Bank of New York Mellon Corp
For the period ended Jun 30, 2026. Filed Jul 31, 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.
Jun 30, 2026 · Filed Jul 31, 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 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)Current report: 10-Q
Period ended 2026-06-30; filed 2026-07-31.
0001390777-26-000086
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 922 previous paragraphs and 964 current paragraphs.
623 unchanged; 229 reworded; 78 added; 51 removed; 19 previous and 34 current paragraphs rearranged.
Tables are not compared: 116 previous and 126 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 (78)
Current report
Key second quarter 2026 and subsequent events
Current report
In July 2026, our Board of Directors approved a 19% increase in the quarterly cash dividend on our common stock, from $0.53 to $0.63 per share. The increased quarterly cash dividend is expected to be paid on Aug. 7, 2026.
Current report
•AUM of $2.2 trillion increased 6%, primarily reflecting higher market values, partially offset by the unfavorable impact of the stronger U.S. dollar and cumulative net outflows.
Current report
Investment and other revenue increased $32 million compared with the second quarter of 2025, primarily reflecting improved seed capital results.
Current report
Fee revenue increased 11% compared with the first six months of 2025, primarily reflecting higher investment services fees, foreign exchange revenue and investment management and performance fees. The 11% increase in investment services fees
Current report
BNY 7 primarily reflects net new business, higher client activity and higher market values. Investment management and performance fees increased 6%, primarily reflecting higher market values, partially offset by the mix of AUM flows. The 25% increase in foreign exchange revenue primarily reflects higher client volumes.
Current report
Net interest income increased 20% compared with the second quarter of 2025, primarily reflecting the reinvestment of investment securities at higher yields and balance sheet growth, partially offset by deposit margin compression.
Current report
Average interest-earning assets increased 6% compared with the second quarter of 2025, primarily reflecting higher average loan balances and average investment securities, partially offset by lower average interest-bearing deposits with the Federal Reserve and other central banks.
Current report
Net interest income increased 19% compared with the first six months of 2025, primarily driven by the reinvestment of investment securities at higher yields and balance sheet growth, partially offset by deposit margin compression. The increase in the net interest margin primarily reflects the factors mentioned above.
Current report
Noninterest expense increased 7% compared with the second quarter of 2025, primarily reflecting higher revenue-related expenses, investments and employee salary increases, partially offset by efficiency savings.
Current report
Noninterest expense increased 6% compared with the first six months of 2025, primarily reflecting higher revenue-related expenses, investments and employee salary increases, partially offset by efficiency savings.
Current report
AUC/A of $45.3 trillion increased 14% compared with June 30, 2025, primarily reflecting higher market values and net client inflows, partially offset by the unfavorable impact of a stronger U.S. dollar.
Current report
Total revenue of $2.8 billion increased 15% compared with the second quarter of 2025. The drivers of total revenue by line of business are indicated below.
Current report
Asset Servicing revenue of $2.1 billion increased 14% compared with the second quarter of 2025,
Current report
primarily reflecting higher net interest income, client activity, market values and foreign exchange revenue.
Current report
Noninterest expense of $1.7 billion increased 7% compared with the second quarter of 2025, primarily reflecting higher revenue-related expenses, investments and employee salary increases, partially offset by efficiency savings.
Current report
Noninterest expense of $3.4 billion increased 6% compared with the first six months of 2025, primarily reflecting higher revenue-related expenses, investments and employee salary increases, partially offset by efficiency savings.
Current report
Total revenue of $2.0 billion increased 12% compared with the second quarter of 2025. The drivers of total revenue by line of business are indicated below.
Current report
Wealth Solutions revenue of $806 million increased 7% compared with the second quarter of 2025,
Current report
Noninterest expense of $948 million increased 4% compared with the second quarter of 2025, primarily reflecting higher investments, revenue-related expenses and employee salary increases, partially offset by efficiency savings and the absence of second quarter 2025 litigation reserves.
Current report
Total revenue of $3.9 billion increased 12% compared with the first six months of 2025. Wealth Solutions revenue of $1.6 billion increased 7%, primarily reflecting higher net interest income, market values and client activity. Payments and Trade revenue of $1.1 billion increased 15%, primarily reflecting higher net interest income and net new business. Clearance and Collateral Management revenue of $1.2 billion increased 15%, primarily reflecting higher collateral balances, clearance volumes and net interest income.
