operating Decision Maker (“CODM”), to make key operating decisions and assess performance. Our CODM evaluates the business segments’ operating performance primarily based on fee and other revenue, total revenue, income before income taxes, and pre-tax operating margin. The significant expense information regularly provided to and reviewed by the CODM is total noninterest expense. The CODM considers this information when evaluating the performance of each business segment and making decisions about allocating capital and other resources to each business segment.
Current report
Total revenue of $2.3 billion increased 8% compared with the first quarter of 2024 and
Current report
decreased 1% compared with the fourth quarter of 2024. The drivers of total revenue by line of business are indicated below.
Current report
Noninterest expense of $1.6 billion increased 3% compared with the first quarter of 2024 and decreased 5% compared with the fourth quarter of 2024. The increase compared with the first quarter of 2024 primarily reflects higher investments, revenue-related expenses and employee merit increases, partially offset by efficiency savings. The decrease compared with the fourth quarter of 2024 primarily reflects efficiency savings and lower litigation reserves, partially offset by higher investments.
Current report
(d) The previously reported metric for the Clearance and Collateral Management line of business, Average tri-party collateral management balances, has been replaced with a new metric, Average collateral balances. Average collateral balances include all revenue-generating collateral balances, including the tri-party collateral management balances previously reported. The average collateral balances were $6,217 billion for full-year 2024, $6,343 billion for full-year 2023, $5,861 billion for full-year 2022, $4,657 billion for full-year 2021 and $3,966 billion for full-year 2020.
Current report
AUC/A of $14.7 trillion increased 12% compared with March 31, 2024, primarily reflecting net client inflows in the Clearance and Collateral Management business.
Current report
Treasury Services revenue of $477 million increased 15% compared with the first quarter of 2024 and 1% compared with the fourth quarter of 2024. The increase compared with the first quarter of 2024 primarily reflects higher net interest income, net new business and higher client activity.
Current report
Noninterest expense of $866 million increased 4% compared with the first quarter of 2024 and 2% compared with the fourth quarter of 2024. The increase compared with the first quarter of 2024 primarily reflects higher investments and employee merit increases, partially offset by efficiency savings. The increase compared with the fourth quarter of 2024 primarily reflects higher investments, partially offset by efficiency savings and lower severance expense.
Current report
(a) Beginning in the first quarter of 2025, certain rebate agreements, which were previously recorded as distribution and servicing expense, began to be reflected as a reduction of investment management fees. These amounts totaled approximately $20 million for both the first quarter of 2025 and first quarter of 2024 and impacted the variances for investment management fees and related revenue subtotals, noninterest expense and Investment Management total revenue in the table above.
Current report
AUM of $2.0 trillion as of March 31, 2025, was flat compared with March 31, 2024, reflecting higher market values, offset by cumulative net outflows.
Current report
Total revenue of $779 million decreased 8% compared with the first quarter of 2024 and 11% compared with the fourth quarter of 2024.
Current report
Investment Management revenue of $505 million decreased 12% compared with the first quarter of 2024 and 14% compared with the fourth quarter of 2024. The decrease compared with the first quarter of 2024 primarily reflects the mix of AUM flows, an adjustment for certain rebates (offset in noninterest expense) (refer to note(a) in the table on page 17), lower seed capital gains and lower equity investment income, partially offset by higher market values. The decrease compared with the fourth quarter of 2024 primarily reflects the adjustment for certain rebates (offset in noninterest expense), timing of performance fees, lower equity investment income, lower seed capital gains and the mix of AUM flows.
Current report
decrease compared with the fourth quarter of 2024 primarily reflects lower net interest income.
Current report
Noninterest expense of $714 million decreased 4% compared with the first quarter of 2024 and increased 2% compared with the fourth quarter of 2024. The decrease compared with the first quarter of 2024 primarily reflects lower revenue-related expenses (including the adjustment for certain rebates) and efficiency savings, partially offset by higher investments. The increase compared with the fourth quarter of 2024 primarily reflects higher revenue-related expenses (net of the adjustment for certain rebates), partially offset by lower severance expense and efficiency savings.
Current report
Total revenue increased $2 million compared with the first quarter of 2024 and $44 million compared with the fourth quarter of 2024. The increase compared
Current report
with the fourth quarter of 2024 primarily reflects net losses on sales of securities recorded in the fourth quarter of 2024.
Current report
20 BNY was 37% at March 31, 2025 and 35% at Dec. 31, 2024. For additional information on our available funds, see “Liquidity and dividends.”
Current report
(a) Amortized cost includes the impact of hedged item basis adjustments, which was a net decrease of $1,198 million, and is net of the allowance for credit losses.
Current report
(e) Primarily consists of exposure to Canada, the UK, the Netherlands and Germany.
Current report
The fair value of our securities portfolio was $141.5 billion at March 31, 2025, compared with $132.1 billion at Dec. 31, 2024. The increase primarily
Current report
(b) Including the impact of the accretion of discontinued hedges, there was a net accretion of $82 million in the first quarter of 2025, $66 million in the fourth quarter of 2024 and $14 million in the first quarter of 2024.
Current report
BNY 29 interest-bearing deposits with the Federal Reserve and other central banks, interest-bearing deposits with
Current report
Average payables to customers and broker-dealers were $15.1 billion for the first three months of 2025
Showing the first 40 of 79 passages. Open the source sections for the rest.
Removed paragraphs (163)
Previous report
(a) Results for the quarter ended Sept. 30, 2023 and the nine months ended Sept. 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
Previous report
(f) Beginning March 31, 2024, the number of full-time employees excludes interns.
Previous report
Key third quarter 2024 and subsequent events
Previous report
Acquisition of Archer Holdco, LLC (“Archer”)
Previous report
In September 2024, BNY announced it had entered into a definitive agreement to acquire Archer, a leading technology-enabled service provider of managed account solutions to the asset and wealth management industry. The transaction closed on Nov. 1, 2024.
Previous report
Increase in cash dividend on common stock
Previous report
In July 2024, our Board of Directors approved a 12% increase in the quarterly cash dividend on our common stock, from $0.42 to $0.47 per share. The increased quarterly cash dividend was paid on Aug. 2, 2024.
Previous report
•Total revenue increased 5%, primarily reflecting:
Previous report
•Net interest income increased 3%, primarily reflecting improved investment securities portfolio yields and balance sheet growth, partially offset by changes in deposit mix.
Previous report
•Noninterest expense was flat, reflecting higher investments and employee merit increases, offset by efficiency savings and a reduction in the FDIC
Previous report
special assessment. Excluding notable items, noninterest expense increased 1% (Non-GAAP). (See “Noninterest expense” on page 12.)
Previous report
•AUM of $2.1 trillion increased 18%, primarily reflecting higher market values and the favorable impact of a weaker U.S. dollar.
