Bank of New York Mellon Corp
For the period ended Mar 31, 2026. Filed May 1, 2026.
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, 2026 · Filed May 1, 2026
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 2025-09-30; filed 2025-10-31.
0001390777-25-000159
Items 2 and 3. Management’s Discussion and Analysis of Financial Condition and Results of Operations; Quantitative and Qualitative Disclosures about Market RiskGeneralOverviewKey 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 2026-03-31; filed 2026-05-01.
0001390777-26-000060
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)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 979 previous paragraphs and 922 current paragraphs.
546 unchanged; 255 reworded; 82 added; 141 removed; 37 previous and 39 current paragraphs rearranged.
Tables are not compared: 130 previous and 116 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 (82)
Current report
•Return on common shareholders’ equity (“ROE”) was 16.1% for the first quarter of 2026.
Current report
•AUC/A of $59.4 trillion increased 12%, primarily reflecting net client inflows, higher market values and the favorable impact of the weaker U.S. dollar.
Current report
•AUM of $2.1 trillion increased 6%, primarily reflecting higher market values and the favorable impact of the weaker U.S. dollar, partially offset by cumulative net outflows.
Current report
•Our CET1 ratio under the Standardized Approach was 11.0% at March 31, 2026 and 11.9% at Dec. 31, 2025. The decrease primarily reflects higher risk-weighted assets (“RWA”) driven by a single-day increase in overnight loan balances on the last day of the quarter, along with higher client activity in agency securities lending and foreign exchange. (See “Capital” beginning on page 31.)
Current report
Investment and other revenue increased $41 million compared with the first quarter of 2025, primarily reflecting investment-related gains, partially offset by net investment securities losses.
Current report
Investment services fees increased 10% compared with the first quarter of 2025, primarily reflecting higher client activity and net new business, and higher market values.
Current report
The increase in total investment and other revenue compared with the first quarter of 2025 primarily reflects investment-related gains, partially offset by net investment securities losses.
Current report
Net interest income increased 18% compared with the first quarter of 2025, primarily reflecting the continued reinvestment of investment securities at higher yields and balance sheet growth, partially offset by deposit margin compression.
Current report
reflecting higher average investment securities, interest-bearing deposits with the Federal Reserve and other central banks and loan balances.
Current report
Total noninterest expense increased 5% compared with the first quarter of 2025, reflecting higher investments and revenue-related expenses, an unfavorable impact of the weaker U.S. dollar and employee merit increases, partially offset by efficiency savings, lower severance expense and the net impact of adjustments for the FDIC special assessment.
Current report
2026, we realigned clients in Managed Accounts Solutions from the Asset Servicing line of business in the Securities Services business segment to the Wealth Solutions (formerly Pershing) line of business in the Market and Wealth Services business segment. Prior period amounts were revised for comparability.
Current report
(a) In the first quarter of 2026, we realigned clients in Managed Accounts Solutions from the Asset Servicing line of business to the Wealth Solutions (formerly Pershing) line of business in the Market and Wealth Services business segment. Prior period amounts were revised for comparability.
Current report
AUC/A of $42.7 trillion increased 13% compared with March 31, 2025, primarily reflecting net client inflows, higher market values and the favorable impact of the weaker U.S. dollar.
Current report
Total revenue of $2.7 billion increased 17% compared with the first quarter of 2025. The drivers of total revenue by line of business are indicated below.
Current report
Asset Servicing revenue of $2.2 billion increased 22% compared with the first quarter of 2025, primarily reflecting higher net interest income, first quarter 2026 investment gains and higher client activity, foreign exchange revenue and market values.
Current report
Issuer Services revenue of $508 million decreased 1% compared with the first quarter of 2025, primarily reflecting a first quarter 2025 disposal gain, partially offset by higher Corporate Trust revenue.
Current report
Noninterest expense of $1.6 billion increased 5% compared with the first quarter of 2025, primarily reflecting higher investments and revenue-related expenses, the unfavorable impact of the weaker U.S. dollar and employee merit increases, partially offset by efficiency savings.
Current report
(a) In the first quarter of 2026, we realigned clients in Managed Accounts Solutions from the Asset Servicing line of business in the Securities Services business segment to the Wealth Solutions (formerly Pershing) line of business. Prior period amounts were revised for comparability.
Current report
AUC/A of $16.5 trillion increased 11% compared with March 31, 2025, primarily reflecting net client inflows and higher market values.
Current report
Wealth Solutions (formerly Pershing) revenue of $783 million increased 7% compared with the first quarter of 2025, primarily reflecting higher net interest income, market values and client activity.
Current report
Clearance and Collateral Management revenue of $564 million increased 15% compared with the first quarter of 2025, primarily reflecting higher collateral management balances and clearance volumes.
Current report
Noninterest expense of $937 million increased 6% compared with the first quarter of 2025, primarily reflecting higher investments, employee merit increases, higher revenue-related expenses and the unfavorable impact of the weaker U.S. dollar, partially offset by efficiency savings.