Current report
Total revenue of $863 million increased 8% compared with the second quarter of 2025. The drivers of total revenue by line of business are indicated below.
Current report
Investment Management revenue of $577 million increased 6% compared with the second quarter of 2025, primarily reflecting higher market values and improved seed capital results, partially offset by the mix of AUM flows.
Current report
Noninterest expense of $686 million increased 5% compared with the second quarter of 2025, primarily reflecting higher revenue-related expenses, investments and employee salary increases, partially offset by efficiency savings.
Current report
Total revenue of $1.7 billion increased 7% compared with the first six months of 2025. Investment Management revenue of $1.1 billion increased 6%, primarily reflecting higher market values and the favorable impact of the weaker U.S. dollar, partially offset by the mix of AUM flows and lower performance fees. Wealth Management revenue of $561 million increased 8%, primarily reflecting higher market values and net interest income, partially offset by changes in product mix.
Current report
Noninterest expense of $1.4 billion increased 3% compared with the first six months of 2025, primarily reflecting higher revenue-related expenses, investments and employee salary increases, partially offset by efficiency savings.
Current report
Total revenue increased $7 million compared with the second quarter of 2025.
Current report
Noninterest expense increased $47 million compared with the second quarter of 2025, primarily reflecting higher staff expenses and the absence of lower litigation reserves in the second quarter of 2025.
Current report
Loss before income taxes increased $49 million compared with the first six months of 2025, primarily driven by higher noninterest expense. Noninterest expense increased $48 million compared with the first six months of 2025, primarily reflecting higher staff expenses and the absence of lower litigation reserves in the first six months of 2025.
Current report
In the second quarter of 2026, 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, 2026. 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 values.
Current report
Nonperforming assets decreased $110 million compared with Dec. 31, 2025, primarily reflecting lower nonperforming commercial real estate loans.
Current report
In June 2026, the Parent redeemed all outstanding shares of its Series H Noncumulative Perpetual Preferred Stock.
Current report
In July 2026, the Parent issued 500,000 depositary shares, each representing a 1/100th interest in a share of the Parent’s Series N Noncumulative Perpetual Preferred Stock. Dividends will accrue at an annual rate of 6.150% to, but excluding, Sept. 20, 2031, and then at a floating rate equal to the five-year Treasury rate plus 1.868%. Holders of the Series N 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 Dec. 20, 2026.
Current report
In July 2026, our Board of Directors approved a 19% increase in the quarterly cash dividend on our common stock, from $0.53 to $0.63 per share. The increased quarterly cash dividend is expected to be paid on Aug. 7, 2026.
Current report
Net cash used for investing activities was $45.5 billion in the six months ended June 30, 2026, compared with $54.6 billion in the six months ended
Showing the first 40 of 78 passages. Open the source sections for the rest.
Removed paragraphs (51)
Previous 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.
Previous 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.
Previous report
reflecting higher average investment securities, interest-bearing deposits with the Federal Reserve and other central banks and loan balances.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous report
Noninterest expense of $726 million increased 2% compared with the first quarter of 2025, primarily reflectingthe unfavorable impact of the weaker U.S. dollar, employee merit increases and higher investments, partially offset by efficiency savings.
Previous 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.
Previous report
Noninterest expense increased $1 million compared with the first quarter of 2025.
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(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.
Previous report
In April 2026, the Parent issued $750 million of fixed-to-floating rate callable senior notes maturing in 2032 with an annual fixed rate interest rate of 4.540% from issuance to, but excluding, April 23, 2031, and then an annual interest rate of the compounded secured overnight financing rate (“SOFR”) plus 89.5 basis points. The Parent also issued $750 million of fixed-to-floating rate callable senior notes maturing in 2037 with an annual fixed rate interest rate of 5.085% from issuance to, but excluding, April 23, 2036, and then an annual interest rate of the compounded SOFR plus 117.7 basis points.
