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BNY Mellon (Bank of New York Mellon)
BK
#294
Rank
$80.13 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$114.91
Share price
-5.58%
Change (1 day)
36.23%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. BNY Mellon (Bank of New York Mellon)
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q3

BNY Mellon (Bank of New York Mellon) - 10-Q quarterly report FY2025 Q3


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended September 30, 2025
or
☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number 001-35651

THE BANK OF NEW YORK MELLON CORPORATION
(Exact name of registrant as specified in its charter)
Delaware13-2614959
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

240 Greenwich Street
New York, New York 10286
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code – (212) 495-1784

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
symbol(s)		Name of each exchange
on which registered
Common Stock, $0.01 par valueBKNew York Stock Exchange
6.244% Fixed-to-Floating Rate Normal Preferred Capital Securities of Mellon Capital IV
BK/PNew York Stock Exchange
(fully and unconditionally guaranteed by The Bank of New York Mellon Corporation)
Depositary Shares, each representing a 1/4,000th interest in a share of Series K Noncumulative BK PRKNew York Stock Exchange
Perpetual Preferred Stock

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒    No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒    No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐    No ☒

As of Sept. 30, 2025, 697,349,124 shares of the registrant’s common stock, $0.01 par value per share, were outstanding.


THE BANK OF NEW YORK MELLON CORPORATION

Third Quarter 2025 Form 10-Q
Table of Contents 
Page
Consolidated Financial Highlights (unaudited)
2
Part I – Financial Information
Items 2. and 3. Management’s Discussion and Analysis of Financial Condition and Results of Operations; Quantitative and Qualitative Disclosures about Market Risk:
General
4
Overview
4
Key third quarter 2025 events
4
Highlights of third quarter 2025 results
5
Fee and other revenue
6
Net interest income
9
Noninterest expense
12
Income taxes
12
Review of business segments
12
Critical accounting estimates
22
Consolidated balance sheet review
22
Liquidity and dividends
31
Capital
35
Trading activities and risk management
39
Asset/liability management
41
Supplemental information – Explanation of GAAP and Non-GAAP financial measures
44
Recent accounting and regulatory developments
48
Website information
49
Item 1. Financial Statements:
Consolidated Income Statement (unaudited)
50
Consolidated Comprehensive Income Statement (unaudited)
51
Consolidated Balance Sheet (unaudited)
52
Consolidated Statement of Cash Flows (unaudited)
53
Consolidated Statement of Changes in Equity (unaudited)
54
 Page
Notes to Consolidated Financial Statements:
Note 1—Basis of presentation
55
Note 2—Acquisitions and dispositions
55
Note 3—Securities
56
Note 4—Loans and asset quality
60
Note 5—Goodwill and intangible assets
66
Note 6—Other assets
68
Note 7—Contract revenue
69
Note 8—Net interest income
72
Note 9—Employee benefit plans
72
Note 10—Income taxes
73
Note 11—Variable interest entities
73
Note 12—Preferred stock
74
Note 13—Other comprehensive income (loss)
76
Note 14—Fair value measurement
77
Note 15—Fair value option
82
Note 16—Derivative instruments
82
Note 17—Commitments and contingent liabilities
88
Note 18—Business segments
94
Note 19—Supplemental information to the Consolidated Statement of Cash Flows
97
98
99
Part II – Other Information
Item 1. Legal Proceedings.
102
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
102
Item 5. Other Information.
102
Item 6. Exhibits.
102
103
105


The Bank of New York Mellon Corporation (and its subsidiaries)

Consolidated Financial Highlights (unaudited)

Quarter endedYear-to-date
(dollars in millions, except per share amounts and unless
  otherwise noted)		Sept. 30, 2025June 30, 2025Sept. 30, 2024Sept. 30, 2025Sept. 30, 2024
Results applicable to common shareholders of The Bank of New York Mellon Corporation:
Net income$1,339 $1,391 $1,110 $3,879 $3,206 
Basic earnings per share$1.90 $1.95 $1.51 $5.43 $4.29 
Diluted earnings per share$1.88 $1.93 $1.50 $5.39 $4.26 
Fee and other revenue$3,845 $3,825 $3,600 $11,303 $10,654 
Net interest income1,236 1,203 1,048 3,598 3,118 
Total revenue$5,081 $5,028 $4,648 $14,901 $13,772 
Return on common equity (annualized)
13.7%14.7%12.0%13.7%11.8%
Return on tangible common equity (annualized) – Non-GAAP (a)
25.6%27.8%22.8%25.9%22.7%
Fee revenue as a percentage of total revenue72%72%73%72%73%
Non-U.S. revenue as a percentage of total revenue35%36%35%35%35%
Pre-tax operating margin36%37%33%35%32%
Net interest margin1.31%1.27%1.16%1.30%1.16%
Net interest margin on a fully taxable equivalent (“FTE”) basis – Non-GAAP (b)
1.31%1.27%1.16%1.30%1.16%
Assets under custody and/or administration (“AUC/A”) at period end (in trillions) (c)
$57.8 $55.8 $52.1 $57.8 $52.1 
Assets under management (“AUM”) at period end (in trillions) (d)
$2.1 $2.1 $2.1 $2.1 $2.1 
Average common shares and equivalents outstanding (in thousands):
Basic705,873 714,799 736,547 714,135 747,766 
Diluted712,854 720,007 742,080 720,344 752,555 
Selected average balances:
Interest-earning assets$374,493 $375,542 $356,934 $368,313 $352,250 
Total assets$437,491 $438,608 $416,397 $430,727 $410,980 
Interest-bearing deposits$248,016 $250,688 $236,724 $244,416 $233,843 
Noninterest-bearing deposits$51,310 $49,610 $47,962 $49,699 $48,955 
Long-term debt$32,503 $31,805 $33,154 $31,846 $31,919 
Preferred stock$5,348 $5,331 $4,343 $5,083 $4,343 
Total The Bank of New York Mellon Corporation common shareholders’ equity$38,626 $37,892 $36,772 $37,839 $36,242 
Other information at period end:
Cash dividends per common share$0.53 $0.47 $0.47 $1.47 $1.31 
Common dividend payout ratio28%25%32%28%31%
Common dividend yield (annualized)
1.9%2.1%2.6%1.8%2.4%
Closing stock price per common share$108.96 $91.11 $71.86 $108.96 $71.86 
Market capitalization$75,983 $64,254 $52,248 $75,983 $52,248 
Book value per common share$55.99 $54.76 $51.78 $55.99 $51.78 
Tangible book value per common share – Non-GAAP (a)
$30.60 $29.57 $28.01 $30.60 $28.01 
Full-time employees49,200 49,900 52,600 49,200 52,600 
Common shares outstanding (in thousands)
697,349 705,241 727,078 697,349 727,078 
2 BNY

Consolidated Financial Highlights (unaudited) (continued)

Regulatory capital and other ratiosSept. 30, 2025June 30, 2025Dec. 31, 2024
Average liquidity coverage ratio (“LCR”)112%112%115%
Average net stable funding ratio (“NSFR”)130%131%132%
Regulatory capital ratios: (e)
Advanced Approaches:
Common Equity Tier 1 (“CET1”) ratio 12.2%11.9%11.7%
Tier 1 capital ratio 15.1 15.1 14.4 
Total capital ratio15.8 15.9 15.3 
Standardized Approach:
CET1 ratio 11.7%11.5%11.2%
Tier 1 capital ratio14.4 14.5 13.7 
Total capital ratio15.3 15.5 14.8 
Tier 1 leverage ratio6.1%6.1%5.7%
Supplementary leverage ratio (“SLR”)6.7 6.9 6.5 
BNY shareholders’ equity to total assets ratio9.6%9.0%9.9%
BNY common shareholders’ equity to total assets ratio8.6 7.9 8.9 
(a)    Return on tangible common equity and tangible book value per common share, both Non-GAAP measures, exclude goodwill and intangible assets, net of deferred tax liabilities. See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 44 for the reconciliation of these Non-GAAP measures.
(b)    See “Net interest income” on page 9 for a reconciliation of this Non-GAAP measure.
(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, 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 Sept. 30, 2025, $2.0 trillion at June 30, 2025 and $1.9 trillion at Sept. 30, 2024.
(d)    Represents assets managed in the Investment and Wealth Management business segment.
(e)    For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches. For additional information on our capital ratios, see “Capital” beginning on page 35.
BNY 3
Part I – Financial Information
Items 2. and 3. Management’s Discussion and Analysis of Financial Condition and Results of Operations; Quantitative and Qualitative Disclosures about Market Risk

General

In this Quarterly Report on Form 10-Q, references to “our,” “we,” “us,” “BNY,” the “Company” and similar terms refer to The Bank of New York Mellon Corporation and its consolidated subsidiaries. The term “Parent” refers to The Bank of New York Mellon Corporation but not its subsidiaries.

Certain business terms used in this report are defined in the Glossary included in our Annual Report on Form 10-K for the year ended Dec. 31, 2024 (the “2024 Annual Report”).

The following should be read in conjunction with the Consolidated Financial Statements included in this report. Investors should also read the section titled “Forward-looking Statements.”

Overview

BNY is a global financial services company that helps make money work for the world – managing it, moving it and keeping it safe. For more than 240 years BNY has partnered alongside clients, putting its expertise and platforms to work to help them achieve their ambitions. Today BNY helps over 90% of Fortune 100 companies and nearly all the top 100 banks globally access the money they need. 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, and so much more. As of Sept. 30, 2025, BNY oversees $57.8 trillion in assets under custody and/or administration and $2.1 trillion in assets under management.

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.

BNY has three business segments, Securities Services, Market and Wealth Services and Investment and Wealth Management, which offer a comprehensive set of capabilities and deep expertise across the investment life cycle, enabling the Company to provide solutions to buy-side and sell-side market participants, as well as leading institutional and wealth management clients globally.

The diagram below presents our three business segments and lines of business, with the remaining operations in the Other segment.

The Bank of New York Mellon Corporation
Securities
Services		Market and Wealth ServicesInvestment and Wealth Management
Asset
Servicing		PershingInvestment
Management
Issuer
Services		Treasury
Services		Wealth
Management
Clearance and Collateral Management


Key third quarter 2025 events

Increase in cash dividend on common stock

In July 2025, our Board of Directors approved a 13% increase in the quarterly cash dividend on our common stock, from $0.47 to $0.53 per share. The increased quarterly cash dividend was paid on Aug. 7, 2025.

Robin Vince elected Chairman of the Board of Directors

In June 2025, we announced that Robin Vince, Chief Executive Officer, was unanimously elected by the Board of Directors to the additional position of Chairman, effective Sept. 1, 2025.

4 BNY


Highlights of third quarter 2025 results

We reported net income applicable to common shareholders of $1.34 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 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 $1.36 billion (Non-GAAP), or $1.91 (Non-GAAP) per diluted common share, in the third quarter of 2025. Net income applicable to common shareholders was $1.11 billion, or $1.50 per diluted common share, in the third quarter of 2024, including the impact of notable items. Notable items in the third quarter of 2024 include severance expense, litigation reserves and a reduction in the FDIC special assessment. Excluding notable items, net income applicable to common shareholders was $1.13 billion (Non-GAAP), or $1.52 (Non-GAAP) per diluted common share, in the third quarter of 2024.

The highlights below are based on the third quarter of 2025 compared with the third quarter of 2024, unless otherwise noted.
•Total revenue increased 9%, primarily reflecting:
•Fee revenue increased 7%, primarily reflecting net new business, higher client activity and market values, and the 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.)
•Investment and other revenue increased primarily reflecting a disposal gain and other investment gains, partially offset by higher net securities losses. (See “Fee and other revenue” beginning on page 6.)
•Net interest income increased 18%, primarily reflecting the continued reinvestment of maturing investment securities at higher yields and balance sheet growth, partially offset by changes in deposit mix. (See “Net interest income” on page 9.)
•The provision for credit losses was a benefit of $7 million, primarily driven by changes in the macroeconomic forecast, partially offset by higher reserves related to commercial real estate exposure. (See “Allowance for credit losses” on page 29.)
•Noninterest expense increased 4%, 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. Excluding notable items, total noninterest expense also increased 4% (Non-GAAP). (See “Noninterest expense” on page 12.)
•Effective tax rate of 21.3%. (See “Income taxes” on page 12.)
•Return on common equity (“ROE”) was 13.7% for the third quarter of 2025.
•Return on tangible common equity (“ROTCE”) was 25.6% (Non-GAAP) for the third quarter of 2025.

See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 44 for a reconciliation of these Non-GAAP measures.

Metrics

•AUC/A of $57.8 trillion increased 11%, primarily reflecting net client inflows and higher market values.
•AUM of $2.1 trillion was flat reflecting higher market values, partially offset by cumulative net outflows.

Capital and liquidity

•Our CET1 ratio under the Standardized Approach was 11.7% at Sept. 30, 2025 and 11.5% at June 30, 2025. The increase reflects capital generated through earnings and a net increase in accumulated other comprehensive income, partially offset by capital returned through common stock repurchases and dividends, and higher risk-weighted assets (“RWA”). (See “Capital” beginning on page 35.)
•Our Tier 1 leverage ratio was 6.1% at Sept. 30, 2025, a slight increase compared with June 30, 2025. The increase reflects lower average assets. (See “Capital” beginning on page 35.)
•Returned $1.2 billion to common shareholders, including $849 million of common share repurchases.

BNY 5


Fee and other revenue

Fee and other revenueYTD25
(dollars in millions, unless otherwise noted)3Q25 vs. vs.
3Q252Q253Q242Q253Q24YTD25YTD24YTD24
Investment services fees$2,585 $2,583 $2,344 —%10%$7,579 $6,981 9%
Investment management and performance fees (a)(b)
782 758 794 3 (2)2,279 2,331 (2)
Foreign exchange revenue166 213 175 (22)(5)535 511 5 
Financing-related fees67 51 53 31 26 178 163 9 
Distribution and servicing fees37 36 38 3 (3)110 121 (9)
Total fee revenue3,637 3,641 3,404 — 7 10,681 10,107 6 
Investment and other revenue208 184 196 N/MN/M622 547 N/M
Total fee and other revenue$3,845 $3,825 $3,600 1%7%$11,303 $10,654 6%
Fee revenue as a percentage of total revenue72%72%73%72%73%
AUC/A at period end (in trillions) (c)
$57.8 $55.8 $52.1 4%11%$57.8 $52.1 11%
AUM at period end (in billions) (d)
$2,142 $2,106 $2,144 2%—%$2,142 $2,144 —%
(a)    Beginning in the first quarter of 2025, certain rebate agreements, which were previously recorded as distribution and servicing expense, began to be reflected as a reduction of investment management fees. These amounts totaled approximately $20 million for all quarterly periods presented and impacted the year-over-year variances for investment management and performance fees and related revenue subtotals in the table above.
(b)    Excludes seed capital gains (losses) related to consolidated investment management funds.
(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, Pershing and Wealth Management lines of business. Includes the AUC/A of CIBC Mellon of $2.1 trillion at Sept. 30, 2025, $2.0 trillion at June 30, 2025 and $1.9 trillion at Sept. 30, 2024.
(d)    Represents assets managed in the Investment and Wealth Management business segment.
N/M – Not meaningful.


Fee revenue increased 7% compared with the third quarter of 2024 and was flat compared with the second quarter of 2025. The increase compared with the third quarter of 2024 primarily reflects higher investment services fees and financing-related fees, partially offset by lower investment management and performance fees. Compared with the second quarter of 2025, higher investment management and performance fees and financing-related fees were offset by lower foreign exchange revenue.

Investment and other revenue increased $12 million compared with the third quarter of 2024 and $24 million compared with the second quarter of 2025. The increase compared with the third quarter of 2024 primarily reflects a disposal gain and other investment gains, partially offset by higher net securities losses. The increase compared with the second quarter of 2025 primarily reflects a disposal gain and higher client activity in our fixed income and equity trading business.

Investment services fees

Investment services fees increased 10% compared with the third quarter of 2024 and were flat compared with the second quarter of 2025. The increase
compared with the third quarter of 2024 primarily reflects higher client activity, net new business and higher market values. Compared with the second quarter of 2025, higher market values and client activity was offset by lower Depositary Receipts revenue.

AUC/A totaled $57.8 trillion at Sept. 30, 2025, an increase of 11% compared with Sept. 30, 2024, primarily reflecting net client inflows and higher market values. AUC/A consisted of 38% equity securities and 62% fixed income securities at Sept. 30, 2025 and 37% equity securities and 63% fixed income securities at Sept. 30, 2024.

See “Securities Services business segment” and “Market and Wealth Services business segment” in “Review of business segments” for additional details.

Investment management and performance fees

Investment management and performance fees decreased 2% compared with the third quarter of 2024 and increased 3% compared with the second quarter of 2025. The decrease compared with the third quarter of 2024 primarily reflects the mix of AUM flows and the adjustment for certain rebates
6 BNY


(offset in noninterest expense), partially offset by higher market values and the favorable impact of the weaker U.S. dollar. The increase compared with the second quarter of 2025 primarily reflects higher market values. Performance fees were $6 million in the third quarter of 2025, $13 million in the third quarter of 2024 and $10 million in the second quarter of 2025. On a constant currency basis, investment management and performance fees decreased 2% (Non-GAAP) compared with the third quarter of 2024. See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 44 for the reconciliation of Non-GAAP measures.

AUM was $2.1 trillion at Sept. 30, 2025, flat compared with Sept. 30, 2024, primarily reflecting higher market values, partially offset by cumulative net outflows.

See “Investment and Wealth Management business segment” in “Review of business segments” for additional details regarding the drivers of investment management and performance fees, AUM and AUM flows.

Foreign exchange revenue

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 decreased 5% compared with the third quarter of 2024 and 22% compared with the second quarter of 2025. The decrease compared with the third quarter of 2024 primarily reflects the impact of corporate treasury activity, partially offset by higher volumes. The decrease compared with the second quarter of 2025 primarily reflects lower volatility. 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.
Financing-related fees

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 26% compared with the third quarter of 2024 and 31% compared with the second quarter of 2025. The increases compared with the third quarter of 2024 and second quarter of 2025 primarily reflect higher underwriting fees.

Investment and other revenue

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 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.

BNY 7


The following table provides the components of investment and other revenue.

Investment and other revenue
(in millions)3Q252Q253Q24YTD25YTD24
Income from consolidated investment management funds$23 $35 $28 $64 $51 
Seed capital gains (a)
8 8 3 10 17 
Other trading revenue73 59 79 203 225 
Renewable energy investments gains19 15 6 49 20 
Corporate/bank-owned life insurance41 35 36 114 90 
Other investments gains (b)
7 26 12 57 59 
Disposal gains12 — — 52 — 
Expense reimbursements from joint venture36 34 32 101 89 
Other income19 7 17 37 31 
Net securities (losses)(30)(35)(17)(65)(35)
Total investment and other revenue$208 $184 $196 $622 $547 
(a)    Includes gains (losses) on investments in BNY funds which hedge deferred incentive awards.
(b)    Includes strategic equity, private equity and other investments.


The increase in total investment and other revenue compared with the third quarter of 2024 primarily reflects a disposal gain and other investment gains (primarily renewable energy and corporate/bank-owned life insurance), partially offset by higher net securities losses. The increase compared with the second quarter of 2025 primarily reflects a disposal gain and higher client activity in our fixed income and equity trading business.

Year-to-date 2025 compared with year-to-date 2024

Fee revenue increased 6% compared with the first nine months of 2024, primarily reflecting higher investment services fees and foreign exchange revenue, partially offset by lower investment management and performance fees. The 9% increase in investment services fees primarily reflects higher
client activity, net new business, higher market values and higher Depositary Receipts revenue. Investment management and performance fees decreased 2%, primarily reflecting the mix of AUM flows and the adjustment for certain rebates (offset in noninterest expense), partially offset by higher market values and the favorable impact of a weaker U.S. dollar. The 5% increase in foreign exchange revenue primarily reflects higher volatility and volumes.

Investment and other revenue increased $75 million compared with the first nine months of 2024, primarily reflecting disposal gains recorded in the first nine months of 2025 and other investment gains (primarily renewable energy and corporate/bank-owned life insurance), partially offset by higher net securities losses.

8 BNY


Net interest income

Net interest incomeYTD25
3Q25 vs. vs.
(dollars in millions)3Q252Q253Q242Q253Q24YTD25YTD24YTD24
Net interest income$1,236 $1,203 $1,048 3%18%$3,598 $3,118 15%
Add: Tax equivalent adjustment— 1 — N/MN/M1 1 N/M
Net interest income (FTE) – Non-GAAP (a)
$1,236 $1,204 $1,048 3%18%$3,599 $3,119 15%
Average interest-earning assets
$374,493 $375,542 $356,934 —%5%$368,313 $352,250 5%
Net interest margin1.31%1.27%1.16%4 bps15 bps1.30%1.16%14 bps
Net interest margin (FTE) – Non-GAAP (a)
1.31%1.27%1.16%4 bps15 bps1.30%1.16%14 bps
(a)    Net interest income (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP include the tax equivalent adjustments on tax-exempt income, which allows for comparisons of amounts arising from both taxable and tax-exempt sources and is consistent with industry practice. The adjustment to an FTE basis has no impact on net income.
N/M – Not meaningful.
bps – basis points.


Net interest income increased 18% compared with the third quarter of 2024 and 3% compared with the second quarter of 2025. The increase compared with the third quarter of 2024 primarily reflects the continued reinvestment of maturing investment securities at higher yields and balance sheet growth, partially offset by changes in deposit mix. The increase compared with the second quarter of 2025 primarily reflects the continued reinvestment of maturing investment securities at higher yields, partially offset by changes in deposit mix.

Net interest margin increased 15 basis points compared with the third quarter of 2024 and 4 basis points compared with the second quarter of 2025. The changes compared with the third quarter of 2024 and the second quarter of 2025 primarily reflect the factors mentioned above.