Current report
Our Investment Management business is a multi-asset portfolio solutions provider offering products and investments for institutional and retail clients globally. This includes a global distribution platform and seven specialized investment firms: BNY Investments Dreyfus, a liquidity solutions provider; BNY Investments Mellon, an index provider; Insight Investment, our fixed income franchise; BNY Investments Newton, an equity and multi-asset manager; Walter Scott, a specialized equity manager; and Brazilian equity manager ARX. BNY also owns a noncontrolling interest in Siguler Guff, a multi-strategy private equity investment firm. Each highly
Current report
experienced investment team has its own proprietary investment process and approach.
Current report
Total revenue of $825 million increased 6% compared with the first quarter of 2025. The drivers of total revenue by line of business are indicated below.
Current report
Investment Management revenue of $550 million increased 6% compared with the first quarter of 2025, primarily reflecting higher market values and the favorable impact of the weaker U.S. dollar, partially offset by the mix of AUM flows.
Current report
Wealth Management revenue of $275 million increased 5% compared with the first quarter of 2025, primarily reflecting higher market values and net interest income, partially offset by changes in product mix.
Current report
Total revenue decreased $9 million compared with the first quarter of 2025, primarily driven by net investment securities losses, partially offset by higher renewable energy investment gains.
Current report
Noninterest expense increased $1 million compared with the first quarter of 2025.
Current report
The fair value of our investment securities portfolio was $152.7 billion at March 31, 2026, compared with $147.5 billion at Dec. 31, 2025. The increase primarily reflects higher agency RMBS and U.S. Treasury securities, partially offset by unrealized pre-tax losses in the first three months of 2026 and lower non-U.S. government securities.
Current report
March 31, 2026, or 30% of the investment securities portfolio.
Current report
(a) The balances at March 31, 2026 were temporarily elevated reflecting a single-day increase in overnight loans as a result of delayed processing of certain payments.
Current report
Our wealth management mortgage exposure was $9.0 billion at March 31, 2026, compared with $8.8 billion
Showing the first 40 of 82 passages. Open the source sections for the rest.
Removed paragraphs (141)
Previous 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 was paid on Aug. 7, 2025.
Previous 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.
Previous report
•Total revenue increased 9%, primarily reflecting:
Previous report
•Return on common equity (“ROE”) was 13.7% for the third quarter of 2025.
Previous report
•AUC/A of $57.8 trillion increased 11%, primarily reflecting net client inflows and higher market values.
Previous report
•AUM of $2.1 trillion was flat reflecting higher market values, partially offset by cumulative net outflows.
Previous report
•Our CET1 ratio under the Standardized Approach was 11.7% at Sept. 30, 2025 and 11.5% at June 30, 2025. The increase 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 (“RWA”). (See “Capital” beginning on page 35.)
Previous 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 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 report
Fee revenue increased 7% compared with the third quarter of 2024 and was flat compared with the second quarter of 2025. The increase compared with the third quarter of 2024 primarily reflects higher investment services fees and financing-related fees, partially offset by lower investment management and performance fees. Compared with the second quarter of 2025, higher investment management and performance fees and financing-related fees were offset by lower foreign exchange revenue.
Previous report
Investment and other revenue increased $12 million compared with the third quarter of 2024 and $24 million compared with the second quarter of 2025. The increase compared with the third quarter of 2024 primarily reflects a disposal gain and other investment gains, partially offset by higher net securities losses. The increase compared with the second quarter of 2025 primarily reflects a disposal gain and higher client activity in our fixed income and equity trading business.
Previous report
Investment services fees increased 10% compared with the third quarter of 2024 and were flat compared with the second quarter of 2025. The increase
Previous report
compared with the third quarter of 2024 primarily reflects higher client activity, net new business and higher market values. Compared with the second quarter of 2025, higher market values and client activity was offset by lower Depositary Receipts revenue.
Previous report
Investment management and performance fees decreased 2% compared with the third quarter of 2024 and increased 3% compared with the second quarter of 2025. The decrease compared with the third quarter of 2024 primarily reflects the mix of AUM flows and the adjustment for certain rebates
Previous report
The increase in total investment and other revenue compared with the third quarter of 2024 primarily reflects a disposal gain and other investment gains (primarily renewable energy and corporate/bank-owned life insurance), partially offset by higher net securities losses. The increase compared with the second quarter of 2025 primarily reflects a disposal gain and higher client activity in our fixed income and equity trading business.
Previous report
client activity, net new business, higher market values and higher Depositary Receipts revenue. Investment management and performance fees decreased 2%, primarily reflecting the mix of AUM flows and the adjustment for certain rebates (offset in noninterest expense), partially offset by higher market values and the favorable impact of a weaker U.S. dollar. The 5% increase in foreign exchange revenue primarily reflects higher volatility and volumes.