Previous report
•Tier 1 leverage was 6.0% at Sept. 30, 2024 and 5.8% at June 30, 2024. The increase reflects the increase in capital, partially offset by higher average assets. (See “Capital” beginning on page 35.)
Previous report
(b) Results for the quarter ended Sept. 30, 2023 and the nine months ended Sept. 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
Previous report
Investment and other revenue increased $37 million compared with the third quarter of 2023 and $27 million compared with the second quarter of 2024. The increase compared with the third quarter of 2023 primarily reflects a strategic equity investment loss recorded in the third quarter of 2023 and improved results from our seed capital investments. The increase compared with the second quarter of 2024 primarily reflects improved seed capital results and higher client activity in our fixed income and equity trading business.
Previous report
Investment services fees increased 5% compared with the third quarter of 2023 and decreased 1% compared
Previous report
Investment management and performance fees increased 2% compared with the third quarter of 2023 and 4% compared with the second quarter of 2024. The increase compared with the third quarter of 2023
Previous report
AUM was $2.1 trillion at Sept. 30, 2024, an increase of 18% compared with Sept. 30, 2023, primarily reflecting higher market values and the favorable impact of a weaker U.S. dollar.
Previous report
(b) Results for the quarter ended Sept. 30, 2023 and the nine months ended Sept. 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
Previous report
Fee revenue increased 5% compared with the first nine months of 2023, primarily reflecting higher investment services fees. The 6% increase in investment services fees primarily reflects higher
Previous report
market values, net new business and higher client activity. Investment management and performance fees increased 1%, primarily reflecting higher market values, partially offset by the mix of AUM flows and lower performance fees. The 5% increase in foreign exchange revenue primarily reflects higher volumes, partially offset by lower volatility.
Previous report
Investment and other revenue increased $110 million compared with the first nine months of 2023, primarily reflecting higher client activity in our fixed income and equity trading business, strategic equity investment losses recorded in the first nine months of 2023 and improved seed capital results, partially offset by higher securities losses.
Previous report
Net interest income increased 3% compared with the third quarter of 2023 and 2% compared with the second quarter of 2024. The increase compared with the third quarter of 2023 primarily reflects improved investment securities portfolio yields and balance sheet growth, partially offset by changes in deposit mix. The increase compared with the second quarter of 2024 primarily reflects higher sponsored member cleared repo activity.
Previous report
Net interest income decreased 4% compared with the first nine months of 2023, primarily driven by changes in balance sheet mix, partially offset by higher interest rates. The decrease in the net interest margin primarily reflects the factors mentioned above.
Previous report
Average interest-earning assets increased 1% compared with the first nine months of 2023, primarily reflecting higher loan balances and federal funds sold and securities purchased under resale agreements, partially offset by lower interest-bearing deposits with banks.
Previous report
(a) Beginning March 31, 2024, the number of full-time employees excludes interns.
Previous report
Total noninterest expense was flat compared with the third quarter of 2023, reflecting higher investments and employee merit increases, offset by efficiency savings and a reduction in the FDIC special assessment. Excluding notable items, total noninterest expense increased 1% (Non-GAAP) compared with the third quarter of 2023. The investments in growth, infrastructure and efficiency initiatives are primarily included in staff, software and equipment, and professional, legal and other purchased services expenses. Total noninterest expense increased 1% compared with the second quarter of 2024, primarily reflecting higher investments and the impact of the adjustments to the FDIC special assessment recorded in the second and third quarters of 2024. Excluding notable items, total noninterest expense was flat (Non-GAAP) compared with the second quarter of 2024.
Previous report
Total noninterest expense was flat compared with the first nine months of 2023, reflecting efficiency savings, reductions in the FDIC special assessment and lower litigation reserves, offset by higher investments, employee merit increases and higher severance and revenue-related expenses. Excluding notable items, total noninterest expense increased 1%
Previous report
(Non-GAAP) compared with the first nine months of 2023.
Previous report
On Jan. 1, 2024, we adopted ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, on a retrospective basis. See Note 2 of the Notes to Consolidated Financial Statements for additional information on the new accounting guidance.
Previous report
AUC/A of $37.5 trillion increased 16% compared with Sept. 30, 2023, primarily reflecting higher market values, net new business and client inflows.
Previous report
Total revenue of $2.2 billion increased 6% compared with the third quarter of 2023 and decreased 1% compared with the second quarter of 2024. The drivers of total revenue by line of business are indicated below.
Previous report
Issuer Services revenue of $494 million was flat compared with the third quarter of 2023 and decreased 11% compared with the second quarter of 2024. Compared with the third quarter of 2023, total revenue reflects higher Corporate Trust fees offset by lower Depositary Receipts revenue. The decrease compared with the second quarter of 2024 primarily reflects lower Depositary Receipts revenue and net interest income.
Previous report
Noninterest expense of $1.6 billion decreased 3% compared with the third quarter of 2023 and was flat compared with the second quarter of 2024. The
Previous report
BNY 15 decrease compared with the third quarter of 2023 primarily reflects efficiency savings and lower severance expense, partially offset by higher investments and employee merit increases.
Previous report
Total revenue of $6.6 billion increased 3% compared with the first nine months of 2023. Asset Servicing revenue of $5.1 billion increased 3% compared with the first nine months of 2023, primarily reflecting higher market values, higher client activity in our fixed income and trading businesses, net new business and a strategic equity investment loss recorded in the first nine months of 2023, partially offset by lower net interest income. Issuer Services revenue of $1.5 billion increased 2%, primarily reflecting higher Corporate Trust fees, partially offset by lower Depositary Receipts revenue.
Previous report
Noninterest expense of $4.6 billion decreased 1% compared with the first nine months of 2023, primarily reflecting efficiency savings and lower severance expense, partially offset by higher investments and employee merit increases.
Previous report
AUC/A of $14.3 trillion increased 9% compared with Sept. 30, 2023, primarily reflecting higher market values and client inflows.
Showing the first 40 of 163 passages. Open the source sections for the rest.
Reworded paragraphs (241)
Previous wording
(b) Return on tangible common equity and tangible book value per common share, Non-GAAP measures, exclude goodwill and intangible assets, net of deferred tax liabilities. See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 43 for the reconciliation of Non-GAAP measures.
Current wording
(a) Return on tangible common equity and tangible book value per common share, both Non-GAAP measures, exclude goodwill and intangible assets, net of deferred tax liabilities. See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 41 for the reconciliation of these Non-GAAP measures.
Previous wording
(d) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Clearance and Collateral Management, Issuer Services, Pershing and Wealth Management lines of business. Includes the AUC/A of CIBC Mellon Global Securities Services Company (“CIBC Mellon”), a joint venture with the Canadian Imperial Bank of Commerce, of $1.9 trillion at Sept. 30, 2024, $1.7 trillion at June 30, 2024 and $1.5 trillion at Sept. 30, 2023.
