Bank of New York Mellon Corp
For the period ended Jun 30, 2025. Filed Aug 1, 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.
Jun 30, 2025 · Filed Aug 1, 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 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)Current report: 10-Q
Period ended 2025-06-30; filed 2025-08-01.
0001390777-25-000118
Items 2 and 3. Management’s Discussion and Analysis of Financial Condition and Results of Operations; Quantitative and Qualitative Disclosures about Market RiskGeneralOverviewKey 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)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 942 previous paragraphs and 974 current paragraphs.
646 unchanged; 220 reworded; 73 added; 45 removed; 31 previous and 35 current paragraphs rearranged.
Tables are not compared: 120 previous and 130 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 (73)
Current report
Key second quarter 2025 and subsequent events
Current report
In July 2025, our Board of Directors approved a 13% increase in the quarterly cash dividend on our common stock, from $0.47 to $0.53 per share. The increased quarterly cash dividend is expected to be paid on Aug. 7, 2025.
Current report
Robin Vince elected Chairman of the Board of Directors
Current report
In June 2025, we announced that Robin Vince, Chief Executive Officer, was unanimously elected by the Board of Directors to the additional position of Chairman, effective Sept. 1, 2025.
Current report
•Noninterest expense increased 4%, primarily reflecting higher investments, employee merit increases, higher revenue-related expenses, adjustments to the FDIC special assessment and the unfavorable impact of the weaker U.S. dollar, partially offset by efficiency savings. Excluding notable items, total noninterest expense also increased 4% (Non-GAAP). (See “Noninterest expense” on page 12.)
Current report
•AUM of $2.1 trillion increased 3% reflecting higher market values and the favorable impact of the weaker U.S. dollar, partially offset by cumulative net outflows.
Current report
•Our Tier 1 leverage ratio was 6.1% at June 30, 2025 and 6.2% at March 31, 2025. The decrease reflects higher average assets, partially offset by the increase in capital. (See “Capital” beginning on page 35.)
Current report
Investment services fees increased 9% compared with the second quarter of 2024 and 7% compared with the first quarter of 2025. The increase compared with the second quarter of 2024 primarily reflects higher client
Current report
activity and Depositary Receipts revenue, net new business and higher market values. The increase compared with the first quarter of 2025 primarily reflects higher Depositary Receipts revenue and client activity.
Current report
Investment management and performance fees were flat compared with the second quarter of 2024 and increased 3% compared with the first quarter of 2025. Compared with the second quarter of 2024, investment management and performance fees reflect the mix of AUM flows and the adjustment for certain rebates (offset in noninterest expense), offset by
Current report
Fee revenue increased 5% compared with the first six months of 2024, primarily reflecting higher investment services fees and foreign exchange revenue, partially offset by lower investment
Current report
management and performance fees. The 8% increase in investment services fees primarily reflects higher client activity, net new business, higher market values and Depositary Receipts revenue. Investment management and performance fees decreased 3%, primarily reflecting the mix of AUM flows and the adjustment for certain rebates (offset in noninterest expense), partially offset by higher market values. The 10% increase in foreign exchange revenue primarily reflects higher volatility.
Current report
Investment and other revenue increased $63 million compared with the first six months of 2024, primarily reflecting a disposal gain recorded in the first quarter of 2025 and higher renewable energy and corporate/bank owned life insurance investment results, partially offset by higher net securities losses.
Current report
Net interest income increased 17% compared with the second quarter of 2024 and 4% compared with the first quarter of 2025. Both increases primarily reflect the continued reinvestment of maturing investment securities at higher yields and balance sheet growth, partially offset by changes in deposit mix.
Current report
Total noninterest expense increased 3% compared with the first six months of 2024, primarily reflecting higher investments, employee merit increases, higher revenue-related expenses and adjustments to the FDIC special assessment, partially offset by efficiency savings. Excluding notable items, total noninterest expense also increased 3% (Non-GAAP) compared with the first six months of 2024.
Current report
Total revenue of $4.8 billion increased 9% compared with the first six months of 2024. Asset Servicing revenue of $3.7 billion increased 9% compared with the first six months of 2024, primarily reflecting higher net interest income, market values, foreign exchange revenue and higher client activity. Issuer Services revenue of $1.1 billion increased 9%, primarily reflecting higher Depositary Receipts revenue, the disposal gain recorded in the first quarter of 2025 and net new business in Corporate Trust, partially offset by lower net interest income.