Previous report
Also in April 2026, The Bank of New York Mellon redeemed $750 million of fixed-to-floating rate callable senior bank notes due April 20, 2027 with an annual fixed rate interest rate of 4.587% and $500 million of floating rate callable senior bank notes due April 20, 2027 with an annual interest rate of SOFR plus 71 basis points, and the Parent redeemed $1.5 billion of fixed-to-floating rate callable senior notes
Previous report
due April 26, 2027 with an annual fixed rate interest rate of 4.947%.
Previous report
In March 2026, the Parent issued Series M Noncumulative Perpetual Preferred Stock. See “Capital” and Note 10 of the Notes to Consolidated Financial Statements for additional information on the Parent’s preferred stock.
Previous report
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.
Previous 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 RWAs 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.
Previous report
(c) Does not foot due to rounding.
Previous report
Changes to the Capital Rule
Previous report
On March 19, 2026, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the FDIC, and the Office of the Comptroller of the Currency (the “OCC”) (collectively, the “Agencies”) issued proposed rules that would substantially revise the capital requirements applicable to large banking organizations and to banking organizations with significant trading activity, including BNY. The proposed rules would implement international capital standards most recently issued by the BCBS and would replace the Agencies’ July 2023 proposals. Separately, on March 19, 2026, the Federal Reserve proposed revisions to the capital surcharge calculation methodology applicable to G-SIBs, including BNY.
Previous report
The primary structural change the proposed rules would implement is to streamline the risk-based capital requirements applicable to G-SIBs like BNY. Currently, these organizations are subject to two sets of risk-based capital ratio requirements, one based on the standardized approach, and one based on the advanced approaches, and are required to abide by the more restrictive requirements. Under the proposed rules, Category I and II banking organizations, including BNY, would instead be subject to a single set of risk-based capital requirements based on the Expanded Risk-Based Approach (“ERBA”). The Agencies stated ERBA would improve risk sensitivity relative to the current U.S. capital rules. The proposals would also apply operational risk-based capital requirements for banking organizations subject to ERBA. The proposed revisions to the G-SIB surcharge framework would, among other changes, increase its risk sensitivity and index certain inputs to nominal GDP growth. The proposals would also result in several other changes including more standardized operational-risk formula and revisions to
Previous report
42 BNY the treatment of securities finance transactions. BNY is evaluating the impact of these proposals.
Previous report
Digital Asset Regulatory Developments
Previous report
On Feb. 25, 2026, the OCC issued a notice of proposed rulemaking to implement provisions of the “Guiding and Establishing National Innovation for U.S. Stablecoins Act” or the “GENIUS Act”, which would establish requirements for OCC-licensed payment stablecoin issuers and provides for certain requirements related to, among other things, reserve assets, custody, redemption, capital, and risk management standards. On April 7, 2026, the FDIC issued a notice of proposed rulemaking to implement provisions of the GENIUS Act, which would establish requirements for FDIC-supervised permitted payment stablecoin issuers and insured depository institutions. BNY is assessing the impact of the proposals.
Previous 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.
Showing the first 40 of 51 passages. Open the source sections for the rest.
Reworded paragraphs (229)
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, 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.
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 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 $2.2 trillion at June 30, 2026, $2.1 trillion at March 31, 2026 and $2.0 trillion at June 30, 2025.
Previous 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.
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 June 30, 2026, BNY oversees $62.6 trillion in assets under custody and/or administration and $2.2 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 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: BNY). 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 $1.56 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.
Current wording
We reported net income applicable to common shareholders of $1.7 billion, or $2.45 per diluted common share, in the second quarter of 2026, including the impact of notable items. Notable items in the second quarter of 2026 include severance expense and litigation reserves. Excluding notable items, net income applicable to common shareholders was $1.7 billion (Non-GAAP), or $2.46 (Non-GAAP) per diluted common share, in the second quarter of 2026. Net income applicable to common shareholders was $1.4 billion, or $1.93 per diluted common share, in the second quarter of 2025,
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The highlights below are based on the first quarter of 2026 compared with the first quarter of 2025, unless otherwise noted.
Current wording
The highlights below are based on the second quarter of 2026 compared with the second quarter of 2025, unless otherwise noted.
Previous 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.)
Current wording
•Fee revenue increased 11%, primarily reflecting net new business, higher market values and higher client activity, 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 investment-related gains, partially offset by net investment securities losses. (See “Fee and other revenue” beginning on page 6.)
