Bank of New York Mellon Corp
For the period ended Sep 30, 2026. Filed Oct 30, 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.
Sep 30, 2026 · Filed Oct 30, 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 2026-06-30; 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)Current report: 10-Q
Period ended 2026-09-30; filed 2026-10-30.
0001390777-26-000120
Items 2 and 3. Management’s Discussion and Analysis of Financial Condition and Results of Operations; Quantitative and Qualitative Disclosures about Market RiskGeneralOverviewKeyHighlights 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 964 previous paragraphs and 979 current paragraphs.
651 unchanged; 244 reworded; 67 added; 46 removed; 23 previous and 17 current paragraphs rearranged.
Tables are not compared: 126 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 (67)
Current report
•Investment and other revenue decreased primarily reflecting the impact of fixed income and equity trading activity, seed capital results and the absence of a disposal gain recorded in the third quarter of 2025, partially offset by other investment gains. (See “Fee and other revenue” beginning on page 6.)
Current report
•AUC/A of $63.4 trillion increased 10%, primarily reflecting higher market values, net client inflows and net new business, partially offset by the unfavorable impact of a stronger U.S. dollar.
Current report
Fee revenue increased 12% compared with the third quarter of 2025, primarily reflecting higher investment services fees, foreign exchange revenue and investment management and performance fees.
Current report
Investment and other revenue decreased $33 million compared with the third quarter of 2025, primarily reflecting the impact of fixed income and equity trading activity, seed capital results and the absence of a disposal gain recorded in the third quarter of 2025, partially offset by other investment gains.
Current report
Investment and other revenue decreased $33 million compared with the third quarter of 2025, primarily reflecting the impact of fixed income and equity trading activity, seed capital results and the absence of a disposal gain recorded in the third quarter of 2025, partially offset by other investment gains.
Current report
Net interest income increased 15% compared with the third 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
Noninterest expense increased 8% compared with the third quarter of 2025, primarily reflecting higher revenue-related expenses and investments, partially offset by efficiency savings.
Current report
AUC/A of $45.9 trillion increased 11% compared with Sept. 30, 2025, primarily reflecting higher market values, net client inflows and net new business, partially offset by the unfavorable impact of a stronger U.S. dollar.
Current report
Noninterest expense of $1.8 billion increased 10% compared with the third quarter of 2025, primarily reflecting higher revenue-related expenses and investments, partially offset by efficiency savings and lower severance expense.
Current report
Noninterest expense of $5.2 billion increased 8% compared with the first nine months of 2025, primarily reflecting higher revenue-related expenses and investments, partially offset by efficiency savings.
Current report
Wealth Solutions revenue of $813 million increased 10% compared with the third quarter of 2025, primarily reflecting higher net interest income, market values, client activity and net new business.
Current report
Noninterest expense of $963 million increased 6% compared with the third quarter of 2025, primarily reflecting higher revenue-related expenses and investments, partially offset by efficiency savings.
Current report
Our Investment Management business is a global, multi-asset portfolio solutions provider, delivering products and investment capabilities to institutional and retail clients across markets worldwide. Our offering spans global distribution, portfolio management and a broad range of investment strategies, including fixed income, equities, thematic investing and multi-asset allocation.
Current report
Investment Management revenue of $562 million increased 1% compared with the third quarter of 2025, primarily reflecting higher market values, partially offset by the mix of AUM flows.
Current report
Noninterest expense of $655 million increased 2% compared with the third quarter of 2025, primarily
Current report
reflecting higher revenue-related expenses and investments, partially offset by efficiency savings.
Current report
Total revenue decreased $1 million compared with the third quarter of 2025, primarily reflecting the absence of third quarter 2025 gains realized on the
Current report
sale of real estate, partially offset by a third quarter 2026 strategic equity investment gain.
Current report
Noninterest expense increased $18 million compared with the third quarter of 2025, primarily reflecting the absence of a third quarter 2025 adjustment for the FDIC special assessment and higher severance expense.
Current report
(a) The outlook on the Parent was revised to positive from stable in October 2026.
Current report
(c) Represents long-term/short-term issuer credit ratings.
Current report
In October 2026, the Parent issued 1,250,000 depositary shares, each representing a 1/100th interest in a share of the Parent’s Series O Noncumulative Perpetual Preferred Stock. Dividends will accrue at
Current report
BNY 31 months of 2026, compared with $2.4 billion for the first nine months of 2025.
Current report
NSFR was 129% for the third quarter of 2026 and 130% for the second quarter of 2026.