Current report
Noninterest expense of $3.2 billion increased 4% compared with the first six months of 2024, primarily reflecting higher investments and revenue-related expenses and employee merit increases, partially offset by efficiency savings.
Current report
AUC/A of $15.4 trillion increased 15% compared with June 30, 2024, primarily reflecting client inflows and higher market values.
Current report
Pershing revenue of $739 million increased 11% compared with the second quarter of 2024 and 3% compared with the first quarter of 2025. The increase compared with the second quarter of 2024 primarily reflects higher net interest income, client activity and market values. The increase compared with the first quarter of 2025 primarily reflects higher client activity. Net new assets were $(10) billion in the second quarter of 2025, reflecting the deconversion of a client that was acquired by a self-clearing competitor.
Current report
Total revenue of $3.4 billion increased 12% compared with the first six months of 2024. Pershing revenue of $1.5 billion increased 9%, primarily reflecting higher net interest income, market values and client activity. Treasury Services revenue of $1.0 billion increased 15%, primarily reflecting higher net interest income and net new business. Clearance and
Current report
Noninterest expense of $1.8 billion increased 6% compared with the first six months of 2024, primarily reflecting higher investments, employee merit increases and higher litigation reserves, partially offset by efficiency savings.
Current report
AUM of $2.1 trillion as of June 30, 2025, increased 3% compared with June 30, 2024, primarily reflecting higher market values and the favorable impact of the weaker U.S. dollar, partially offset by cumulative net outflows.
Current report
Total revenue of $801 million decreased 2% compared with the second quarter of 2024 and increased 3% compared with the first quarter of 2025.
Current report
20 BNY equity investment income. The increase compared with the first quarter of 2025 primarily reflects higher seed capital gains, equity investment income and the favorable impact of the weaker U.S. dollar, partially offset by the mix of AUM flows.
Current report
severance expense and the unfavorable impact of the weaker U.S. dollar. The decrease compared with the first quarter of 2025 primarily reflects lower revenue-related expenses and efficiency savings, partially offset by the unfavorable impact of the weaker U.S. dollar.
Current report
Noninterest expense of $1.4 billion decreased 3% compared with the first six months of 2024, primarily reflecting lower revenue-related expenses (including the adjustment for certain rebates) and efficiency savings, partially offset by higher investments and employee merit increases.
Current report
Noninterest expense increased $21 million compared with the second quarter of 2024 and decreased $52 million compared with the first quarter of 2025. The increase compared with the second quarter of 2024
Current report
Loss before income taxes increased $36 million compared with the first six months of 2024, primarily driven by higher noninterest expense. Noninterest expense increased $44 million compared with the first six months of 2024, primarily reflecting higher staff-related expense and the net impact of the adjustments to the FDIC special assessment, partially offset by lower litigation reserves.
Current report
In the second quarter of 2025, we also performed our annual goodwill impairment test on the remaining six reporting units using an income approach to estimate fair values of each reporting unit. Estimated cash flows used in the income approach were based on management’s projections as of April 1, 2025. The discount rate applied to these cash flows was 10%.
Current report
As a result of the annual goodwill impairment test, no goodwill impairment was recognized. The fair values of the Company’s remaining six reporting units were substantially in excess of the respective reporting units’ carrying value.
Current report
Margin loan exposure of $20.7 billion at June 30, 2025, compared with $19.1 billion at Dec. 31, 2024
Current report
Provision for credit losses was a benefit of $17 million in the second quarter of 2025, primarily driven by property-specific reserve releases in our commercial real estate portfolio.
Current report
In May 2025, Moody’s Ratings (“Moody’s”) announced that it had downgraded the U.S. government’s long-term issuer rating to Aa1 from Aaa and changed the outlook to stable from negative. This ratings action triggered downgrades to certain ratings and assessments for several issuers that had previously incorporated U.S. government support uplift in the ratings and assessments. As a result, the long-term senior unsecured debt ratings and issuer ratings for certain BNY rated bank subsidiaries were downgraded to Aa2 with an outlook of stable from Aa1 with an outlook of negative.