Average interest-earning assets increased 5% compared with the third quarter of 2024 and were flat compared with the second quarter of 2025. The increase compared with the third quarter of 2024 primarily reflects higher securities balances and federal funds sold and securities purchased under resale agreements, partially offset by lower interest-bearing deposits with the Federal Reserve and other central banks. Compared with the second quarter of 2025, lower interest-bearing deposits with the Federal Reserve and other central banks were offset by higher loans, federal funds sold and securities purchased under resale agreements and securities balances.

Average non-U.S. dollar deposits comprised approximately 25% of our average total deposits in the third quarter of 2025. Approximately 50% of the average non-U.S. dollar deposits in the third quarter of 2025 were euro-denominated.

Year-to-date 2025 compared with year-to-date 2024

Net interest income increased 15% compared with the first nine months of 2024, primarily driven by the continued reinvestment of maturing investment securities at higher yields and balance sheet growth, partially offset by changes in deposit mix. The increase in the net interest margin primarily reflects the factors mentioned above.

Average interest-earning assets increased 5% compared with the first nine months of 2024, primarily reflecting higher federal funds sold and securities purchased under resale agreements and higher securities balances, partially offset by lower interest-bearing deposits with the Federal Reserve and other central banks.

BNY 9


Average balances and interest ratesQuarter ended
Sept. 30, 2025June 30, 2025Sept. 30, 2024
(dollars in millions; average rates are annualized)Average
balance		InterestAverage
rates		Average
balance		InterestAverage
rates		Average
 balance		InterestAverage
 rates
Assets
Interest-earning assets:
Interest-bearing deposits with the Federal Reserve and other central banks$94,533 $892 3.69%$99,426 $937 3.73%$100,611 $1,188 4.62%
Interest-bearing deposits with banks10,980 81 2.97 11,199 87 3.10 10,559 109 4.15 
Federal funds sold and securities purchased under resale agreements (a)
40,885 3,159 30.66 39,522 3,176 32.23 31,183 2,874 36.65 
Loans72,692 1,062 5.80 71,265 1,032 5.81 69,205 1,142 6.57 
Securities:
U.S. government obligations 31,754 287 3.59 29,279 265 3.63 28,490 266 3.71 
U.S. government agency obligations 61,174 520 3.40 62,874 529 3.36 62,572 511 3.26 
Other securities54,986 499 3.61 54,610 487 3.58 48,647 487 4.00 
Total investment securities147,914 1,306 3.52 146,763 1,281 3.49 139,709 1,264 3.61 
Trading securities (b)
7,489 94 5.02 7,367 90 4.84 5,667 75 5.33 
Total securities (b)
155,403 1,400 3.59 154,130 1,371 3.56 145,376 1,339 3.68 
Total interest-earning assets (b)
$374,493 $6,594 6.98%$375,542 $6,603 7.03%$356,934 $6,652 7.40%
Noninterest-earning assets62,998 63,066 59,463 
Total assets$437,491 $438,608 $416,397 
Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits$248,016 $1,813 2.90%$250,688 $1,840 2.95%$236,724 $2,271 3.82%
Federal funds purchased and securities sold under repurchase agreements (a)
16,242 2,829 69.11 17,485 2,875 65.95 16,584 2,620 62.85 
Trading liabilities3,333 37 4.40 2,821 35 4.94 1,844 22 4.83 
Other borrowed funds243 2 4.63 432 6 5.06 418 3 3.15 
Commercial paper3,268 38 4.63 2,511 29 4.56 1,474 21 5.50 
Payables to customers and broker-dealers16,434 180 4.34 15,494 162 4.19 12,737 170 5.29 
Long-term debt32,503 459 5.53 31,805 452 5.64 33,154 497 5.93 
Total interest-bearing liabilities$320,039 $5,358 6.64%$321,236 $5,399 6.74%$302,935 $5,604 7.36%
Total noninterest-bearing deposits51,310 49,610 47,962 
Other noninterest-bearing liabilities21,674 24,073 24,122 
Total liabilities393,023 394,919 375,019 
Total The Bank of New York Mellon Corporation shareholders’ equity43,974 43,223 41,115 
Noncontrolling interests494 466 263 
Total liabilities and equity$437,491 $438,608 $416,397 
Net interest income (FTE) – Non-GAAP (b)(c)
$1,236 $1,204 $1,048 
Net interest margin (FTE) – Non-GAAP (b)(c)
1.31%1.27%1.16%
Less: Tax equivalent adjustment— 1 — 
Net interest income – GAAP$1,236 $1,203 $1,048 
Net interest margin – GAAP1.31%1.27%1.16%
(a)    Includes the average impact of offsetting under enforceable netting agreements of approximately $241 billion for the third quarter of 2025, $247 billion for the second quarter of 2025 and $179 billion for the third quarter of 2024. 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 4.45% for the third quarter of 2025, 4.45% for the second quarter of 2025 and 5.43% for the third quarter of 2024. 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 4.36% for the third quarter of 2025, 4.36% for the second quarter of 2025 and 5.32% for the third quarter of 2024. 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.
(b)    Average rates were calculated on an FTE basis, at tax rates of approximately 21%.
(c)    See “Net interest income” on page 9 for the reconciliation of this Non-GAAP measure.


10 BNY


Average balances and interest ratesYear-to-date
Sept. 30, 2025Sept. 30, 2024
(dollars in millions; average rates are annualized)Average
 balance		InterestAverage
 rates		Average
 balance		InterestAverage
 rates
Assets
Interest-earning assets:
Interest-bearing deposits with the Federal Reserve and other central banks$93,363 $2,655 3.75%$101,883 $3,608 4.65%
Interest-bearing deposits with banks10,757 252 3.14 11,162 340 4.07 
Federal funds sold and securities purchased under resale agreements (a)
40,524 9,257 30.54 29,079 7,938 36.46 
Loans71,220 3,093 5.80 67,782 3,322 6.54 
Securities:
U.S. government obligations 29,235 782 3.57 28,028 785 3.74 
U.S. government agency obligations 62,512 1,568 3.34 62,751 1,534 3.26 
Other securities53,679 1,448 3.60 46,343 1,394 4.02 
Total investment securities145,426 3,798 3.49 137,122 3,713 3.61 
Trading securities (b)
7,023 265 5.04 5,222 220 5.64 
Total securities (b)
152,449 4,063 3.56 142,344 3,933 3.69 
Total interest-earning assets (b)
$368,313 $19,320 7.00%$352,250 $19,141 7.23%
Noninterest-earning assets62,414 58,730 
Total assets$430,727 $410,980 
Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits$244,416 $5,375 2.94%$233,843 $6,713 3.83%
Federal funds purchased and securities sold under repurchase agreements (a)
17,092 8,314 65.03 16,809 7,296 57.98 
Trading liabilities2,744 95 4.63 1,728 66 5.11 
Other borrowed funds321 12 5.21 424 15 4.78 
Commercial paper2,360 81 4.58 815 34 5.51 
Payables to customers and broker-dealers15,695 499 4.25 12,409 477 5.13 
Long-term debt31,846 1,345 5.58 31,919 1,421 5.89 
Total interest-bearing liabilities$314,474 $15,721 6.68%$297,947 $16,022 7.18%
Total noninterest-bearing deposits49,699 48,955 
Other noninterest-bearing liabilities23,177 23,325 
Total liabilities387,350 370,227 
Total The Bank of New York Mellon Corporation shareholders’ equity42,922 40,585 
Noncontrolling interests455 168 
Total liabilities and equity$430,727 $410,980 
Net interest income (FTE) – Non-GAAP (b)(c)
$3,599 $3,119 
Net interest margin (FTE) – Non-GAAP (b)(c)
1.30%1.16%
Less: Tax equivalent adjustment1 1 
Net interest income – GAAP$3,598 $3,118 
Net interest margin – GAAP1.30%1.16%
(a)    Includes the average impact of offsetting under enforceable netting agreements of approximately $238 billion for the first nine months of 2025 and $165 billion for the first nine months of 2024. 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 4.45% for the first nine months of 2025 and 5.47% for the first nine months of 2024. 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 4.37% for the first nine months of 2025 and 5.37% for the first nine months of 2024. 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.
(b)    Average rates were calculated on an FTE basis, at tax rates of approximately 21%.
(c)    See “Net interest income” on page 9 for the reconciliation of this Non-GAAP measure.

BNY 11


Noninterest expense

Noninterest expenseYTD25
3Q25 vs. vs.
(dollars in millions)3Q252Q253Q242Q253Q24YTD25YTD24YTD24
Staff$1,745 $1,768 $1,736 (1)%1%$5,347 $5,313 1%
Software and equipment542 527 491 3 10 1,582 1,442 10 
Professional, legal and other purchased services404 388 370 4 9 1,158 1,093 6 
Sub-custodian and clearing141 150 117 (6)21 422 370 14 
Net occupancy140 132 130 6 8 408 388 5 
Distribution and servicing68 63 90 8 (24)196 274 (28)
Business development45 53 48 (15)(6)146 134 9 
Bank assessment charges 6 22 10 N/MN/M66 20 N/M
Amortization of intangible assets12 11 12 9 — 34 37 (8)
Other133 92 96 45 39 335 275 22 
Total noninterest expense$3,236 $3,206 $3,100 1%4%$9,694 $9,346 4%
Full-time employees at period-end49,200 49,900 52,600 (1)%(6)%49,200 52,600 (6)%
N/M – Not meaningful.


Total noninterest expense increased 4% compared with the third quarter of 2024, 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. Excluding notable items, total noninterest expense also increased 4% (Non-GAAP) compared with the third quarter of 2024. Total noninterest expense increased 1% compared with the second quarter of 2025, primarily reflecting higher investments, litigation reserves and severance expense, partially offset by lower revenue-related expenses and efficiency savings. Excluding notable items, total noninterest expense was flat (Non-GAAP) compared with the second quarter of 2025.

See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 44 for the reconciliation of this Non-GAAP measure.

Year-to-date 2025 compared with year-to-date 2024

Total noninterest expense increased 4% compared with the first nine months of 2024, primarily reflecting higher investments, employee merit increases, higher revenue-related expenses and adjustments to the FDIC special assessment, partially offset by efficiency savings. Excluding notable items, total noninterest expense increased 3% (Non-GAAP) compared with the first nine months of 2024.
Income taxes

BNY recorded an income tax provision of $395 million (21.3% effective tax rate) in the third quarter of 2025. The income tax provision was $336 million (22.0% effective tax rate) in the third quarter of 2024 and $404 million (22.0% effective tax rate) in the second quarter of 2025.

For additional information on income taxes, see Note 10 of the Notes to Consolidated Financial Statements.

Review of business segments

We have an internal information system that produces performance data along product and service lines for our three principal business segments: Securities Services, Market and Wealth Services and Investment and Wealth Management, and the Other segment.

Business segment accounting principles

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.

Our business segments are consistent with the structure used by the President and Chief Executive Officer, our Chief Operating Decision Maker (“CODM”), to make key operating decisions and
12 BNY


assess performance. Our CODM evaluates the business segments’ operating performance primarily based on fee and other revenue, total revenue, income before income taxes, and pre-tax operating margin. The significant expense information regularly provided to and reviewed by the CODM is total noninterest expense. The CODM considers this information when evaluating the performance of each business segment and making decisions about allocating capital and other resources to each business segment.

For information on the accounting principles of our business segments, see Note 18 of the Notes to Consolidated Financial Statements. For information on the primary products and services in each line of business, the primary types of revenue by line of business and how our business segments are presented and analyzed, see Note 24 of the Notes to Consolidated Financial Statements in our 2024 Annual Report.

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 third quarter of 2025.

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.

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.

Fee revenue in the Investment and Wealth Management business segment, and, to a lesser extent, the Securities Services and Market and Wealth Services business segments, is impacted by global market fluctuations. At Sept. 30, 2025, we estimated that a 5% change in global equity markets, spread evenly throughout the year, would impact fee revenue by less than 1% and diluted earnings per common share by $0.05 to $0.08.

See Note 18 of the Notes to Consolidated Financial Statements for the consolidating schedules, which show the contribution of our business segments to our overall profitability.
BNY 13


Securities Services business segment

YTD25
(dollars in millions, unless otherwise noted)3Q25 vs. vs.
3Q252Q251Q254Q243Q242Q253Q24YTD25YTD24YTD24
Revenue:
Investment services fees:
Asset Servicing$1,141 $1,094 $1,062 $1,042 $1,021 4%12%$3,297 $3,052 8%
Issuer Services313 376 267 295 285 (17)10 956 868 10 
Total investment services fees1,454 1,470 1,329 1,337 1,306 (1)11 4,253 3,920 8 
Foreign exchange revenue143 175 136 147 137 (18)4 454 405 12 
Other fees (a)
73 60 65 62 57 22 28 198 172 15 
Total fee revenue1,670 1,705 1,530 1,546 1,500 (2)11 4,905 4,497 9 
Investment and other revenue119 94 140 97 105 N/MN/M353 308 N/M
Total fee and other revenue1,789 1,799 1,670 1,643 1,605 (1)11 5,258 4,805 9 
Net interest income670 675 630 681 609 (1)10 1,975 1,787 11 
Total revenue2,459 2,474 2,300 2,324 2,214 (1)11 7,233 6,592 10 
Provision for credit losses(3)(13)8 15 15 N/MN/M(8)23 N/M
Noninterest expense (excluding amortization of intangible assets)1,649 1,613 1,578 1,659 1,550 2 6 4,840 4,627 5 
Amortization of intangible assets7 7 6 7 7 — — 20 21 (5)
Total noninterest expense1,656 1,620 1,584 1,666 1,557 2 6 4,860 4,648 5 
Income before income taxes$806 $867 $708 $643 $642 (7)%26%$2,381 $1,921 24%
Pre-tax operating margin33%35%31%28%29%33%29%
Securities lending revenue (b)
$62 $56 $52 $52 $47 11%32%$170 $139 22%
Total revenue by line of business:
Asset Servicing$1,915 $1,870 $1,786 $1,797 $1,720 2%11%$5,571 $5,075 10%
Issuer Services544 604 514 527 494 (10)101,662 1,517 10 
Total revenue by line of business$2,459 $2,474 $2,300 $2,324 $2,214 (1)%11%$7,233 $6,592 10%
Selected average balances:
Average loans$10,706 $11,327 $11,347 $11,553 $11,077 (5)%(3)%$11,124 $11,128 —%
Average deposits$183,081 $185,831 $175,854 $180,843 $180,500 (1)%1%$181,615 $177,904 2%
Selected metrics:
AUC/A at period end
(in trillions) (c)
$41.7 $40.1 $38.1 $37.7 $37.5 4%11%
Market value of securities on loan at period end (in billions) (d)
$554 $516 $504 $488 $484 7%14%
Issuer Services:
Total debt serviced at period end (in trillions)
$14.5 $14.3 $13.9 $14.1 $14.3 1%1%
Number of sponsored Depositary Receipts programs at period end477 482 488 499 507 (1)%(6)%
(a)    Other fees primarily include financing-related fees.
(b)    Included in investment services fees reported in the Asset Servicing line of business.
(c)    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 Sept. 30, 2025, $2.0 trillion at June 30, 2025, $1.9 trillion at March 31, 2025, $1.8 trillion at Dec. 31, 2024 and $1.9 trillion at Sept. 30, 2024.
(d)    Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY acts as agent on behalf of CIBC Mellon clients, which totaled $81 billion at Sept. 30, 2025, $68 billion at June 30, 2025, $62 billion at March 31, 2025, $60 billion at Dec. 31, 2024 and $67 billion at Sept. 30, 2024.
N/M – Not meaningful.



14 BNY


Business segment description

The Securities Services business segment consists of two distinct lines of business, Asset Servicing and Issuer Services, which provide business solutions across the transaction life cycle to our global asset owner and asset manager clients. We are one of the leading global investment services providers with $41.7 trillion of AUC/A at Sept. 30, 2025. For information on the drivers of the Securities Services fee revenue, see Note 10 of the Notes to Consolidated Financial Statements in our 2024 Annual Report.

The Asset Servicing business provides a comprehensive suite of solutions. We are one of the largest global custody and front-to-back outsourcing partners. We offer services for the safekeeping of assets in capital markets globally, as well as fund accounting services, exchange-traded funds servicing, transfer agency, trust and depository, front-to-back capabilities as well as data and analytics solutions for our clients. We deliver foreign exchange, securities lending and financing solutions, on both an agency and principal basis. Our agency securities lending program is one of the largest lenders of U.S. and non-U.S. securities, servicing a lendable asset pool of approximately $6 trillion in 35 separate markets. Our market-leading liquidity services portal enables cash investments for institutional clients and includes fund research and analytics.

Our Digital Asset Custody platform offers custody and administration services for Bitcoin and Ether for select U.S. institutional clients. Our Digital Assets Funds Services provides accounting and administration, transfer agency and ETF services to digital asset funds. We continue to develop our digital asset capabilities, working closely with clients to address their evolving digital asset needs. As of and for the quarter ended Sept. 30, 2025, our Digital Asset Custody platform and related initiatives had a de minimis impact on our assets, liabilities, revenues and expenses.

The Issuer Services business includes Corporate Trust and Depositary Receipts. Our Corporate Trust business delivers a full range of issuer and related investor services, including trustee, paying agency, fiduciary, escrow and other financial services. We are a leading provider to debt capital markets, providing customized and market-driven solutions to investors, bondholders and lenders. Our Depositary Receipts business drives global investing by
providing servicing and value-added solutions that enable, facilitate and enhance cross-border trading, clearing, settlement and ownership. We are one of the largest providers of depositary receipts services in the world, partnering with leading companies from more than 50 countries.

Review of financial results

AUC/A of $41.7 trillion increased 11% compared with Sept. 30, 2024, primarily reflecting net client inflows, higher market values and net new business.

Total revenue of $2.5 billion increased 11% compared with the third quarter of 2024 and decreased 1% compared with the second quarter of 2025. The drivers of total revenue by line of business are indicated below.

Asset Servicing revenue of $1.9 billion increased 11% compared with the third quarter of 2024 and 2% compared with the second quarter of 2025. The increase compared with the third quarter of 2024 primarily reflects higher client activity, net interest income, market values and a disposal gain. The increase compared with the second quarter of 2025 primarily reflects higher client activity, market values and a disposal gain, partially offset by lower foreign exchange revenue.

Issuer Services revenue of $544 million increased 10% compared with the third quarter of 2024 and decreased 10% compared with the second quarter of 2025. The increase compared with the third quarter of 2024 primarily reflects higher Depositary Receipts revenue and net interest income in Corporate Trust. The decrease compared with the second quarter of 2025 primarily reflects lower Depositary Receipts revenue.

Market and regulatory trends are driving investable assets toward lower fee asset management products at reduced margins for our clients. These dynamics are also negatively impacting our investment services fees. However, at the same time, these trends are providing additional outsourcing opportunities as clients and other market participants seek to comply with regulations and reduce their operating costs.

Noninterest expense of $1.7 billion increased 6% compared with the third quarter of 2024 and 2% compared with the second quarter of 2025. The
BNY 15


increase compared with the third quarter of 2024 primarily reflects higher investments, severance expense and revenue-related expenses, and employee merit increases, partially offset by efficiency savings. The increase compared with the second quarter of 2025 primarily reflects higher severance expense, investments and litigation reserves, partially offset by lower revenue-related expenses.

Year-to-date 2025 compared with year-to-date 2024

Total revenue of $7.2 billion increased 10% compared with the first nine months of 2024. Asset Servicing revenue of $5.6 billion increased 10% compared with the first nine months of 2024, primarily reflecting higher net interest income, client activity, market values and foreign exchange revenue. Issuer Services revenue of $1.7 billion increased 10%, primarily reflecting higher Depositary Receipts revenue, a disposal gain and higher Corporate Trust fees.

Noninterest expense of $4.9 billion increased 5% compared with the first nine months of 2024, primarily reflecting higher investments, severance and revenue-related expenses, and employee merit increases, partially offset by efficiency savings.
16 BNY


Market and Wealth Services business segment

YTD25
(dollars in millions, unless otherwise noted)3Q25 vs. vs.
3Q252Q251Q254Q243Q242Q253Q24YTD25YTD24YTD24
Revenue:
Investment services fees:
Pershing$508 $513 $503 $516 $475 (1)%7%$1,524 $1,431 6%
Treasury Services214 209 209 206 200 2 7 632 586 8 
Clearance and Collateral Management398 385 362 364 354 3 12 1,145 1,021 12 
Total investment services fees1,120 1,107 1,074 1,086 1,029 1 9 3,301 3,038 9 
Foreign exchange revenue31 30 29 27 23 3 35 90 70 29 
Other fees (a)
70 63 65 61 58 11 21 198 174 14 
Total fee revenue1,221 1,200 1,168 1,174 1,110 2 10 3,589 3,282 9 
Investment and other revenue22 36 21 19 20 N/MN/M79 60 N/M
Total fee and other revenue1,243 1,236 1,189 1,193 1,130 1 10 3,668 3,342 10 
Net interest income524 506 497 474 415 4 26 1,527 1,255 22 
Total revenue1,767 1,742 1,686 1,667 1,545 1 14 5,195 4,597 13 
Provision for credit losses(3)(6)4 9 7 N/MN/M(5)10 N/M
Noninterest expense (excluding amortization of intangible assets)894 897 865 851 833 — 7 2,656 2,498 6 
Amortization of intangible assets1 — 1 1 1 N/M— 2 3 N/M
Total noninterest expense895 897 866 852 834 — 7 2,658 2,501 6 
Income before income taxes$875 $851 $816 $806 $704 3%24%$2,542 $2,086 22%
Pre-tax operating margin50%49%48%48%46%49%45%
Total revenue by line of business:
Pershing$729 $739 $719 $705 $649 (1)%12%$2,187 $1,982 10%
Treasury Services510 490 477 471 424 4 20 1,477 1,266 17 
Clearance and Collateral Management528 513 490 491 472 3 12 1,531 1,349 13 
Total revenue by line of business$1,767 $1,742 $1,686 $1,667 $1,545 1%14%$5,195 $4,597 13%
Selected average balances:
Average loans$46,278 $44,262 $42,986 $42,217 $42,730 5%8%$44,520 $41,303 8%
Average deposits$97,497 $96,566 $91,905 $90,980 $88,856 1%10%$95,343 $89,918 6%
Selected metrics:
AUC/A at period end (in trillions) (b)
$15.8 $15.4 $14.7 $14.1 $14.3 3%10%
Pershing:
AUC/A at period end (in trillions)
$3.0 $2.8 $2.7 $2.7 $2.7 7%11%
Net new assets (U.S. platform) (in billions) (c)
$3 $(10)$11 $41 $(22)N/MN/M
Daily average revenue trades (“DARTs”) (U.S. platform) (in thousands)
269 334 298 254 251 (19)%7%
Average active clearing accounts (in thousands)
8,387 8,405 8,406 8,260 8,085 —%4%
Treasury Services:
Average daily U.S. dollar payment volumes246,286 246,250 244,673 250,714 242,243 —%2%
Clearance and Collateral Management:
Average collateral balances (in billions)
$7,275 $7,061 $6,576 $6,463 $6,380 3%14%
(a)    Other fees primarily include financing-related fees.
(b)    Consists of AUC/A from the Clearance and Collateral Management and Pershing lines of business.
(c)    Net new assets represent net flows of assets (e.g., net cash deposits and net securities transfers, including dividends and interest) in customer accounts in Pershing LLC, a U.S. broker-dealer.
N/M – Not meaningful.