Previous report
Investment and other revenue increased $75 million compared with the first nine months of 2024, primarily reflecting disposal gains recorded in the first nine months of 2025 and other investment gains (primarily renewable energy and corporate/bank-owned life insurance), partially offset by higher net securities losses.
Previous report
Net interest income increased 18% compared with the third quarter of 2024 and 3% compared with the second quarter of 2025. The increase compared with the third quarter of 2024 primarily reflects the continued reinvestment of maturing investment securities at higher yields and balance sheet growth, partially offset by changes in deposit mix. The increase compared with the second quarter of 2025 primarily reflects the continued reinvestment of maturing investment securities at higher yields, partially offset by changes in deposit mix.
Previous report
Net interest income increased 15% compared with the first nine 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 report
Average interest-earning assets increased 5% compared with the first nine 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.
Previous report
Total noninterest expense increased 4% compared with the third quarter of 2024, primarily reflecting higher investments, employee merit increases, higher revenue-related expenses 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 third quarter of 2024. Total noninterest expense increased 1% compared with the second quarter of 2025, primarily reflecting higher investments, litigation reserves and severance expense, partially offset by lower revenue-related expenses and efficiency savings. Excluding notable items, total noninterest expense was flat (Non-GAAP) compared with the second quarter of 2025.
Previous report
Total noninterest expense increased 4% compared with the first nine 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 increased 3% (Non-GAAP) compared with the first nine months of 2024.
Previous report
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 Sept. 30, 2025, our Digital Asset Custody platform and related initiatives had a de minimis impact on our assets, liabilities, revenues and expenses.
Previous report
AUC/A of $41.7 trillion increased 11% compared with Sept. 30, 2024, primarily reflecting net client inflows, higher market values and net new business.
Previous report
Total revenue of $2.5 billion increased 11% compared with the third quarter of 2024 and decreased 1% compared with the second quarter of 2025. The drivers of total revenue by line of business are indicated below.
Previous report
Issuer Services revenue of $544 million increased 10% compared with the third quarter of 2024 and decreased 10% compared with the second quarter of 2025. The increase compared with the third quarter of 2024 primarily reflects higher Depositary Receipts revenue and net interest income in Corporate Trust. The decrease compared with the second quarter of 2025 primarily reflects lower Depositary Receipts revenue.
Previous report
Noninterest expense of $1.7 billion increased 6% compared with the third quarter of 2024 and 2% compared with the second quarter of 2025. The
Previous report
BNY 15 increase compared with the third quarter of 2024 primarily reflects higher investments, severance expense and revenue-related expenses, and employee merit increases, partially offset by efficiency savings. The increase compared with the second quarter of 2025 primarily reflects higher severance expense, investments and litigation reserves, partially offset by lower revenue-related expenses.
Previous report
Total revenue of $7.2 billion increased 10% compared with the first nine months of 2024. Asset Servicing revenue of $5.6 billion increased 10% compared with the first nine months of 2024, primarily reflecting higher net interest income, client activity, market values and foreign exchange revenue. Issuer Services revenue of $1.7 billion increased 10%, primarily reflecting higher Depositary Receipts revenue, a disposal gain and higher Corporate Trust fees.
Previous report
Noninterest expense of $4.9 billion increased 5% compared with the first nine months of 2024, primarily reflecting higher investments, severance and revenue-related expenses, and employee merit increases, partially offset by efficiency savings.
Previous report
AUC/A of $15.8 trillion increased 10% compared with Sept. 30, 2024, primarily reflecting net client inflows and higher market values.
Previous report
Total revenue of $1.8 billion increased 14% compared with the third quarter of 2024 and 1% compared with the second quarter of 2025. The drivers of total revenue by line of business are indicated below.
Previous report
Pershing revenue of $729 million increased 12% compared with the third quarter of 2024 and
Previous report
decreased 1% compared with the second quarter of 2025. The increase compared with the third quarter of 2024 primarily reflects higher net interest income, market values and client activity. The decrease compared with the second quarter of 2025 primarily reflects lower client activity.
Previous report
Clearance and Collateral Management revenue of $528 million increased 12% compared with the third quarter of 2024 and 3% compared with the second quarter of 2025. The increase compared with the third quarter of 2024 primarily reflects higher collateral management balances, clearance volumes and net interest income. The increase compared with the second quarter of 2025 primarily reflects higher collateral management balances.
Previous report
Noninterest expense of $895 million increased 7% compared with the third quarter of 2024 and was flat compared with the second quarter of 2025. The increase compared with the third quarter of 2024 primarily reflects higher investments, employee merit increases and higher revenue-related expenses, partially offset by efficiency savings.
Showing the first 40 of 141 passages. Open the source sections for the rest.
Reworded paragraphs (255)
Previous 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 44 for the reconciliation of these Non-GAAP measures.
Current wording
(a) Return on tangible common shareholders’ 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 39 for the reconciliation of these Non-GAAP measures.