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Removed paragraphs (45)
Previous report
•Noninterest expense increased 2%, primarily reflecting higher investments and employee merit increases, partially offset by efficiency savings. (See “Noninterest expense” on page 11.)
Previous 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.)
Previous 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
Previous report
higher client activity. The decrease compared with the fourth quarter of 2024 primarily reflects lower Depositary Receipts revenue.
Previous report
Total revenue of $2.3 billion increased 8% compared with the first quarter of 2024 and
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(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.
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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.
Previous 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.
Previous report
Total revenue of $779 million decreased 8% compared with the first quarter of 2024 and 11% compared with the fourth quarter of 2024.
Previous 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.
Previous report
decrease compared with the fourth quarter of 2024 primarily reflects lower net interest income.
Previous 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
Previous report
reflects higher non-U.S. government securities, U.S. Treasury securities, agency RMBS and unrealized pre-tax gains in the first quarter of 2025.
Previous report
domestic and foreign-based, with primary concentrations in Germany and the U.S.
Previous report
Provision for credit losses was $18 million in the first quarter of 2025, primarily driven by increases in the allowance related to commercial real estate exposure.
Previous report
BNY 29 interest-bearing deposits with the Federal Reserve and other central banks, interest-bearing deposits with
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(b) Stable outlook on long-term deposits ratings. Negative outlook on long-term senior debt ratings. Negative outlook on senior unsecured rating for The Bank of New York Mellon.
Previous report
In April 2025, The Bank of New York Mellon issued $2.5 billion of debt in three tranches:
Previous report
•$1.25 billion of fixed-to-floating rate callable senior bank notes maturing in 2029 with an annual fixed rate interest rate of 4.729% from issuance to, but excluding, April 20, 2028, and then an annual interest rate of the compounded secured overnight financing rate (“SOFR”) plus 113.5 basis points;
Previous report
•$750 million of fixed-to-floating rate callable senior bank notes maturing in 2027 with an annual fixed rate interest rate of 4.587% from issuance to, but excluding, April 20, 2026, and then an annual interest rate of SOFR plus 69.3 basis points; and,
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•$500 million floating rate callable senior bank notes maturing in 2027 with an annual interest rate of SOFR plus 71 basis points.
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In the United States, recent political developments have signaled a modification in the federal government’s approach to a wide number of matters. The new U.S. presidential administration has issued Executive Orders associated with, among other things, federal policy concerning tariffs and digital assets. As the federal government’s posture on these and other matters continues to evolve, BNY is reviewing the impacts of these orders on its business and operations.
Previous report
Evolving Regulatory Environment - Digital Asset Matters
Previous report
The regulatory framework for digital assets continues to evolve. In the United States, recent political developments support the responsible use of digital assets, including the OCC’s issuance of Interpretative Letter 1183 and the FDIC’s issuance of FIL-7-2025. These letters reaffirm that a range of crypto-related activities are permissible in the federal banking system. In addition, the Federal Reserve and the FDIC took steps to withdraw previous digital-asset related guidance, including withdrawing support from prior joint agency statements on digital asset related risks. The Federal Reserve has also withdrawn its prior guidance requiring (i) advance notification of or non-objection for certain digital asset activities and (ii) non-objection to engage in certain digital asset-related activities, including issuing, holding, or transacting in dollar tokens to facilitate payments. BNY continues to evaluate the impacts of these directives on its digital asset capabilities, in light of the requirements of all relevant regulators for its subsidiaries and operations, including the Federal Reserve Board and the New York Department of Financial Services.
Previous report
Transition to T+1 Settlement in Europe
Previous report
On Feb. 12, 2025, the European Commission proposed a framework to facilitate a coordinated EU/EEA transition to a T+1 settlement cycle on Oct. 11, 2027. On Feb. 19, 2025, the UK government confirmed that the UK will transition to a T+1 standard for settling securities on Oct. 11, 2027. The proposals in the UK, EU, and EEA remain subject to final legislation and regulation. As a result of the transition to T+1 settlement across European jurisdictions, BNY will be required to implement a range of technical and operational updates. BNY continues to assess the impact of these transitions on its business and operations.