Current wording
•Investment and other revenue increased primarily reflecting improved seed capital results. (See “Fee and other revenue” beginning on page 6.)
Previous 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.)
Current wording
•Net interest income increased 20%, primarily reflecting the 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 improvements in commercial real estate exposure, partially offset by changes in macroeconomic and other factors. (See “Allowance for credit losses” on page 25.)
Current wording
•The provision for credit losses was a benefit of $8 million, primarily reflecting improvements in commercial real estate exposure, partially offset by changes in macroeconomic and other factors. (See “Allowance for credit losses” on page 27.)
Previous 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.)
Current wording
•Noninterest expense increased 7%, primarily reflecting higher revenue-related expenses, investments and employee salary increases, partially offset by efficiency savings. (See “Noninterest expense” on page 11.)
Previous 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.)
Current wording
•Effective tax rate of 21.0%. (See “Income taxes” on page 11.)
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•Return on common shareholders’ equity (“ROE”) was 16.1% for the first quarter of 2026.
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•Return on common shareholders’ equity (“ROE”) was 17.2% for the second quarter of 2026.
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•Return on tangible common shareholders’ equity (“ROTCE”) was 29.3% (Non-GAAP) for the first quarter of 2026.
Current wording
•Return on tangible common shareholders’ equity (“ROTCE”) was 31.3% (Non-GAAP) for the second quarter of 2026.
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•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 wording
•AUC/A of $62.6 trillion increased 12%, primarily reflecting higher market values and net client inflows, partially offset by the unfavorable impact of a stronger U.S. dollar.
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•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 wording
•Our CET1 ratio under the Standardized Approach was 11.0% at June 30, 2026, unchanged compared with March 31, 2026, reflecting capital generated through earnings, partially offset by capital returned through common stock repurchases and dividends and higher risk-weighted assets (“RWA”). (See “Capital” beginning on page 33.)
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•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.)
Current wording
•Our Tier 1 leverage ratio was 5.9% at June 30, 2026, a decrease compared with March 31, 2026, primarily reflecting higher average assets. (See “Capital” beginning on page 33.)
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•Returned $1.4 billion to common shareholders, including $983 million of common share repurchases.
Current wording
•Returned $1.5 billion to common shareholders, including $1.1 billion of common share repurchases.
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(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.
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 and Wealth Management lines of business. Includes the AUC/A of CIBC Mellon of $2.2 trillion at June 30, 2026 and $2.0 trillion at June 30, 2025.
Previous 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.
Current wording
Fee revenue increased 11% compared with the second quarter of 2025, primarily reflecting higher investment services fees, investment management and performance fees and foreign exchange revenue.
Previous wording
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 wording
Investment services fees increased 13% compared with the second quarter of 2025, primarily reflecting net new business, higher client activity and higher market values.
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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.
Current wording
AUC/A totaled $62.6 trillion at June 30, 2026, an increase of 12% compared with June 30, 2025, primarily reflecting higher market values and net client inflows, partially offset by the unfavorable impact of a stronger U.S. dollar. AUC/A consisted of 39% equity securities and 61% fixed income securities at June 30, 2026, and 37% equity securities and 63% fixed income securities at June 30, 2025.
Previous 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.
Current wording
Investment management and performance fees increased 5% compared with the second quarter of 2025, primarily reflecting higher market values, partially offset by the mix of AUM flows. Performance fees were $3 million in the second quarter of 2026 and $10 million in the second quarter of 2025. On a constant currency basis, investment management and performance fees increased 5% (Non-GAAP) compared with the second quarter of 2025. See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 41 for the reconciliation of Non-GAAP measures.
Previous 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.
Current wording
AUM was $2.2 trillion at June 30, 2026, an increase of 6% compared with June 30, 2025, primarily reflecting higher market values, partially offset by the unfavorable impact of the stronger U.S. dollar and 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 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.
Current wording
6 BNY 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 8% compared with the second quarter of 2025, primarily reflecting higher client volumes, partially offset by the impact of corporate treasury activity. 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 3% compared with the first quarter of 2025, primarily reflecting higher underwriting fees, partially offset by lower commitment 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 25% compared with the second quarter of 2025, primarily reflecting higher underwriting fees.