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 $2.1 trillion at Sept. 30, 2025, $2.0 trillion at June 30, 2025 and $1.9 trillion at Sept. 30, 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, Wealth Solutions (formerly 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 $2.1 trillion at March 31, 2026 $2.2 trillion at Dec. 31, 2025 and $1.9 trillion at March 31, 2025.
Previous wording
Certain business terms used in this report are defined in the Glossary included in our Annual Report on Form 10-K for the year ended Dec. 31, 2024 (the “2024 Annual Report”).
Current wording
Certain business terms used in this report are defined in the “Glossary and Acronyms” section of our Annual Report on Form 10-K for the year ended Dec. 31, 2025 (the “2025 Annual Report”).
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 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, 2025, BNY oversees $57.8 trillion in assets under custody and/or administration and $2.1 trillion in assets under management.
Current wording
BNY is a global financial services platforms company at the heart of the world’s capital markets. For more than 240 years BNY has partnered alongside clients, using its expertise and platforms to help them operate more efficiently and accelerate growth. Today BNY serves over 90% of Fortune 100 companies and nearly all the top 100 banks globally. 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. As of March 31, 2026, BNY oversees $59.4 trillion in assets under custody and/or administration and $2.1 trillion in assets under management.
Previous wording
BNY has three business segments, Securities Services, Market and Wealth Services and Investment and Wealth Management, which offer a comprehensive set of capabilities and deep expertise across the investment life cycle, enabling the Company to provide solutions to buy-side and sell-side market participants, as well as leading institutional and wealth management clients globally.
Current wording
BNY has three business segments, Securities Services, Market and Wealth Services and Investment and Wealth Management, which offer a comprehensive set of capabilities and deep expertise across the investment life cycle, enabling the
Previous wording
We reported net income applicable to common shareholders of $1.34 billion, or $1.88 per diluted common share, in the third quarter of 2025, including the impact of notable items. Notable items in the third quarter of 2025 include a disposal gain, severance expense, litigation reserves and a reduction in the Federal Deposit Insurance Corporation (“FDIC”) special assessment. Excluding notable items, net income applicable to common shareholders was $1.36 billion (Non-GAAP), or $1.91 (Non-GAAP) per diluted common share, in the third quarter of 2025. 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.
Current wording
We reported net income applicable to common shareholders of $1.56 billion, or $2.24 per diluted common share, in the first quarter of 2026, including the impact of notable items. Notable items in the first quarter of 2026 include severance expense, litigation reserves and a reduction in the Federal Deposit Insurance Corporation (“FDIC”) special assessment. Excluding notable items, net income applicable to common shareholders was $1.57 billion (Non-GAAP), or $2.25 (Non-GAAP) per diluted common share, in the first quarter of 2026. Net income applicable to common shareholders was $1.15 billion, 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 an increase in the FDIC special assessment. Excluding notable items, net income applicable to common shareholders was $1.15 billion (Non-GAAP), or $1.58 (Non-GAAP) per diluted common share, in the first quarter of 2025.
Previous wording
The highlights below are based on the third quarter of 2025 compared with the third quarter of 2024, unless otherwise noted.
Current wording
The highlights below are based on the first quarter of 2026 compared with the first quarter of 2025, unless otherwise noted.
Previous wording
Total revenue of $5.2 billion increased 13% compared with the first nine months of 2024. Pershing revenue of $2.2 billion increased 10%, primarily reflecting higher net interest income, market values and client activity. Treasury Services revenue of $1.5 billion increased 17%, primarily reflecting higher net interest income and net new business. Clearance and Collateral Management revenue of $1.5 billion increased 13%, primarily reflecting higher clearance volumes, collateral management balances and net interest income.
Current wording
•Total revenue increased 13%, primarily reflecting:
Previous wording
•Fee revenue increased 7%, primarily reflecting net new business, higher client activity and market values, and the favorable impact of a weaker U.S. dollar, partially offset by the mix of AUM flows. (See “Fee and other revenue” beginning on page 6.)
Current wording
•Fee revenue increased 11%, primarily reflecting higher client activity and net new business, higher market values and foreign exchange revenue, and a favorable impact of a 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 and other investment gains, partially offset by higher net securities losses. (See “Fee and other revenue” beginning on page 6.)
Current wording
•Investment and other revenue increased primarily reflecting investment-related gains, partially offset by net investment securities losses. (See “Fee and other revenue” beginning on page 6.)
Previous wording
•Net interest income increased 18%, 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.)
Current wording
•Net interest income increased 18%, primarily reflecting the continued reinvestment of investment securities at higher yields and balance sheet growth, partially offset by deposit margin compression. (See “Net interest income” on page 8.)
Previous wording
•The provision for credit losses was a benefit of $7 million, primarily driven by changes in the macroeconomic forecast, partially offset by higher reserves related to commercial real estate exposure. (See “Allowance for credit losses” on page 29.)
Current wording
•The provision for credit losses was a benefit of $7 million, primarily driven by improvements in commercial real estate exposure, partially offset by changes in macroeconomic and other factors. (See “Allowance for credit losses” on page 25.)