Current report
The Parent’s preferred stock totaled $4.3 billion at Sept. 30, 2026 and $4.8 billion at Dec. 31, 2025. Redemptions of the Series F and Series H preferred stock were partially offset by the issuances of Series M and Series N preferred stock. 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. In September 2026, the Parent redeemed all outstanding shares of its Series F preferred stock. See Note 10 of the Notes to Consolidated Financial Statements for additional information on the Parent’s preferred stock.
Current report
In October 2026, the Parent issued 1,250,000 depositary shares, each representing a 1/100th interest in a share of the Parent’s Series O Noncumulative Perpetual Preferred Stock. Holders of the Series O 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 March 20, 2027.
Current report
(c) Does not foot due to rounding.
Current report
Proposed ASU, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Interest Rate Risk Hedging and Net Investment Hedging
Current report
In June 2026, the FASB issued a proposed ASU, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Interest Rate Risk Hedging and Net Investment Hedging, which is intended to better align hedge accounting with an entity’s risk management activities and enhance the operability of hedge accounting. The proposed ASU would permit interest rate risk to be hedged for held-to-maturity debt securities, expand the SOFR rates eligible for designation as benchmark interest rates and permit certain float-to-float cross-currency swaps to be used as hedging instruments in net investment hedges.
Current report
In October 2026, the FASB completed its redeliberation of the proposed ASU and made tentative decisions regarding the guidance. The FASB affirmed the proposed amendments and directed the staff to proceed toward issuance of a final ASU. BNY is currently evaluating the proposed guidance.
Current report
On Sept. 30, 2026, the Board of Governors of the Federal Reserve (“Federal Reserve”) issued two final rules revising its supervisory stress testing framework. One final rule (the “Transparency and Public Accountability Rule”) requires the Federal Reserve to request public comment annually on material model changes and the stress test scenarios. The other final rule (the “Volatility Rule”), among other things, requires the Federal Reserve to average
Current report
44 BNY the results from the two most recent stress tests (starting in 2029, and using 2027 and 2028) to set firms’ SCB requirements for firms subject to the stress test in two consecutive years. In addition, the Federal Reserve proposed revisions to the noninterest income model used in the stress test. The Federal Reserve explained this change is intended to capture heterogeneity across firms. BNY is assessing the impact of the proposal.
Showing the first 40 of 67 passages. Open the source sections for the rest.
Removed paragraphs (46)
Previous report
Key second quarter 2026 and subsequent events
Previous report
•Total revenue increased 13%, primarily reflecting:
Previous report
•Investment and other revenue increased primarily reflecting improved seed capital results. (See “Fee and other revenue” beginning on page 6.)
Previous report
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 report
Investment and other revenue increased $32 million compared with the second quarter of 2025, primarily reflecting improved seed capital results.
Previous report
The increase in total investment and other revenue compared with the second quarter of 2025 primarily reflects improved seed capital results.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous report
Wealth Solutions revenue of $806 million increased 7% compared with the second quarter of 2025,
Previous 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
Previous report
experienced investment team has its own proprietary investment process and approach.
Previous 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.
Previous 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.
Previous 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.
Previous report
Total revenue increased $7 million compared with the second quarter of 2025.
Previous 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.
Previous report
The provision for credit losses was a benefit of $8 million in the second quarter of 2026, primarily reflecting improvements in commercial real estate exposure, partially offset by changes in the macroeconomic and other factors.
Previous report
In May 2026, a quarterly dividend of $0.53 per common share was paid to common shareholders. Our common stock dividend payout ratio was 22% for the second quarter of 2026.
Previous 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
Previous 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. 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.
Previous report
38 BNY more than $5 million and between $2.5 and $5.0 million decreased compared with the first quarter of 2026 primarily reflecting lower results on seed capital hedges.
Previous report
(a) See page 41 for details of notable items and line items impacted. Notable items in the first quarter of 2026 include severance expense, litigation reserves and an adjustment for the FDIC special assessment. Notable items in the first six months of 2025 include a disposal gain (reflected in investment and other revenue), severance expense, litigation reserves and adjustments for the FDIC special assessment.
Previous report
Proposed Regulatory Rating Changes
Previous report
On May 19, 2026, the Federal Financial Institutions Examination Council issued a notice of proposed rulemaking to revise the Uniform Financial Institutions Rating System, which supervisory agencies use to evaluate the safety and soundness of insured depository institutions. The proposal would place greater emphasis on factors that materially affect an institution’s financial condition and risk profile and less emphasis on concerns relating to policies and procedures. BNY is assessing the potential impact of the proposal.
