Welcome to our dedicated page for Bank of New York Mellon Corporation news (Ticker: BK), a resource for investors and traders seeking the latest updates and insights on Bank of New York Mellon Corporation stock.
BNY, officially known as The Bank of New York Corporation (NYSE: BK), stands as a global leader in the financial services sector. With a rich heritage dating back over 240 years, BNY offers a comprehensive suite of services aimed at managing and servicing financial assets for institutions, corporations, and individual investors.
Operating in 35 countries and more than 100 markets, the company provides investment management and investment services with unparalleled expertise. As of March 31, 2024, BNY oversees an impressive $48.8 trillion in assets under custody and/or administration and $2.0 trillion in assets under management. This makes BNY the world's largest global custody bank, serving as a vital partner to its clients by facilitating the creation, trading, holding, managing, servicing, distributing, or restructuring of investments.
BNY's client base includes over 90% of Fortune 100 companies, nearly all the top 100 banks globally, and an extensive roster of governments, pension plans, and more. The company's vast influence and industry leadership are further cemented by its recent collaborations and initiatives aimed at democratizing financial services. These include strategic partnerships with minority depository institutions (MDIs) such as Ponce Bank, along with other mission-driven financial firms like Optus Bank, MoCaFi, and IntraFi.
One of the latest milestones for BNY is the enhancement of Pershing X's Wove platform, which aims to revolutionize wealth management by providing interconnected advisory tools for registered investment advisors, broker-dealers, and wealth management firms. This innovation aligns with BNY's ongoing commitment to leverage cutting-edge technology for the benefit of its clients and the broader financial ecosystem.
With a workforce of over 50,000 employees worldwide and recognition from prestigious entities like Fortune and Fast Company for its workplace innovation, BNY continues to set industry standards. The firm remains dedicated to helping its clients achieve their financial ambitions by putting its extensive expertise and platforms to work, ensuring that money moves efficiently and securely across the globe.
On November 18, 2020, Dreyfus Cash Investment Strategies (a BNY Mellon firm managing $254bn) announced an optimization of its money market fund range. Changes include a streamlined offering of 19 funds across three families, a uniform pricing structure, and reduced management fees in select funds. Additional enhancements include lower investment minimums and technology upgrades for trading platforms. These actions reflect Dreyfus CIS's commitment to adapt to client needs while maintaining a strong financial stewardship record.
BNY Mellon Wealth Management has appointed Adam Innerst as the new Market President for Houston, TX. He will oversee client strategists, wealth managers, and support staff, and report to Todd Carlton, Regional President. Innerst previously held senior roles at Bank of America Private Bank, Northern Trust, and J.P. Morgan, and is a licensed attorney and accountant. BNY Mellon Wealth Management manages $265 billion in client assets as of Sept. 30, 2020, and aims for strategic growth and enhanced financial services delivery through Innerst's leadership.
BNY Mellon has launched MarginConnect, a new margin messaging capability designed for buy-side investment managers. This platform enables them to control the collateralization of non-cleared derivatives without relying on the costly SWIFT network. By integrating with AcadiaSoft, users can send direct collateral instructions effortlessly, streamlining operations and reducing operational risks. As of September 30, 2020, BNY Mellon managed $38.6 trillion in assets, emphasizing its significant presence in the financial services sector.
BNY Mellon will report its fourth quarter 2020 financial results on January 20, 2021. Results will be available on the company's website by 6:30 a.m. ET and a conference call will follow at 8 a.m. ET. The call will feature forward-looking statements and other material information. Investors can access the call by phone or through a live webcast. Replays will be available from January 20, 2021, at 2 p.m. ET until February 19, 2021. BNY Mellon manages approximately $2.0 trillion in assets.
On November 4, 2020, BNY Mellon (NYSE: BK) announced the redemption of all outstanding shares of its Series C Noncumulative Perpetual Preferred Stock and corresponding Depositary Shares. This includes 5,825 shares of Series C Preferred Stock and 23,300,000 Depositary Shares, with a redemption date set for December 20, 2020, and payment to be made on December 21, 2020. The redemption price is $25 per Depositary Share, amounting to $100,000 per share of Series C Preferred Stock. Post-redemption, dividends on these shares will cease to accumulate.
BNY Mellon (NYSE: BK) announced the pricing of a public offering for 582,500 depositary shares, each representing a 1/100th interest in its Series H Noncumulative Perpetual Preferred Stock, totaling $582.5 million. The shares are priced at $1,000 each, with a 3.700% annual dividend rate until March 20, 2026. Proceeds will be used to redeem Series C Preferred Stock. The offering is set to close on November 3, 2020.
BNY Mellon executives, Emily Portney and Roman Regelman, will present at the 39th Annual BancAnalysts Association of Boston Conference on November 6, 2020, at 12:10 p.m. ET. The presentation may include significant forward-looking statements.
A live audio webcast will be accessible on the BNY Mellon website and archived audio will be available from 5 p.m. ET on the same day until December 7, 2020. BNY Mellon manages $38.6 trillion in assets under custody as of September 30, 2020.
On October 20, 2020, Alcentra appointed Chris Mulshine as Head of U.S. Distribution, enhancing its leadership team amid a competitive market. He brings 25 years of experience in private credit and alternative asset management, having previously held senior roles at Lazard, Credit Suisse, UBS, and Goldman Sachs. His focus will be on developing sales and marketing strategies to expand Alcentra's U.S. investor base. Alcentra manages over US$42.1 billion in assets, offering diverse credit solutions since its inception in 2002.
The Bank of New York Mellon Corporation (NYSE: BK) announced a quarterly common stock dividend of $0.31 per share, payable on November 10, 2020, to shareholders of record by October 28, 2020. Additionally, it declared dividends on preferred stock for the period ending in December 2020, payable on December 21, 2020. Dividends include $1,011.11 for Series A, $1,300.00 for Series C, $2,250.00 for Series D, and $921.98 for Series E preferred stock holders of record by December 5, 2020.
The Bank of New York Mellon Corporation (BK) reported a net income of $876 million for Q3 2020, representing a 3% decline from Q2 2020 and a 13% drop from Q3 2019. Diluted earnings per share decreased by 8% year-over-year to $0.98. Total revenue was $3.8 billion, down less than 1%, driven by a 1% decline in fee revenue and a 4% decrease in net interest revenue. The common equity Tier 1 (CET1) ratio improved to 13.0%, with continued investments in technology and a focus on cost management. The company aims to resume share buybacks as economic conditions stabilize.
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