BNY 17


Business segment description

The Market and Wealth Services business segment consists of three distinct lines of business, Pershing, Treasury Services and Clearance and Collateral Management, which provide business services and technology solutions to entities including financial institutions, corporations, foundations and endowments, public funds and government agencies. For information on the drivers of the Market and Wealth Services fee revenue, see Note 10 of the Notes to Consolidated Financial Statements in our 2024 Annual Report.

Pershing provides execution, clearing, custody, business and technology solutions, delivering operational support to broker-dealers, wealth managers and registered investment advisors (“RIAs”) globally.

Our Treasury Services business is a leading provider of global payments, liquidity management and trade finance services for financial institutions, corporations and the public sector.

Our Clearance and Collateral Management business clears and settles equity and fixed income transactions globally and serves as custodian for tri-party repo collateral worldwide. We are the primary provider of U.S. government securities clearance and a provider of non-U.S. government securities clearance. Our collateral services include collateral management, administration and segregation. We offer innovative solutions and industry expertise, which help financial institutions and institutional investors with their financing, risk and balance sheet challenges.

Review of financial results

AUC/A of $15.8 trillion increased 10% compared with Sept. 30, 2024, primarily reflecting net client inflows and higher market values.

Total revenue of $1.8 billion increased 14% compared with the third quarter of 2024 and 1% compared with the second quarter of 2025. The drivers of total revenue by line of business are indicated below.

Pershing revenue of $729 million increased 12% compared with the third quarter of 2024 and
decreased 1% compared with the second quarter of 2025. The increase compared with the third quarter of 2024 primarily reflects higher net interest income, market values and client activity. The decrease compared with the second quarter of 2025 primarily reflects lower client activity.

Treasury Services revenue of $510 million increased 20% compared with the third quarter of 2024 and 4% compared with the second quarter of 2025. Both increases primarily reflect higher net interest income and net new business.

Clearance and Collateral Management revenue of $528 million increased 12% compared with the third quarter of 2024 and 3% compared with the second quarter of 2025. The increase compared with the third quarter of 2024 primarily reflects higher collateral management balances, clearance volumes and net interest income. The increase compared with the second quarter of 2025 primarily reflects higher collateral management balances.

Noninterest expense of $895 million increased 7% compared with the third quarter of 2024 and was flat compared with the second quarter of 2025. The increase compared with the third quarter of 2024 primarily reflects higher investments, employee merit increases and higher revenue-related expenses, partially offset by efficiency savings.

Year-to-date 2025 compared with year-to-date 2024

Total revenue of $5.2 billion increased 13% compared with the first nine months of 2024. Pershing revenue of $2.2 billion increased 10%, primarily reflecting higher net interest income, market values and client activity. Treasury Services revenue of $1.5 billion increased 17%, primarily reflecting higher net interest income and net new business. Clearance and Collateral Management revenue of $1.5 billion increased 13%, primarily reflecting higher clearance volumes, collateral management balances and net interest income.

Noninterest expense of $2.7 billion increased 6% compared with the first nine months of 2024, primarily reflecting higher investments, employee merit increases, and higher litigation reserves and revenue-related expenses, partially offset by efficiency savings.
18 BNY


Investment and Wealth Management business segment

YTD25
3Q25 vs. vs.
(dollars in millions)3Q252Q251Q254Q243Q242Q253Q24YTD25YTD24YTD24
Revenue:
Investment management fees (a)
$776 $748 $735 $789 $782 4%(1)%$2,259 $2,304 (2)%
Performance fees6 10 5 20 13 N/MN/M21 31 N/M
Investment management and performance fees (b)
782 758 740 809 795 3 (2)2,280 2,335 (2)
Distribution and servicing fees69 69 68 68 68 — 1 206 207 — 
Other fees (c)
(78)(76)(75)(64)(68)N/MN/M(229)(192)N/M
Total fee revenue773 751 733 813 795 3 (3)2,257 2,350 (4)
Investment and other revenue (d)
10 9 5 13 9 N/MN/M24 37 N/M
Total fee and other revenue (d)
783 760 738 826 804 3 (3)2,281 2,387 (4)
Net interest income41 41 41 47 45 — (9)123 129 (5)
Total revenue824 801 779 873 849 3 (3)2,404 2,516 (4)
Provision for credit losses— — 2 — 1 N/MN/M2 4 N/M
Noninterest expense (excluding amortization of intangible assets) (a)
636 649 710 695 668 (2)(5)1,995 2,067 (3)
Amortization of intangible assets4 4 4 5 4 — — 12 13 (8)
Total noninterest expense640 653 714 700 672 (2)(5)2,007 2,080 (4)
Income before income taxes$184 $148 $63 $173 $176 24%5%$395 $432 (9)%
Pre-tax operating margin22%19%8%20%21%16%17%
Adjusted pre-tax operating margin – Non-GAAP (e)
24%20%9%22%23%18%19%
Total revenue by line of business:
Investment Management (a)
$546 $531 $505 $585 $569 3%(4)%$1,582 $1,694 (7)%
Wealth Management278 270 274 288 280 3(1)822 822 — 
Total revenue by line of business$824 $801 $779 $873 $849 3%(3)%$2,404 $2,516 (4)%
Selected average balances:
Average loans$14,143 $13,991 $13,537 $13,718 $13,648 1%4%$13,892 $13,574 2%
Average deposits$9,201 $9,216 $9,917 $9,967 $10,032 —%(8)%$9,442 $10,798 (13)%
(a)    Beginning in the first quarter of 2025, certain rebate agreements, which were previously recorded as distribution and servicing expense, began to be reflected as a reduction of investment management fees. These amounts totaled approximately $20 million for all quarterly periods presented and impacted the year-over-year variances for investment management fees and related revenue subtotals, noninterest expense and Investment Management total revenue in the table above.
(b)    On a constant currency basis, investment management and performance fees decreased 2% (Non-GAAP) compared with the third quarter of 2024. See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 44 for the reconciliation of this Non-GAAP measure.
(c)    Other fees primarily include investment services fees.
(d)    Investment and other revenue and total fee and other revenue are net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds.
(e)    Net of distribution and servicing expense. See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 44 for the reconciliation of this Non-GAAP measure.
N/M – Not meaningful.
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AUM trends3Q25 vs.
(dollars in billions)3Q252Q251Q254Q243Q242Q253Q24
AUM by product type: (a)
Equity $180 $168 $156 $162 $173 7%4%
Fixed income 257 248 234 221 235 4 9 
Index 512 488 470 491 498 5 3 
Liability-driven investments537 588 549 548 637 (9)(16)
Multi-asset and alternative investments 181 173 167 171 175 5 3 
Cash475 441 432 436 426 8 12 
Total AUM$2,142 $2,106 $2,008 $2,029 $2,144 2%—%
Changes in AUM: (a)
Beginning balance of AUM$2,106 $2,008 $2,029 $2,144 $2,045 
Net inflows (outflows):
Long-term strategies:
Equity(8)(3)(3)(5)(2)
Fixed income7 5 2 (2)4 
Liability-driven investments(23)— 1 (11)(4)
Multi-asset and alternative investments(1)(4)(2)(2)(6)
Total long-term active strategies (outflows) inflows(25)(2)(2)(20)(8)
Index(8)(22)(11)(7)(16)
Total long-term strategies (outflows)(33)(24)(13)(27)(24)
Short-term strategies:
Cash34 7 (5)12 24 
Total net inflows (outflows)1 (17)(18)(15)— 
Net market impact30 70 (25)(45)58 
Net currency impact(10)45 22 (55)41 
Other15 (b)— — — — 
Ending balance of AUM$2,142 $2,106 $2,008 $2,029 $2,144 2%—%
Wealth Management client assets (c)
$348 $339 $327 $327 $333 3%5%
(a)    Represents assets managed in the Investment and Wealth Management business segment.
(b)    Reflects a change in methodology beginning in the third quarter of 2025 to include assets under advisement.
(c)    Includes AUM and AUC/A in the Wealth Management line of business.


Business segment description

Our Investment and Wealth Management business segment consists of the Investment Management and Wealth Management lines of business. Our investment firms deliver a highly diversified portfolio of investment strategies independently, and through our global distribution network, to institutional and retail clients globally. Wealth Management provides investment management, custody, wealth and estate planning, private banking services, investment servicing and information management. See pages 18 and 19 of our 2024 Annual Report for additional information on our Investment and Wealth Management business segment.

Review of financial results

AUM of $2.1 trillion as of Sept. 30, 2025, was flat compared with Sept. 30, 2024, primarily reflecting higher market values, partially offset by cumulative net outflows.
Net long-term strategy outflows were $33 billion in the third quarter of 2025, driven by liability-driven investments, equity and index investments, partially offset by inflows of fixed income investments. Short-term strategy inflows were $34 billion in the third quarter of 2025. Market and regulatory trends have resulted in increased demand for lower fee asset management products and for performance-based fees.

Total revenue of $824 million decreased 3% compared with the third quarter of 2024 and increased 3% compared with the second quarter of 2025.

Investment Management revenue of $546 million decreased 4% compared with the third quarter of 2024 and increased 3% compared with the second quarter of 2025. The decrease compared with the third quarter of 2024 primarily reflects the mix of AUM flows and the adjustment for certain rebates (offset in noninterest expense) (refer to note (a) on
20 BNY


page 19), partially offset by higher market values and the favorable impact of the weaker U.S. dollar. The increase compared with the second quarter of 2025 primarily reflects higher market values.

Wealth Management revenue of $278 million decreased 1% compared with the third quarter of 2024 and increased 3% compared with the second quarter of 2025. The increase compared with the second quarter of 2025 primarily reflects higher market values.

Revenue generated in the Investment and Wealth Management business segment included 28% from non-U.S. sources in the third quarter of 2025, compared with 31% in the third quarter of 2024 and 29% in the second quarter of 2025.

Noninterest expense of $640 million decreased 5% compared with the third quarter of 2024 and 2% compared with the second quarter of 2025. The decrease compared with the third quarter of 2024 primarily reflects lower revenue-related expenses (including the adjustment for certain rebates) and efficiency savings, partially offset by employee merit
increases, higher investments and the unfavorable impact of the weaker U.S. dollar. The decrease compared with the second quarter of 2025 primarily reflects lower severance expense.

Year-to-date 2025 compared with year-to-date 2024

Total revenue of $2.4 billion decreased 4% compared with the first nine months of 2024. Investment Management revenue of $1.6 billion decreased 7%, primarily reflecting the mix of AUM flows and the adjustment for certain rebates (offset in noninterest expense) (refer to note (a) on page 19), partially offset by higher market values. Wealth Management revenue of $822 million was flat reflecting higher market values, offset by changes in product mix and lower net interest income.

Noninterest expense of $2.0 billion decreased 4% compared with the first nine months of 2024, primarily reflecting lower revenue-related expenses (including the adjustment for certain rebates) and efficiency savings, partially offset by higher investments and employee merit increases.

Other segment

(in millions)3Q252Q251Q254Q243Q24YTD25YTD24
Fee revenue$(27)$(15)$(28)$(20)$(1)$(70)$(22)
Investment and other revenue45 33 62 9 55 140 131 
Total fee and other revenue18 18 34 (11)54 70 109 
Net interest income (expense)1 (19)(9)(8)(21)(27)(53)
Total revenue19 (1)25 (19)33 43 56 
Provision for credit losses(1)2 4 (4)— 5 13 
Noninterest expense45 36 88 137 37 169 117 
(Loss) before income taxes$(25)$(39)$(67)$(152)$(4)$(131)$(74)
Average loans and leases$1,565 $1,685 $1,800 $1,723 $1,750 $1,684 $1,777 


See page 20 of our 2024 Annual Report for additional information on the Other segment.

Review of financial results

Total revenue includes corporate treasury and other investment activity, including hedging activity, which has an offsetting impact between fee and other revenue and net interest expense.

Total revenue decreased $14 million compared with the third quarter of 2024 and increased $20 million
compared with the second quarter of 2025. The decrease compared with the third quarter of 2024 was primarily driven by higher net securities losses. The increase compared with the second quarter of 2025 primarily reflects gains realized on the sale of real estate.

Noninterest expense increased $8 million compared with the third quarter of 2024 and $9 million compared with the second quarter of 2025. The increase compared with the third quarter of 2024 was primarily driven by higher staff expense. The
BNY 21


increase compared with the second quarter of 2025 primarily reflects higher litigation reserves.

Year-to-date 2025 compared with year-to-date 2024

Loss before income taxes increased $57 million compared with the first nine months of 2024, primarily driven by higher noninterest expense. Noninterest expense increased $52 million compared with the first nine months of 2024, primarily reflecting higher staff expense, partially offset by lower litigation reserves and severance expense.

Critical accounting estimates

Our significant accounting policies are described in Note 1 of the Notes to Consolidated Financial Statements in our 2024 Annual Report. Our critical accounting estimates are those related to the allowance for credit losses, goodwill and other intangibles and litigation and regulatory contingencies, as referenced below.

Critical accounting estimates
Reference
Allowance for credit losses2024 Annual Report, pages 23-24, and “Allowance for credit losses.”
Goodwill and other intangibles2024 Annual Report, pages 24-25. Also see below.
Litigation and regulatory contingencies“Legal proceedings” in Note 17 of the Notes to Consolidated Financial Statements.


Goodwill and other intangibles

BNY’s business segments include seven reporting units for which goodwill impairment testing is performed on an annual basis. An interim goodwill impairment test is performed when events or circumstances occur that may indicate that it is more likely than not that the fair value of any reporting unit may be less than its carrying value.

In the third quarter of 2025, due to the results of the second quarter 2025 interim goodwill impairment test and macroeconomic conditions, we performed an interim goodwill impairment test of the Investment Management reporting unit, which had $6.2 billion of allocated goodwill. The fair value of the Investment Management reporting unit exceeded its carrying value by approximately 8%. We determined the fair value of the Investment Management reporting unit
using an income approach based on management’s projections as of Sept. 30, 2025. The discount rate applied to these cash flows was 10%.

As of Sept. 30, 2025, if the discount rate applied to the estimated cash flows was increased or decreased by 25 basis points, the fair value of the Investment Management reporting unit would decrease or increase by approximately 4%, respectively. Similarly, if the long-term growth rate was increased or decreased by 10 basis points, the fair value of the Investment Management reporting unit would increase or decrease by approximately 1%, respectively.

Determining the fair value of a reporting unit is subject to uncertainty as it is reliant on estimates of cash flows that extend far into the future, and, by their nature, are difficult to estimate over such an extended time frame. In the future, changes in the assumptions or the discount rate could produce a material non-cash goodwill impairment.

Consolidated balance sheet review

One of our key risk management objectives is to maintain a balance sheet that remains strong throughout market cycles to meet the expectations of our major stakeholders, including our shareholders, clients, creditors and regulators.

We also seek to undertake overall liquidity risk, including intraday liquidity risk, that stays within our risk appetite. The objective of our balance sheet management strategy is to maintain a balance sheet that is characterized by strong liquidity and asset quality, ready access to external funding sources at competitive rates and a strong capital structure that supports our risk-taking activities and is adequate to absorb potential losses. In managing the balance sheet, appropriate consideration is given to balancing the competing needs of maintaining sufficient levels of liquidity and complying with applicable regulations and supervisory expectations while optimizing profitability.

At Sept. 30, 2025, total assets were $455 billion, compared with $416 billion at Dec. 31, 2024. The increase in total assets was primarily driven by higher interest-bearing deposits with the Federal Reserve and other central banks, securities and loans. Deposits totaled $315 billion at Sept. 30, 2025, compared with $290 billion at Dec. 31, 2024. The
22 BNY


increase reflects higher interest-bearing deposits and noninterest-bearing deposits. Total interest-bearing deposits as a percentage of total interest-earning assets were 65% at Sept. 30, 2025 and Dec. 31, 2024.

At Sept. 30, 2025, available funds totaled $164 billion and included cash and due from banks, interest-bearing deposits with the Federal Reserve and other central banks, interest-bearing deposits with banks and federal funds sold and securities purchased under resale agreements. This compares with available funds of $144 billion at Dec. 31, 2024. Total available funds as a percentage of total assets was 36% at Sept. 30, 2025 and 35% at Dec. 31, 2024. For additional information on our available funds, see “Liquidity and dividends.”

Securities were $150 billion, or 33% of total assets, at Sept. 30, 2025, compared with $137 billion, or 33% of total assets, at Dec. 31, 2024. The increase primarily reflects higher U.S. Treasury and non-U.S. government securities and unrealized pre-tax gains in the first nine months of 2025, partially offset by lower U.S. government agency securities. For additional information on our securities portfolio, see “Securities” and Note 3 of the Notes to Consolidated Financial Statements.

Loans were $75 billion, or 17% of total assets, at Sept. 30, 2025, compared with $72 billion, or 17% of total assets, at Dec. 31, 2024. The increase was primarily driven by higher margin loans and other residential mortgage loans, partially offset by lower overdrafts. For additional information on our loan portfolio, see “Loans” and Note 4 of the Notes to Consolidated Financial Statements.

Long-term debt totaled $32 billion at Sept. 30, 2025 and $31 billion at Dec. 31, 2024. Issuances and an increase in the fair value of hedged long-term debt were partially offset by maturities and redemptions. For additional information on long-term debt, see “Liquidity and dividends.”

The Bank of New York Mellon Corporation total shareholders’ equity totaled $44 billion at Sept. 30, 2025 and $41 billion at Dec. 31, 2024. For additional information, see “Capital.”

Country risk exposure

The following table presents BNY’s top 10 exposure by country (excluding the U.S.) as of Sept. 30, 2025, as well as certain countries with higher risk profiles. The exposure is presented on an internal risk management basis and has not been reduced by the allowance for credit losses. We monitor our exposure to these and other countries as part of our internal country risk management process.

The country risk exposure below reflects the Company’s risk to an immediate default of the counterparty or obligor based on the country of residence of the entity which incurs the liability. If there is credit risk mitigation, the country of residence of the entity providing the risk mitigation is the country of risk. The country of risk for securities is generally based on the domicile of the issuer of the security. The country risk exposure below does not reflect exposure that might arise from certain commitments and contingent liabilities set forth in Note 17 of the Notes to Consolidated Financial Statements.

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Country risk exposure at Sept. 30, 2025
Interest-bearing depositsTotal exposure
(in billions)Central
banks		Banks
Lending (a)
Securities (b)
Other (c)
Top 10 country exposure:
United Kingdom (“UK”)$9.8 $0.3 $1.2 $6.9 $2.7 $20.9 
Germany15.6 0.3 0.6 3.6 0.2 20.3 
Japan5.9 0.5 — 0.5 0.3 7.2 
Canada— 0.9 0.1 4.2 2.0 7.2 
Netherlands1.3 — 0.3 3.6 0.2 5.4 
Luxembourg0.1 0.4 1.3 — 2.2 4.0 
United Arab Emirates— 0.1 1.1 — 2.5 3.7 
South Korea0.1 0.1 2.3 0.2 1.0 3.7 
France— — 0.1 3.2 0.4 3.7 
Belgium1.5 0.7 0.1 1.2 0.1 3.6 
Total Top 10 country exposure$34.3 $3.3 $7.1 $23.4 $11.6 $79.7 (d)
Select country exposure:
Brazil$— $— $1.3 $0.2 $0.1 $1.6 
Russia— 1.1 (e)— — — 1.1 
(a)    Lending includes loans, acceptances, issued letters of credit, net of participations, and lending-related commitments.
(b)    Securities include both the available-for-sale and held-to-maturity portfolios.
(c)    Other exposure includes over-the-counter (“OTC”) derivative and securities financing transactions, net of collateral.
(d)    The top 10 country exposure comprises 65% of our total non-U.S. exposure.
(e)    Represents cash balances with exposure to Russia.


We have exposure to certain countries with higher risk profiles. The country risk exposure to Brazil is primarily short-term trade finance loans extended to large financial institutions. We also have operations in Brazil providing investment services and investment management services.

The war in Ukraine has increased our focus on Russia. The country risk exposure to Russia consists of cash balances related to our Securities Services businesses and may increase in the future to the extent cash is allocated for the benefit of our clients that is subject to distribution restrictions. BNY has ceased new banking business in Russia and suspended investment management purchases of Russian securities.