Current wording
(c) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Clearance and Collateral Management, Issuer Services, Pershing and Wealth Management lines of business. Includes the AUC/A of CIBC Mellon Trust Company (“CIBC Mellon”), a joint venture with the Canadian Imperial Bank of Commerce, of $1.9 trillion at March 31, 2025, $1.8 trillion at Dec. 31, 2024 and $1.7 trillion at March 31, 2024.
Previous wording
BNY is a global financial services company that helps make money work for the world – managing it, moving it and keeping it safe. For 240 years BNY has partnered alongside clients, putting its expertise and platforms to work to help them achieve their ambitions. Today BNY helps over 90% of Fortune 100 companies and nearly all the top 100 banks globally to access the money they need. BNY supports governments in funding local projects and works with over 90% of the top 100 pension plans to safeguard investments for millions of individuals, and so much more. As of Sept. 30, 2024, BNY oversees $52.1 trillion in assets under custody and/or administration and $2.1 trillion in assets under management.
Current wording
BNY is a global financial services company that helps make money work for the world – managing it, moving it and keeping it safe. For more than 240 years BNY has partnered alongside clients, putting its expertise and platforms to work to help them achieve their ambitions. Today BNY helps over 90% of Fortune 100 companies and nearly all the top 100 banks globally to access the money they need. BNY supports governments in funding local projects and works with over 90% of the top 100 pension plans to safeguard investments for millions of individuals, and so much more. As of March 31, 2025, BNY oversees $53.1 trillion in assets under custody and/or administration and $2.0 trillion in assets under management.
Previous wording
Net income applicable to common shareholders was $1.11 billion, or $1.50 per diluted common share, in the third quarter of 2024, including the impact of notable items. Notable items in the third quarter of 2024 include severance expense, litigation reserves and a reduction in the FDIC special assessment. Excluding notable items, net income applicable to common shareholders was $1.13 billion (Non-GAAP), or $1.52 (Non-GAAP) per diluted common share, in the third quarter of 2024. Net income applicable to common shareholders was $958 million, or $1.23 per diluted common share, in the third quarter of 2023, including the impact of notable items. Notable items in the third quarter of 2023 include severance expense, litigation reserves and a disposal gain. Excluding notable items, net income applicable to common shareholders was $994 million (Non-GAAP), or $1.27 (Non-GAAP) per diluted common share, in the third quarter of 2023.
Current wording
We reported net income applicable to common shareholders of $1,149 million, or $1.58 per diluted common share, in the first quarter of 2025, including the impact of notable items. Notable items in the first quarter of 2025 include a disposal gain, severance expense, litigation reserves and the Federal Deposit Insurance Corporation (“FDIC”) special assessment. Excluding notable items, net income applicable to common shareholders was $1,148 million (Non-GAAP), or $1.58 (Non-GAAP) per diluted common share, in the first quarter of 2025. Net income applicable to common shareholders was $953 million, or $1.25 per diluted common share, in the first quarter of 2024, including the impact of notable items. Notable items in the first quarter of 2024 include severance expense and litigation reserves. Excluding notable items, net income applicable to common shareholders was $982 million (Non-GAAP), or
Previous wording
The highlights below are based on the third quarter of 2024 compared with the third quarter of 2023, unless otherwise noted.
Current wording
The highlights below are based on the first quarter of 2025 compared with the first quarter of 2024, unless otherwise noted.
Previous wording
•Fee revenue increased 5%, primarily reflecting higher market values, net new business and higher foreign exchange revenue. (See “Fee and other revenue” beginning on page 6.)
Current wording
•Fee revenue increased 3%, primarily reflecting net new business and higher market values, partially offset by the mix of AUM flows. (See “Fee and other revenue” beginning on page 6.)
Previous wording
•Investment and other revenue increased primarily reflecting a strategic equity investment loss recorded in the third quarter of 2023 and improved results from our seed capital investments. (See “Fee and other revenue” beginning on page 6.)
Current wording
•Investment and other revenue increased primarily reflecting a disposal gain recorded in the first quarter of 2025. (See “Fee and other revenue” beginning on page 6.)
Previous wording
Provision for credit losses was $23 million, primarily driven by increases in the allowance related to commercial real estate exposure.
Current wording
•The provision for credit losses was $18 million, primarily driven by reserve increases related to commercial real estate exposure. (See “Allowance for credit losses” on page 27.)
Previous wording
•Effective tax rate of 22.0%. (See “Income taxes” on page 12.)
Current wording
•Effective tax rate of 19.7%, primarily reflecting a tax benefit in the first quarter of 2025 from the annual vesting of stock awards. (See “Income taxes” on page 11.)
Previous wording
•Return on common equity (“ROE”) was 12.0% for the third quarter of 2024.
Current wording
•Return on common equity (“ROE”) was 12.6% for the first quarter of 2025.
Previous wording
•Return on tangible common equity (“ROTCE”) was 22.8% (Non-GAAP) for the third quarter of 2024. Excluding notable items, the adjusted ROTCE was 23.2% (Non-GAAP) for the third quarter of 2024.
Current wording
•Return on tangible common equity (“ROTCE”) was 24.2% (Non-GAAP) for the first quarter of 2025.
Previous wording
•Our CET1 ratio was 11.9% at Sept. 30, 2024 and 11.4% at June 30, 2024 under the Standardized Approach. The increase reflects capital generated through earnings and improvements in accumulated other comprehensive income, partially offset by capital returned through common stock repurchases and dividends, and higher risk-weighted assets. (See “Capital” beginning on page 35.)
Current wording
•Our CET1 ratio under the Standardized Approach was 11.5% at March 31, 2025 and 11.2% at Dec. 31, 2024. The increase primarily reflects capital generated through earnings and a net increase in accumulated other comprehensive income, partially offset by capital returned through common stock repurchases and dividends and higher risk-weighted assets (“RWAs”). (See “Capital” beginning on page 33.)
Previous wording
•Returned $1.1 billion to common shareholders, including $725 million of common share repurchases.
Current wording
•Returned $1.1 billion to common shareholders, including $746 million of common share repurchases.
Previous wording
(c) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Clearance and Collateral Management, Issuer Services, Pershing and Wealth Management lines of business. Includes the AUC/A of CIBC Mellon of $1.9 trillion at Sept. 30, 2024, $1.7 trillion at June 30, 2024 and $1.5 trillion at Sept. 30, 2023.
Current wording
(c) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Clearance and Collateral Management, Issuer Services, Pershing and Wealth Management lines of business. Includes the AUC/A of CIBC Mellon of $1.9 trillion at March 31, 2025, $1.8 trillion at Dec. 31, 2024 and $1.7 trillion at March 31, 2024.
