Bank of New York Mellon Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Bank of New York Mellon Corp has submitted its 2023 10-K filing detailing its annual financial performance and operations.</b>

AI Summary

Bank of New York Mellon Corp (BK-PK) filed a Annual Report (10-K) with the SEC on February 28, 2024. Bank of New York Mellon Corp filed its 2023 Annual Report on Form 10-K on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 240 Greenwich Street, New York, NY 10286. The company's IRS number is 132614959. The company is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking Bank of New York Mellon Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of BNY Mellon's financial health, operational performance, and strategic positioning for the fiscal year 2023, crucial for investors and stakeholders to assess the company's stability and growth prospects. The detailed financial statements and risk factor disclosures within this report are essential for understanding the company's regulatory compliance, market risks, and overall business strategy in the current economic climate.

Risk Assessment

Risk Level: medium — Bank of New York Mellon Corp shows moderate risk based on this filing. The company operates in the highly regulated financial services industry, facing risks related to market volatility, cybersecurity, and compliance with evolving regulations, as evidenced by the numerous disclosures typical in a 10-K filing for a major financial institution.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand BNY Mellon's performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-28 — Filing Date (Filed as of Date)
• 0001390777-24-000051 — Accession Number (Unique identifier for the filing)
• 6022 — SIC Code (Standard Industrial Classification for Commercial Banks)

Key Players & Entities

• Bank of New York Mellon Corp (company) — Filer name
• 240 Greenwich Street (address) — Business address
• New York (location) — Business address city
• NY (state) — Business address state
• 10286 (zip_code) — Business address zip
• 132614959 (tax_id) — IRS Number
• DE (state) — State of Incorporation
• 20231231 (date) — Fiscal Year End

FAQ

Industry Context

Bank of New York Mellon Corporation operates as a global financial services company, providing a wide range of services including investment management, investment services, and banking.

Regulatory Implications

As a major financial institution, BNY Mellon is subject to extensive regulation by various U.S. and international authorities, including the Federal Reserve and the SEC, to ensure financial stability and consumer protection.

What Investors Should Do

1. Analyze the 'Financial Statements and Supplementary Data' section for detailed revenue, net income, and balance sheet information.
2. Review the 'Risk Factors' section to understand potential challenges and threats to the company's business.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into the company's performance drivers and outlook.

Key Dates

• 2024-02-28: Filing of 10-K — Official submission of the annual report for the fiscal year 2023.
• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.

Year-Over-Year Comparison

This filing is the 2023 annual report on Form 10-K, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value BK New York Stock Exchange 6
• $47.8 — adquartered in New York, New York, with $47.8 trillion in assets under custody and/or
• $2.0 — under custody and/or administration and $2.0 trillion in assets under management as

Filing Documents

• bk-20231231.htm (10-K) — 1228KB
• form10-k_ex42x4q23.htm (EX-4.2) — 164KB
• form10-k_ex1024x4q23.htm (EX-10.24) — 82KB
• form10-k_ex1025x4q23.htm (EX-10.25) — 82KB
• form10-k_ex1028x4q23.htm (EX-10.28) — 160KB
• form10-k_ex1029x4q23.htm (EX-10.29) — 157KB
• form10-k_ex1030x4q23.htm (EX-10.30) — 182KB
• bk-20231231_d2.htm (EX-13.1) — 7515KB
• form10-k_ex211x4q23.htm (EX-21.1) — 13KB
• form10-k_ex231x4q23.htm (EX-23.1) — 12KB
• form10-k_ex241x4q23.htm (EX-24.1) — 10KB
• form10-k_ex311x4q23.htm (EX-31.1) — 9KB
• form10-k_ex312x4q23.htm (EX-31.2) — 9KB
• form10-k_ex321x4q23.htm (EX-32.1) — 4KB
• form10-k_ex322x4q23.htm (EX-32.2) — 4KB
• form10-k_ex971x4q23.htm (EX-97.1) — 39KB
• bk-20231231_g1.jpg (GRAPHIC) — 100KB
• image_0.jpg (GRAPHIC) — 139KB
• image_1.jpg (GRAPHIC) — 70KB
• 0001390777-24-000051.txt (&nbsp;) — 40722KB
• bk-20231231.xsd (EX-101.SCH) — 176KB
• bk-20231231_cal.xml (EX-101.CAL) — 329KB
• bk-20231231_def.xml (EX-101.DEF) — 1055KB
• bk-20231231_lab.xml (EX-101.LAB) — 2168KB
• bk-20231231_pre.xml (EX-101.PRE) — 1518KB
• bk-20231231_htm.xml (XML) — 9218KB