Russian securities included in our AUC/A and AUM at Sept. 30, 2025 continue to be insignificant as a percentage of the total AUC/A and AUM, respectively. We will continue to work with multinational clients that depend on our custody and recordkeeping services to manage their exposures.

We are monitoring our exposure to Israel as part of our internal country risk management process. At Sept. 30, 2025, our total exposure to Israel was $227 million and primarily consisted of investment grade short-term interest-bearing deposits and OTC derivatives maturing within six months.

Securities

In the discussion of our securities portfolio, we have included certain credit ratings information because the information can indicate the degree of credit risk to which we are exposed. Significant changes in ratings classifications could indicate increased credit risk for us and could be accompanied by an increase in the allowance for credit losses and/or a reduction in the fair value of our securities portfolio.

24 BNY


The following table shows the distribution of our total securities portfolio.

Securities portfolioJune 30, 2025
3Q25
change in
unrealized
gain (loss)
Sept. 30, 2025
Fair value as a % of amortized
cost (a)
Unrealized
gain (loss)
% Floating
rate (b)
Ratings (c)
BBB+/
BBB-		BB+
and
lower
(dollars in millions)Fair
value
Amortized
cost (a)
Fair
value		AAA/
AA-		A+/
A-		Not
rated
Agency residential mortgage-backed securities (“RMBS”)$44,277 $497 $47,630 $44,964 94%$(2,666)17%100%—%—%—%—%
Non-U.S. government (d)
34,047 (48)34,405 34,314 100 (91)22 94 5 — 1 — 
U.S. Treasury29,732 125 33,050 32,839 99 (211)40 100 — — — — 
Agency commercial mortgage-backed securities (“MBS”)9,935 66 9,937 9,666 97 (271)44 100 — — — — 
Foreign covered bonds (e)
8,443 3 8,513 8,499 100 (14)33 100 — — — — 
Collateralized loan obligations (“CLOs”)8,061 5 8,093 8,097 100 4 100 100 — — — — 
U.S. government agencies4,906 39 4,289 4,095 95 (194)27 100 — — — — 
Non-agency commercial MBS2,369 22 2,305 2,210 96 (95)46 100 — — — — 
Non-agency RMBS1,427 11 1,536 1,407 92 (129)39 100 — — — — 
Other asset-backed securities (“ABS”)426 4 426 402 94 (24)21 100 — — — — 
Other debt securities10 — 11 10 91 (1)— — — — — 100 
Total securities$143,633 $724 $150,195 $146,503 98%$(3,692)(f)31%99%1%—%—%—%
(a)    Amortized cost includes the impact of hedged item basis adjustments, which was a net decrease of $801 million, and is net of the allowance for credit losses.
(b)    Includes the impact of hedges.
(c)    Represents ratings by Standard & Poor’s (“S&P”) or the equivalent.
(d)    Includes supranational securities. Primarily consists of exposure to the UK, France, Germany and the Netherlands.
(e)    Primarily consists of exposure to Canada, the UK, Germany and the Netherlands.
(f)    At Sept. 30, 2025, includes pre-tax net unrealized losses of $667 million related to available-for-sale securities, net of hedges, and $3,025 million related to held-to-maturity securities. The after-tax unrealized losses, net of hedges, related to available-for-sale securities is $506 million and the after-tax equivalent related to held-to-maturity securities is $2,307 million.


The fair value of our securities portfolio was $146.5 billion at Sept. 30, 2025, compared with $132.1 billion at Dec. 31, 2024. The increase primarily reflects higher U.S. Treasury and non-U.S. government securities and unrealized pre-tax gains in the first nine months of 2025, partially offset by lower U.S. government agency securities.

At Sept. 30, 2025, the securities portfolio had a net unrealized loss, including the impact of related hedges, of $3.7 billion, compared with $6.2 billion at Dec. 31, 2024. The improvement in the unrealized loss, including the impact of related hedges, primarily reflects the impact of lower interest rates.

The fair value of the available-for-sale securities totaled $100.0 billion at Sept. 30, 2025, or 68% of the securities portfolio. The fair value of the held-to-maturity securities totaled $46.5 billion at Sept. 30, 2025, or 32% of the securities portfolio.
The unrealized loss (after-tax) on our available-for-sale securities portfolio, net of hedges, included in accumulated other comprehensive income was $506 million at Sept. 30, 2025, compared with $1.2 billion at Dec. 31, 2024. The improvement in the net unrealized loss, including the impact of hedges, primarily reflects the impact of lower interest rates.

At Sept. 30, 2025, 99% of the securities in our portfolio were rated AAA/AA-, unchanged compared with Dec. 31, 2024.

See Note 3 of the Notes to Consolidated Financial Statements for the pre-tax net securities gains (losses) by security type. See Note 14 of the Notes to Consolidated Financial Statements for securities by level in the fair value hierarchy.
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The following table presents the net premium (discount) and net amortization (accretion) related to the securities portfolio.

Net premium (discount) and net amortization (accretion) related to the securities portfolio (a)
(in millions)3Q252Q253Q24
Net purchase premium (discount) that is amortizable (accretable)$(1,614)$(1,289)$253 
Net amortization (accretion) (b)
$(53)$(45)$5 
(a)    Amortization of purchase premium decreases net interest income while accretion of discount increases net interest income. Both were recorded on a level yield basis.
(b)    Including the impact of the accretion of discontinued hedges, there was a net accretion of $106 million in the third quarter of 2025, $105 million in the second quarter of 2025 and $44 million in the third quarter of 2024.


Loans

Total exposure – consolidatedSept. 30, 2025Dec. 31, 2024
(in billions)LoansUnfunded
commitments		Total
exposure		LoansUnfunded
commitments		Total
exposure
Financial institutions$13.0 $35.4 $48.4 $13.2 $35.2 $48.4 
Commercial1.3 12.4 13.7 1.4 11.9 13.3 
Wealth management loans9.2 0.8 10.0 8.7 0.7 9.4 
Wealth management mortgages8.7 0.2 8.9 8.9 0.2 9.1 
Commercial real estate6.8 3.2 10.0 6.8 3.1 9.9 
Lease financings0.1 — 0.1 0.6 — 0.6 
Other residential mortgages1.8 — 1.8 1.1 — 1.1 
Overdrafts2.7 — 2.7 3.5 — 3.5 
Capital call financing5.0 3.3 8.3 5.2 3.1 8.3 
Other3.5 — 3.5 3.1 — 3.1 
Margin loans23.1 0.3 23.4 19.1 — 19.1 
Total$75.2 $55.6 $130.8 $71.6 $54.2 $125.8 


At Sept. 30, 2025, our total lending-related exposure was $130.8 billion, an increase of 4%, compared with Dec. 31, 2024, primarily reflecting higher margin loan exposure, other residential mortgage loans and wealth management loan exposure, partially offset by lower overdrafts.
Our financial institutions and commercial portfolios comprise our largest concentrated risk. These portfolios comprised 47% of our total exposure at Sept. 30, 2025 and 49% at Dec. 31, 2024. Additionally, most of our overdrafts relate to financial institutions.

Financial institutions

The financial institutions portfolio is shown below.

Financial institutions
portfolio exposure
(dollars in billions)
Sept. 30, 2025Dec. 31, 2024

Loans		Unfunded
commitments		Total
exposure		% Inv.
grade		% due
<1 yr.
Loans		Unfunded
commitments		Total
exposure
Securities industry$3.6 $19.5 $23.1 98%99%$2.3 $20.3 $22.6 
Asset managers1.5 8.2 9.7 98 74 1.8 8.4 10.2 
Banks7.6 1.8 9.4 84 92 8.9 1.4 10.3 
Insurance0.1 4.2 4.3 100 9 — 4.2 4.2 
Government— 0.6 0.6 100 27 — 0.4 0.4 
Other0.2 1.1 1.3 100 25 0.2 0.5 0.7 
Total$13.0 $35.4 $48.4 96%82%$13.2 $35.2 $48.4 


The financial institutions portfolio exposure was $48.4 billion at Sept. 30, 2025, unchanged compared with Dec. 31, 2024, reflecting higher exposure in the
other and securities industry portfolios, offset by lower exposure in the banks portfolio.

26 BNY


Financial institution exposures are high-quality, with 96% of the exposures meeting the investment grade equivalent criteria of our internal credit rating classification at Sept. 30, 2025. Each customer is assigned an internal credit rating, which is mapped to an equivalent external rating agency grade based upon a number of dimensions, which are continually evaluated and may change over time. For ratings of non-U.S. counterparties, our internal credit rating is generally capped at a rating equivalent to the sovereign rating of the country where the counterparty resides, regardless of the internal credit rating assigned to the counterparty or the underlying collateral.

The exposure to financial institutions is generally short term, with 82% of the exposures at Sept. 30, 2025 expiring within one year. At Sept. 30, 2025, 46% of the exposure to financial institutions had an expiration within 90 days, compared with 18% at Dec. 31, 2024.

In addition, 66% of the financial institutions exposure was secured at Sept. 30, 2025. For example, securities industry clients and asset managers often borrow against marketable securities held in custody.
At Sept. 30, 2025, the secured intraday credit provided to dealers in connection with their tri-party repo activity totaled $13.6 billion and was included in the securities industry portfolio. Dealers secure the outstanding intraday credit with high-quality liquid collateral having a market value in excess of the amount of the outstanding credit. Secured intraday credit facilities represent 28% of the exposure in the financial institutions portfolio and are reviewed and reapproved annually.

Our banks portfolio exposure primarily relates to our global trade finance. These exposures are short-term in nature, with 92% due in less than one year as of Sept. 30, 2025. The investment grade percentage of our banks exposure was 84% at Sept. 30, 2025, compared with 85% at Dec. 31, 2024. Our non-investment grade exposures are primarily trade finance loans in Brazil.

The asset managers portfolio exposure is high quality, with 98% of the exposures meeting our investment grade equivalent ratings criteria as of Sept. 30, 2025. These exposures are generally short-term liquidity facilities, with the majority to regulated mutual funds.

Commercial

The commercial portfolio is presented below.

Commercial portfolio exposureSept. 30, 2025Dec. 31, 2024

(dollars in billions)
Loans		Unfunded
commitments		Total
exposure		% Inv.
grade		% due
<1 yr.
Loans		Unfunded
commitments		Total
exposure
Services and other$0.6 $3.9 $4.5 98%20%$0.7 $3.5 $4.2 
Manufacturing0.5 3.8 4.3 99 23 0.5 3.5 4.0 
Energy and utilities0.2 3.9 4.1 94 6 0.2 4.1 4.3 
Media and telecom— 0.8 0.8 86 14 — 0.8 0.8 
Total$1.3 $12.4 $13.7 96%16%$1.4 $11.9 $13.3 


The commercial portfolio exposure was $13.7 billion at Sept. 30, 2025, an increase of 3% from Dec. 31, 2024, driven by higher exposure in the manufacturing and services and other portfolios, partially offset by lower exposure in the energy and utilities portfolio.

Our credit strategy is to focus on investment grade clients that are active users of our non-credit services. The following table summarizes the percentage of the financial institutions and commercial portfolio exposures that are investment grade.

Percentage of the portfolios that are investment grade
Quarter ended
Sept. 30, 2025June 30, 2025March 31, 2025Dec. 31, 2024Sept. 30, 2024
Financial institutions96%96%96%96%96%
Commercial96%95%96%96%97%


Wealth management loans

Our wealth management loan exposure was $10.0 billion at Sept. 30, 2025, compared with $9.4 billion at Dec. 31, 2024. Wealth management loans
BNY 27


primarily consist of loans to high-net-worth individuals, a majority of which are secured by the customers’ investment management accounts or custody accounts.

Wealth management mortgages

Our wealth management mortgage exposure was $8.9 billion at Sept. 30, 2025, compared with $9.1 billion at Dec. 31, 2024. Wealth management mortgages primarily consist of loans to high-net-worth individuals, which are secured by residential
property. Wealth management mortgages are primarily interest-only, adjustable-rate mortgages with a weighted-average loan-to-value ratio of 61% at origination. Less than 1% of the mortgages were past due at Sept. 30, 2025.

At Sept. 30, 2025, the wealth management mortgage portfolio consisted of the following geographic concentrations: California – 20%; New York – 14%; Florida – 11%; Massachusetts – 8%; and other – 47%.

Commercial real estate

The composition of the commercial real estate portfolio by asset class, including percentage secured, is presented below.

Composition of commercial real estate portfolio by asset class
Sept. 30, 2025Dec. 31, 2024
Total
exposure
Percentage
secured (a)
Total
exposure
Percentage
secured (a)
(in billions)
Residential$4.4 89%$4.2 88%
Office2.3 73 2.4 75 
Retail0.8 56 0.7 58 
Mixed use0.8 28 0.7 32 
Healthcare0.7 44 0.7 43 
Hotels0.6 36 0.6 33 
Other0.4 63 0.6 65 
Total commercial real estate$10.0 70%$9.9 71%
(a)    Represents the percentage of exposure secured by real estate in each asset class.


Our commercial real estate exposure totaled $10.0 billion at Sept. 30, 2025 and $9.9 billion at Dec. 31, 2024. Our income-producing commercial real estate facilities are focused on experienced owners and are structured with moderate leverage based on existing cash flows. Our commercial real estate lending activities also include construction and renovation facilities. Our client base consists of experienced developers and long-term holders of real estate assets. Loans are approved on the basis of existing or projected cash flows and supported by appraisals and knowledge of local market conditions. Development loans are structured with moderate leverage and, in many instances, involve some level of recourse to the developer.

At Sept. 30, 2025, the unsecured portfolio consisted of real estate investment trusts (“REITs”) and real estate operating companies, which are both primarily investment grade.

At Sept. 30, 2025, our commercial real estate portfolio consisted of the following concentrations:
New York metro – 32%; REITs and real estate operating companies – 30%; and other – 38%.

Lease financings

The lease financings portfolio exposure totaled $93 million at Sept. 30, 2025, compared with $603 million at Dec. 31, 2024. At Sept. 30, 2025, all of leasing exposure was investment grade, or investment grade equivalent, and concentrated in the U.S.

Other residential mortgages

The other residential mortgages portfolio primarily consists of 1-4 family residential mortgage loans and totaled $1.8 billion at Sept. 30, 2025, compared with $1.1 billion at Dec. 31, 2024.

Overdrafts

Overdrafts primarily relate to custody and securities clearance clients and are generally repaid within two business days.
28 BNY


Capital call financing

Capital call financing includes loans to private equity funds that are secured by the fund investors’ capital commitments and the funds’ rights to call capital.

Other loans

Other loans primarily include loans to consumers that are fully collateralized with equities, mutual funds and fixed-income securities.

Margin loans

Margin loan exposure of $23.4 billion at Sept. 30, 2025, compared with $19.1 billion at Dec. 31, 2024 was collateralized with marketable securities. Borrowers are required to maintain a daily collateral margin in excess of 100% of the value of the loan.
Margin loans included $10 billion at Sept. 30, 2025 and $8 billion at Dec. 31, 2024, related to a term loan program that offers fully collateralized loans to broker-dealers.

Allowance for credit losses

Our credit strategy is to focus on investment grade clients who are active users of our non-credit services. Our primary exposure to the credit risk of a customer consists of funded loans, unfunded contractual commitments to lend, standby letters of credit and overdrafts associated with our custody and securities clearance businesses.

The following table details changes in our allowance for credit losses.


Allowance for credit losses activitySept. 30, 2025June 30, 2025Dec. 31, 2024Sept. 30, 2024
(dollars in millions)
Beginning balance of allowance for credit losses$379 $401 $401 $396 
Provision for credit losses(7)(17)20 23 
Net (charge-offs) recoveries:
Loans:
Commercial real estate(5)(5)(29)(10)
Other residential mortgages1 — — — 
Other financial instruments— — — (8)
Net (charge-offs)(4)(5)(29)(18)
Ending balance of allowance for credit losses$368 $379 $392 $401 
Allowance for loan losses$272 $275 $294 $296 
Allowance for lending-related commitments
63 70 72 75 
Allowance for other financial instruments (a)
33 34 26 30 
Total allowance for credit losses$368 $379 $392 $401 
Total loans, at period end$75,195 $73,096 $71,570 $69,451 
Allowance for loan losses as a percentage of total loans
0.36%0.38%0.41%0.43%
Allowance for loan losses and lending-related commitments as a percentage of total loans0.45%0.47%0.51%0.53%
(a)    Includes allowance for credit losses on federal funds sold and securities purchased under resale agreements, available-for-sale securities, held-to-maturity securities, accounts receivable, cash and due from banks and interest-bearing deposits with banks.


The provision for credit losses was a benefit of $7 million in the third quarter of 2025, primarily driven by changes in the macroeconomic forecast, partially offset by higher reserves related to commercial real estate exposure.

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 subject to numerous estimates and judgments. To the extent actual results differ from forecasts or management’s judgment, the allowance for credit losses may be greater or less than future charge-offs.
BNY 29


Based on an evaluation of the allowance for credit losses as discussed in “Critical accounting estimates” in our 2024 Annual Report, we have allocated our allowance for loans and lending-related commitments as presented below.

Allocation of allowance for loan losses and
  lending-related commitments (a)
Sept. 30, 2025June 30, 2025Dec. 31, 2024Sept. 30, 2024
(dollars in millions)$%$%$%$%
Commercial real estate$290 86%$291 84%$315 86%$308 83%
Financial institutions22 7 25 7 19 5 21 5 
Commercial7 2 13 4 20 5 30 8 
Capital call financing7 2 7 2 3 1 3 1 
Wealth management mortgages6 1 6 1 6 1 6 1 
Other residential mortgages2 1 2 1 2 1 2 1 
Wealth management loans1 1 1 1 1 1 1 1 
Total$335 100%$345 100%$366 100%$371 100%
(a)    The allowance allocated to lease financing, margin loans, overdrafts and other loans was insignificant at Sept. 30, 2025, June 30, 2025, Dec. 31, 2024 and Sept. 30, 2024. We have rarely suffered a loss on these types of loans.


The allocation of the allowance for credit losses is inherently judgmental, and the entire allowance for credit losses is available to absorb credit losses regardless of the nature of the losses.

Our allowance for credit losses is sensitive to a number of inputs, most notably the macroeconomic forecast assumptions that are incorporated into our estimate of credit losses through the expected life of the loan portfolio, as well as credit ratings assigned to each borrower. As the macroeconomic environment and related forecasts change, the allowance for credit losses may change materially. The following sensitivity analyses do not represent management’s expectations of the deterioration of our portfolios or the economic environment, but are provided as hypothetical scenarios to assess the sensitivity of the allowance for credit losses to changes in key inputs. If commercial real estate property values were increased 10% and all other credits were rated one grade better, the quantitative allowance would have decreased by $41 million, and if commercial real estate property values were decreased 10% and all other credits were rated one grade worse, the quantitative allowance would have increased by $73 million. Our multi-scenario-based macroeconomic forecast used in determining the Sept. 30, 2025 allowance for credit losses consisted of three scenarios. The baseline scenario reflects positive, but declining, GDP growth through the end of 2025 before stabilizing next year, slightly increasing unemployment through 2026 and slightly declining commercial real estate prices through 2026. The upside scenario reflects higher GDP growth through the end of 2025 before moderating in mid-2026, declining unemployment through mid-2026 and slightly increasing commercial real estate prices
through mid-2026 compared with the baseline. The downside scenario contemplates negative GDP growth through mid-2026, rapidly increasing unemployment through mid-2026 and sharply lower commercial real estate prices through mid-2026 compared with the baseline. At Sept. 30, 2025, we placed the largest and equal weighting on our baseline and downside scenarios, with the remaining weighting placed on the upside scenario. From a sensitivity perspective, at Sept. 30, 2025, if we had applied 100% weighting to the downside scenario, the allowance for credit losses would have been approximately $113 million higher.


Nonperforming assets

The table below presents our nonperforming assets.

Nonperforming assetsSept. 30, 2025Dec. 31, 2024
(dollars in millions)
Nonperforming loans:
Commercial real estate$125 $143 
Wealth management mortgages17 15 
Other residential mortgages16 19 
Total nonperforming loans158 177 
Other assets owned2 2 
Total nonperforming assets$160 $179 
Nonperforming assets ratio0.21%0.25%
Allowance for loan losses/nonperforming loans172.2 166.1 
Allowance for loan losses/nonperforming assets170.0 164.2 
Allowance for loan losses and lending-related commitments/nonperforming loans212.0 206.8 
Allowance for loan losses and lending-related commitments/nonperforming assets209.4 204.5 

30 BNY


Deposits

Total deposits were $314.7 billion at Sept. 30, 2025, an increase of 9%, compared with $289.5 billion at Dec. 31, 2024. The increase reflects higher interest-bearing deposits and noninterest-bearing deposits.

Noninterest-bearing deposits were $59.6 billion at Sept. 30, 2025, compared with $58.3 billion at Dec. 31, 2024. Interest-bearing deposits were primarily demand deposits and totaled $255.1 billion at Sept. 30, 2025, compared with $231.3 billion at Dec. 31, 2024.

Short-term borrowings

We fund our operations primarily through deposits and, to a lesser extent, other short-term borrowings and long-term debt. Short-term borrowings consist of federal funds purchased and securities sold under repurchase agreements, payables to customers and broker-dealers, commercial paper and other borrowed funds. Certain short-term borrowings, for example, securities sold under repurchase agreements, require the delivery of securities as collateral.

Federal funds purchased and securities sold under repurchase agreements include repurchase agreement activity with the Fixed Income Clearing Corporation (“FICC”), where we record interest expense on a gross basis, but the ending and average balances reflect the impact of offsetting under enforceable netting agreements. This activity primarily relates to government securities collateralized resale and repurchase agreements executed with clients that are novated to and settle with the FICC.