Previous wording
•Noninterest expense increased 4%, primarily reflecting higher investments, employee merit increases, higher revenue-related expenses 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 wording
•Noninterest expense increased 5%, reflecting higher investments and revenue-related expenses, an unfavorable impact of the weaker U.S. dollar and employee merit increases, partially offset by efficiency savings, lower severance expense and the net impact of adjustments for the FDIC special assessment. (See “Noninterest expense” on page 10.)
Previous wording
•Effective tax rate of 21.3%. (See “Income taxes” on page 12.)
Current wording
•Effective tax rate of 19.1% includes a tax benefit in the first quarter of 2026 from the annual vesting of stock awards. (See “Income taxes” on page 10.)
Previous wording
•Return on tangible common equity (“ROTCE”) was 25.6% (Non-GAAP) for the third quarter of 2025.
Current wording
•Return on tangible common shareholders’ equity (“ROTCE”) was 29.3% (Non-GAAP) for the first quarter of 2026.
Previous wording
•Our Tier 1 leverage ratio was 6.1% at Sept. 30, 2025, a slight increase compared with June 30, 2025. The increase reflects lower average assets. (See “Capital” beginning on page 35.)
Current wording
•Our Tier 1 leverage ratio was 6.0% at March 31, 2026, a slight decrease compared with Dec. 31, 2025, reflecting higher average assets, largely offset by an increase in Tier 1 capital due to the issuance of preferred stock. (See “Capital” beginning on page 31.)
Previous wording
•Returned $1.2 billion to common shareholders, including $849 million of common share repurchases.
Current wording
•Returned $1.4 billion to common shareholders, including $983 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 $2.1 trillion at Sept. 30, 2025, $2.0 trillion at June 30, 2025 and $1.9 trillion at Sept. 30, 2024.
Current wording
(b) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Clearance and Collateral Management, Issuer Services, Wealth Solutions (formerly Pershing) and Wealth Management lines of business. Includes the AUC/A of CIBC Mellon of $2.1 trillion at March 31, 2026 and $1.9 trillion at March 31, 2025.
Previous wording
Fee revenue increased 6% compared with the first nine months of 2024, primarily reflecting higher investment services fees and foreign exchange revenue, partially offset by lower investment management and performance fees. The 9% increase in investment services fees primarily reflects higher
Current wording
Fee revenue increased 11% compared with the first quarter of 2025, primarily reflecting higher investment services fees, foreign exchange revenue and investment management and performance fees.
Previous wording
AUC/A totaled $57.8 trillion at Sept. 30, 2025, an increase of 11% compared with Sept. 30, 2024, primarily reflecting net client inflows and higher market values. AUC/A consisted of 38% equity securities and 62% fixed income securities at Sept. 30, 2025 and 37% equity securities and 63% fixed income securities at Sept. 30, 2024.
Current wording
AUC/A totaled $59.4 trillion at March 31, 2026, an increase of 12% compared with March 31, 2025, primarily reflecting net client inflows, higher market values and the favorable impact of the weaker U.S. dollar. AUC/A consisted of 38% equity securities and 62% fixed income securities at March 31, 2026, and 36% equity securities and 64% fixed income securities at March 31, 2025.
Previous wording
(offset in noninterest expense), partially offset by higher market values and the favorable impact of the weaker U.S. dollar. The increase compared with the second quarter of 2025 primarily reflects higher market values. Performance fees were $6 million in the third quarter of 2025, $13 million in the third quarter of 2024 and $10 million in the second quarter of 2025. On a constant currency basis, investment management and performance fees decreased 2% (Non-GAAP) compared with the third 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.
Current wording
Investment management and performance fees increased 6% compared with the first quarter of 2025, primarily reflecting higher market values and the favorable impact of the weaker U.S. dollar, partially offset by the mix of AUM flows. Performance fees were $1 million in the first quarter of 2026 and $5 million in the first quarter of 2025. On a constant currency basis, investment management and performance fees increased 4% (Non-GAAP) compared with the first quarter of 2025. See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 39 for the reconciliation of Non-GAAP measures.
Previous wording
AUM was $2.1 trillion at Sept. 30, 2025, flat compared with Sept. 30, 2024, primarily reflecting higher market values, partially offset by cumulative net outflows.
Current wording
AUM was $2.1 trillion at March 31, 2026, an increase of 6% compared with March 31, 2025, primarily 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 decreased 5% compared with the third quarter of 2024 and 22% compared with the second quarter of 2025. The decrease compared with the third quarter of 2024 primarily reflects the impact of corporate treasury activity, partially offset by higher volumes. The decrease compared with the second quarter of 2025 primarily reflects lower 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.
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 49% compared with the first quarter of 2025, primarily reflecting higher client 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 26% compared with the third quarter of 2024 and 31% compared with the second quarter of 2025. The increases compared with the third quarter of 2024 and second quarter of 2025 primarily reflect 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 3% compared with the first quarter of 2025, primarily reflecting higher underwriting fees, partially offset by lower commitment fees.