Previous wording
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
Current wording
Investment and other revenue includes income or loss from consolidated investment management funds,
Previous wording
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.
Current wording
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 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.
Previous wording
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.
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The increase in total investment and other revenue compared with the second quarter of 2025 primarily reflects improved seed capital results.
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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.
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Investment and other revenue increased $73 million compared with the first six months of 2025, primarily reflecting investment-related gains and improved seed capital results, partially offset by higher net investment securities losses and the impact of a disposal gain recorded in the first six months of 2025.
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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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Net interest margin increased 18 basis points compared with the second quarter of 2025, primarily reflecting the factors mentioned above.
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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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Average non-U.S. dollar deposits comprised approximately 25% of our average total deposits in the second quarter of 2026. Approximately 50% of the average non-U.S. dollar deposits in the second quarter of 2026 were euro-denominated.
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Average interest-earning assets increased 12% compared with the first quarter of 2025, primarily
Current wording
Average interest-earning assets increased 9% compared with the first six months of 2025, primarily reflecting higher average loan balances and average investment securities.
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(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.
Current wording
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $234 billion for the second quarter of 2026 and $247 billion for the second 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 3.74% for the second quarter of 2026 and 4.45% for the second 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 3.66% for the second quarter of 2026 and 4.36% for the second 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 $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.
Current wording
BNY recorded an income tax provision of $475 million (21.0% effective tax rate) in the second quarter of 2026 and $404 million (22.0% effective tax rate) in the second quarter of 2025. The income tax provision was $861 million (20.1% effective tax rate) in the first six months of 2026 and $704 million (20.9% effective tax rate) in the first six months of 2025.
Previous wording
(“GAAP”) used for consolidated financial reporting. These measurement principles are designed so that reported results of the businesses will track their economic performance.
Current wording
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.
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. 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.
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 2026. 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 line of business in the Market and Wealth Services business segment. Business segment results for the three- and six-months ended June 30, 2025 have been revised to reflect this change.
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 quarter, as that quarter represents 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 salary increases also impacts staff expense. The annual employee salary increases are effective in March. In the second quarter, Depositary Receipts revenue is typically higher due to an increased level of client dividend payments. 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.
Previous wording
consolidated basis and in our Securities Services and Market and Wealth Services business segments, we typically have more foreign currency-denominated expenses than revenues. However, our Investment and Wealth Management business segment typically has more foreign currency-denominated revenues than expenses. Overall, currency fluctuations impact the year-over-year growth rate in the Investment and Wealth Management business segment more than the Securities Services and Market and Wealth Services business segments. However, currency fluctuations, in isolation, are not expected to significantly impact net income on a consolidated basis.
Current wording
The results of our business segments may also be impacted by the translation of financial results denominated in foreign currencies into the U.S. dollar. We are primarily impacted by activities denominated in the British pound and the euro. On a consolidated basis and in our Securities Services and Market and Wealth Services business segments, we typically have more foreign currency-denominated expenses than revenues. However, our Investment and Wealth Management business segment typically has more foreign currency-denominated revenues than expenses. Overall, currency fluctuations impact the year-over-year growth rate in the Investment and Wealth Management business segment more than the Securities Services and Market and Wealth Services business segments. However, currency fluctuations, in isolation, are not expected to significantly impact net income on a consolidated basis.
Previous wording
(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 wording
(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 line of business in the Market and Wealth Services business segment. Prior period amounts were revised for comparability.
Previous 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.
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 $2.2 trillion at June 30, 2026 and $2.0 trillion at June 30, 2025.
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4 BNY 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 $1.4 billion (Non-GAAP), or $1.94 (Non-GAAP) per diluted common share, in the second quarter of 2025.
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Foreign exchange revenue is primarily driven by the volume of client transactions and the spread realized
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(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $233 billion for the first six months of 2026 and $236 billion for the first six months 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 3.76% for the first six months of 2026 and 4.45% for the first six months 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 3.68% for the first six months of 2026 and 4.37% for the first six months 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.
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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 8 for the reconciliation of this Non-GAAP measure.