Payables to customers and broker-dealers represent funds awaiting reinvestment and short sale proceeds payable on demand. Payables to customers and broker-dealers are driven by customer trading activity and market volatility.

The Bank of New York Mellon issues commercial paper that matures within 397 days from the date of issue and is not redeemable prior to maturity or subject to voluntary prepayment.

Other borrowed funds primarily include borrowings from the Federal Home Loan Bank, overdrafts of sub-custodian account balances in our Securities Services businesses and borrowings under lines of credit by our Pershing subsidiaries. Overdrafts typically relate to timing differences for settlements.
Liquidity and dividends

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 new debt, especially during periods of market stress, at a reasonable cost, and in order to meet its short-term (up to one year) obligations. Funding liquidity risk is the risk that BNY cannot meet its cash and collateral obligations at a reasonable cost for both expected and unexpected cash flow and collateral needs without adversely affecting daily operations or our financial condition. Funding liquidity risk can arise from funding mismatches, market constraints from the inability to convert assets into cash, the inability to hold or raise cash, low overnight deposits, deposit run-off or contingent liquidity events.

Changes in economic conditions or exposure to credit, market, operational, legal and reputational risks also can affect BNY’s liquidity risk profile and are considered in our liquidity risk framework. For additional information, see “Risk Management – Liquidity Risk” in our 2024 Annual Report.

The Parent’s policy is to have access to sufficient unencumbered cash and cash equivalents at each quarter-end to cover maturities and other forecasted debt redemptions, net interest payments and net tax payments for the following 18-month period, and to provide sufficient collateral to satisfy transactions subject to Section 23A of the Federal Reserve Act.

We monitor and control liquidity exposures and funding needs within and across significant legal entities, branches, currencies and business lines, taking into account, among other factors, any applicable restrictions on the transfer of liquidity among entities.

BNY also manages potential intraday liquidity risks. We monitor and manage intraday liquidity against existing and expected intraday liquid resources (such as cash balances, remaining intraday credit capacity, intraday contingency funding and available collateral) to enable BNY to meet its intraday obligations under normal and reasonably severe stressed conditions.

We define available funds for internal liquidity management purposes as cash and due from banks, interest-bearing deposits with the Federal Reserve and other central banks, interest-bearing deposits with banks and federal funds sold and securities purchased under resale agreements.
BNY 31


The following table presents our total available funds at period end and on an average basis.

Available fundsSept. 30, 2025Dec. 31, 2024Average
(dollars in millions)3Q252Q253Q24YTD25YTD24
Cash and due from banks$5,055 $4,178 $4,900 $5,042 $5,230 $4,889 $5,421 
Interest-bearing deposits with the Federal Reserve and other central banks106,368 89,546 94,533 99,426 100,611 93,363 101,883 
Interest-bearing deposits with banks11,027 9,612 10,980 11,199 10,559 10,757 11,162 
Federal funds sold and securities purchased under resale agreements41,863 41,146 40,885 39,522 31,183 40,524 29,079 
Total available funds$164,313 $144,482 $151,298 $155,189 $147,583 $149,533 $147,545 
Total available funds as a percentage of total assets36%35%35%35%35%35%36%


Total available funds were $164.3 billion at Sept. 30, 2025, compared with $144.5 billion at Dec. 31, 2024. The increase was primarily due to higher interest-bearing deposits with the Federal Reserve and other central banks.

Average non-core sources of funds, such as federal funds purchased and securities sold under repurchase agreements, trading liabilities, commercial paper and other borrowed funds, were $22.5 billion for the first nine months of 2025, compared with $19.8 billion for the first nine months of 2024. The increase primarily reflects higher commercial paper and trading liabilities.

Average interest-bearing domestic deposits were $147.2 billion for the first nine months of 2025, compared with $141.0 billion for the first nine months of 2024. Average interest-bearing foreign deposits, primarily from our European-based businesses included in the Securities Services and Market and Wealth Services segments, were $97.2 billion for the first nine months of 2025, compared with $92.8 billion for the first nine months of 2024. The changes primarily reflect client activity.

Average payables to customers and broker-dealers were $15.7 billion for the first nine months of 2025
and $12.4 billion for the first nine months of 2024. Payables to customers and broker-dealers are driven by customer trading activity and market volatility.

Average long-term debt was $31.8 billion for the first nine months of 2025 and $31.9 billion for the first nine months of 2024.

Average noninterest-bearing deposits increased to $49.7 billion for the first nine months of 2025 from $49.0 billion for the first nine months of 2024, primarily reflecting client activity.

A significant reduction of client activity in our Securities Services and Market and Wealth Services business segments would reduce our access to deposits. See “Asset/liability management” for additional factors that could impact our deposit balances.

Sources of liquidity

The Parent’s major sources of liquidity are access to the debt and equity markets, dividends from its subsidiaries, and cash on hand and cash otherwise made available in business-as-usual circumstances to the Parent through a committed credit facility with our intermediate holding company (“IHC”).

32 BNY


Our ability to access the capital markets on favorable terms, or at all, is partially dependent on our credit ratings, which are as follows:

Credit ratings at Sept. 30, 2025
  Moody’sS&PFitchDBRS
Parent: 
Long-term senior debtAa3AAA-AA
Subordinated debtA2A-AAA (low)
Preferred stockBaa1BBBBBB+A
Outlook – ParentStableStableStableStable
The Bank of New York Mellon:
Long-term senior debtAa2AA-AAAA (high)
Subordinated debtNRANRNR
Long-term depositsAa1AA-AA+AA (high)
Short-term depositsP-1A-1+F1+R-1 (high)
Commercial paperP-1A-1+F1+R-1 (high)
BNY Mellon, N.A.:
Long-term senior debtAa2(a)AA-AA(a)AA (high)
Long-term depositsAa1AA-AA+AA (high)
Short-term depositsP-1A-1+F1+R-1 (high)
Outlook – BanksStableStableStableStable
(a)    Represents senior debt issuer default rating.
NR – Not rated.


Long-term debt totaled $32.3 billion at Sept. 30, 2025 and $30.9 billion at Dec. 31, 2024. Issuances totaling $5.8 billion and an increase in the fair value of hedged long-term debt were partially offset by maturities and redemptions of $5.1 billion. Long-term debt of $400 million will mature in the remainder of 2025.

In September 2025, the Parent issued Series L Noncumulative Perpetual Preferred Stock and redeemed all outstanding shares of its Series G preferred stock. See “Capital” for additional information on the Parent’s preferred stock activity and Note 12 of the Notes to Consolidated Financial Statements for additional information on the Parent’s preferred stock.

The Bank of New York Mellon may issue notes and certificates of deposit (“CDs”). At Sept. 30, 2025 and Dec. 31, 2024, $2.5 billion and $1.0 billion, respectively, of notes were outstanding. At Sept. 30, 2025 and Dec. 31, 2024, $4.6 billion and $1.1 billion, respectively, of CDs were outstanding.

The Bank of New York Mellon also issues commercial paper that matures within 397 days from the date of issue and is not redeemable prior to maturity or subject to voluntary prepayment. There was $2.4 billion and $301 million of commercial
paper outstanding at Sept. 30, 2025 and Dec. 31, 2024, respectively. The average commercial paper outstanding was $2.4 billion for the first nine months of 2025 and $815 million for the first nine months of 2024.

Subsequent to Sept. 30, 2025, our U.S. bank subsidiaries could declare dividends to the Parent of approximately $243 million, without the need for a regulatory waiver. In addition, at Sept. 30, 2025, nonbank subsidiaries of the Parent had liquid assets of approximately $5.5 billion. Restrictions on our ability to obtain funds from our subsidiaries are discussed in more detail in “Supervision and Regulation – Capital Planning and Stress Testing – Payment of Dividends, Stock Repurchases and Other Capital Distributions” and in Note 19 of the Notes to Consolidated Financial Statements, both in our 2024 Annual Report.

Pershing LLC has one uncommitted line of credit in place for funding purposes that is guaranteed by the Parent for $300 million. There were no borrowings under this line in the third quarter of 2025. Pershing Limited, an indirect UK-based subsidiary of BNY, has one line of credit amounting to $150 million and Pershing Securities Limited, whose parent is Pershing Limited, has one line of credit amounting to $117 million. Both of these lines are guaranteed by the
BNY 33


Parent. Average borrowings across these lines were less than $1 million in the third quarter of 2025.

The double leverage ratio is the ratio of our equity investment in subsidiaries divided by our consolidated Parent company equity, which includes our noncumulative perpetual preferred stock. In short, the double leverage ratio measures the extent to which equity in subsidiaries is financed by Parent company debt. As the double leverage ratio increases, this can reflect greater demands on a company’s cash flows in order to service interest payments and debt maturities. BNY’s double leverage ratio is managed in a range considering the high level of unencumbered available liquid assets held in its principal subsidiaries (such as central bank deposit placements and government securities), the Company’s cash generating fee-based business model, with fee revenue representing 72% of total revenue in the third quarter of 2025, and the dividend capacity of our banking subsidiaries. Our double leverage ratio was 118.4% at Sept. 30, 2025 and 119.7% at Dec. 31, 2024, and within the range targeted by management.

Uses of funds

The Parent’s major uses of funds are repurchases of common stock, payment of dividends, principal and interest payments on its borrowings, acquisitions and additional investments in its subsidiaries.

In July 2025, our Board of Directors approved a 13% increase in the quarterly cash dividend on our common stock, from $0.47 to $0.53 per share. The increased quarterly cash dividend was paid on Aug. 7, 2025. Our common stock dividend payout ratio was 28% for the third quarter of 2025.

In the third quarter of 2025, we repurchased 8.3 million common shares at an average price of $102.53 per common share, for a total cost of $849 million.

Liquidity coverage ratio (“LCR”)

U.S. regulators have established an LCR that requires certain banking organizations, including BNY, to maintain a minimum amount of unencumbered high-quality liquid assets (“HQLA”) sufficient to withstand the net cash outflow under a hypothetical standardized acute liquidity stress scenario for a 30-day time horizon.
The following table presents BNY’s consolidated HQLA, and the average HQLA and average LCR.

Consolidated HQLA and LCRSept. 30, 2025June 30, 2025
(dollars in billions)
Cash (a)
$105 $136 
Securities (b)
108 103 
Total consolidated HQLA (c)
$213 $239 
Total consolidated HQLA – average (c)
$200 $199 
Average consolidated LCR112%112%
(a)    Primarily includes cash on deposit with central banks.
(b)    Primarily includes securities of U.S. government-sponsored enterprises, the U.S. Treasury, sovereigns and U.S. agencies.
(c)    Consolidated HQLA presented before adjustments. After haircuts and the impact of trapped liquidity, consolidated HQLA totaled $145 billion at Sept. 30, 2025 and $170 billion at June 30, 2025, and averaged $135 billion for the third quarter of 2025 and $135 billion for the second quarter of 2025.


BNY and each of our affected domestic bank subsidiaries were compliant with the U.S. LCR requirements of at least 100% throughout the third quarter of 2025.

Net stable funding ratio (“NSFR”)

The NSFR is a liquidity requirement applicable to large U.S. banking organizations, including BNY. The NSFR is expressed as a ratio of the available stable funding to the required stable funding amount over a one-year horizon. Our average consolidated NSFR was 130% for the third quarter of 2025 and 131% for the second quarter of 2025.

BNY and each of our affected domestic bank subsidiaries were compliant with the NSFR requirement of at least 100% throughout the third quarter of 2025.

Statement of cash flows

The following summarizes the activity reflected on the consolidated statement of cash flows. While this information may be helpful to highlight certain macro trends and business strategies, the cash flow analysis may not be as relevant when analyzing changes in our net earnings and net assets. We believe that in 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.

34 BNY


Net cash provided by operating activities was $1.5 billion in the nine months ended Sept. 30, 2025, compared with net cash used for operating activities of $863 million in the nine months ended Sept. 30, 2024. In the nine months ended Sept. 30, 2025, cash flows provided by operating activities primarily resulted from earnings, partially offset by changes in accruals and other, net and changes in trading assets and liabilities. In the nine months ended Sept. 30, 2024, cash flows used for operating activities primarily resulted from changes in trading assets and liabilities, partially offset by earnings.

Net cash used for investing activities was $23.5 billion in the nine months ended Sept. 30, 2025, compared with $11.1 billion in the nine months ended Sept. 30, 2024. In the nine months ended Sept. 30, 2025, net cash used for investing activities primarily resulted from changes in interest-bearing deposits with the Federal Reserve and other central banks, changes in securities and changes in loans. In the nine months ended Sept. 30, 2024, net cash used for investing activities primarily resulted from changes in
securities, federal funds sold and securities purchased under resale agreements and loans, partially offset by changes in interest-bearing deposits with the Federal Reserve and other central banks.

Net cash provided by financing activities was $23.8 billion in the nine months ended Sept. 30, 2025, compared with $11.6 billion in the nine months ended Sept. 30, 2024. In the nine months ended Sept. 30, 2025, net cash provided by financing activities primarily resulted from changes in deposits, net proceeds from the issuance of long-term debt and changes in payables to customers and broker-dealers, partially offset by repayments, redemptions and repurchases of long-term debt and common stock repurchases. In the nine months ended Sept. 30, 2024, net cash provided by financing activities primarily resulted from changes in deposits and net proceeds from the issuance of long-term debt, partially offset by repayments, redemptions and repurchases of long-term debt and common stock repurchases.

Capital

Capital dataSept. 30, 2025June 30, 2025Dec. 31, 2024
(dollars in millions, except per share amounts; common shares in thousands)
BNY shareholders’ equity to total assets ratio9.6%9.0%9.9%
BNY common shareholders’ equity to total assets ratio8.6%7.9%8.9%
Total BNY shareholders’ equity$43,879 $43,950 $41,318 
Total BNY common shareholders’ equity$39,043 $38,619 $36,975 
BNY tangible common shareholders’ equity – Non-GAAP (a)
$21,337 $20,851 $19,412 
Book value per common share$55.99 $54.76 $51.52 
Tangible book value per common share – Non-GAAP (a)
$30.60 $29.57 $27.05 
Closing stock price per common share$108.96 $91.11 $76.83 
Market capitalization$75,983 $64,254 $55,139 
Common shares outstanding697,349 705,241 717,680 
Quarterly:
Cash dividends per common share$0.53 $0.47 $0.47 
Common dividend payout ratio28%25%31%
Common dividend yield (annualized)
1.9%2.1%2.4%
(a)    See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 44 for a reconciliation of GAAP to Non-GAAP measures.


The Bank of New York Mellon Corporation total shareholders’ equity was $43.9 billion at Sept. 30, 2025 and $41.3 billion at Dec. 31, 2024. The increase primarily reflects capital generated through earnings, improvements in accumulated other comprehensive income and the net increase in preferred stock, partially offset by capital returned through common stock repurchases and dividends.

The unrealized loss (after-tax) on our available-for-sale securities portfolio, net of hedges, included in accumulated other comprehensive income was $506 million at Sept. 30, 2025, compared with $1.2 billion at Dec. 31, 2024. The improvement in the net unrealized loss, including the impact of hedges, primarily reflects the impact of lower interest rates.

BNY 35


In September 2025, the Parent redeemed all outstanding shares of its Series G preferred stock. Also in September 2025, the Parent issued 500,000 depositary shares, each representing a 1/100th interest in a share of the Parent’s Series L Noncumulative Perpetual Preferred Stock. Holders of the Series L preferred stock are entitled to receive dividends, if declared by the Parent’s Board of Directors, on June 20 and December 20 of each year, commencing Dec. 20, 2025.

In March 2025, the Parent issued 500,000 depositary shares, each representing a 1/100th interest in a share of the Parent’s Series J Noncumulative Perpetual Preferred Stock. Holders of the Series J preferred stock are entitled to receive dividends, if declared by the Parent’s Board of Directors, on March 20 and September 20 of each year, commencing Sept. 20, 2025. The Parent also issued 20,000,000 depositary shares, each representing a 1/4,000th interest in a share of the Parent’s Series K Noncumulative Perpetual Preferred Stock. Holders of the Series K 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, 2025. See Note 12 of the Notes to Consolidated Financial Statements for additional information on the Parent’s preferred stock.

In April 2024, we announced a share repurchase authorization providing for the repurchase of $6.0 billion of common shares. In the first nine months of 2025, we repurchased 27.3 million common shares at an average price of $91.13 per common share for a total cost of $2.5 billion.

In July 2025, our Board of Directors approved a 13% increase in the quarterly cash dividend on our
common stock, from $0.47 to $0.53 per share. The increased quarterly cash dividend was paid on Aug. 7, 2025.

Capital adequacy

Regulators establish certain levels of capital for bank holding companies (“BHCs”) and banks, including BNY and our bank subsidiaries, in accordance with established quantitative measurements. For the Parent to maintain its status as a financial holding company, our U.S. bank subsidiaries and BNY must, among other things, qualify as “well capitalized.” As of Sept. 30, 2025 and Dec. 31, 2024, BNY and our U.S. bank subsidiaries were “well capitalized.”

Failure to satisfy regulatory standards, including “well capitalized” status or capital adequacy rules more generally, could result in limitations on our activities and adversely affect our financial condition. See the discussion of these matters in “Supervision and Regulation – Regulated Entities of BNY and Ancillary Regulatory Requirements” and “Risk Factors – Capital and Liquidity Risk – Failure to satisfy regulatory standards, including “well capitalized” and “well managed” status or capital adequacy and liquidity rules more generally, could result in limitations on our activities and adversely affect our business and financial condition,” both of which are in our 2024 Annual Report.

The U.S. banking agencies’ capital rules are based on the framework adopted by the Basel Committee on Banking Supervision, as amended from time to time. For additional information on these capital requirements, see “Supervision and Regulation” in our 2024 Annual Report.
36 BNY


The table below presents our consolidated and largest bank subsidiary regulatory capital ratios.

Consolidated and largest bank subsidiary regulatory capital ratios
Sept. 30, 2025June 30, 2025Dec. 31, 2024
Well capitalizedMinimum requiredCapital
ratios		Capital
ratios		Capital
ratios
(a)
Consolidated regulatory capital ratios: (b)
Advanced Approaches:
CET1 ratioN/A(c)8.5%12.2%11.9%11.7%
Tier 1 capital ratio 6%10 15.1 15.1 14.4 
Total capital ratio 10 12 15.8 15.9 15.3 
Standardized Approach:
CET1 ratioN/A(c)8.5%11.7%11.5%11.2%
Tier 1 capital ratio 6%10 14.4 14.5 13.7 
Total capital ratio 10 12 15.3 15.5 14.8 
Tier 1 leverage ratioN/A(c)4 6.1 6.1 5.7 
SLR (d)
N/A(c)5 6.7 6.9 6.5 
The Bank of New York Mellon regulatory capital ratios: (b)
CET1 ratio6.5%7%16.2%17.6%16.1%
Tier 1 capital ratio8 8.5 16.2 17.6 16.1 
Total capital ratio10 10.5 16.5 17.6 16.3 
Tier 1 leverage ratio5 4 6.5 6.9 6.3 
SLR (d)
6 3 7.7 8.2 7.6 
(a)    Minimum requirements for Sept. 30, 2025 include minimum thresholds plus currently applicable buffers. The U.S. global systemically important banks (“G-SIB”) surcharge of 1.5% is subject to change. The countercyclical capital buffer is currently set to 0%. The stress capital buffer (“SCB”) requirement is 2.5%, equal to the regulatory minimum for Standardized Approach capital ratios.
(b)    For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches. The Tier 1 leverage ratio is based on Tier 1 capital and quarterly average total assets.
(c)    The Federal Reserve’s regulations do not establish well capitalized thresholds for these measures for BHCs.
(d)    The SLR is based on Tier 1 capital and total leverage exposure, which includes certain off-balance sheet exposures.
N/A – Not applicable.


Our CET1 ratio under the Standardized Approach was 11.7% at Sept. 30, 2025 and 11.2% at Dec. 31, 2024. The increase primarily reflects capital generated through earnings and an improvement in accumulated other comprehensive income, partially offset by capital returned through common stock repurchases and dividends and higher RWAs.

The Tier 1 leverage ratio was 6.1% at Sept. 30, 2025 and 5.7% at Dec. 31, 2024. The increase primarily reflects the increase in capital, partially offset by higher average assets.

Risk-based capital ratios vary depending on the size of the balance sheet at period end and the levels and types of investments in assets, and leverage ratios vary based on the average size of the balance sheet over the quarter. The balance sheet size fluctuates from period to period based on levels of customer and market activity. In general, when servicing clients are more actively trading securities, deposit balances and the balance sheet as a whole are higher. In addition, when markets experience significant
volatility or stress, our balance sheet size may increase considerably as client deposit levels increase.

Our capital ratios are necessarily subject to, among other things, anticipated compliance with all necessary enhancements to model calibration, approval by regulators of certain models used as part of RWA calculations, other refinements, further implementation guidance from regulators, market practices and standards and any changes BNY may make to its businesses. As a consequence of these factors, our capital ratios may materially change and may be volatile over time and from period to period.

Under the Advanced Approaches, our operational loss risk model is informed by external losses, including fines and penalties levied against institutions in the financial services industry, particularly those that relate to businesses in which we operate, and as a result, external losses have impacted and could in the future impact the amount of capital that we are required to hold.
BNY 37


The following table presents our capital components and RWAs, the average assets used for leverage capital purposes and leverage exposure used for SLR purposes.