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Investment and other revenue includes income or loss from consolidated investment management funds, seed capital gains or losses, other trading revenue or loss, renewable energy investments gains, income from corporate and bank-owned life insurance contracts, other investment gains or losses, gains or losses from disposals, expense reimbursements from our CIBC Mellon joint venture, other income or loss and net securities gains or losses. The income or loss from consolidated investment management funds should be considered together with the net income or loss attributable to noncontrolling interests, which reflects the portion of the consolidated funds for which we do not have an economic interest and is reflected below net income as a separate line item on the consolidated income statement. Other trading revenue or loss primarily includes the impact of market-risk hedging activity related to our seed capital investments in investment management funds, non-foreign currency derivative and fixed income trading, and other hedging activity. Other investment gains or losses includes fair value changes of non-readily marketable strategic equity, private equity and other investments. Expense reimbursements from our CIBC Mellon joint venture relate to expenses incurred by BNY on behalf of the CIBC Mellon joint venture. Other income includes various miscellaneous revenues.
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the consolidated funds for which we do not have an economic interest and is reflected below net income as a separate line item on the consolidated income statement. Other trading revenue or loss primarily includes the impact of market-risk hedging activity related to our seed capital investments in investment management funds, non-foreign currency derivative and fixed income trading, and other hedging activity. Other investment gains or losses includes fair value changes of non-readily marketable strategic equity, private equity and other investments. Expense reimbursements from our CIBC Mellon joint venture relate to expenses incurred by BNY on behalf of the CIBC Mellon joint venture. Other income includes various miscellaneous revenues.
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Net interest margin increased 15 basis points compared with the third quarter of 2024 and 4 basis points compared with the second quarter of 2025. The changes compared with the third quarter of 2024 and the second quarter of 2025 primarily reflect the factors mentioned above.
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Net interest margin increased 8 basis points compared with the first quarter of 2025, primarily reflecting the factors mentioned above.
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Average interest-earning assets increased 5% compared with the third quarter of 2024 and were flat compared with the second quarter of 2025. The increase compared with the third 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. Compared with the second quarter of 2025, lower interest-bearing deposits with the Federal Reserve and other central banks were offset by higher loans, federal funds sold and securities purchased under resale agreements and securities balances.
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Average interest-earning assets increased 12% compared with the first quarter of 2025, primarily
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Average non-U.S. dollar deposits comprised approximately 25% of our average total deposits in the third quarter of 2025. Approximately 50% of the average non-U.S. dollar deposits in the third quarter of 2025 were euro-denominated.
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Average non-U.S. dollar deposits comprised approximately 25% of our average total deposits in the first quarter of 2026. Approximately 50% of the average non-U.S. dollar deposits in the first quarter of 2026 were euro-denominated.
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(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $238 billion for the first nine months of 2025 and $165 billion for the first nine 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 nine months of 2025 and 5.47% for the first nine 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 nine months of 2025 and 5.37% for the first nine 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.
Current wording
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $233 billion for the first quarter of 2026 and $224 billion for the first quarter of 2025. 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 3.78% for the first quarter of 2026 and 4.46% for the first quarter of 2025. 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 3.70% for the first quarter of 2026 and 4.37% for the first quarter of 2025. 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 $395 million (21.3% effective tax rate) in the third quarter of 2025. The income tax provision was $336 million (22.0% effective tax rate) in the third quarter of 2024 and $404 million (22.0% effective tax rate) in the second quarter of 2025.
Current wording
BNY recorded an income tax provision of $386 million (19.1% effective tax rate) in the first quarter of 2026 and $300 million (19.7% effective tax rate) in the first quarter of 2025. The effective tax rate for both quarters includes a tax benefit from the annual vesting of stock awards.
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For additional information on income taxes, see Note 10 of the Notes to Consolidated Financial Statements.
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For additional information on income taxes, see Note 11 and Note 25 of the Notes to Consolidated Financial Statements in our 2025 Annual Report.
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Our business segment data has been determined on an internal management basis of accounting, rather than the generally accepted accounting principles (“GAAP”) used for consolidated financial reporting. These measurement principles are designed so that reported results of the businesses will track their economic performance.
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(“GAAP”) used for consolidated financial reporting. These measurement principles are designed so that reported results of the businesses will track their economic performance.
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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 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
Our business segments are consistent with the structure used by the 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 in making decisions about allocating capital and other resources to each business segment.
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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 third quarter of 2025.
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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. In the first quarter of
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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
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 quarter, as that quarter represents the end of the measurement period for many of the performance fee-eligible relationships.
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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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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, 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.
Current wording
Fee revenue in the Investment and Wealth Management business segment, and, to a lesser extent, in the Securities Services and Market and Wealth Services business segments, is impacted by global market fluctuations. At March 31, 2026, 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 $2.1 trillion at Sept. 30, 2025, $2.0 trillion at June 30, 2025, $1.9 trillion at March 31, 2025, $1.8 trillion at Dec. 31, 2024 and $1.9 trillion at Sept. 30, 2024.