Previous wording
Fee revenue increased 5% compared with the third quarter of 2023 and was flat compared with the second quarter of 2024. The increase compared with the third quarter of 2023 primarily reflects higher investment services fees, foreign exchange revenue and investment management and performance fees. Compared with the second quarter of 2024, higher investment management and performance fees were offset by lower investment services fees and foreign exchange revenue.
Current wording
Fee revenue increased 3% compared with the first quarter of 2024 and decreased 3% compared with the fourth quarter of 2024. The increase compared with the first quarter of 2024 primarily reflects higher investment services fees, partially offset by lower investment management and performance fees. The decrease compared with the fourth quarter of 2024 primarily reflects lower investment management and performance fees and investment services fees.
Previous wording
AUC/A totaled $52.1 trillion at Sept. 30, 2024, an increase of 14% compared with Sept. 30, 2023, primarily reflecting higher market values, client inflows and net new business. AUC/A consisted of 37% equity securities and 63% fixed income securities at Sept. 30, 2024, and 34% equity securities and 66% fixed income securities at Sept. 30, 2023.
Current wording
AUC/A totaled $53.1 trillion at March 31, 2025, an increase of 9% compared with March 31, 2024, primarily reflecting client inflows, higher market values and net new business. AUC/A consisted of 36% equity securities and 64% fixed income securities at March 31, 2025, and 37% equity securities and 63% fixed income securities at March 31, 2024.
Previous wording
6 BNY primarily reflects higher market values, partially offset by the mix of AUM flows and lower performance fees. The increase compared with the second quarter of 2024 primarily reflects higher market values and the timing of performance fees. Performance fees were $13 million in the third quarter of 2024, $30 million in the third quarter of 2023 and $8 million in the second quarter of 2024. On a constant currency basis (Non-GAAP), investment management and performance fees increased 2% compared with the third quarter of 2023. See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 43 for the reconciliation of Non-GAAP measures.
Current wording
6 BNY higher market values. The decrease compared with the fourth quarter of 2024 primarily reflects the adjustment for certain rebates (offset in noninterest expense), timing of performance fees, lower equity investment income and the mix of AUM flows. Performance fees were $5 million in the first quarter of 2025, $10 million in the first quarter of 2024 and $20 million in the fourth quarter of 2024. On a constant currency basis, investment management and performance fees decreased 4% (Non-GAAP) compared with the first quarter of 2024. See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 41 for the reconciliation of Non-GAAP measures.
Previous wording
Foreign exchange revenue is primarily driven by the volume of client transactions and the spread realized on these transactions, both of which are impacted by market volatility, the impact of foreign currency hedging activities and foreign currency remeasurement gain (loss). Foreign exchange revenue increased 14% compared with the third quarter of 2023 and decreased 5% compared with the second quarter of 2024. The increase compared with the third quarter of 2023 primarily reflects higher volumes. The decrease compared with the second quarter of 2024 primarily reflects lower volumes, partially offset by higher volatility. Foreign exchange revenue is primarily reported in the Securities Services business segment and, to a lesser extent, in the Market and Wealth Services and Investment and Wealth Management business segments and the Other segment.
Current wording
Foreign exchange revenue is primarily driven by the volume of client transactions and the spread realized on these transactions, both of which are impacted by market volatility, the impact of foreign currency hedging activities and foreign currency remeasurement gain (loss). Foreign exchange revenue increased 3% compared with the first quarter of 2024 and decreased 12% compared with the fourth quarter of 2024. The increase compared with the first quarter of 2024 primarily reflects higher volatility. The decrease compared with the fourth quarter of 2024 primarily reflects lower volumes. Foreign exchange revenue is primarily reported in the Securities Services business segment and, to a lesser extent, the Market and Wealth Services and Investment and Wealth Management business segments and the Other segment.
Previous wording
Financing-related fees, which are primarily reported in the Market and Wealth Services and Securities Services business segments, include capital market fees, loan commitment fees and credit-related fees. Financing-related fees increased 18% compared with the third quarter of 2023 and were flat compared with the second quarter of 2024. The increase compared with the third quarter of 2023 primarily reflects higher underwriting fees.
Current wording
Financing-related fees, which are primarily reported in the Market and Wealth Services and Securities Services business segments, include capital market fees, loan commitment fees and credit-related fees. Financing-related fees increased 5% compared with the first quarter of 2024 and 13% compared with the fourth quarter of 2024. The increase compared with the first quarter of 2024 primarily reflects higher loan commitment fees. The increase compared with the fourth quarter of 2024 primarily reflects higher underwriting fees.
Previous wording
The increase in total investment and other revenue compared with the third quarter of 2023 primarily reflects a strategic equity investment loss recorded in the third quarter of 2023 and improved results from our seed capital investments. The increase compared with the second quarter of 2024 primarily reflects improved seed capital results and higher client activity in our fixed income and equity trading business.
Current wording
The increase in total investment and other revenue compared with the first quarter of 2024 primarily reflects a disposal gain recorded in the first quarter of 2025. The increase compared with the fourth quarter of 2024 primarily reflects net securities losses recorded in the fourth quarter of 2024 and a disposal gain recorded in the first quarter of 2025.
Previous wording
Net interest margin decreased 2 basis points compared with the third quarter of 2023 and increased 1 basis point compared with the second quarter of 2024. The changes compared with the third quarter of 2023 and the second quarter of 2024 primarily reflect the factors mentioned above.
Current wording
Net interest margin increased 11 basis points compared with the first quarter of 2024 and decreased 2 basis points compared with the fourth quarter of 2024. The changes compared with the first quarter of 2024 and the fourth quarter of 2024 primarily reflect the factors mentioned above.
Previous wording
Average interest-earning assets increased 5% compared with the third quarter of 2023 and 1% compared with the second quarter of 2024. The increase compared with the third quarter of 2023 primarily reflects higher securities and loan balances and federal funds sold and securities purchased under resale agreements, partially offset by lower interest-bearing deposits with banks. The increase compared with the second quarter of 2024 primarily reflects higher securities balances and federal funds sold and securities purchased under resale agreements, partially offset by lower interest-bearing deposits with the Federal Reserve and other central banks.
Current wording
Average interest-earning assets increased 2% compared with the first quarter of 2024 and decreased 1% compared with the fourth quarter of 2024. The increase compared with the first quarter of 2024 primarily reflects higher federal funds sold and securities purchased under resale agreements and higher securities balances, partially offset by lower interest-bearing deposits with the Federal Reserve and other central banks. The decrease compared with the fourth quarter of 2024 primarily reflects lower interest-bearing deposits with the Federal Reserve and other central banks, partially offset by higher federal funds sold and securities purchased under resale agreements and higher securities balances.
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Average non-U.S. dollar deposits comprised approximately 25% of our average total deposits in the third quarter of 2024. Approximately 50% of the average non-U.S. dollar deposits in the third quarter of 2024 were euro-denominated.