Forward-looking Statements

Forward-looking Statements In this Form 10-K, and other public disclosures of BNY Mellon, words, such as "estimate," "forecast," "project," "anticipate," "likely," "target," "expect," "intend," "continue," "seek," "believe," "plan," "goal," "could," "should," "would," "may," "might," "will," "strategy," "synergies," "opportunities," "trends," "ambition," "aspiration," "objective," "aim," "future," "potentially," "outlook" and words of similar meaning, may signify forward-looking statements. Some statements in this document are forward-looking. These include statements about the usefulness of Non-GAAP measures, the future results of BNY Mellon, our businesses, financial, liquidity and capital condition, results of operations, liquidity, risk and capital management and processes, goals, strategies, outlook, objectives, expectations (including those regarding our performance results, expenses, nonperforming assets, products, impacts of currency fluctuations, impacts of securities portfolio repositioning, impacts of trends on our businesses, regulatory, technology, market, economic or accounting developments and the impacts of such developments on our businesses, legal proceedings and other contingencies), human capital management (including related ambitions, objectives, aims and goals), effective tax rate, net interest revenue, estimates (including those regarding expenses, losses inherent in our credit portfolios and capital ratios), intentions (including those regarding our capital returns and expenses, including our investments in technology and pension expense), targets, opportunities, potential actions, growth and initiatives. These forward-looking statements, and other forward-looking statements contained in other public disclosures of BNY Mellon (including those incorporated into this Form 10-K), are not guarantees of future results or occurrences, are inherently uncertain and are based upon current beliefs and expectations of future events, many of which a

Business

Business 5 Item 1A.

Risk factors

Risk factors 7 Item 1B. Unresolved staff comments 7 Item 1C. Cybersecurity 8 Item 2.

Properties

Properties 8 Item 3.

Legal proceedings

Legal proceedings 8 Item 4. Mine safety disclosures 8 PART II Item 5. Market for registrant's common equity, related stockholder matters and issuer purchases of equity securities 9 Item 6. [Reserved] 9 Item 7.

Management's discussion and analysis of financial condition and results of operations

Management's discussion and analysis of financial condition and results of operations 9 Item 7A.

Quantitative and qualitative disclosures about market risk

Quantitative and qualitative disclosures about market risk 9 Item 8.

Financial statements and supplementary data

Financial statements and supplementary data 9 Item 9. Changes in and disagreements with accountants on accounting and financial disclosure 9 Item 9A.

Controls and procedures

Controls and procedures 9 Item 9B. Other information 10 Item 9C. Disclosure regarding foreign jurisdictions that prevent inspections 10 PART III Item 10. Directors, executive officers and corporate governance 11 Item 11.

Executive compensation

Executive compensation 12 Item 12.

Security ownership of certain beneficial owners and management and related stockholder matters

Security ownership of certain beneficial owners and management and related stockholder matters 12 Item 13. Certain relationships and related transactions, and director independence 12 Item 14. Principal accountant fees and services 12 PART IV Item 15. Exhibit and financial statement schedules 13 Item 16. Form 10-K summary 13 Index to exhibits 14

Signatures

Signatures 20 PART I

BUSINESS

ITEM 1. BUSINESS Description of Business The Bank of New York Mellon Corporation, a Delaware corporation (NYSE symbol: BK), is a global company headquartered in New York, New York, with $47.8 trillion in assets under custody and/or administration and $2.0 trillion in assets under management as of Dec. 31, 2023. With its subsidiaries, BNY Mellon has been in business since 1784. We divide our businesses into three principal business segments: Securities Services, Market and Wealth Services and Investment and Wealth Management. We also have an Other segment, which includes the leasing portfolio, corporate treasury activities (including our securities portfolio), derivatives and other trading activity, corporate and bank-owned life insurance, renewable energy and other corporate investments and certain business exits. For a further discussion of BNY Mellon's lines of business, products and services, see the "Overview," "Summary of financial highlights," "Fee and other revenue," "Review of business segments" and "International operations" sections in the MD&A section in the Annual Report and Notes 24 and 25 of the Notes to Consolidated Financial Statements in the Annual Report, of which portions are incorporated herein by reference. See the "Available Information" section on page 1 of this Form 10-K, which is incorporated herein by reference, for a description of how to access financial and other information regarding BNY Mellon. Our two principal U.S. banking subsidiaries engage in trust and custody activities, investment management services, banking services and various securities-related activities. Our two principal U.S. banking subsidiaries are: The Bank of New York Mellon, a New York state-chartered bank, which houses our Securities Services businesses, including Asset Servicing and Issuer Services and certain Market and Wealth Services businesses, including Treasury Services and Clearance and Collateral Management, as well as the bank-advised business o

RISK FACTORS

ITEM 1A. RISK FACTORS The information required by this Item is set forth in the Annual Report under "MD&A – Risk Factors," which portion is incorporated herein by reference.

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS None. BNY Mellon 7

View Full Filing

View this 10-K filing on SEC EDGAR