Current wording
(d) 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 $2.1 trillion at March 31, 2026 and $1.9 trillion at March 31, 2025.
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 $81 billion at Sept. 30, 2025, $68 billion at June 30, 2025, $62 billion at March 31, 2025, $60 billion at Dec. 31, 2024 and $67 billion at Sept. 30, 2024.
Current wording
(e) 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 $73 billion at March 31, 2026 and $62 billion at March 31, 2025.
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 $41.7 trillion of AUC/A at Sept. 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.
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 $42.7 trillion of AUC/A at March 31, 2026. For information on the drivers of the Securities Services fee revenue, see Note 9 of the Notes to Consolidated Financial Statements in our 2025 Annual Report.
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Company to provide solutions to buy-side and sell-side market participants, as well as leading institutional and wealth management clients globally.
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Investment and other revenue includes income or loss from consolidated investment management funds, seed capital gains or losses, other trading revenue or loss, renewable energy investments gains, income from corporate and bank-owned life insurance contracts, other investment gains or losses, gains or losses from disposals, expense reimbursements from our CIBC Mellon joint venture, other income or loss and net investment securities gains or losses. The income or loss from consolidated investment management funds should be considered together with the net income or loss attributable to noncontrolling interests, which reflects the portion of
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Our business segment data has been determined on an internal management basis of accounting, rather than the generally accepted accounting principles
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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
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and institutional investors with their financing, risk and balance sheet opportunities.
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Wealth Management provides investment management, custody, wealth and estate planning, private banking services, investment servicing and information management. Wealth Management has more than 30 offices in the U.S. and internationally.
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BNY 17 of 2026. Market and regulatory trends have resulted in increased demand for lower fee asset management products and for performance-based fees.
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The country risk exposure below reflects the Company’s risk to an immediate default of the
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that is subject to distribution restrictions. BNY has ceased new banking business in Russia and suspended investment management purchases of Russian securities.
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In addition, 70% of the financial institutions exposure was secured at March 31, 2026. For example,
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The following table summarizes the percentage of the financial institutions and commercial portfolio exposures that are investment grade.
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BNY 25 allowance for loans and lending-related commitments as presented below.
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Federal Home Loan Bank. Overdrafts typically relate to timing differences for settlements.
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BNY defines liquidity as the ability of the Parent and its subsidiaries to access funding or convert assets to cash quickly and efficiently, or to roll over or issue
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In the three months ended March 31, 2025, cash flows provided by operating activities primarily resulted from changes in trading assets and liabilities and earnings, partially offset by changes in accruals and other, net.
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earnings and the net increase in preferred stock, partially offset by capital returned through common stock repurchases and dividends and a net decrease in accumulated other comprehensive income.
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are more actively trading securities, deposit balances and the balance sheet as a whole are higher. In addition, when markets experience significant volatility or stress, our balance sheet size may increase considerably as client deposit levels increase.
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Under the Advanced Approaches, our operational loss risk model is informed by external losses, including fines and penalties levied against institutions in the financial services industry, particularly those that
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of the CVA and DVA, net of hedges, decreased investment and other revenue – other trading revenue by $1 million in the first quarter of 2025.
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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 assumptions have been developed through a combination of historical analysis and future expected pricing behavior and are inherently uncertain. Actual
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(a) See page 39 for details of notable items and line items impacted. Notable items in the fourth quarter of 2025 include severance expense, litigation reserves and an adjustment for the FDIC special assessment.
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early adoption permitted. The guidance allows for either prospective, retrospective or a modified prospective application. BNY is currently evaluating this guidance.
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(c) Primarily consists of exposure to the UK, the Netherlands and France.
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Financial institution exposures are high quality, with 97% of the exposures meeting the investment grade
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The Series M preferred stock is not subject to the operation of a sinking fund and is not convertible into, or exchangeable for, shares of our common
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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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designated as fair value hedges that had notional values of $29.9 billion.
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trading and economic hedging activity with non-foreign exchange derivatives.
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We manage trading risk through a system of position limits, a value-at-risk (“VaR”) methodology based on historical simulation and other market sensitivity measures. Risk is monitored and reported to senior management by a separate unit, independent from trading, on a daily basis. Based on certain
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collateral or the right to terminate the contracts in a net liability position.
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Payment/performance risk of SBLCs is monitored using both historical performance and internal ratings
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indemnifications for several reasons. In addition to the lack of a stated or notional amount in a majority of such indemnifications, we are unable to predict the nature of events that would trigger indemnification or the level of indemnification for a certain event. We believe, however, that the possibility that we will have to make any material payments for these indemnifications is remote. At March 31, 2026 and Dec. 31, 2025, we have not recorded any material liabilities under these arrangements.