Current wording
Average non-U.S. dollar deposits comprised approximately 25% of our average total deposits in the first quarter of 2025. Approximately 50% of the average non-U.S. dollar deposits in the first quarter of 2025 were euro-denominated.
Previous wording
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $179 billion for the third quarter of 2024, $163 billion for the second quarter of 2024 and $126 billion for the third quarter of 2023. On a Non-GAAP basis, excluding the impact of offsetting, the yield on federal funds sold and securities purchased under resale agreements would have been 5.43% for the third quarter of 2024, 5.51% for the second quarter of 2024 and 5.36% for the third quarter of 2023. On a Non-GAAP basis, excluding the impact of offsetting, the rate on federal funds purchased and securities sold under repurchase agreements would have been 5.32% for the third quarter of 2024, 5.41% for the second quarter of 2024 and 5.26% for the third quarter of 2023. We believe providing rates excluding the impact of netting is useful to investors as it is more reflective of the actual rates earned and paid.
Current wording
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $224 billion for the first quarter of 2025, $208 billion for the fourth quarter of 2024 and $151 billion for the first quarter of 2024. On a Non-GAAP basis, excluding the impact of offsetting, the yield on federal funds sold and securities purchased under resale agreements would have been 4.46% for the first quarter of 2025, 4.82% for the fourth quarter of 2024 and 5.49% for the first quarter of 2024. On a Non-GAAP basis, excluding the impact of offsetting, the rate on federal funds purchased and securities sold under repurchase agreements would have been 4.37% for the first quarter of 2025, 4.73% for the fourth quarter of 2024 and 5.38% for the first quarter of 2024. We believe providing rates excluding the impact of netting is useful to investors as it is more reflective of the actual rates earned and paid.
Previous wording
BNY recorded an income tax provision of $336 million (22.0% effective tax rate) in the third quarter of 2024. The income tax provision was $285 million (21.5% effective tax rate) in the third quarter of 2023 and $357 million (23.4% effective tax rate) in the second quarter of 2024.
Current wording
BNY recorded an income tax provision of $300 million (19.7% effective tax rate) in the first quarter of 2025. The income tax provision was $297 million (22.4% effective tax rate) in the first quarter of 2024 and $315 million (21.4% effective tax rate) in the fourth quarter of 2024.
Previous wording
Business segment results are subject to reclassification when organizational changes are made, or for refinements in revenue and expense allocation methodologies. Refinements are typically reflected on a prospective basis. There were no reclassifications or organizational changes in the third quarter of 2024. In the first quarter of 2024, we made certain realignments of similar products and services within our lines of business consistent with the firm’s ongoing transition to a platforms operating model uniting related capabilities and enabling streamlining of internal processes to drive growth, efficiency, resiliency, and enhanced risk management. The largest change was the movement of Institutional Solutions from Pershing to Clearance and Collateral Management, both in the Market and Wealth Services business segment. We made other smaller changes that moved activity from Asset Servicing in the Securities Services business segment to Treasury Services in the Market and Wealth Services business segment, and from Wealth Management in the Investment and Wealth Management business segment and Pershing in the Market and Wealth Services business segment to Investment Management in the Investment and Wealth Management business segment. The Other segment was not impacted by the changes. Business segment results for the three and nine months ended Sept. 30, 2023 have been revised to reflect these changes.
Current wording
Business segment results are subject to reclassification when organizational changes are made, or for refinements in revenue and expense allocation methodologies. Refinements are typically reflected on a prospective basis. There were no reclassifications or organizational changes in the first quarter of 2025.
Previous wording
quarter. In the first quarter, staff expense typically increases, reflecting the vesting of long-term stock awards for retirement-eligible employees. The timing of our annual employee merit increases also impacts staff expense. In 2024, the merit increase was effective in March, thus partially impacting the first quarter and second quarter staff expense variances. For 2023, the merit increase was effective at the beginning of the second quarter. In the third quarter, volume-related fees may decline due to reduced client activity. In the fourth quarter, we typically incur higher business development and marketing expenses. In our Investment and Wealth Management business segment, performance fees are typically higher in the fourth and first quarters, as those quarters represent the end of the measurement period for many of the performance fee-eligible relationships.
Current wording
The results of our business segments may be influenced by client and other activities that vary by quarter. In the first quarter, staff expense typically increases reflecting the vesting of long-term stock awards for retirement-eligible employees. The timing of our annual employee merit increases also impacts staff expense. The annual employee merit increases are effective in March. In the third quarter, volume-related fees may decline due to reduced client activity. In the fourth quarter, we typically incur higher business development and marketing expenses. In our Investment and Wealth Management business segment, performance fees are typically higher in the fourth and first quarters, as those quarters represent the end of the measurement period for many of the performance fee-eligible relationships.
Previous wording
The results of our business segments may also be impacted by the translation of financial results denominated in foreign currencies to the U.S. dollar. We are primarily impacted by activities denominated in the British pound and the euro. On a consolidated basis and in our Securities Services and Market and Wealth Services business segments, we typically have more foreign currency-denominated expenses than revenues. However, our Investment and Wealth Management business segment typically has more foreign currency-denominated revenues than expenses. Overall, currency fluctuations impact the year-over-year growth rate in the Investment and Wealth Management business segment more than the Securities Services and Market and Wealth Services business segments. However, currency fluctuations, in isolation, are not expected to significantly impact net income on a consolidated basis.
Current wording
The results of our business segments may also be impacted by the translation of financial results denominated in foreign currencies into the U.S. dollar. We are primarily impacted by activities denominated in the British pound and the euro. On a consolidated basis and in our Securities Services and Market and Wealth Services business segments, we typically have more foreign currency-denominated expenses than revenues. However, our Investment and Wealth Management business segment typically has more foreign currency-denominated revenues than expenses. Overall, currency fluctuations impact the year-over-year growth rate in the Investment and Wealth Management business segment more than the Securities Services and Market and Wealth Services business segments. However, currency fluctuations, in isolation, are not expected to significantly impact net income on a consolidated basis.
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Fee revenue in the Investment and Wealth Management business segment, and, to a lesser extent, the Securities Services and Market and Wealth Services business segments, is impacted by global market fluctuations. At Sept. 30, 2024, we estimated that a 5% change in global equity markets, spread evenly throughout the year, would impact fee revenue by less than 1% and diluted earnings per common share by $0.04 to $0.07.
Current wording
Fee revenue in the Investment and Wealth Management business segment, and, to a lesser extent, the Securities Services and Market and Wealth Services business segments, is impacted by global market fluctuations. At March 31, 2025, we estimated that a 5% change in global equity markets, spread evenly throughout the year, would impact fee revenue by less than 1% and diluted earnings per common share by $0.05 to $0.08.