Capital components and
  risk-weighted assets
Sept. 30, 2025June 30, 2025Dec. 31, 2024
(in millions)
CET1:
Common shareholders’ equity$39,043 $38,619 $36,975 
Adjustments for:
Goodwill and intangible
  assets (a)
(17,706)(17,768)(17,563)
Net pension fund assets(379)(375)(333)
Embedded goodwill(256)(262)(254)
Deferred tax assets(63)(64)(62)
Other6 (1)(4)
Total CET120,645 20,149 18,759 
Other Tier 1 capital:
Preferred stock4,836 5,331 4,343 
Other(10)(8)(63)
Total Tier 1 capital$25,471 $25,472 $23,039 
Tier 2 capital:
Subordinated debt$1,248 $1,398 $1,398 
Allowance for credit losses368 379 392 
Other(8)(6)(11)
Total Tier 2 capital – Standardized Approach1,608 1,771 1,779 
Excess of expected credit losses23 33 109 
Less: Allowance for credit losses368 379 392 
Total Tier 2 capital – Advanced Approaches$1,263 $1,425 $1,496 
Total capital:
Standardized Approach$27,079 $27,243 $24,818 
Advanced Approaches$26,734 $26,897 $24,535 
Risk-weighted assets:
Standardized Approach$176,432 $175,668 $167,786 
Advanced Approaches:
Credit Risk$97,849 $97,342 $90,076 
Market Risk3,992 4,343 4,808 
Operational Risk67,000 67,063 65,588 
Total Advanced Approaches$168,841 $168,748 $160,472 
Average assets for Tier 1 leverage ratio$419,077 $420,131 $402,069 
Total leverage exposure for SLR$377,728 $369,838 $353,523 
(a)    Reduced by deferred tax liabilities associated with intangible assets and tax-deductible goodwill.


The table below presents the factors that impacted CET1 capital.

CET1 generation3Q25
(in millions)
CET1 – Beginning of period$20,149 
Net income applicable to common shareholders of The Bank of New York Mellon Corporation1,339 
Goodwill and intangible assets, net of related deferred tax liabilities62 
Gross CET1 generated1,401 
Capital returned:
Common stock repurchases(849)
Common stock dividends (a)
(381)
Total capital returned(1,230)
Other comprehensive gain (loss):
Unrealized gain on assets available-for-sale246 
Foreign currency translation(57)
Unrealized (loss) on cash flow hedges(8)
Defined benefit plans6 
Total other comprehensive gain187 
Additional paid-in capital (b)
136 
Other additions (deductions):
Net pension fund assets(4)
Embedded goodwill6 
Deferred tax assets1 
Other(1)
Total other additions2 
Net CET1 generated496 
CET1 – End of period$20,645 
(a)    Includes dividend equivalents on share-based awards.
(b)    Primarily related to stock awards and stock issued for employee benefit plans.


The following table shows the impact on the consolidated capital ratios at Sept. 30, 2025 of a $100 million increase or decrease in common equity, or a $1 billion increase or decrease in RWAs, quarterly average assets or total leverage exposure.

Sensitivity of consolidated capital ratios at Sept. 30, 2025
 Increase or decrease of
(in basis points)$100 million
in common 
equity		$1 billion in RWA, quarterly average assets or total leverage exposure
CET1:
Standardized Approach
6bps7bps
Advanced Approaches
67
Tier 1 capital:
Standardized Approach
68
Advanced Approaches
69
Total capital:
Standardized Approach
69
Advanced Approaches
69
Tier 1 leverage21
SLR
32
38 BNY


Stress capital buffer

In August 2024, the Federal Reserve announced that BNY’s SCB requirement would remain at 2.5%, equal to the regulatory floor, for the period from Oct. 1, 2024 through Sept. 30, 2025. In August 2025, the Federal Reserve announced that BNY’s SCB requirement would remain at 2.5%, equal to the regulatory floor, effective on Oct. 1, 2025, under the current capital plan rule. See “Supervision and Regulation” in our 2024 Annual Report for additional information.

The SCB final rule generally eliminates the requirement for prior approval of common stock repurchases in excess of the distributions in a firm’s capital plan, provided that such distributions are consistent with applicable capital requirements and buffers, including the SCB.

Total Loss-Absorbing Capacity (“TLAC”)

The following summarizes the minimum requirements for BNY’s external TLAC and external long-term debt (“LTD”) ratios, plus currently applicable buffers.

As a % of RWAs (a)
As a % of total leverage exposure
Eligible external TLAC ratios
Regulatory minimum of 18% plus a buffer (b) equal to the sum of 2.5%, the method 1
G-SIB surcharge (currently 1%), and the countercyclical capital buffer, if any
Regulatory minimum of 7.5% plus a buffer (c) equal to 2%
Eligible external LTD ratiosRegulatory minimum of 6% plus the greater of the method 1 or method 2 G-SIB surcharge (currently 1.5%)4.5%
(a)    RWA is the greater of Standardized Approach and Advanced Approaches.
(b)    Buffer to be met using only CET1.
(c)    Buffer to be met using only Tier 1 capital.


External TLAC consists of the Parent’s Tier 1 capital and eligible unsecured LTD issued by it that has a remaining term to maturity of at least one year and satisfies certain other conditions. Eligible LTD consists of the unpaid principal balance of eligible unsecured debt securities, subject to haircuts for amounts due to be paid within two years, that satisfy certain other conditions. Debt issued prior to Dec. 31, 2016 has been permanently grandfathered to the
extent these instruments otherwise would be ineligible only due to containing impermissible acceleration rights or being governed by foreign law.

The following table presents our external TLAC and external LTD ratios.

TLAC and LTD ratiosSept. 30, 2025
Minimum
required		Minimum ratios
with buffers
Ratios
Eligible external TLAC:
As a percentage of RWA
18.0%21.5%30.0%
As a percentage of total leverage exposure
7.5%9.5%14.0%
Eligible external LTD:
As a percentage of RWA7.5%N/A14.5%
As a percentage of total leverage exposure
4.5%N/A6.8%
N/A – Not applicable.


If BNY maintains risk-based ratio or leverage TLAC measures above the minimum required level, but with a risk-based ratio or leverage below the minimum level with buffers, we will face constraints on dividends, equity repurchases and discretionary executive compensation based on the amount of the shortfall and eligible retained income.


Trading activities and risk management

Our trading activities are focused on acting as a market-maker for our customers, facilitating customer trades and risk-mitigating hedging in compliance with the Volcker Rule. The risk from market-making activities for customers is managed by our traders and limited in total exposure through a system of position limits, value-at-risk (“VaR”) methodology and other market sensitivity measures. VaR is the potential loss in value due to adverse market movements over a defined time horizon with a specified confidence level. The calculation of our VaR used by management and presented below assumes a one-day holding period, utilizes a 99% confidence level and incorporates non-linear product characteristics. VaR facilitates comparisons across portfolios of different risk characteristics. VaR also captures the diversification of aggregated risk at the firm-wide level.
BNY 39


VaR represents a key risk management measure, and it is important to note the inherent limitations to VaR, which include:
•VaR does not estimate potential losses over longer time horizons where moves may be extreme;
•VaR does not take into account the potential variability of market liquidity; and
•Previous moves in market risk factors may not produce accurate predictions of all future market moves.

See Note 16 of the Notes to Consolidated Financial Statements for additional information on the VaR methodology.

The following tables indicate the calculated VaR amounts for the trading portfolio for the designated periods using the historical simulation VaR model.

VaR (a)
3Q25Sept. 30, 2025
(in millions)AverageMinimumMaximum
Interest rate$9.6 $2.5 $14.9 $13.0 
Foreign exchange8.9 1.6 14.0 12.0 
Equity0.1 — 0.6 — 
Credit0.6 0.5 1.4 0.5 
Diversification(17.6)N/MN/M(24.0)
Overall portfolio1.6 1.0 2.7 1.5 


VaR (a)
2Q25June 30, 2025
(in millions)AverageMinimumMaximum
Interest rate$3.4 $2.6 $4.3 $3.0 
Foreign exchange3.7 2.4 5.2 2.7 
Equity0.2 0.1 1.6 0.1 
Credit1.4 0.9 2.4 1.5 
Diversification(6.1)N/MN/M(5.0)
Overall portfolio2.6 1.7 4.5 2.3 


VaR (a)
3Q24Sept. 30, 2024
(in millions)AverageMinimumMaximum
Interest rate$3.0 $1.9 $4.6 $2.7 
Foreign exchange2.3 1.7 2.8 2.5 
Equity0.1 0.1 0.4 0.1 
Credit1.2 0.9 1.7 1.2 
Diversification(4.6)N/MN/M(4.5)
Overall portfolio2.0 1.4 3.0 2.0 


VaR (a)
YTD25
(in millions)AverageMinimumMaximum
Interest rate$5.2 $2.1 $14.9 
Foreign exchange5.1 1.6 14.0 
Equity0.2 — 1.6 
Credit1.1 0.5 2.4 
Diversification(9.6)N/MN/M
Overall portfolio2.0 1.0 4.5 
VaR (a)
YTD24
(in millions)AverageMinimumMaximum
Interest rate$2.7 $1.9 $4.6 
Foreign exchange2.2 1.6 3.0 
Equity0.1 — 0.4 
Credit1.3 0.9 1.9 
Diversification(4.4)N/MN/M
Overall portfolio1.9 1.4 3.0 
(a)    VaR exposure does not include the impact of the Company’s consolidated investment management funds and seed capital investments.
N/M – Because the minimum and maximum may occur on different days for different risk components, it is not meaningful to compute a minimum and maximum portfolio diversification effect.


The interest rate component of VaR represents instruments whose values are predominantly driven by interest rate levels. These instruments include, but are not limited to, U.S. Treasury securities, swaps, swaptions, forward rate agreements, exchange-traded futures and options, and other interest rate derivative products.

The foreign exchange component of VaR represents instruments whose values predominantly vary with the level or volatility of currency exchange rates or interest rates. These instruments include, but are not limited to, currency balances, spot and forward transactions, currency options and other currency derivative products.

The equity component of VaR consists of instruments that represent an ownership interest in the form of domestic and foreign common stock or other equity-linked instruments. These instruments include, but are not limited to, common stock, exchange-traded funds, preferred stock, listed equity options (puts and calls), OTC equity options, equity total return swaps, equity index futures and other equity derivative products.

The credit component of VaR represents instruments whose values are predominantly driven by credit spread levels, i.e., idiosyncratic default risk. These instruments include, but are not limited to, single issuer credit default swaps, and securities with exposures from corporate and municipal credit spreads.

The diversification component of VaR is the risk reduction benefit that occurs when combining portfolios and offsetting positions, and from the correlated behavior of risk factor movements.
40 BNY


During the third quarter of 2025, interest rate risk generated 50% of average gross VaR, foreign exchange risk generated 46% of average gross VaR, credit risk generated 3% of average gross VaR and equity risk generated 1% of average gross VaR. During the third quarter of 2025, our daily trading loss did not exceed our calculated VaR amount of the overall portfolio.

The following table of total daily trading revenue or loss illustrates the number of trading days in which our trading revenue or loss fell within particular ranges during the past five quarters.

Distribution of trading revenue (loss) (a)
Quarter ended
(dollars in millions)Sept. 30, 2025June 30, 2025March 31, 2025Dec. 31, 2024Sept. 30, 2024
Revenue range:Number of days
Less than $(2.5)— 1 1 — — 
$(2.5) – $02 2 4 2 2 
$0 – $2.515 10 16 12 18 
$2.5 – $5.031 28 17 26 27 
More than $5.016 22 23 24 17 
(a)    Trading revenue (loss) includes realized and unrealized gains and losses primarily related to spot and forward foreign exchange transactions, derivatives and securities trades for our customers and excludes any associated commissions, underwriting fees and net interest income.


Trading assets include debt and equity instruments and derivative assets, primarily foreign exchange and interest rate contracts, not designated as hedging instruments. Trading assets were $13.6 billion at Sept. 30, 2025 and $14.0 billion at Dec. 31, 2024.

Trading liabilities include debt and equity instruments and derivative liabilities, primarily foreign exchange and interest rate contracts, not designated as hedging instruments. Trading liabilities were $3.5 billion at Sept. 30, 2025 and $4.9 billion at Dec. 31, 2024.

Under our fair value methodology for derivative contracts, an initial “risk-neutral” valuation is performed on each position assuming time discounting based on a AA credit curve. In addition, we consider credit risk in arriving at the fair value of our derivatives.

We reflect external credit ratings as well as observable credit default swap spreads for both ourselves and our counterparties when measuring the fair value of our derivative positions. Accordingly, the valuation of our derivative positions is sensitive to
the current changes in our own credit spreads, as well as those of our counterparties.

At Sept. 30, 2025, our OTC derivative assets, including those in hedging relationships, of $1.7 billion included a credit valuation adjustment (“CVA”) deduction of $10 million. Our OTC derivative liabilities, including those in hedging relationships, of $1.2 billion included a debit valuation adjustment (“DVA”) of $6 million related to our own credit spread. Net of hedges, the CVA decreased by $2 million and the DVA increased by $1 million in the third quarter of 2025, which decreased investment and other revenue – other trading revenue by less than $1 million. The net impact of the CVA and DVA, net of hedges, decreased investment and other revenue – other trading revenue by less than $1 million in the second quarter of 2025 and increased investment and other revenue – other trading revenue by $1 million in the third quarter of 2024.

The table below summarizes our exposure, net of collateral related to our derivative counterparties, as determined on an internal risk management basis. Significant changes in counterparty credit ratings could alter the level of credit risk faced by BNY.

Foreign exchange and other trading
  counterparty risk-rating profile
Sept. 30, 2025Dec. 31, 2024
(dollars in millions)Exposure, net of collateralPercentage of exposure, net of collateralExposure, net of collateralPercentage of exposure, net of collateral
Investment grade$1,537 95%$3,201 98%
Non-investment grade77 5%76 2%
Total$1,614 100%$3,277 100%


Asset/liability management

Our diversified business activities include processing securities, accepting deposits, investing in securities, lending, raising money as needed to fund assets and other transactions. The market risks from these activities include interest rate risk and foreign exchange risk. Our primary market risk is exposure to movements in U.S. dollar interest rates and certain foreign currency interest rates. We actively manage interest rate sensitivity and use earnings simulation and discounted cash flow models to identify interest rate exposures.

BNY 41


An earnings simulation model is the primary tool used to assess changes in pre-tax net interest income between a baseline scenario and hypothetical interest rate scenarios. Interest rate sensitivity is quantified by calculating the change in pre-tax net interest income between the scenarios over a 12-month measurement period.

The baseline scenario incorporates the market’s forward rate expectations and management’s assumptions regarding client deposit rates, credit spreads, changes in the prepayment behavior of loans and securities and the impact of derivative financial instruments used for interest rate risk management purposes as of each respective quarter-end. These assumptions have been developed through a combination of historical analysis and future expected pricing behavior and are inherently uncertain. Actual results may differ materially from projected results due to timing, magnitude and frequency of interest rate changes, and changes in market conditions and management’s strategies, among other factors. Client deposit levels and mix are key assumptions impacting net interest income in the baseline as well as the hypothetical interest rate scenarios. The earnings simulation model assumes static deposit levels and mix, and it also assumes that no management actions will be taken to mitigate the effects of interest rate changes. Typically, the baseline scenario uses the average deposit balances of the quarter.

In the table below, we use the earnings simulation model to assess the impact of various hypothetical interest rate scenarios compared to the baseline scenario. In each of the scenarios, all currencies’ interest rates are instantaneously shifted higher or lower at the start of the forecast. Long-term interest rates are defined as all tenors equal to or greater than three years and short-term interest rates are defined as all tenors equal to or less than three months. Interim term points are interpolated where applicable. The impact of interest rate shifts may not be linear. The results of this earnings simulation should therefore not be extrapolated for more severe interest rate scenarios than those presented in the table below.

The following table shows net interest income sensitivity for BNY.

Estimated changes in net interest income
(in millions)
Sept. 30, 2025June 30, 2025Sept. 30, 2024
Up 200 bps rate shock vs. baseline
$(19)$106 $263 
Up 100 bps rate shock vs. baseline
20 94 190 
Long-term up 100 bps, short-term unchanged
102 98 130 
Short-term up 100 bps, long-term unchanged
(82)(4)60 
Long-term down 100 bps, short-term unchanged
(109)(103)(139)
Short-term down 100 bps, long-term unchanged
(8)(79)(124)
Down 100 bps rate shock vs. baseline
(117)(182)(263)
Down 200 bps rate shock vs. baseline
(309)(419)(612)


At Sept. 30, 2025, the changes in the impacts of a 100 and 200 basis points upward or downward shift in rates on net interest income compared with June 30, 2025 were primarily driven by an increase in fixed-rate assets and floating rate liabilities.

While the net interest income sensitivity scenario calculations assume static deposit balances to facilitate consistent period-over-period comparisons, net interest income is impacted by changes in deposit balances and interest rate trajectory. Noninterest-bearing deposits are particularly sensitive to changes in short-term rates.

To illustrate the net interest income sensitivity to noninterest-bearing deposits, we estimate that a $5 billion instantaneous reduction/increase in U.S. dollar-denominated noninterest-bearing deposits would reduce/increase the net interest income sensitivity results in the up 100 basis point rate shock scenario in the table above by approximately $230 million, and in the down 100 basis point rate shock scenario by approximately $130 million. The impact would be smaller if the reduction/increase was assumed to be a mixture of interest-bearing and noninterest-bearing deposits.
42 BNY


Additionally, during periods of low short-term interest rates, money market mutual fund fees and other similar fees are typically waived to protect investors from negative returns.

For a discussion of factors impacting the growth or contraction of deposits, see “Risk Factors – Capital and Liquidity Risk – Our business, financial condition and results of operations could be adversely affected if we do not effectively manage our liquidity” in our 2024 Annual Report.
BNY 43


Supplemental information – Explanation of GAAP and Non-GAAP financial measures

BNY has included in this Form 10-Q certain Non-GAAP financial measures on a tangible basis as a supplement to GAAP information, which exclude goodwill and intangible assets, net of deferred tax liabilities. We believe that the return on tangible common equity – Non-GAAP is additional useful information for investors because it presents a measure of those assets that can generate income, and the tangible book value per common share – Non-GAAP is additional useful information because it presents the level of tangible assets in relation to shares of common stock outstanding.

BNY has included revenue measures excluding notable items, including disposal gains. Expense measures, excluding notable items, including severance expense, litigation reserves and the FDIC special assessment, are also presented. Litigation reserves represent accruals for loss contingencies that are both probable and reasonably estimable, but exclude standard business-related legal fees. Net income applicable to common shareholders of The Bank of New York Mellon Corporation, diluted earnings per share, return on common equity, return on tangible common equity and pre-tax operating margin, excluding the notable items mentioned
above, are also provided. These measures are provided to permit investors to view the financial measures on a basis consistent with how management views the businesses.

The presentation of the growth rates of investment management and performance fees on a constant currency basis permits investors to assess the significance of changes in foreign currency exchange rates. Growth rates on a constant currency basis were determined by applying the current period foreign currency exchange rates to the prior period revenue. We believe that this presentation, as a supplement to GAAP information, gives investors a clearer picture of the related revenue results without the variability caused by fluctuations in foreign currency exchange rates.

BNY has also included the adjusted pre-tax operating margin – Non-GAAP, which is the pre-tax operating margin for the Investment and Wealth Management business segment, net of distribution and servicing expense that was passed to third parties who distribute or service our managed funds. We believe that this measure is useful when evaluating the performance of the Investment and Wealth Management business segment relative to industry competitors.

44 BNY


Reconciliation of Non-GAAP measures, excluding notable itemsYTD25
3Q25 vs. vs.
(dollars in millions, except per share amounts)3Q252Q253Q242Q253Q24YTD25YTD24YTD24
Total revenue – GAAP$5,081 $5,028 $4,648 1%9%
Less: Disposal gains (a)
12 — — 
Adjusted total revenue – Non-GAAP$5,069 $5,028 $4,648 1%9%
Noninterest expense – GAAP$3,236 $3,206 $3,100 1%4%$9,694 $9,346 4%
Less: Severance expense (b)
50 34 40 116 105 
Litigation reserves (b)
3 (16)2 (11)6 
FDIC special assessment (b)
(14)(6)(17)(14)(55)
Adjusted noninterest expense – Non-GAAP$3,197 $3,194 $3,075 —%4%$9,603 $9,290 3%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP$1,339 $1,391 $1,110 (4)%21%
Less: Disposal gains (a)
9 — — 
Severance expense (b)
(39)(27)(31)
Litigation reserves (b)
(2)16 (2)
FDIC special assessment (b)
11 5 13 
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation – Non-GAAP$1,360 $1,397 $1,130 (3)%20%
Diluted earnings per common share – GAAP$1.88 $1.93 $1.50 (3)%25%
Less: Disposal gains (a)
0.01 — — 
Severance expense (b)
(0.05)(0.04)(0.04)
Litigation reserves (b)
— 0.02 — 
FDIC special assessment (b)
0.01 0.01 0.02 
Total diluted earnings per common share impact of notable items(0.03)(0.01)(0.03)(c)
Adjusted diluted earnings per common share – Non-GAAP$1.91 $1.94 $1.52 (c)(2)%26%
(a)    Reflected in investment and other revenue.
(b)    Severance expense is reflected in staff expense, litigation reserves in other expense, and FDIC special assessment in bank assessment charges, respectively.
(c)    Does not foot due to rounding.


The following table presents the reconciliation of the pre-tax operating margin.

Pre-tax operating margin reconciliation
(dollars in millions)3Q252Q253Q24YTD25YTD24
Income before taxes – GAAP$1,852 $1,839 $1,525 $5,213 $4,376 
Impact of notable items (a)
(27)(12)(25)(39)(56)
Adjusted income before taxes, excluding notable items – Non-GAAP$1,879 $1,851 $1,550 $5,252 $4,432 
Total revenue – GAAP$5,081 $5,028 $4,648 $14,901 $13,772 
Impact of notable items (a)
12 — — 52 — 
Adjusted total revenue, excluding notable items – Non-GAAP$5,069 $5,028 $4,648 $14,849 $13,772 
Pre-tax operating margin – GAAP (b)
36%37%33%35%32%
Adjusted pre-tax operating margin – Non-GAAP (b)
37%37%33%35%32%
(a)    See above for details of notable items and line items impacted.
(b)    Income before taxes divided by total revenue.