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However, on the basis of our current knowledge and understanding, we do not believe that judgments, settlements or orders, if any, arising from these matters (either individually or in the aggregate, after giving effect to applicable reserves and insurance coverage) will have a material adverse effect on the consolidated financial position or liquidity of BNY, although they could have a material effect on our results of operations in a given period.
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is up to $730 million in excess of the accrued liability (if any) related to those matters. For matters where a reasonably possible loss is denominated in a foreign currency, our estimate is adjusted quarterly based on prevailing exchange rates. We do not consider potential recoveries when estimating reasonably possible losses.
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allegations as in the prior actions brought against Pershing LLC. On Nov. 12, 2021, the court dismissed the class action against The Bank of New York Mellon; on Dec. 15, 2022, an appeals court reversed the dismissal and returned the case to the trial court for further proceedings. On Aug. 5, 2025, the trial court denied plaintiffs’ motion for class certification. On June 28, 2024, an unincorporated association that claims to represent the interests of Stanford investors filed a lawsuit in New Jersey federal court against The Bank of New York Mellon, making the same allegations as prior cases. All of the cases that have been brought in 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 and these are all resolved.
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investment fund for which DTVM was administrator and the other defendant was manager.
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penalty and to certain undertakings to resolve the SEC matter. The fine has been paid, and the Company is complying with the other settlement terms. On Sept. 4, 2025, the CFTC issued an order under which the Company agreed to pay $500,000. The fine has been paid, and the Company is complying with the other settlement terms.
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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. In the first quarter of 2026, we realigned clients in Managed Accounts Solutions from the Asset Servicing line of business in the Securities Services business segment to the Wealth Solutions (formerly Pershing) line of business in the Market and Wealth Services business segment. Prior period amounts were revised for comparability.
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(b) Income before income taxes divided by total revenue.
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(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $241 billion for the third quarter of 2025, $247 billion for the second quarter of 2025 and $179 billion for the third 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 third quarter of 2025, 4.45% for the second quarter of 2025 and 5.43% for the third 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 third quarter of 2025, 4.36% for the second quarter of 2025 and 5.32% for the third 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.
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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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See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 44 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
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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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Our wealth management mortgage exposure was $8.9 billion at Sept. 30, 2025, compared with $9.1 billion at Dec. 31, 2024. Wealth management mortgages primarily consist of loans to high-net-worth individuals, which are secured by residential
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New York metro – 32%; REITs and real estate operating companies – 30%; and other – 38%.
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Margin loans included $10 billion at Sept. 30, 2025 and $8 billion at Dec. 31, 2024, related to a term loan program that offers fully collateralized loans to broker-dealers.
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The allowance for loan losses and the allowance for lending-related commitments represent
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paper outstanding at Sept. 30, 2025 and Dec. 31, 2024, respectively. The average commercial paper outstanding was $2.4 billion for the first nine months of 2025 and $815 million for the first nine months of 2024.
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Parent. Average borrowings across these lines were less than $1 million in the third quarter of 2025.
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volatility or stress, our balance sheet size may increase considerably as client deposit levels increase.
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extent these instruments otherwise would be ineligible only due to containing impermissible acceleration rights or being governed by foreign law.
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the current changes in our own credit spreads, as well as those of our counterparties.
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(a) See above for details of notable items and line items impacted.
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The preparation of financial statements in conformity with U.S. GAAP requires management to make
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The amortized cost of available-for-sale and held-to-maturity securities is net of the allowance for credit
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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 Sept. 30, 2025 and Dec. 31, 2024, the
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(a) Does not include the provision for credit losses benefit related to other financial instruments of $1 million for the quarter ended Sept. 30, 2025.
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In the third quarter of 2025, we modifiedone commercial real estate loan, with a recorded investment of $123 million, by extending the maturity
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In the third quarter of 2024, we modifiedone commercial real estate exposure, with a recorded investment of $42 million, by extending the maturity
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(b) In the first nine months of 2025, the gross write-offs related to commercial real estate loans were $25 million, wealth management mortgages were $1 million, and other residential mortgages were less than $1 million.
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(c) There wereno VMEs at Sept. 30, 2025. Includes VMEs with nonredeemable noncontrolling interests of $7 million at Dec. 31, 2024.
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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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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
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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 $42 million at Sept. 30, 2025 and $24 million at Dec. 31, 2024.
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making the same allegations as prior cases. All of the cases that have been brought in 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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German authorities are investigating past “cum/ex” trading, which involved the purchase of equity securities on or shortly before the dividend date, but settled after that date, potentially resulting in an unwarranted refund of withholding tax. German authorities have taken the view that past cum/ex trading may have resulted in tax avoidance or evasion. European subsidiaries of BNY have been informed by German authorities about investigations into potential cum/ex trading by certain third-party investment funds, where one of the subsidiaries had
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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
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Notes to Consolidated Financial Statements (continued)
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Notes to Consolidated Financial Statements (continued)
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Notes to Consolidated Financial Statements (continued)