Previous report
At March 31, 2025, we are potentially obligated to pay additional consideration which is recorded at fair value totaling approximately $5 million and, using reasonable assumptions and estimates, could range from $0 million to $5 million over the next year. There were no contingent payments in the first three months of 2025. There wereno changes to contingent earnout payables in the first three months of 2025.
Previous report
At March 31, 2025, we could potentially receive additional consideration which is recorded at fair value totaling approximately $15 million and, using reasonable assumptions and estimates, could range from $5 million to $25 million over the next three years. There wereno contingent receipts in thefirst three months of 2025.
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(a) Does not include the provision for credit losses benefit related to other financial instruments of $4 million for the quarter ended Dec. 31, 2024.
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(b) Includes collateral-dependent loans of $247 million with $258 million of collateral value.
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(a) Does not include the provision for credit losses related to other financial instruments of $13 million for the quarter ended March 31, 2024.
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Reworded paragraphs (220)
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 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.
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 $2.0 trillion at June 30, 2025, $1.9 trillion at March 31, 2025 and $1.7 trillion at June 30, 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 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.
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 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 June 30, 2025, BNY oversees $55.8 trillion in assets under custody and/or administration and $2.1 trillion in assets under management.
Previous wording
BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Headquartered in New York City, BNY employs over 50,000 people globally and has been named among Fortune’s World’s Most Admired Companies and Fast Company’s Best Workplaces for Innovators. Additional information is available on www.bny.com. Follow on LinkedIn or visit the BNY Newsroom for the latest company news.
Current wording
BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Headquartered in New York City, BNY has been named among Fortune’s World’s Most Admired Companies and Fast Company’s Best Workplaces for Innovators. Additional information is available on www.bny.com. Follow on LinkedIn or visit the BNY Newsroom for the latest company news.
Previous 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
Current wording
We reported net income applicable to common shareholders of $1,391 million, or $1.93 per diluted common share, in the second quarter of 2025, including the impact of notable items. Notable items in the second quarter of 2025 include severance expense and reductions in litigation reserves and the Federal Deposit Insurance Corporation (“FDIC”) special assessment. Excluding notable items, net income applicable to common shareholders was $1,397 million (Non-GAAP), or $1.94 (Non-GAAP) per diluted common share, in the second quarter of 2025. Net income applicable to common shareholders was $1,143 million, or $1.52 per diluted common share, in the second quarter of 2024, including the impact of notable items. Notable items in the second quarter of 2024 include a reduction in the FDIC special assessment, severance expense and litigation reserves. Excluding notable items, net income applicable to common shareholders was $1,136 million (Non-GAAP), or $1.51 (Non-GAAP) per diluted common share, in the second quarter of 2024.
Previous wording
The highlights below are based on the first quarter of 2025 compared with the first quarter of 2024, unless otherwise noted.
Current wording
The highlights below are based on the second quarter of 2025 compared with the second quarter of 2024, unless otherwise noted.
Previous wording
•Total revenue increased 6%, primarily reflecting:
Current wording
•Total revenue increased 9%, primarily reflecting:
Previous 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.)
Current wording
•Fee revenue increased 7%, primarily reflecting net new business, higher market values, client activity and foreign exchange revenue, and the favorable impact of the weaker U.S. dollar, 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 disposal gain recorded in the first quarter of 2025. (See “Fee and other revenue” beginning on page 6.)
Current wording
•Investment and other revenue increased primarily reflecting favorable seed capital and other investments results, partially offset by higher net securities losses. (See “Fee and other revenue” beginning on page 6.)
Previous wording
•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 wording
•Net interest income increased 17%, primarily reflecting the continued reinvestment of maturing investment securities at higher yields and balance sheet growth, partially offset by changes in deposit mix. (See “Net interest income” on page 9.)
Previous 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.)
Current wording
•The provision for credit losses was a benefit of $17 million, primarily driven by property-specific reserve releases related to our commercial real estate exposure. (See “Allowance for credit losses” on page 29.)
Previous 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.)
Current wording
•Effective tax rate of 22.0%. (See “Income taxes” on page 12.)
Previous wording
•Return on common equity (“ROE”) was 12.6% for the first quarter of 2025.