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(c) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Issuer Services line of business. Includes the AUC/A of CIBC Mellon of $1.9 trillion at Sept. 30, 2024, $1.7 trillion at June 30, 2024, March 31, 2024 and Dec. 31, 2023, and $1.5 trillion at Sept. 30, 2023.
Current wording
(c) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Issuer Services line of business. Includes the AUC/A of CIBC Mellon of $1.9 trillion at March 31, 2025, $1.8 trillion at Dec. 31, 2024, $1.9 trillion at Sept. 30, 2024 and $1.7 trillion at June 30, 2024 and March 31, 2024.
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(d) Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY acts as agent on behalf of CIBC Mellon clients, which totaled $67 billion at Sept. 30, 2024, $66 billion at June 30, 2024, $64 billion at March 31, 2024 and $63 billion at Dec. 31, 2023 and Sept. 30, 2023.
Current wording
(d) Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY acts as agent on behalf of CIBC Mellon clients, which totaled $62 billion at March 31, 2025, $60 billion at Dec. 31, 2024, $67 billion at Sept. 30, 2024, $66 billion at June 30, 2024 and $64 billion at March 31, 2024.
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The Securities Services business segment consists of two distinct lines of business, Asset Servicing and Issuer Services, which provide business solutions across the transaction life cycle to our global asset owner and asset manager clients. We are one of the leading global investment services providers with $37.5 trillion of AUC/A at Sept. 30, 2024. For information on the drivers of the Securities Services fee revenue, see Note 10 of the Notes to Consolidated Financial Statements in our 2023 Annual Report.
Current wording
The Securities Services business segment consists of two distinct lines of business, Asset Servicing and Issuer Services, which provide business solutions across the transaction life cycle to our global asset owner and asset manager clients. We are one of the leading global investment services providers with $38.1 trillion of AUC/A at March 31, 2025. For
Previous wording
The Asset Servicing business provides a comprehensive suite of solutions. We are one of the largest global custody and front-to-back outsourcing partners. We offer services for the safekeeping of assets in capital markets globally, as well as fund accounting services, exchange-traded funds servicing, transfer agency, trust and depository, front-to-back capabilities as well as data and analytics solutions for our clients. We deliver foreign exchange, securities lending and financing solutions, on both an agency and principal basis. Our agency securities lending program is one of the largest lenders of U.S. and non-U.S. securities, servicing a lendable asset pool of approximately $5 trillion in 34 separate markets. Our market-leading liquidity services portal enables cash investments for institutional clients and includes fund research and analytics.
Current wording
BNY 13 accounting services, exchange-traded funds servicing, transfer agency, trust and depository, front-to-back capabilities as well as data and analytics solutions for our clients. We deliver foreign exchange, securities lending and financing solutions, on both an agency and principal basis. Our agency securities lending program is one of the largest lenders of U.S. and non-U.S. securities, servicing a lendable asset pool of approximately $5.3 trillion in 34 separate markets. Our market-leading liquidity services portal enables cash investments for institutional clients and includes fund research and analytics.
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Our Digital Asset Custody platform offers custody and administration services for Bitcoin and Ether for select U.S. institutional clients. Our Digital Assets Funds Services provides accounting and administration, transfer agency and ETF services to digital asset funds. We expect to continue developing our digital asset capabilities and to work closely with clients to address their evolving digital asset needs. As of and for the quarter ended Sept. 30, 2024, our Digital Asset Custody platform and related initiative had a de minimis impact on our assets, liabilities, revenues and expenses.
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Our Digital Asset Custody platform offers custody and administration services for Bitcoin and Ether for select U.S. institutional clients. Our Digital Assets Funds Services provides accounting and administration, transfer agency and ETF services to digital asset funds. We continue to develop our digital asset capabilities, working closely with clients to address their evolving digital asset needs. As of and for the quarter ended March 31, 2025, our Digital Asset Custody platform and related initiatives had a de minimis impact on our assets, liabilities, revenues and expenses.
Previous wording
The Issuer Services business includes Corporate Trust and Depositary Receipts. Our Corporate Trust business delivers a full range of issuer and related investor services, including trustee, paying agency, fiduciary, escrow and other financial services. We are a leading provider to debt capital markets, providing customized and market-driven solutions to investors, bondholders and lenders. Our Depositary Receipts business drives global
Current wording
The Issuer Services business includes Corporate Trust and Depositary Receipts. Our Corporate Trust business delivers a full range of issuer and related investor services, including trustee, paying agency, fiduciary, escrow and other financial services. We are a leading provider to debt capital markets, providing customized and market-driven solutions to investors, bondholders and lenders. Our Depositary Receipts business drives global investing by providing servicing and value-added solutions that enable, facilitate and enhance cross-border trading, clearing, settlement and ownership. We are one of the largest providers of depositary receipts services in the world, partnering with leading companies from more than 50 countries.
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•AUC/A of $52.1 trillion increased 14%, primarily reflecting higher market values, client inflows and net new business.
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AUC/A of $38.1 trillion increased 8% compared with March 31, 2024, primarily reflecting higher market values, client inflows and net new business.
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Asset Servicing revenue of $1.7 billion increased 9% compared with the third quarter of 2023 and 2% compared with the second quarter of 2024. The increase compared with the third quarter of 2023 primarily reflects higher market values and client activity, a strategic equity investment loss recorded in the third quarter of 2023, net new business and higher net interest income. The increase compared with the second quarter of 2024 primarily reflects higher net interest income and market values.
Current wording
Asset Servicing revenue of $1.8 billion increased 7% compared with the first quarter of 2024 and decreased 1% compared with the fourth quarter of 2024. The increase compared with the first quarter of 2024 primarily reflects higher net interest income, market values, foreign exchange revenue and client activity. The decrease compared with the fourth quarter of 2024 primarily reflects lower net interest income.
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with the second quarter of 2024. The increase compared with the third quarter of 2023 primarily reflects higher market values, net new business and higher client activity, partially offset by lower Depositary Receipts revenue. The decrease compared with the second quarter of 2024 primarily reflects lower Depositary Receipts revenue, partially offset by higher market values.
Current wording
Issuer Services revenue of $514 million increased 9% compared with the first quarter of 2024 and decreased 2% compared with the fourth quarter of 2024. The increase compared with the first quarter of 2024 primarily reflects the disposal gain and higher Corporate Trust fees, partially offset by lower net interest income. The decrease compared with the fourth quarter of 2024 primarily reflects lower net interest income and Depositary Receipts revenue, partially offset by the disposal gain.
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The Market and Wealth Services business segment consists of three distinct lines of business, Pershing, Treasury Services and Clearance and Collateral Management, which provide business services and technology solutions to entities including financial institutions, corporations, foundations and endowments, public funds and government agencies. For information on the drivers of the Market and Wealth Services fee revenue, see Note 10 of the Notes to Consolidated Financial Statements in our 2023 Annual Report.