Previous report
Proposed Rescission of Climate-Related Disclosure Rules
Previous report
On May 29, 2026, the Securities and Exchange Commission (the “SEC”) proposed to rescind the entirety of the climate-related disclosure rules it adopted in March 2024. The 2024 rules never went into force. BNY is monitoring the developments and assessing the potential impact of any final SEC action.
Previous report
Proposed New York GENIUS Act Implementation
Previous report
On June 9, 2026, the New York State Department of Financial Services proposed a rule to align New York’s framework for stablecoin issuers with the federal Guiding and Establishing National Innovation for U.S. Stablecoins Act (the “GENIUS Act”). The proposed rule mirrors federal requirements for, among other things, reserve assets, custody, and risk management standards. BNY is assessing the potential impact of the proposal.
Previous report
Proposed Changes to Insured Depository Institution Resolution Planning
Previous report
On June 25, 2026, the FDIC issued a notice of proposed rulemaking that would, among other things, significantly reduce the content required in FDIC resolution planning submissions, with an emphasis on collecting information that most directly supports the FDIC’s readiness to resolve a covered insured depository institution such as The Bank of New York Mellon. BNY is assessing the potential impact of the proposal.
Previous report
Proposed Changes to Deposit Insurance Assessment Regulations
Previous report
On June 25, 2026, the FDIC issued a notice of proposed rulemaking that would, among other things: (i) generally decrease the initial base deposit insurance assessment rate schedules for FDIC-insured institutions; and (ii) provide a resolution readiness adjustment for large or highly complex institutions if they successfully demonstrate the ability to populate a virtual data room and/or provide the FDIC temporary access to certain data and system to support the FDIC's readiness for resolution. BNY is assessing the potential impact of the proposal.
Previous report
Proposed Changes to AML/CFT Program Requirements
Previous report
On July 7, 2026, the Federal Reserve issued a notice of proposed rulemaking to revise the Anti-Money Laundering and Countering the Financing of Terrorism (“AML/CFT”) program requirements. The proposed rule would require institutions to establish and maintain a risk-based set of internal policies, procedures, and controls to address AML/CFT concerns. The proposal also would require institutions to revise their AML/CFT controls as their risk profiles change, and to concentrate on higher-risk activities and deprioritize lower-risk activities. The proposal invites comment on whether regulated entities should be permitted to share any information with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network related to AML/CFT supervisory and enforcement actions. BNY is assessing the potential impact of the proposal.
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Reworded paragraphs (244)
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 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.
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 $2.3 trillion at Sept. 30, 2026, $2.2 trillion at June 30, 2026 and $2.1 trillion at Sept. 30, 2025.
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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.
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 Sept. 30, 2026, BNY oversees $63.4 trillion in assets under custody and/or administration and $2.2 trillion in assets under management.
Previous wording
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 wording
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 was paid on Aug. 7, 2026.
Previous 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,
Current wording
We reported net income applicable to common shareholders of $1.6 billion, or $2.34 per diluted common share, in the third quarter of 2026, including the impact of notable items. Notable items in the third quarter of 2026 include severance expense and litigation reserves. Excluding notable items, net income applicable to common shareholders was $1.6 billion (Non-GAAP), or $2.37 (Non-GAAP) per diluted common share, in the third quarter of 2026. Net income applicable to common shareholders was $1.3 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
Previous wording
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.
Current wording
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 $1.4 billion (Non-GAAP), or $1.91 (Non-GAAP) per diluted common share, in the third quarter of 2025.
Previous wording
The highlights below are based on the second quarter of 2026 compared with the second quarter of 2025, unless otherwise noted.
Current wording
The highlights below are based on the third quarter of 2026 compared with the third quarter of 2025, unless otherwise noted.
Previous 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.
Current wording
•Total revenue increased 12%, primarily reflecting:
Previous 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.)
Current wording
•Fee revenue increased 12%, primarily reflecting net new business and higher client activity and market values, partially offset by the mix of AUM flows. (See “Fee and other revenue” beginning on page 6.)
Previous 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.)
Current wording
•Net interest income increased 15%, 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 $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.)
Current wording
•The provision for credit losses was $1 million. (See “Allowance for credit losses” on page 27.)
Previous 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.)
Current wording
•Noninterest expense increased 8%, primarily reflecting higher revenue-related expenses and investments, partially offset by efficiency savings. (See “Noninterest expense” on page 11.)
Previous wording
•Effective tax rate of 21.0%. (See “Income taxes” on page 11.)
Current wording
•Effective tax rate of 22.8%. (See “Income taxes” on page 11.)
Previous wording
•Return on common shareholders’ equity (“ROE”) was 17.2% for the second quarter of 2026.
Current wording
•Return on common shareholders’ equity (“ROE”) was 16.0% for the third quarter of 2026.
