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
Extracted filing text, with the paragraph anchors used by the comparison.
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Noninterest expense
| Noninterest expense | |||||
|---|---|---|---|---|---|
| 1Q25 vs. | |||||
| (dollars in millions) | 1Q25 | 4Q24 | 1Q24 | 4Q24 | 1Q24 |
| Staff | $1,834 | $1,817 | $1,857 | 1% | (1)% |
| Software and equipment | 513 | 520 | 475 | (1) | 8 |
| Professional, legal and other purchased services | 366 | 410 | 349 | (11) | 5 |
| Net occupancy | 136 | 149 | 124 | (9) | 10 |
| Sub-custodian and clearing | 131 | 128 | 119 | 2 | 10 |
| Distribution and servicing | 65 | 87 | 96 | (25) | (32) |
| Business development | 48 | 54 | 36 | (11) | 33 |
| Bank assessment charges | 38 | 16 | 17 | N/M | N/M |
| Amortization of intangible assets | 11 | 13 | 12 | (15) | (8) |
| Other | 110 | 161 | 91 | (32) | 21 |
| Total noninterest expense | $3,252 | $3,355 | $3,176 | (3)% | 2% |
| Full-time employees at period end | 51,000 | 51,800 | 52,100 | (2)% | (2)% |
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.
See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 41 for the reconciliation of this Non-GAAP measure.
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