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BNY 15 endowments, public funds and government agencies. For information on the drivers of the Market and Wealth Services fee revenue, see Note 10 of the Notes to Consolidated Financial Statements in our 2024 Annual Report.
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Our Clearance and Collateral Management business clears and settles equity and fixed income transactions globally and serves as custodian for tri-party repo collateral worldwide. We are the primary provider of U.S. government securities clearance and a provider of non-U.S. government securities clearance. Our collateral services include collateral management, administration and segregation. We offer innovative solutions and industry expertise, which help financial institutions and institutional investors with their financing, risk and balance sheet challenges. We are a leading provider of tri-party collateral management services with an average of $5.5 trillion serviced globally, including approximately $4.3 trillion of the U.S. tri-party repo market at Sept. 30, 2024.
Current wording
Our Clearance and Collateral Management business clears and settles equity and fixed income transactions globally and serves as custodian for tri-party repo collateral worldwide. We are the primary provider of U.S. government securities clearance and a provider of non-U.S. government securities clearance. Our collateral services include collateral management, administration and segregation. We offer innovative solutions and industry expertise, which help financial institutions and institutional investors with their financing, risk and balance sheet challenges. We are a leading provider of collateral services with an average of $6.6 trillion serviced globally, including approximately $5.1 trillion of the U.S. tri-party repo market at March 31, 2025.
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$1.29 (Non-GAAP) per diluted common share, in the first quarter of 2024.
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information on the drivers of the Securities Services fee revenue, see Note 10 of the Notes to Consolidated Financial Statements in our 2024 Annual Report.
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The Asset Servicing business provides a comprehensive suite of solutions. We are one of the largest global custody and front-to-back outsourcing partners. We offer services for the safekeeping of assets in capital markets globally, as well as fund
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The Market and Wealth Services business segment consists of three distinct lines of business, Pershing,
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Treasury Services and Clearance and Collateral Management, which provide business services and technology solutions to entities including financial institutions, corporations, foundations and
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information on long-term debt, see “Liquidity and dividends.”
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reflects higher non-U.S. government securities, U.S. Treasury securities, agency RMBS and unrealized pre-tax gains in the first quarter of 2025.
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The unrealized loss (after-tax) on our available-for-sale securities portfolio, net of hedges, included in
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domestic and foreign-based, with primary concentrations in Germany and the U.S.
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26 BNY billion at Dec. 31, 2024 related to a term loan program that offers fully collateralized loans to broker-dealers.
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our Pershing subsidiaries. Overdrafts typically relate to timing differences for settlements.
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banks and federal funds sold and securities purchased under resale agreements.
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Subsequent to March 31, 2025, our U.S. bank subsidiaries could declare dividends to the Parent of
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and other, net. In the three months ended March 31, 2024, cash flows used for operating activities primarily resulted from changes in trading assets and liabilities and changes in accruals and other, net, partially offset by earnings.
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Regulators establish certain levels of capital for bank holding companies (“BHCs”) and banks, including BNY and our bank subsidiaries, in accordance with established quantitative measurements. For the Parent to maintain its status as a financial holding company, our U.S. bank subsidiaries and BNY must, among other things, qualify as “well capitalized.” As of March 31, 2025 and Dec. 31, 2024, BNY and our U.S. bank subsidiaries were “well capitalized.”
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CVA and DVA, net of hedges, decreased investment and other revenue – other trading revenue by less than $1 million in the fourth quarter of 2024 and was unchanged in the first quarter of 2024, which resulted in no impact to investment and other revenue – other trading revenue.
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The baseline scenario incorporates the market’s forward rate expectations and management’s assumptions regarding client deposit rates, credit spreads, changes in the prepayment behavior of loans and securities and the impact of derivative financial instruments used for interest rate risk management purposes as of each respective quarter-end. These
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modification could result in a new loan or a continuation of the existing loan.
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investment of less than $1 million, by providing payment modifications.
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The tables below provide information about the credit profile of the loan portfolio by the period of origination.
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(b) The Investment and Wealth Management business segment is net of income attributable to noncontrolling interests related to consolidated investment management funds of $2 million in the fourth quarter of 2024.
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Costs to fulfill a contract are capitalized when they relate directly to an existing contract or a specific
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using observable market inputs and included in Level 2 of the valuation hierarchy.
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In addition, we utilize forward foreign exchange contracts as hedges to mitigate foreign exchange exposures. We use forward foreign exchange contracts as cash flow hedges to convert certain forecasted non-U.S. dollar revenue and expenses into
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reflects results from trading in cash instruments, including fixed income and equity securities, and trading and economic hedging activity with non-foreign exchange derivatives.
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outstanding that are not reflected in the accompanying consolidated balance sheets.
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Our significant trading and off-balance sheet risks are securities, foreign currency and interest rate risk management products, commercial lending
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the underlying transaction. As a result, the total contractual amounts do not necessarily represent future cash requirements. Commercial letters of credit totaled $50 million at March 31, 2025 and $24 million at Dec. 31, 2024.
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federal court have been consolidated in Texas federal court for discovery purposes. Various alleged Stanford CD purchasers asserted similar claims in Financial Industry Regulatory Authority, Inc. (“FINRA”) arbitration proceedings.
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Paulo court’s decision and found that the Arbitration Court did have jurisdiction. DTVM and Ativos appealed; that appeal was denied on April 8, 2024. DTVM and Ativos have further appealed. The arbitration continues during the further appeal. On Oct. 25, 2019, Postalis filed a lawsuit in Rio de Janeiro against DTVM and Alocação de Patrimônio, alleging liability for losses in another fund for which DTVM was administrator and Alocação de Patrimônio and Ativos were managers. On May 9, 2022, the court found DTVM and Alocação de Patrimônio jointly and severally liable for approximately $20 million. On Aug. 12, 2022, DTVM and Alocação de Patrimônio appealed the decision. On April 30, 2024, the appeals court reversed the finding against DTVM and Alocação de Patrimônio. Postalis appealed that reversal and, on Oct. 3, 2024, its appeal was denied. Postalis has filed a further appeal. On June 19, 2020, a lawsuit was filed in federal court in Rio de Janeiro against DTVM, Postalis, and various other defendants alleging liability against DTVM for certain Postalis losses in an investment fund of which DTVM was administrator. On Feb. 10, 2021, Postalis and another pension fund served DTVM in a lawsuit filed in Rio de Janeiro, alleging liability for losses in another investment fund for which DTVM was administrator and the other defendant was manager.
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German authorities are investigating past “cum/ex” trading, which involved the purchase of equity securities on or shortly before the dividend date, but
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Business segment results are subject to reclassification when organizational changes are made, or for refinements in revenue and expense allocation methodologies. Refinements are typically reflected on a prospective basis. There were no reclassifications or organizational changes in the first quarter of 2025.