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•Return on tangible common shareholders’ equity (“ROTCE”) was 31.3% (Non-GAAP) for the second quarter of 2026.
Current wording
•Return on tangible common shareholders’ equity (“ROTCE”) was 29.0% (Non-GAAP) for the third quarter of 2026.
Previous wording
•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 wording
•AUM of $2.2 trillion increased 2%, primarily reflecting higher market values, partially offset by cumulative net outflows and the unfavorable impact of the stronger U.S. dollar.
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•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.)
Current wording
•Our CET1 ratio under the Standardized Approach was 11.0% at Sept. 30, 2026, a decrease compared with June 30, 2026, primarily reflecting capital returned through common stock repurchases and dividends and a decline in accumulated other comprehensive income, partially offset by capital generated through earnings and lower risk-weighted assets (“RWA”). (See “Capital” beginning on page 33.)
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•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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•Our Tier 1 leverage ratio was 5.7% at Sept. 30, 2026, a decrease compared with June 30, 2026, primarily reflecting the decrease in capital. (See “Capital” beginning on page 33.)
Previous wording
•Returned $1.5 billion to common shareholders, including $1.1 billion of common share repurchases.
Current wording
•Returned $1.4 billion to common shareholders, including $937 million 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 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.
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 $2.3 trillion at Sept. 30, 2026 and $2.1 trillion at Sept. 30, 2025.
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Investment services fees increased 13% compared with the second quarter of 2025, primarily reflecting net new business, higher client activity and higher market values.
Current wording
Investment services fees increased 15% compared with the third quarter of 2025, primarily reflecting net new business, higher client activity and higher market values.
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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.
Current wording
AUC/A totaled $63.4 trillion at Sept. 30, 2026, an increase of 10% compared with Sept. 30, 2025, primarily reflecting higher market values, net client inflows and net new business, partially offset by the unfavorable impact of a stronger U.S. dollar. AUC/A consisted of 40% equity securities and 60% fixed-income securities at Sept. 30, 2026, and 38% equity securities and 62% fixed-income securities at Sept. 30, 2025.
Previous 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.
Current wording
Investment management and performance fees increased 3% compared with the third quarter of 2025, primarily reflecting higher market values, partially offset by the mix of AUM flows. Performance fees were $2 million in the third quarter of 2026 and $6 million in the third quarter of 2025. On a constant currency basis, investment management and performance fees increased 3% (Non-GAAP) compared with the third 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 $2.2 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.
Current wording
AUM was $2.2 trillion at Sept. 30, 2026, an increase of 2% compared with Sept. 30, 2025, primarily reflecting higher market values, partially offset by cumulative net outflows and the unfavorable impact of the stronger U.S. dollar.
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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.
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 19% compared with the third 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 25% compared with the second quarter of 2025, primarily reflecting higher underwriting fees.
Current wording
Financing-related fees, which are primarily reported in the Market and Wealth Services and Securities Services business segments, include capital market fees, loan commitment fees and credit-related fees. Financing-related fees decreased 1% compared with the third quarter of 2025, primarily reflecting lower commitment fees.
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Investment and other revenue includes income or loss from consolidated investment management funds,
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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
Previous 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.
Current wording
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
(a) Includes gains (losses) on investments in BNY funds which hedge deferred incentive awards.
Current wording
(a) Includes gains (losses) on investments in BNY funds that hedge deferred incentive awards.
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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 wording
Fee revenue increased 11% compared with the first nine months of 2025, primarily reflecting higher investment services fees, foreign exchange revenue and investment management and performance fees. The 13% increase in investment services fees primarily reflects net new business, higher client
Previous wording
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 wording
BNY 7 activity and higher market values. Investment management and performance fees increased 5%, primarily reflecting higher market values, partially offset by the mix of AUM flows. The 23% increase in foreign exchange revenue primarily reflects higher client volumes.
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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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Investment and other revenue increased $40 million compared with the first nine months of 2025, primarily reflecting higher investment-related gains, partially offset by the absence of disposal gains recorded in the first nine months of 2025 and higher net investment securities losses.
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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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Net interest margin increased 12 basis points compared with the third quarter of 2025, primarily reflecting the factors mentioned above.
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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 wording
Average interest-earning assets increased 6% compared with the third 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.
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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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the third quarter of 2026. Approximately 50% of the average non-U.S. dollar deposits in the third quarter of 2026 were euro-denominated.
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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 wording
Net interest income increased 18% compared with the first nine months of 2025, primarily driven by the reinvestment of investment securities at higher yields and higher loan balances, partially offset by deposit margin compression. The increase in the net interest margin primarily reflects the factors mentioned above.
