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.
The Bank of New York Mellon (BNY) (NYSE: BK) announced on June 28, 2024, its intention to increase its quarterly cash dividend by 12% from $0.42 to $0.47 per share. This change is expected to start in the third quarter of 2024, pending approval by the Board of Directors.
The announcement follows the Federal Reserve's 2024 bank stress test results, released on June 26, 2024, which confirmed BNY's strong business model and capital position. The Stress Capital Buffer (SCB) requirement for BNY remains at 2.5%, effective from October 1, 2024, to September 30, 2025.
BNY will continue its share repurchase program, as previously approved by its Board of Directors in January 2023 and April 2024, influenced by capital position and market conditions.
On June 26, 2024, BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund (NYSE: DCF) announced a monthly distribution of $0.035 per share, payable on July 25, 2024, to shareholders recorded by July 11, 2024, which is also the ex-dividend date. This matches the previous distribution declared in May. The Fund's policy is to distribute most of its net income to shareholders, though this may change based on market and portfolio conditions. BNY Mellon Investment Adviser, part of BNY Investments, manages the Fund. BNY Investments, a division of BNY, oversees $2.0 trillion in assets and provides specialized investment solutions across major asset classes. BNY has $48.8 trillion in assets under custody and administration as of March 31, 2024, and is one of the oldest banks in America. Closed-end fund shares like those of the Fund may trade at a premium or discount to their net asset value.
On June 25, 2024, the BNY Mellon High Yield Strategies Fund (NYSE: DHF) announced a monthly cash dividend of $0.0175 per share, payable on July 24, 2024, to shareholders of record by July 10, 2024, with the same ex-dividend date.
BNY Mellon, the fund advisor, manages $2.0 trillion in assets as of March 31, 2024, and has $48.8 trillion in assets under custody or administration.
BNY Mellon is America's oldest bank, founded in 1784, and is known for its comprehensive financial solutions.
The Bank of New York Mellon (NYSE: BK) announced the appointment of Leigh-Ann Russell as Chief Information Officer and Global Head of Engineering, effective September 15, 2024. Reporting to President and CEO Robin Vince, Russell will join the Executive Committee. With a background as Executive Vice President of Innovation and Engineering at bp, Russell brings extensive experience in digital, IT, and cybersecurity operations, as well as engineering, safety, and science. This strategic hire aims to bolster BNY's technological innovation and resilience in the global financial system.
Buenaventura, Peru's largest publicly traded precious metals mining company, has resumed ore processing operations at its El Brocal mine. The resumption began at midnight on June 7, 2024, to process the accumulated 220,000 tonnes of copper ore. The processing rate will ramp up to 15,000 tons per day, aiming to meet the budgeted production for Q3 2024 and the full-year 2024 production guidance. The resumption follows an agreement between the Huaraucaca community leaders and El Brocal representatives, facilitated by Peru's Ministry of Energy and Mines. The agreement addresses compliance with commitments between the parties. Buenaventura reaffirms its commitment to all signed agreements with surrounding communities.
The Bank of New York Mellon (BNY Mellon) has announced its intention to redeem all issued and outstanding 3.430% Fixed Rate / Floating Rate Callable Senior Notes due June 13, 2025. The total principal amount of these notes stands at $362,688,000. The notes will be redeemed on June 13, 2024, at a redemption price equal to 100% of the principal amount plus any accrued and unpaid interest up to, but excluding, the redemption date. Post-redemption, the notes will no longer accrue interest and will no longer be considered outstanding. Payment will be processed through The Depository Trust Company.
Dreyfus, part of BNY Mellon, has introduced BOLD® Future, a new share class for retail investors under the Dreyfus Government Cash Management fund.
The initiative will support Howard University's GRACE Grant by donating 10% of net revenue from this share class to a dedicated scholarship fund.
BOLD Future aims to cater to financial advisors and their clients with a minimum investment requirement of $25,000. This new offering follows strong demand from institutional investors for BOLD, which stands for Black Opportunity for Learning and Development.
The partnership underscores Dreyfus' commitment to social impact, having already donated over $1 million to Howard University.
BNY Mellon, a global financial services company, manages $48.8 trillion in assets under custody and $2.0 trillion in assets under management as of March 2024.
BNY Mellon Municipal Bond Infrastructure Fund (NYSE: DMB) has announced a distribution of $0.0300 per share, payable on July 1, 2024, to shareholders of record on June 20, 2024. The ex-dividend date is also June 20, 2024. This distribution matches the previous one from May. The Fund aims to provide regular monthly distributions based on projected performance. To maintain stable distributions, it may pay out less than its net investment income or return capital. Market conditions and portfolio performance may cause changes in distribution rates and policies. BNY Mellon Investment Management, a division of BNY Mellon, manages $2.0 trillion in assets as of March 31, 2024, and BNY Mellon holds $48.8 trillion in assets under custody and administration.
BNY Mellon has announced new enhancements to Pershing X's Wove platform, a wealth management tool. The updates include Wove Investor, a client portal for investors to manage multiple accounts, and Wove Data, a cloud-based tool for C-suite executives to analyze large data sets. Additionally, Portfolio Solutions offers new features to help advisors optimize investment strategies.
The Wove Investor portal allows users to check balances and perform tasks across various custodians, with future updates planned for money transfers and advisor collaboration. Wove Data aims to provide deeper insights into wealth management performance, while Portfolio Solutions enhances efficiency in aligning investment products with client objectives.
These updates are part of BNY Mellon's ongoing commitment to innovation in the wealth management sector, as articulated by Pershing X President, Ainslie Simmonds.
BNY Mellon has announced a new bundled offering through Pershing, aimed at financial advisors, including RIAs, broker-dealers, and banks. This package integrates services from BNY Mellon Investment Management and BNY Mellon Advisors, potentially providing up to 40% in savings. The initiative seeks to simplify the investment process for advisors by combining asset allocation, manager selection, investment management products, customized tax solutions, and custody and clearing services. The offering is backed by BNY Mellon's 240 years of financial expertise and is designed to help advisors better meet client needs and improve their practice efficiency.
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