BNY 45


The following table presents the reconciliation of the return on common equity and tangible common equity.

Return on common equity and tangible common equity reconciliation3Q252Q253Q24YTD25YTD24
(dollars in millions)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP$1,339 $1,391 $1,110 $3,879 $3,206 
Add:  Amortization of intangible assets12 11 12 34 37 
Less: Tax impact of amortization of intangible assets3 2 3 8 9 
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP1,348 1,400 1,119 $3,905 $3,234 
Impact of notable items (a)
(21)(6)(20)(26)(42)
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets and notable items – Non-GAAP$1,369 $1,406 $1,139 $3,931 $3,276 
Average common shareholders’ equity$38,626 $37,892 $36,772 $37,839 $36,242 
Less: Average goodwill16,787 16,748 16,281 16,718 16,250 
Average intangible assets2,842 2,850 2,827 2,847 2,836 
Add: Deferred tax liability – tax deductible goodwill1,236 1,236 1,220 1,236 1,220 
  Deferred tax liability – intangible assets665 668 656 665 656 
Average tangible common shareholders’ equity – Non-GAAP$20,898 $20,198 $19,540 $20,175 $19,032 
Return on common equity – GAAP (b)
13.7%14.7%12.0%13.7%11.8%
Adjusted return on common equity – Non-GAAP (b)
14.0%14.8%12.2%13.8%12.0%
Return on tangible common equity – Non-GAAP (b)
25.6%27.8%22.8%25.9%22.7%
Adjusted return on tangible common equity – Non-GAAP (b)
26.0%27.9%23.2%26.1%23.0%
(a)    See page 45 for details of notable items and line items impacted.
(b)    Returns are annualized.


The following table presents the reconciliation of book value and tangible book value per common share.

Book value and tangible book value per common share reconciliationSept. 30, 2025June 30, 2025Dec. 31, 2024Sept. 30, 2024
(dollars in millions, except per share amounts and unless otherwise noted)
The Bank of New York Mellon Corporation shareholders’ equity at period end – GAAP$43,879 $43,950 $41,318 $41,992 
Less: Preferred stock4,836 5,331 4,343 4,343 
The Bank of New York Mellon Corporation common shareholders’ equity at period end – GAAP39,043 38,619 36,975 37,649 
Less: Goodwill16,773 16,823 16,598 16,338 
Intangible assets2,834 2,849 2,851 2,824 
Add: Deferred tax liability – tax deductible goodwill1,236 1,236 1,221 1,220 
Deferred tax liability – intangible assets665 668 665 656 
The Bank of New York Mellon Corporation tangible common shareholders’ equity at period end – Non-GAAP$21,337 $20,851 $19,412 $20,363 
Period-end common shares outstanding (in thousands)
697,349 705,241 717,680 727,078 
Book value per common share – GAAP$55.99 $54.76 $51.52 $51.78 
Tangible book value per common share – Non-GAAP$30.60 $29.57 $27.05 $28.01 


The following table presents the impact of changes in foreign currency exchange rates on our consolidated investment management and performance fees.

Constant currency reconciliation – Consolidated3Q25 vs.
(dollars in millions)3Q253Q243Q24
Investment management and performance fees – GAAP$782 $794 (2)%
Impact of changes in foreign currency exchange rates— 7 
Adjusted investment management and performance fees – Non-GAAP$782 $801 (2)%
46 BNY


The following table presents the impact of changes in foreign currency exchange rates on investment management and performance fees reported in the Investment and Wealth Management business segment.

Constant currency reconciliation – Investment and Wealth Management business segment
3Q25 vs.
(dollars in millions)3Q253Q243Q24
Investment management and performance fees – GAAP$782 $795 (2)%
Impact of changes in foreign currency exchange rates— 7 
Adjusted investment management and performance fees – Non-GAAP$782 $802 (2)%


The following table presents the reconciliation of the pre-tax operating margin for the Investment and Wealth Management business segment.

Pre-tax operating margin reconciliation – Investment and Wealth Management business segment
(dollars in millions)3Q252Q251Q254Q243Q24YTD25YTD24
Income before income taxes – GAAP$184 $148 $63 $173 $176 $395 $432 
Total revenue – GAAP$824 $801 $779 $873 $849 $2,404 $2,516 
Less: Distribution and servicing expense68 64 65 88 91 197 275 
Adjusted total revenue, net of distribution and servicing expense – Non-GAAP$756 $737 $714 $785 $758 $2,207 $2,241 
Pre-tax operating margin – GAAP (a)
22%19%8%20%21%16%17%
Adjusted pre-tax operating margin, net of distribution and servicing expense – Non-GAAP (a)
24%20%9%22%23%18%19%
(a)    Income before income taxes divided by total revenue.


BNY 47


Recent accounting and regulatory developments

Recent accounting developments

The following accounting guidance issued by the Financial Accounting Standards Board (“FASB”) has not yet been adopted as of Sept. 30, 2025.

ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires a company to disclose, on an annual basis, additional disaggregated information related to the existing disclosures for the effective income tax rate reconciliation and income taxes paid.

This ASU is effective on a prospective basis, with a retrospective option, for annual periods beginning after Dec. 15, 2024, and interim periods within fiscal years beginning after Dec. 15, 2025. We do not expect a material impact to our financial statement upon adoption.

ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires the disaggregation of specific types of expenses, including, but not limited to, employee compensation, depreciation and intangible asset amortization, to be presented in the Notes to the Consolidated Financial Statements. This ASU also requires the disclosure of the total amount of selling expenses, and on an annual basis, the definition of selling expenses.

This ASU is effective for annual reporting periods beginning after Dec. 15, 2026 and interim reporting periods beginning after Dec. 15, 2027 with early adoption is permitted. BNY is currently evaluating this guidance and the impact on the expense disclosures.

ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which amends certain aspects of the accounting for, and disclosure of, software costs. This ASU provides guidance on how to evaluate whether it is probable that a project will be completed and the software will be used to perform the function intended (referred to as the ‘probable-to-complete recognition threshold’).

This ASU is effective for annual reporting periods beginning after Dec. 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The guidance allows for either prospective, retrospective or a modified prospective application. BNY is currently evaluating this guidance.


Recent regulatory and other developments

For a summary of additional regulatory matters relevant to our operations, see “Recent regulatory and other developments” in our Form 10-Q for the quarters ended March 31, 2025 and June 30 2025, and “Supervision and Regulation” in our 2024 Annual Report. The following discussion summarizes certain regulatory, legislative and other developments that may affect BNY.

Federal Reserve Novel Activities Supervisory Program

On Aug. 15, 2025, the Federal Reserve announced it would sunset its Novel Activities Supervisory Program, which encompassed risk-based monitoring and examination and focus on novel activities related to crypto-assets, distributed ledger technology, and complex, technology-driven partnerships with nonbank providers of banking products and services to customers. This program complemented its existing supervision and oversight of supervised banking organizations. The Federal Reserve Board stated it strengthened its understanding of those activities and is incorporating its understanding into its standard supervisory process. BNY continues to evaluate the impacts of government activity on its
48 BNY


digital asset capabilities, in light of the requirements of all relevant regulators for its subsidiaries and operations.

Stress Testing Developments

On Oct. 24, 2025, the Federal Reserve proposed to revise its stress testing framework to increase transparency through an enhanced disclosure and feedback process for models and scenarios used in stress testing. The Federal Reserve’s proposal includes: (1) disclosing details of and soliciting comments on the models themselves, including proposed assumptions for credit losses and operational risk, and (2) publishing the 2026 stress test scenarios for comment. BNY is assessing the potential impact of the proposals.


Website information

Our website is www.bny.com. We currently make available the following information under the Investor Relations portion of our website. With respect to filings with the SEC, we post such information as soon as reasonably practicable after we electronically file such materials with, or furnish them to, the SEC.
•All of our SEC filings, including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to these reports, as well as proxy statements and SEC Forms 3, 4 and 5;
•Our earnings materials and selected management conference calls and presentations;
•Other regulatory disclosures, including: Pillar 3 Disclosures (and Market Risk Disclosure contained therein); Liquidity Coverage Ratio Disclosures; Net Stable Funding Ratio Disclosures; Federal Financial Institutions Examination Council – Consolidated Reports of Condition and Income for a Bank With Domestic and Foreign Offices; Consolidated Financial Statements for Bank Holding Companies; and the Dodd-Frank Act Stress Test Results for BNY and The Bank of New York Mellon; and
•Our Corporate Governance Guidelines, Amended and Restated By-Laws, Directors’ Code of Conduct and the Charters of the Audit, Finance, Corporate Governance, Nominating and Social Responsibility, Human Resources and Compensation, Risk and Technology Committees of our Board of Directors.

We may use our website, our LinkedIn accounts (e.g., www.linkedin.com/company/BNYglobal), our X accounts (e.g., @BNYglobal) and other social media channels as additional means of sharing information with the public. The information shared through those channels may be considered to be material, and we encourage investors, the media and others interested in BNY to review the business and financial information we post on our website and on our social media channels. The contents of our website, our social media channels and any other websites referenced herein are not part of or incorporated by reference into this Quarterly Report on Form 10-Q.

BNY 49
Item 1. Financial Statements
The Bank of New York Mellon Corporation (and its subsidiaries)
Consolidated Income Statement (unaudited)

Quarter endedYear-to-date
Sept. 30, 2025June 30, 2025Sept. 30, 2024Sept. 30, 2025Sept. 30, 2024
(in millions, except per share amounts; common shares in thousands)
Fee and other revenue
Investment services fees$2,585 $2,583 $2,344 $7,579 $6,981 
Investment management and performance fees782 758 794 2,279 2,331 
Foreign exchange revenue166 213 175 535 511 
Financing-related fees67 51 53 178 163 
Distribution and servicing fees37 36 38 110 121 
Total fee revenue3,637 3,641 3,404 10,681 10,107 
Investment and other revenue208 184 196 622 547 
Total fee and other revenue3,845 3,825 3,600 11,303 10,654 
Net interest income
Interest income6,594 6,602 6,652 19,319 19,140 
Interest expense5,358 5,399 5,604 15,721 16,022 
Net interest income1,236 1,203 1,048 3,598 3,118 
Total revenue5,081 5,028 4,648 14,901 13,772 
Provision for credit losses(7)(17)23 (6)50 
Noninterest expense
Staff1,745 1,768 1,736 5,347 5,313 
Software and equipment542 527 491 1,582 1,442 
Professional, legal and other purchased services404 388 370 1,158 1,093 
Sub-custodian and clearing141 150 117 422 370 
Net occupancy140 132 130 408 388 
Distribution and servicing68 63 90 196 274 
Business development45 53 48 146 134 
Bank assessment charges6 22 10 66 20 
Amortization of intangible assets12 11 12 34 37 
Other133 92 96 335 275 
Total noninterest expense3,236 3,206 3,100 9,694 9,346 
Income
Income before income taxes1,852 1,839 1,525 5,213 4,376 
Provision for income taxes395 404 336 1,099 990 
Net income1,457 1,435 1,189 4,114 3,386 
Net (income) attributable to noncontrolling interests related to consolidated investment management funds(12)(12)(7)(26)(11)
Net income applicable to shareholders of The Bank of New York Mellon Corporation1,445 1,423 1,182 4,088 3,375 
Preferred stock dividends(106)(32)(72)(209)(169)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation$1,339 $1,391 $1,110 $3,879 $3,206 
Average common shares and equivalents outstanding:
Basic705,873 714,799 736,547 714,135 747,766 
Common stock equivalents6,981 5,208 5,533 6,209 4,789 
Diluted712,854 720,007 742,080 720,344 752,555 
Anti-dilutive securities (a)
159 745 176 132 173 
Earnings per share applicable to common shareholders:
Basic$1.90 $1.95 $1.51 $5.43 $4.29 
Diluted$1.88 $1.93 $1.50 $5.39 $4.26 
(a)    Represents restricted stock and restricted stock units outstanding but not included in the computation of diluted average common shares because their effect would be anti-dilutive.


See accompanying unaudited Notes to Consolidated Financial Statements.
50 BNY
The Bank of New York Mellon Corporation (and its subsidiaries)
Consolidated Comprehensive Income Statement (unaudited)

Quarter endedYear-to-date
Sept. 30, 2025June 30, 2025Sept. 30, 2024Sept. 30, 2025Sept. 30, 2024
(in millions)
Net income$1,457 $1,435 $1,189 $4,114 $3,386 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(60)431 290 578 169 
Unrealized gain on assets available-for-sale:
Unrealized gain arising during the period223 114 739 670 831 
Reclassification adjustment23 25 12 48 26 
Total unrealized gain on assets available-for-sale246 139 751 718 857 
Defined benefit plans:
Net (loss) arising during the period— — — (5)— 
Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost6 6 2 18 8 
Total defined benefit plans6 6 2 13 8 
Net unrealized (loss) on cash flow hedges(8)(4)(5)(9)(3)
Total other comprehensive income, net of tax (a)
184 572 1,038 1,300 1,031 
Total comprehensive income1,641 2,007 2,227 5,414 4,417 
Net (income) attributable to noncontrolling interests(12)(12)(7)(26)(11)
Other comprehensive loss (income) attributable to noncontrolling interests3 (6)(5)(6)(5)
Comprehensive income applicable to shareholders of The Bank of New York Mellon Corporation$1,632 $1,989 $2,215 $5,382 $4,401 
(a)    Other comprehensive income attributable to The Bank of New York Mellon Corporation shareholders was $187 million for the quarter ended Sept. 30, 2025, $566 million for the quarter ended June 30, 2025, $1,033 million for the quarter ended Sept. 30, 2024, $1,294 million for the nine months ended Sept. 30, 2025 and $1,026 million for the nine months ended Sept. 30, 2024.


See accompanying unaudited Notes to Consolidated Financial Statements.
BNY 51
The Bank of New York Mellon Corporation (and its subsidiaries)
Consolidated Balance Sheet (unaudited)

Sept. 30, 2025Dec. 31, 2024
(dollars in millions, except per share amounts)
Assets
Cash and due from banks, net of allowance for credit losses of $28 and $23
$5,055 $4,178 
Interest-bearing deposits with the Federal Reserve and other central banks106,368 89,546 
Interest-bearing deposits with banks, net of allowance for credit losses of $2 and $1 (includes restricted of $2,589 and $1,399)
11,027 9,612 
Federal funds sold and securities purchased under resale agreements41,863 41,146 
Securities:
Held-to-maturity, at amortized cost, net of allowance for credit losses of less than $1 and less than $1 (fair value of $46,514 and $44,020)
49,539 48,596 
Available-for-sale, at fair value (amortized cost of $100,656 and $89,627, net of allowance for credit losses of $— and $—)
99,989 88,031 
Total securities149,528 136,627 
Trading assets13,625 13,981 
Loans75,195 71,570 
Allowance for credit losses(272)(294)
Net loans74,923 71,276 
Premises and equipment3,549 3,266 
Accrued interest receivable1,426 1,293 
Goodwill16,773 16,598 
Intangible assets2,834 2,851 
Other assets, net of allowance for credit losses on accounts receivable of $3 and $2 (includes $1,608 and $2,151, at fair value)
28,341 25,690 
Total assets$455,312 $416,064 
Liabilities
Deposits:
Noninterest-bearing deposits (principally U.S. offices)$59,647 $58,267 
Interest-bearing deposits in U.S. offices151,753 139,109 
Interest-bearing deposits in non-U.S. offices103,297 92,148 
Total deposits314,697 289,524 
Federal funds purchased and securities sold under repurchase agreements16,585 14,064 
Trading liabilities3,499 4,865 
Payables to customers and broker-dealers23,638 20,073 
Commercial paper2,364 301 
Other borrowed funds283 225 
Accrued taxes and other expenses4,920 5,270 
Other liabilities (including allowance for credit losses on lending-related commitments of $63 and $72, also includes $872 and $422, at fair value)
12,678 9,124 
Long-term debt32,287 30,854 
Total liabilities410,951 374,300 
Temporary equity
Redeemable noncontrolling interests111 87 
Permanent equity
Preferred stock – par value $0.01 per share; authorized 100,000,000 shares; issued 48,826 and 43,826 shares
4,836 4,343 
Common stock – par value $0.01 per share; authorized 3,500,000,000 shares; issued 1,416,629,891 and 1,409,633,842 shares
14 14 
Additional paid-in capital29,795 29,321 
Retained earnings45,346 42,537 
Accumulated other comprehensive loss, net of tax(3,362)(4,656)
Less: Treasury stock of 719,280,767 and 691,953,574 common shares, at cost
(32,750)(30,241)
Total The Bank of New York Mellon Corporation shareholders’ equity43,879 41,318 
Nonredeemable noncontrolling interests of consolidated investment management funds371 359 
Total permanent equity44,250 41,677 
Total liabilities, temporary equity and permanent equity$455,312 $416,064 


See accompanying unaudited Notes to Consolidated Financial Statements.
52 BNY
The Bank of New York Mellon Corporation (and its subsidiaries)
Consolidated Statement of Cash Flows (unaudited)

Nine months ended Sept. 30,
(in millions)20252024
Operating activities
Net income$4,114 $3,386 
Net (income) attributable to noncontrolling interests(26)(11)
Net income applicable to shareholders of The Bank of New York Mellon Corporation4,088 3,375 
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Provision for credit losses(6)50 
Pension plan contributions(3)(4)
Depreciation and amortization1,300 1,375 
Deferred tax expense95 (133)
Net securities losses65 35 
Change in trading assets and liabilities(1,041)(4,318)
Change in accruals and other, net(2,953)(1,243)
Net cash provided by (used for) operating activities1,545 (863)
Investing activities
Change in interest-bearing deposits with banks385 917 
Change in interest-bearing deposits with the Federal Reserve and other central banks(13,259)9,890 
Purchases of securities held-to-maturity(3,726)(461)
Paydowns of securities held-to-maturity3,593 3,208 
Maturities of securities held-to-maturity1,706 2,148 
Purchases of securities available-for-sale(28,530)(37,043)
Sales of securities available-for-sale9,621 4,467 
Paydowns of securities available-for-sale6,435 4,831 
Maturities of securities available-for-sale5,568 11,677 
Net change in loans(3,489)(2,633)
Change in federal funds sold and securities purchased under resale agreements(691)(7,269)
Purchases of premises and equipment/capitalized software(1,117)(1,056)
Other, net(16)214 
Net cash (used for) investing activities(23,520)(11,110)
Financing activities
Change in deposits18,344 11,984 
Change in federal funds purchased and securities sold under repurchase agreements2,442 11 
Change in payables to customers and broker-dealers3,565 1,346 
Change in other borrowed funds37 (74)
Change in commercial paper2,063 301 
Net proceeds from the issuance of long-term debt5,737 4,988 
Repayments, redemptions and repurchases of long-term debt(5,109)(3,513)
Issuance of common stock14 13 
Issuance of preferred stock1,483 — 
Treasury stock acquired(2,490)(2,314)
Preferred stock redemption(1,000)— 
Common cash dividends paid(1,070)(999)
Preferred cash dividends paid(199)(169)
Other, net24 22 
Net cash provided by financing activities23,841 11,596 
Effect of exchange rate changes on cash201 (122)
Change in cash and due from banks and restricted cash
Change in cash and due from banks and restricted cash 2,067 (499)
Cash and due from banks and restricted cash at beginning of period5,577 8,342 
Cash and due from banks and restricted cash at end of period$7,644 $7,843 
Cash and due from banks and restricted cash
Cash and due from banks at end of period (unrestricted cash)$5,055 $6,234 
Restricted cash at end of period2,589 1,609 
Cash and due from banks and restricted cash at end of period$7,644 $7,843 
Supplemental disclosures
Interest paid$15,582 $15,990 
Income taxes paid898 920 
Income taxes refunded18 20 

See accompanying unaudited Notes to Consolidated Financial Statements.
BNY 53
The Bank of New York Mellon Corporation (and its subsidiaries)
Consolidated Statement of Changes in Equity (unaudited)

Quarter endedYear-to-date
(in millions, except per share amount)Sept. 30, 2025June 30, 2025Sept. 30, 2024Sept. 30, 2025Sept. 30, 2024
Preferred stock
Balance at beginning of period$5,331 $5,331 $4,343 $4,343 $4,343 
Issuance495 — — 1,483 — 
Redemption(1,000)— — (1,000)— 
Amortization of preferred stock discount10 — — 10 — 
Balance at end of period$4,836 $5,331 $4,343 $4,836 $4,343 
Common stock
Balance at beginning and end of period$14 $14 $14 $14 $14 
Additional paid-in capital
Balance at beginning of period$29,659 $29,535 $29,139 $29,321 $28,908 
Stock-based compensation131 117 84 452 329 
Common stock issued under employee benefit plans6 6 5 19 17 
Other net changes in noncontrolling interests(1)1 2 3 (1)
Other— — — — (23)
Balance at end of period$29,795 $29,659 $29,230 $29,795 $29,230 
Retained earnings
Balance at beginning of period$44,388 $43,343 $40,999 $42,537 $39,549 
Net income1,445 1,423 1,182 4,088 3,375 
Common stock dividends ($0.53, $0.47, $0.47, $1.47 and $1.31 per share) (a)
(381)(346)(353)(1,070)(999)
Preferred stock dividends(96)(32)(72)(199)(169)
Amortization of preferred stock discount(10)— — (10)— 
Balance at end of period$45,346 $44,388 $41,756 $45,346 $41,756 
BNY’s accumulated other comprehensive (loss), net of tax
Balance at beginning of period$(3,549)$(4,115)$(4,900)$(4,656)$(4,893)
BNY’s other comprehensive income187 566 1,033 1,294 1,026 
Balance at end of period$(3,362)$(3,549)$(3,867)$(3,362)$(3,867)
Treasury stock
Balance at beginning of period$(31,893)$(30,989)$(28,752)$(30,241)$(27,151)
Repurchase of common stock(849)(895)(725)(2,490)(2,314)
Excise tax on share repurchases(8)(9)(7)(19)(19)
Balance at end of period$(32,750)$(31,893)$(29,484)$(32,750)$(29,484)
Total The Bank of New York Mellon Corporation shareholders’
  equity (b)
$43,879 $43,950 $41,992 $43,879 $41,992 
Nonredeemable noncontrolling interests of consolidated investment management funds
Balance at beginning of period$478 $410 $186 $359 $50 
Other net changes in noncontrolling interests(119)56 98 (14)230 
Net income12 12 7 26 11 
Balance at end of period$371 $478 $291 $371 $291 
Total permanent equity (b)
$44,250 $44,428 $42,283 $44,250 $42,283 
Redeemable noncontrolling interests/temporary equity
Balance at beginning of period$111 $94 $92 $87 $85 
Other net changes in noncontrolling interests3 11 10 18 17 
Other comprehensive (loss) income(3)6 5 6 5 
Balance at end of period$111 $111 $107 $111 $107 
(a)    Includes dividend equivalents on share-based awards.
(b)    Includes total The Bank of New York Mellon Corporation common shareholders’ equity of $39,043 million at Sept. 30, 2025, $38,619 million at June 30, 2025 and $37,649 million at Sept. 30, 2024.