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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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The Asset Servicing business provides a comprehensive suite of solutions. We are one of the largest global custody, fund administrator and front-to-back outsourcing service providers. We offer services for the safekeeping of assets in capital
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The Market and Wealth Services business segment consists of three distinct lines of business, Wealth Solutions, Payments and Trade and Clearance and
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Wealth Services fee revenue, see Note 9 of the Notes to Consolidated Financial Statements in our 2025 Annual Report.
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20 BNY the competing needs of maintaining sufficient levels of liquidity and complying with applicable regulations and supervisory expectations while optimizing profitability.
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Loans were $89 billion, or 17% of total assets, at June 30, 2026, compared with $81 billion, or 17% of total
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Russian securities included in our AUC/A and AUM at June 30, 2026 continue to be insignificant as a
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Margin loan exposure of $30.5 billion at June 30, 2026, compared with $26.6 billion at Dec. 31, 2025, was collateralized with marketable securities.
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The allowance for loan losses and the allowance for lending-related commitments represent management’s estimate of lifetime expected losses in our credit portfolio. This evaluation process is
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BNY 31 guaranteed by the Parent. Average borrowings across these lines were less than $1 million in the second quarter of 2026.
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U.S. regulators have established an LCR that requires certain banking organizations, including BNY, to
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32 BNY addition to the traditional cash flow analysis, the discussion related to liquidity and dividends and asset/liability management herein may provide more useful context in evaluating our liquidity position and related activity.
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In April 2024, we announced a share repurchase authorization providing for the repurchase of $6.0
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BNY 33 common shares at an average price of $128.20 per common share for a total cost of $2.1 billion.
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Our CET1 ratio under the Standardized Approach was 11.0% at June 30, 2026 and 11.9% at Dec. 31, 2025. The decrease primarily reflects capital returned through common stock repurchases and dividends and higher RWAs, partially offset by capital generated through earnings.
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At June 30, 2026, our OTC derivative assets, including those in hedging relationships, of $3.5 billion included a credit valuation adjustment (“CVA”) deduction of $6 million. Our OTC derivative liabilities, including those in hedging relationships, of $2.7 billion included a debit valuation adjustment (“DVA”) of $6 million related
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Proposed Changes to AML/CFT Program Requirements
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There wereno loan modifications in the second quarter of 2025.
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In the second quarter of 2026, due to the results of the first quarter 2026 interim goodwill and annual goodwill impairment test and macroeconomic
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(b) Primarily includes investment services fees, foreign exchange revenue, financing-related fees and investment and other revenue, all of which are accounted for using other accounting guidance.
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were $66 million at June 30, 2026 and $37 million at Dec. 31, 2025. Accrued revenues recorded as contract assets are usually billed on an annual basis.
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Contract liabilities represent payments received in advance of providing services under certain contracts
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(a) Includes the impact of hedges of net investments in foreign subsidiaries. See Note 14 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 investment 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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The Company is defending various lawsuits in Russian courts seeking to recover assets held by BNY
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Notes to Consolidated Financial Statements (continued)
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(b) Income before income taxes divided by total revenue.
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Notes to Consolidated Financial Statements (continued)
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(c) Income before income taxes divided by total revenue.
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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
Previous report — wording carried elsewhere
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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temporarily elevated reflecting a single-day increase as a result of delayed processing of certain payments. Deposits totaled $417 billion at March 31, 2026, compared with $332 billion at Dec. 31, 2025. The increase primarily reflects higher noninterest-bearing deposits. Total interest-bearing deposits as a percentage of total interest-earning assets were 59% at March 31, 2026 and 66% at Dec. 31, 2025.
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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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March 31, 2026, or 30% of the investment securities portfolio.
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In addition, 70% of the financial institutions exposure was secured at March 31, 2026. For example,
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BNY 25 allowance for loans and lending-related commitments as presented below.
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26 BNY demand deposits and totaled $289.4 billion at March 31, 2026, compared with $271.9 billion at Dec. 31, 2025.
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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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Our common stock dividend payout ratio was 24% for the first quarter of 2026.
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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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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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(a) Reflected in investment and other revenue.
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Developments in Anti-Money Laundering and Countering The Financing of Terrorism Regulation
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In our Investment and Wealth Management business segment, we make seed capital investments in certain funds we manage. We also hold private equity investments, primarily small business investment companies (“SBICs”), which are compliant with the
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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