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Average interest-earning assets increased 9% compared with the first six months of 2025, primarily reflecting higher average loan balances and average investment securities.
Current wording
Average interest-earning assets increased 8% compared with the first nine months of 2025, primarily reflecting higher average loan balances and average investment securities.
Previous 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.
Current wording
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $190 billion for the third quarter of 2026 and $241 billion for the third 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 third quarter of 2026 and 4.45% for the third 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 third quarter of 2026 and 4.36% for the third 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
(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.
Current wording
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $219 billion for the first nine months of 2026 and $238 billion for the first nine 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 nine months of 2026 and 4.45% for the first nine 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 3.69% for the first nine months of 2026 and 4.37% for the first nine 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.
Previous wording
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 wording
Noninterest expense increased 7% compared with the first nine months of 2025, primarily reflecting higher revenue-related expenses, investments and employee salary increases, partially offset by efficiency savings.
Previous 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.
Current wording
BNY recorded an income tax provision of $499 million (22.8% effective tax rate) in the third quarter of 2026 and $395 million (21.3% effective tax rate) in the third quarter of 2025. The income tax provision was $1.4 billion (21.0% effective tax rate) in the first nine months of 2026 and $1.1 billion (21.1% effective tax rate) in the first nine months of 2025.
Showing the first 40 of 244 pairs. Open the source sections for the rest.
Rearranged current paragraphs (17)
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Average non-U.S. dollar deposits comprised approximately 25% of our average total deposits in
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information management. Wealth Management has nearly 30 offices in the U.S. and internationally.
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Loss before income taxes increased $68 million compared with the first nine months of 2025, primarily driven by higher noninterest expense. Total
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20 BNY interest-bearing deposits as a percentage of total interest-earning assets were 64% at Sept. 30, 2026 and 66% at Dec. 31, 2025.
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Our credit strategy is to focus on investment-grade clients who are active users of our non-credit services.
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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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of the CVA and DVA, net of hedges, decreased investment and other revenue – other trading revenue by less than $1 million in the third quarter of 2025.
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(a) See page 41 for details of notable items and line items impacted.
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(a) See page 41 for details of notable items and line items impacted.
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ratings. Wealth management loans are provided to select customers based on the pledge of other types of assets. For the loans collateralized by other assets, the credit quality of the obligor is carefully analyzed, but we do not consider this portion of our wealth management loan portfolio to be investment grade.
Current report — wording carried from elsewhere
In September 2026, the Parent redeemed all outstanding shares of its Series F preferred stock, $100,000 liquidation preference per share. Deferred fees of $10 million were realized as preferred stock dividends upon redemption.
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subsidiary of the Parent guarantees the securities of Mellon Capital IV.
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a lawsuit was filed in federal court in Rio de Janeiro against DTVM, Postalis, and various other defendants alleging liability against DTVM for certain Postalis losses in an investment fund of which DTVM was administrator. On Feb. 10, 2021, Postalis and another pension fund served DTVM in a lawsuit filed in Rio de Janeiro, alleging liability for losses in another investment fund for which DTVM was administrator and the other defendant was manager.
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obligations under SEC Rule 15c3-3, among other regulatory rules and statutes. The Company continues to cooperate with the inquiry.
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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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specific assets and liabilities of each business based on their interest sensitivity and maturity characteristics.
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Notes to Consolidated Financial Statements (continued)
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primarily reflecting higher net interest income, market values and client activity.
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18 BNY quarter 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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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.
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projections as of June 30, 2026. The discount rate applied to these cash flows was 10%.
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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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Our credit strategy is to focus on investment grade clients that are active users of our non-credit services.
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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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In March 2026, the Parent issued 500,000 depositary shares, each representing a 1/100th interest in a share of the Parent’s Series M Noncumulative Perpetual Preferred Stock. Holders of the Series M preferred stock are entitled to receive dividends, if declared by the Parent’s Board of Directors, on March 20, June 20, September 20 and December 20 of each year, commencing June 20, 2026. See Note 10 of the Notes to Consolidated Financial Statements for additional information on the Parent’s preferred stock.
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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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(a) Does not include the provision for credit losses related to other financial instruments of $3 million for the quarter ended June 30, 2025.
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Financial institution exposures are high quality, with 96% of the exposures meeting the investment grade
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but we do not consider this portion of our wealth management loan portfolio to be investment grade.
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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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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 stock or any other class or series of our other
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investment fund for which DTVM was administrator and the other defendant was manager.
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The Company is defending various lawsuits in Russian courts seeking to recover assets held by BNY
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Business segment results are subject to reclassification when organizational changes are made, or for refinements in revenue and expense