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•Return on common equity (“ROE”) was 14.7% for the second quarter of 2025.
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•Return on tangible common equity (“ROTCE”) was 24.2% (Non-GAAP) for the first quarter of 2025.
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•Return on tangible common equity (“ROTCE”) was 27.8% (Non-GAAP) for the second quarter of 2025.
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•AUC/A of $53.1 trillion increased 9%, primarily reflecting client inflows, higher market values and net new business.
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•AUC/A of $55.8 trillion increased 13%, primarily reflecting client inflows, higher market values and the favorable impact of the weaker U.S. dollar.
Previous 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.)
Current wording
•Our CET1 ratio under the Standardized Approach was 11.5% at June 30, 2025, flat compared with March 31, 2025, reflecting an increase in capital, offset by higher risk-weighted assets (“RWA”). (See “Capital” beginning on page 35.)
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•Returned $1.1 billion to common shareholders, including $746 million of common share repurchases.
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•Returned $1.2 billion to common shareholders, including $895 million of common share repurchases.
Previous wording
(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 wording
(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 all quarterly periods presented and impacted the year-over-year variances for investment management and performance fees and related revenue subtotals in the table above.
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 March 31, 2025, $1.8 trillion at Dec. 31, 2024 and $1.7 trillion at March 31, 2024.
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 $2.0 trillion at June 30, 2025, $1.9 trillion at March 31, 2025 and $1.7 trillion at June 30, 2024.
Previous 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.
Current wording
Fee revenue increased 7% compared with the second quarter of 2024 and first quarter of 2025. The increase compared with the second quarter of 2024 primarily reflects higher investment services fees and foreign exchange revenue. The increase compared with the first quarter of 2025 primarily reflects higher investment services fees, foreign exchange revenue and investment management and performance fees.
Previous wording
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 wording
Investment and other revenue increased $15 million compared with the second quarter of 2024 and decreased $46 million compared with the first quarter of 2025. The increase compared with the second quarter of 2024 primarily reflects favorable seed capital and other investments results, partially offset by higher net securities losses. The decrease compared with the first quarter of 2025 primarily reflects a disposal gain recorded in the first quarter of 2025 and higher net securities losses, partially offset by favorable seed capital results.
Previous 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.
Current wording
AUC/A totaled $55.8 trillion at June 30, 2025, an increase of 13% compared with June 30, 2024, primarily reflecting client inflows, higher market values and the favorable impact of the weaker U.S. dollar. AUC/A consisted of 37% equity securities and 63% fixed income securities at June 30, 2025 and June 30, 2024.
Previous 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.
Current wording
6 BNY higher market values, the favorable impact of a weaker U.S. dollar and higher equity investment income. The increase compared with the first quarter of 2025 primarily reflects higher equity investment income and the favorable impact of a weaker U.S. dollar, partially offset by the mix of AUM flows. Performance fees were $10 million in the second quarter of 2025, $8 million in the second quarter of 2024 and $5 million in the first quarter of 2025. On a constant currency basis, investment management and performance fees decreased 2% (Non-GAAP) compared with the second quarter of 2024. See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 44 for the reconciliation of Non-GAAP measures.
Previous wording
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 wording
AUM was $2.1 trillion at June 30, 2025, an increase of 3% compared with June 30, 2024, reflecting higher market values and the favorable impact of the weaker U.S. dollar, partially offset by cumulative net outflows.
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 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.
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 16% compared with the second quarter of 2024 and 37% compared with the first quarter of 2025. The increase compared with the second quarter of 2024 primarily reflects higher volatility and volumes, partially offset by corporate treasury activities. The increase compared with the first quarter of 2025 primarily reflects higher volumes and volatility. 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 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.
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 decreased 4% compared with the second quarter of 2024 and 15% compared with the first quarter of 2025. The decreases compared with the second quarter of 2024 and first quarter of 2025 primarily reflect lower underwriting fees.
Previous 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.
Current wording
The increase in total investment and other revenue compared with the second quarter of 2024 primarily reflects favorable seed capital and other investments (primarily renewable energy and corporate/bank-owned life insurance) results, partially offset by higher net securities losses. The decrease compared with the first quarter of 2025 primarily reflects a disposal gain recorded in the first quarter of 2025 and higher net securities losses, partially offset by favorable seed capital results.