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•Support and other indirect expenses, including services provided between segments that are not
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(a) Total fee and other revenue, total revenue and income before income taxes are net of income attributable to noncontrolling interests related to consolidated investment management funds of $2 million.
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(a) Total fee and other revenue, total revenue and income before income taxes are net of income attributable to noncontrolling interests related to consolidated investment management funds of $2 million.
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(See “Net interest income” on page 9.)
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(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $165 billion for the first nine months of 2024 and $101 billion for the first nine months of 2023. On a Non-GAAP basis, excluding the impact of offsetting, the yield on federal funds sold and securities purchased under resale agreements would have been 5.47% for the first nine months of 2024 and 5.10% for the first nine months of 2023. On a Non-GAAP basis, excluding the impact of offsetting, the rate on federal funds purchased and securities sold under repurchase agreements would have been 5.37% for the first nine months of 2024 and 4.99% for the first nine months of 2023. We believe providing rates excluding the impact of netting is useful to investors as it is more reflective of the actual rates earned and paid.
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(b) Average rates were calculated on an FTE basis, at tax rates of approximately 21%.
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(c) See “Net interest income” on page 9 for the reconciliation of this Non-GAAP measure.
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The results of our business segments may be influenced by client and other activities that vary by
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investing by providing servicing and value-added solutions that enable, facilitate and enhance cross-border trading, clearing, settlement and ownership. We are one of the largest providers of depositary receipts services in the world, partnering with leading companies from more than 50 countries.
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financial institutions and commercial portfolio exposures that are investment grade.
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Federal funds purchased and securities sold under repurchase agreements include repurchase agreement activity with the Fixed Income Clearing Corporation
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Pershing LLC has one uncommitted line of credit in place for funding purposes that is guaranteed by the
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U.S. regulators have established an LCR that requires certain banking organizations, including BNY, to maintain a minimum amount of unencumbered high-
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34 BNY discussion related to liquidity and dividends and asset/liability management herein may provide more useful context in evaluating our liquidity position and related activity.
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Regulators establish certain levels of capital for bank holding companies (“BHCs”) and banks, including BNY and our bank subsidiaries, in accordance with
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BNY 41 foreign currency interest rates. We actively manage interest rate sensitivity and use earnings simulation and discounted cash flow models to identify interest rate exposures.
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(a) Reflected in investment and other revenue on the consolidated income statement.
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(b) Reflected in staff expense on the consolidated income statement.
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This ASU is effective for annual periods beginning after Dec. 15, 2023 and interim periods beginning in 2025, with early adoption permitted. BNY is currently evaluating this guidance and the impact on the business segment disclosures.
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The Bank of New York Mellon Corporation (and its subsidiaries)
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The Bank of New York Mellon Corporation (and its subsidiaries)
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The Bank of New York Mellon Corporation (and its subsidiaries)
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See Note 3 of the Notes to Consolidated Financial Statements in our 2023 Annual Report for additional information.
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The allowance for credit losses related to securities was less than $1 million at Sept. 30, 2024 and related to other debt securities. The allowance for credit losses related to securities was $1 million at Dec. 31, 2023 and related to non-agency RMBS and other debt securities.
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In the second quarter of 2024, we modifiedone commercial real estate exposure, with a recorded investment of $59 million and an unfunded lending commitment of $1 million, by extending the maturity dates.
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(b) Primarily includes investment services fees, foreign exchange revenue, financing-related fees and investment and other revenue, all of which are accounted for using other accounting guidance.
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$100 million at Sept. 30, 2024 and $90 million at Dec. 31, 2023. These capitalized costs are amortized on a straight-line basis over the expected contract period.
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We do not have any unsatisfied performance obligations other than those that are subject to a
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(a) Includes the impact of hedges of net investments in foreign subsidiaries. See Note 17 for additional information.
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(b) The reclassification adjustment related to the unrealized gain (loss) on assets available-for-sale is recorded as net securities gains, which is included in investment and other revenue on the consolidated income statement. The amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost is recorded as other expense on the consolidated income statement.
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loans of $3.2 billion, essentially converting $1.4 billion of such fixed rate loans to a floating rate.
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We manage trading risk through a system of position limits, a value-at-risk (“VaR”) methodology based on
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counterparty, therefore decreasing the amount of assets available for other liquidity needs that may arise. BNY also offers tri-party collateral agency services in the tri-party repo market where we are exposed to credit risk. In order to mitigate this risk, we require dealers to fully secure intraday credit.
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maturities is as follows: $32.0 billion in less than one year, $18.7 billion in one to five years and $352 million over five years.
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collateral, if any. The allowance for lending-related commitments was $75 million at Sept. 30, 2024 and $87 million at Dec. 31, 2023.
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settlement date. At Sept. 30, 2024, we hadno unsettled repurchase agreements and $103.5 billion of unsettled reverse repurchase agreements. At Dec. 31, 2023, we hadno unsettled repurchase agreements and $77.9 billion of unsettled reverse repurchase agreements.
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under this guaranty by obtaining a security interest in our sponsored member clients’ collateral and rights under Sponsored Member Transactions. See “Offsetting assets and liabilities” in Note 17 for additional information on our repurchase and reverse repurchase agreements.
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market loss until the loss occurs. Any ancillary costs that occur as a result of any mark-to-market loss cannot be quantified. In addition, we also sponsor clients as members on clearing and settlement exchanges and guarantee their obligations. At Sept. 30, 2024 and Dec. 31, 2023, we did not record any material liabilities under these arrangements.
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that could affect the amount of the accrual, and will adjust the accrual amount as appropriate. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter continues to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. We believe that our accruals for legal proceedings are appropriate and, in the aggregate, are not material to the consolidated financial position of BNY, although future accruals could have a material effect on the results of operations in a given period. In addition, if we have the potential to recover a portion of an estimated loss from a third party, we record a receivable up to the amount of the accrual that is probable of recovery.
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In late December 2005, Pershing LLC (“Pershing”) became a clearing firm for Stanford Group Co.
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BNY Servicos Financeiros DTVM S.A. (“DTVM”), a subsidiary that provides asset services in Brazil, acts as administrator for certain investment funds in which a public pension fund for postal workers called Postalis-Instituto de Seguridade Social dos Correios e Telégrafos (“Postalis”) invested. On Aug. 22, 2014, Postalis sued DTVM in Rio de Janeiro, Brazil for losses related to a Postalis fund for which DTVM is administrator. Postalis alleges that DTVM failed to properly perform duties, including to conduct due diligence of and exert control over the manager. On
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Notes to Consolidated Financial Statements (continued)
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Notes to Consolidated Financial Statements (continued)
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