Previous 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.
Current wording
Net interest margin increased 12 basis points compared with the second quarter of 2024 and decreased 3 basis points compared with the first quarter of 2025. The changes compared with the second quarter of 2024 and the first quarter of 2025 primarily reflect the factors mentioned above.
Previous 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.
Current wording
Average interest-earning assets increased 6% compared with the second quarter of 2024 and first quarter of 2025. 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. The increase compared with the first quarter of 2025 primarily reflects higher interest-bearing deposits with the Federal Reserve and other central banks and higher securities balances, partially offset by lower federal funds sold and securities purchased under resale agreements.
Previous 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.
Current wording
Average non-U.S. dollar deposits comprised approximately 25% of our average total deposits in the second quarter of 2025. Approximately 50% of the average non-U.S. dollar deposits in the second quarter of 2025 were euro-denominated.
Previous wording
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 wording
Net interest income increased 14% compared with the first six months of 2024, primarily driven by the continued reinvestment of maturing investment securities at higher yields and balance sheet growth, partially offset by changes in deposit mix. The increase in the net interest margin primarily reflects the factors mentioned above.
Previous 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.
Current wording
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $247 billion for the second quarter of 2025, $224 billion for the first quarter of 2025 and $163 billion for the second 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 4.45% for the second quarter of 2025, 4.46% for the first quarter of 2025 and 5.51% for the second 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 4.36% for the second quarter of 2025, 4.37% for the first quarter of 2025 and 5.41% for the second 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
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 wording
Total noninterest expense increased 4% compared with the second quarter of 2024, primarily reflecting higher investments, employee merit increases, higher revenue-related expenses, adjustments to the FDIC special assessment and the unfavorable impact of the weaker U.S. dollar, partially offset by efficiency savings. Excluding notable items, total noninterest expense also increased 4% (Non-GAAP) compared with the second quarter of 2024. Total noninterest expense decreased 1% compared with the first quarter of 2025, primarily reflecting lower staff expense driven by the annual vesting of stock-based awards to retirement-eligible employees recorded in the first quarter of 2025, efficiency savings and lower litigation reserves, partially offset by the unfavorable impact of the weaker U.S. dollar. Excluding notable items, total noninterest expense also decreased 1% (Non-GAAP) compared with the first quarter of 2025.
Previous 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.
Current wording
BNY recorded an income tax provision of $404 million (22.0% effective tax rate) in the second quarter of 2025. The income tax provision was $357 million (23.4% effective tax rate) in the second quarter of 2024 and $300 million (19.7% effective tax rate) in the first quarter of 2025.
Previous wording
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 wording
12 BNY 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.
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 first quarter of 2025.
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 second quarter of 2025.
Previous 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.
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
Previous 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.
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 $2.0 trillion at June 30, 2025, $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.
Previous 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.
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 $68 billion at June 30, 2025, $62 billion at March 31, 2025, $60 billion at Dec. 31, 2024, $67 billion at Sept. 30, 2024 and $66 billion at June 30, 2024.
Previous 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
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 $40.1 trillion of AUC/A at June 30, 2025. For 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.
Previous 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.
Current 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 $5.6 trillion in 35 separate markets. Our market-leading liquidity services portal enables cash investments for institutional clients and includes fund research and analytics.
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Current report — wording carried from elsewhere
Average interest-earning assets increased 4% compared with the first six months of 2024, primarily reflecting 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.
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(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $236 billion for the first six months of 2025 and $157 billion for the first six months 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 4.45% for the first six months of 2025 and 5.50% for the first six months 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 six months of 2025 and 5.40% for the first six months 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.
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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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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
Current report — wording carried from elsewhere
higher business development and marketing expenses. In our Investment and Wealth Management business segment, performance fees are typically higher in the fourth quarter, as that quarter represents the end of the measurement period for many of the performance fee-eligible relationships.
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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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Collateral Management revenue of $1.0 billion increased 14%, primarily reflecting higher net interest income, clearance volumes and collateral management balances.
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In the second quarter of 2025, due to the results of the first quarter 2025 interim and annual goodwill impairment test and macroeconomic conditions, we performed an interim goodwill impairment test of the
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We also seek to undertake overall liquidity risk, including intraday liquidity risk, that stays within our risk appetite. The objective of our balance sheet
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portfolio, offset by lower exposure in the banks portfolio.
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primarily interest-only, adjustable-rate mortgages with a weighted-average loan-to-value ratio of 61% at origination. Less than 1% of the mortgages were past due at June 30, 2025.
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metro – 34%; REITs and real estate operating companies – 28%; and other – 38%.
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Pershing LLC has one uncommitted line of credit in place for funding purposes that is guaranteed by the Parent for $300 million. There were no borrowings under this line in the second quarter of 2025.
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External TLAC consists of the Parent’s Tier 1 capital and eligible unsecured LTD issued by it that has a
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BNY 39 risk characteristics. VaR also captures the diversification of aggregated risk at the firm-wide level.
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40 BNY issuer credit default swaps, and securities with exposures from corporate and municipal credit spreads.
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instruments. Trading liabilities were $6.1 billion at June 30, 2025 and $4.9 billion at Dec. 31, 2024.
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all tenors equal to or less than three months. Interim term points are interpolated where applicable. The impact of interest rate shifts may not be linear. The results of this earnings simulation should therefore not be extrapolated for more severe interest rate scenarios than those presented in the table below.
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Securities and Exchange Commission (“SEC”) Withdrawal of Proposed Rules
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•All of our SEC filings, including annual reports on Form 10-K, quarterly reports on Form 10-Q,
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We also obtain securities as collateral, including receipts under resale agreements, securities borrowed, derivative contracts and custody agreements, on terms which permit us to sell or repledge the securities to others. At June 30, 2025 and Dec. 31, 2024, the
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In the second quarter of 2025, due to the results of the first quarter 2025 interim and annual goodwill
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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 first quarter of 2025.
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We do not have any unsatisfied performance obligations other than those that are subject to a practical expedient election under ASC 606, Revenue From Contracts With Customers. The practical
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All of the outstanding shares of the Series A preferred stock are owned by Mellon Capital IV, a 100% owned finance subsidiary of the Parent, which will
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(a) Includes the impact of hedges of net investments in foreign subsidiaries. See Note 16 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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CIBC Mellon, a joint venture between BNY and the Canadian Imperial Bank of Commerce (“CIBC”), engages in securities lending activities. Generally,
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the indemnification could be covered by the indemnitors.
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terms. The Company continues to cooperate with the CFTC’s inquiry.
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Notes to Consolidated Financial Statements (continued)
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reclassifications or organizational changes in the second quarter of 2025.
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Notes to Consolidated Financial Statements (continued)
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Notes to Consolidated Financial Statements (continued)
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$1.29 (Non-GAAP) per diluted common share, in the first quarter of 2024.
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AUM was $2.0 trillion at March 31, 2025, flat compared with March 31, 2024, reflecting higher market values, offset by cumulative net outflows.
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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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(b) Reflects the realignment of similar products and services within our lines of business.
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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.”
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information on long-term debt, see “Liquidity and dividends.”
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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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industry clients and asset managers often borrow against marketable securities held in custody.
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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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preferred stock and improvements in accumulated other comprehensive income, partially offset by common stock repurchases and dividend payments.
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In April 2024, we announced a share repurchase authorization providing for the repurchase of $6.0 billion of common shares.
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31, 2016 has been permanently grandfathered to the extent these instruments otherwise would be ineligible only due to containing impermissible acceleration rights or being governed by foreign law.
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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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The other residential mortgages portfolio primarily consists of 1-4 family residential mortgage loans and
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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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the Parent’s Board of Directors, on March 20 and September 20 of each year, commencing September 20, 2025. The Parent also issued 20,000,000 depositary shares, each representing a 1/4,000th interest in a share of the Parent’s Series K
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Noncumulative Perpetual Preferred Stock. Holders of the Series K preferred stock are entitled to receive dividends, if declared by the Parent’s Board of Directors, on March 20, June 20, September 20 and December 20 of each year, commencing June 20, 2025.
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guarantee, on a subordinated basis, of payments due on the Normal Preferred Capital Securities. No other subsidiary of the Parent guarantees the securities of Mellon Capital IV.
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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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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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•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.