See accompanying unaudited Notes to Consolidated Financial Statements.
54 BNY
Notes to Consolidated Financial Statements
Note 1–Basis of presentation

In this Quarterly Report on Form 10-Q, references to “our,” “we,” “us,” “BNY,” the “Company” and similar terms refer to The Bank of New York Mellon Corporation and its consolidated subsidiaries. The term “Parent” refers to The Bank of New York Mellon Corporation but not to its subsidiaries.

Basis of presentation

The accounting and financial reporting policies of BNY, a global financial services company, conform to U.S. generally accepted accounting principles (“GAAP”) and prevailing industry practices. For information on our significant accounting and reporting policies, see Note 1 of the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended Dec. 31, 2024 (the “2024 Annual Report”).

The accompanying consolidated financial statements are unaudited. In the opinion of management, all adjustments necessary, consisting of normal recurring adjustments, for a fair presentation of financial position, results of operations and cash flows for the periods presented have been made. These financial statements should be read in conjunction with our Consolidated Financial Statements included in our 2024 Annual Report.

Use of estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make
estimates based upon assumptions about future economic and market conditions which affect reported amounts and related disclosures in our financial statements. Although our current estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual conditions could be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition.

Note 2–Acquisitions and dispositions

We sometimes structure our acquisitions and divestitures with both an initial payment or receipt and later contingent payments or receipts tied to post-closing revenue or income growth.

At Sept. 30, 2025, contingent earnout payables were recorded at fair value of zero ($5 million reduction reflected in Other expense in the first nine months of 2025), and contingent earnout receivables were recorded at fair value of approximately $5 million (including impact of receipts of $6 million and $2 million of net decreases reflected in Investment and other revenue in the first nine months of 2025).

In March 2025, BNY completed the sale of BNY Trust Company of Canada, and recorded a $40 million pre-tax gain. Goodwill of $18 million was removed from the consolidated balance sheet as a result of the sale.

BNY 55
Notes to Consolidated Financial Statements (continued)
Note 3–Securities

The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of securities at Sept. 30, 2025 and Dec. 31, 2024.

Securities at Sept. 30, 2025
Gross
unrealized		Fair
value
Amortized cost
(in millions)GainsLosses
Available-for-sale:
Non-U.S. government (a)
$28,590 $98 $193 $28,495 
U.S. Treasury24,232 69 75 24,226 
Agency residential mortgage-backed securities (“RMBS”)21,130 171 284 21,017 
Foreign covered bonds7,779 42 59 7,762 
Agency commercial mortgage-backed securities (“MBS”)6,920 10 145 6,785 
Collateralized loan obligations (“CLOs”)6,122 5 2 6,125 
Non-agency commercial MBS2,305 1 96 2,210 
U.S. government agencies1,555 6 1 1,560 
Non-agency RMBS1,533 2 128 1,407 
Other asset-backed securities (“ABS”)426 1 25 402 
Total available-for-sale securities excluding portfolio level basis adjustments100,592 405 1,008 99,989 
Portfolio level basis adjustments (b)
64 (64)— — 
Total available-for-sale securities$100,656 $341 $1,008 $99,989 
Held-to-maturity:
Agency RMBS$26,439 $29 $2,521 $23,947 
U.S. Treasury8,818 13 218 8,613 
Non-U.S. government (a)
5,815 25 21 5,819 
Agency commercial MBS3,017 2 138 2,881 
U.S. government agencies2,734 — 199 2,535 
CLOs1,971 3 2 1,972 
Foreign covered bonds734 3 — 737 
Other debt securities11 — 1 10 
Total held-to-maturity securities$49,539 $75 $3,100 $46,514 
Total securities$150,195 $416 $4,108 $146,503 
(a)    Includes supranational securities.
(b)    Represents fair value hedge basis adjustments related to active portfolio layer method hedges of available-for-sale securities, which are not allocated to individual securities in the portfolio. See Note 16 for additional information on our hedging activities.

Securities at Dec. 31, 2024
Gross
unrealized
Amortized costFair
value
(in millions)GainsLosses
Available-for-sale:
Non-U.S. government (a)
$25,042 $61 $356 $24,747 
Agency RMBS20,459 16 575 19,900 
U.S. Treasury16,575 9 181 16,403 
Agency commercial MBS7,467 5 247 7,225 
Foreign covered bonds7,129 33 94 7,068 
CLOs5,809 10 — 5,819 
Non-agency commercial MBS2,641 2 156 2,487 
U.S. government agencies2,304 4 19 2,289 
Non-agency RMBS1,639 2 163 1,478 
Other ABS654 1 40 615 
Total available-for-sale securities excluding portfolio level basis adjustments89,719 143 1,831 88,031 
Portfolio level basis adjustments (b)
(92)— (92)— 
Total available-for-sale securities$89,627 $143 $1,739 $88,031 
Held-to-maturity:
Agency RMBS$25,824 $4 $3,545 $22,283 
U.S. Treasury8,833 — 443 8,390 
Non-U.S. government (a)
4,479 8 36 4,451 
U.S. government agencies3,669 — 322 3,347 
Agency commercial MBS3,395 — 243 3,152 
CLOs1,816 2 — 1,818 
Foreign covered bonds555 1 1 555 
Non-agency RMBS14 — — 14 
Other debt securities11 — 1 10 
Total held-to-maturity securities$48,596 $15 $4,591 $44,020 
Total securities$138,223 $158 $6,330 $132,051 
(a)    Includes supranational securities.
(b)    Represents fair value hedge basis adjustments related to active portfolio layer method hedges of available-for-sale securities, which are not allocated to individual securities in the portfolio. See Note 16 for additional information on our hedging activities.


The following table presents the realized gains and losses, on a gross basis.

Net securities gains (losses)
(in millions)3Q252Q253Q24YTD25YTD24
Realized gross gains$8 $5 $27 $17 $37 
Realized gross losses(38)(40)(44)(82)(72)
Total net securities (losses)$(30)$(35)$(17)$(65)$(35)


56 BNY
Notes to Consolidated Financial Statements (continued)
The following table presents pre-tax net securities gains (losses) by type.

Net securities gains (losses)
(in millions)3Q252Q253Q24YTD25YTD24
U.S. Treasury$(3)$— $— $— $(12)
Other ABS— — (13)— (13)
Non-agency RMBS— (3)24 (3)24 
Non-U.S. government(11)(28)(14)(39)(13)
Other(16)(4)(14)(23)(21)
Total net securities (losses)$(30)$(35)$(17)$(65)$(35)


In the third quarter of 2025, agency RMBS with an aggregate amortized cost of $755 million and fair value of $759 million were transferred from available-for-sale securities to held-to-maturity securities. This transfer reduced the impact of changes in interest rates on accumulated other comprehensive income (“OCI”).

Allowance for credit losses – Securities

The amortized cost of available-for-sale and held-to-maturity securities is net of the allowance for credit
losses. The allowance for credit losses related to securities was less than $1 million at Sept. 30, 2025 and Dec. 31, 2024 and related to other debt securities.

Credit quality indicators – Securities

At Sept. 30, 2025, the gross unrealized losses on the securities portfolio were primarily attributable to an increase in interest rates from the date of purchase, and for certain securities that were transferred from available-for-sale to held-to-maturity, an increase in interest rates through the date they were transferred. As the transfers created a new cost basis for the securities, if these securities have experienced unrealized losses since the date of transfer, the corresponding unrealized losses would be reflected in the held-to-maturity securities portfolio in the following tables.


The following tables show the aggregate fair value of available-for-sale securities with a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 months or more without an allowance for credit losses.

Available-for-sale securities in an unrealized loss position without an allowance for credit losses at Sept. 30, 2025
Less than 12 months12 months or moreTotal
Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		Fair
value		Unrealized
losses
(in millions)
U.S. Treasury$3,900 $8 $7,077 $67 $10,977 $75 
Non-U.S. government (a)
6,605 24 4,355 169 10,960 193 
Agency RMBS3,375 32 6,240 252 9,615 284 
Agency commercial MBS243 1 4,837 144 5,080 145 
Foreign covered bonds768 2 1,486 57 2,254 59 
Non-agency commercial MBS40 — 1,950 96 1,990 96 
CLOs1,316 2 — — 1,316 2 
Non-agency RMBS185 2 837 126 1,022 128 
U.S. government agencies19 — 323 1 342 1 
Other ABS11 — 320 25 331 25 
Total securities available-for-sale$16,462 $71 $27,425 $937 $43,887 $1,008 
(a)    Includes supranational securities.


BNY 57
Notes to Consolidated Financial Statements (continued)
Available-for-sale securities in an unrealized loss position without an allowance for credit losses at Dec. 31, 2024
Less than 12 months12 months or moreTotal
Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		Fair
value		Unrealized
losses
(in millions)
Agency RMBS$10,469 $249 $7,003 $326 $17,472 $575 
Non-U.S. government (a)
7,283 59 7,305 297 14,588 356 
U.S. Treasury4,154 15 8,334 166 12,488 181 
Agency commercial MBS554 5 5,841 242 6,395 247 
Foreign covered bonds892 2 2,287 92 3,179 94 
Non-agency commercial MBS58 — 2,127 156 2,185 156 
U.S. government agencies576 9 905 10 1,481 19 
Non-agency RMBS139 2 995 161 1,134 163 
Other ABS3 — 536 40 539 40 
Total securities available-for-sale$24,128 $341 $35,333 $1,490 $59,461 $1,831 
(a)    Includes supranational securities.


The following tables show the credit quality of the held-to-maturity securities. We have included certain credit ratings information because the information can indicate the degree of credit risk to which we are exposed. Significant changes in ratings classifications could indicate increased credit risk for us and could be accompanied by an increase in the allowance for credit losses and/or a reduction in the fair value of our securities portfolio.

Held-to-maturity securities portfolio at Sept. 30, 2025
Ratings (a)
Net unrealized gain (loss)BB+
and
lower
(dollars in millions)Amortized
cost		AAA/
AA-		A+/
A-		BBB+/
BBB-		Not
rated
Agency RMBS$26,439 $(2,492)100%—%—%—%—%
U.S. Treasury8,818 (205)100 — — — — 
Non-U.S. government (b)(c)
5,815 4 100 — — — — 
Agency commercial MBS3,017 (136)100 — — — — 
U.S. government agencies2,734 (199)100 — — — — 
CLOs1,971 1 100 — — — — 
Foreign covered bonds734 3 100 — — — — 
Other debt securities11 (1)— — — — 100 
Total held-to-maturity securities$49,539 $(3,025)100%—%—%—%—%
(a)    Represents ratings by Standard & Poor’s (“S&P”) or the equivalent.
(b)    Includes supranational securities.
(c)    Primarily consists of exposure to the UK, the Netherlands, France, Germany and Austria.


Held-to-maturity securities portfolio at Dec. 31, 2024
Ratings (a)
Net unrealized gain (loss)BB+
and
lower
(dollars in millions)Amortized
cost		AAA/
AA-		A+/
A-		BBB+/
BBB-		Not
rated
Agency RMBS$25,824 $(3,541)100%—%—%—%—%
U.S. Treasury8,833 (443)100 — — — — 
Non-U.S. government (b)(c)
4,479 (28)100 — — — — 
U.S. government agencies3,669 (322)100 — — — — 
Agency commercial MBS3,395 (243)100 — — — — 
CLOs1,816 2 100 — — — — 
Foreign covered bonds555 — 100 — — — — 
Non-agency RMBS14 — 23 77 — — — 
Other debt securities11 (1)— — — — 100 
Total held-to-maturity securities$48,596 $(4,576)100%—%—%—%—%
(a)    Represents ratings by S&P or the equivalent.
(b)    Includes supranational securities.
(c)    Primarily consists of exposure to the UK, Germany, the Netherlands, Austria and France.


58 BNY
Notes to Consolidated Financial Statements (continued)
Maturity distribution

The following table shows the maturity distribution by carrying amount and yield (on a tax equivalent basis) of our securities portfolio.

Maturity distribution and yields on securities at Sept. 30, 2025
Within 1 year1-5 years5-10 yearsAfter 10 yearsTotal
(dollars in millions)Amount
Yield (a)
Amount
Yield (a)
Amount
Yield (a)
Amount
Yield (a)
Amount
Yield (a)
Available-for-sale:
Non-U.S. government (b)
$3,808 3.73%$20,386 3.31%$4,187 3.03%$114 3.18%$28,495 3.32%
U.S. Treasury565 1.73 21,351 3.11 376 4.44 1,934 2.94 24,226 3.09 
Foreign covered bonds1,296 3.37 5,983 3.07 483 3.14 — — 7,762 3.13 
U.S. government agencies15 4.43 983 3.52 562 2.61 — — 1,560 3.20 
Mortgage-backed securities:
Agency RMBS21,017 4.49 
Agency commercial MBS6,785 3.04 
Non-agency commercial MBS2,210 2.87 
Non-agency RMBS1,407 3.29 
CLOs6,125 5.47 
Other ABS402 2.60 
Total securities available-for-sale$5,684 3.45%$48,703 3.20%$5,608 3.09%$2,048 2.95%$99,989 3.59%
Held-to-maturity:
U.S. Treasury$3,738 1.08%$4,702 1.20%$378 1.32%$— —%$8,818 1.16%
Non-U.S. government (b)
533 2.10 5,078 2.71 204 2.11 — — 5,815 2.64 
U.S. government agencies455 1.22 1,753 1.55 482 1.71 44 2.11 2,734 1.53 
Foreign covered bonds190 2.50 544 2.59 — — — — 734 2.57 
Other debt securities— — — — 11 4.75 — — 11 4.75 
Mortgage-backed securities:
Agency RMBS26,439 2.53 
Agency commercial MBS3,017 2.63 
CLOs1,971 5.66 
Total securities held-to-maturity$4,916 1.26%$12,077 1.95%$1,075 1.68%$44 2.11%$49,539 2.37%
Total securities$10,600 2.44%$60,780 2.95%$6,683 2.86%$2,092 2.94%$149,528 3.19%
(a)    Yields are based upon the amortized cost of securities and consider the contractual coupon, amortization of premiums and accretion of discounts, excluding the effect of related hedging derivatives.
(b)    Includes supranational securities.


Pledged assets

At Sept. 30, 2025, BNY had pledged assets of $141 billion, including $86 billion pledged as collateral for potential borrowings at the Federal Reserve Discount Window and $10 billion pledged as collateral for borrowing at the Federal Home Loan Bank. The components of the assets pledged at Sept. 30, 2025 included $119 billion of securities, $15 billion of loans, $6 billion of trading assets and $1 billion of interest-bearing deposits with banks.

If there has been no borrowing at the Federal Reserve Discount Window, the Federal Reserve generally allows banks to freely move assets in and out of their pledged assets account to sell or repledge the assets for other purposes. BNY regularly moves assets in and out of its pledged assets account at the Federal Reserve as there have been no borrowings.

At Dec. 31, 2024, BNY had pledged assets of $138 billion, including $88 billion pledged as collateral for potential borrowing at the Federal Reserve Discount Window and $10 billion pledged as collateral for borrowing at the Federal Home Loan Bank. The components of the assets pledged at Dec. 31, 2024 included $117 billion of securities, $15 billion of loans, $5 billion of trading assets and $1 billion of interest-bearing deposits with banks.

At Sept. 30, 2025 and Dec. 31, 2024, pledged assets included $24 billion and $23 billion, respectively, for which the recipients were permitted to sell or repledge the assets delivered.

We also obtain securities as collateral, including receipts under resale agreements, securities borrowed, derivative contracts and custody agreements, on terms which permit us to sell or repledge the securities to others. At Sept. 30, 2025 and Dec. 31, 2024, the
BNY 59
Notes to Consolidated Financial Statements (continued)
market value of the securities received that can be sold or repledged was $366 billion and $300 billion, respectively. We routinely sell or repledge these securities through delivery to third parties. As of Sept. 30, 2025 and Dec. 31, 2024, the market value of securities collateral sold or repledged was $326 billion and $264 billion, respectively.

Restricted cash and securities

Cash and securities may be segregated under federal and other regulations or requirements. At Sept. 30, 2025 and Dec. 31, 2024, cash segregated under federal and other regulations or requirements was $3 billion and $1 billion, respectively. Restricted cash is primarily included in interest-bearing deposits with banks on the consolidated balance sheet. Securities segregated under federal and other regulations or requirements were $3 billion at Sept. 30, 2025 and $5 billion at Dec. 31, 2024. Restricted securities were sourced from securities purchased under resale agreements and securities borrowings and are included in federal funds sold and securities purchased under resale agreements on the consolidated balance sheet.


Note 4–Loans and asset quality

Loans

The table below provides the details of our loan portfolio.

LoansSept. 30, 2025Dec. 31, 2024
(in millions)
Commercial$1,333 $1,420 
Commercial real estate6,767 6,782 
Financial institutions13,038 13,167 
Lease financings93 603 
Wealth management loans9,180 8,698 
Wealth management mortgages8,707 8,950 
Other residential mortgages1,767 1,068 
Capital call financing4,990 5,163 
Other3,584 3,063 
Overdrafts2,652 3,519 
Margin loans23,084 19,137 
Total loans (a)
$75,195 $71,570 
(a)    Net of unearned income of $94 million at Sept. 30, 2025 and $230 million at Dec. 31, 2024 primarily related to lease financings.


We disclose information related to our loans and asset quality by the class of the financing receivable in the following tables.


Allowance for credit losses

Activity in the allowance for credit losses on loans and lending-related commitments is presented below. This does not include activity in the allowance for credit losses related to other financial instruments, including cash and due from banks, interest-bearing deposits with banks, federal funds sold and securities purchased under resale agreements, available-for-sale securities, held-to-maturity securities and accounts receivable.

Allowance for credit losses activity for the quarter ended Sept. 30, 2025
Wealth management loansWealth management mortgagesOther residential mortgagesCapital call financing
(in millions)CommercialCommercial
real estate		Financial
institutions		Total
Beginning balance$13 $291 $25 $1 $6 $2 $7 $345 
Charge-offs— (5)— — — — — (5)
Recoveries— — — — — 1 — 1 
Net (charge-offs) recoveries— (5)— — — 1 — (4)
Provision (a)
(6)4 (3)— — (1)— (6)
Ending balance$7 $290 $22 $1 $6 $2 $7 $335 
Allowance for:
Loan losses$1 $247 $10 $1 $6 $2 $5 $272 
Lending-related commitments6 43 12 — — — 2 63 
Individually evaluated for impairment:
Loan balance (b)
$— $315 $— $— $8 $— $— $323 
Allowance for loan losses— 42 — — — — — 42 
(a)    Does not include the provision for credit losses benefit related to other financial instruments of $1 million for the quarter ended Sept. 30, 2025.
(b)    Includes collateral-dependent loans of $323 million with $350 million of collateral value.


60 BNY
Notes to Consolidated Financial Statements (continued)
Allowance for credit losses activity for the quarter ended June 30, 2025
Wealth management loansWealth management mortgagesOther residential mortgagesCapital call financing
(in millions)CommercialCommercial
real estate		Financial
institutions		Total
Beginning balance$15 $326 $16 $1 $6 $2 $4 $370 
Charge-offs— (10)— — — — — (10)
Recoveries— 5 — — — — — 5 
Net (charge-offs)— (5)— — — — — (5)
Provision (a)
(2)(30)9 — — — 3 (20)
Ending balance$13 $291 $25 $1 $6 $2 $7 $345 
Allowance for:
Loan losses$2 $245 $13 $1 $6 $2 $6 $275 
Lending-related commitments11 46 12 — — — 1 70 
Individually evaluated for impairment:
Loan balance (b)
$— $198 $— $— $1 $— $— $199 
Allowance for loan losses— 52 — — — — — 52 
(a)    Does not include the provision for credit losses related to other financial instruments of $3 million for the quarter ended June 30, 2025.
(b)    Includes collateral-dependent loans of $199 million with $169 million of collateral value.


Allowance for credit losses activity for the quarter ended Sept. 30, 2024
Wealth management loansWealth management mortgagesOther
residential
mortgages		Capital call financingTotal
(in millions)CommercialCommercial
real estate		Financial
institutions
Beginning balance$27 $298 $21 $1 $6 $3 $3 $359 
Charge-offs— (10)— — — — — (10)
Recoveries— — — — — — — — 
Net (charge-offs)— (10)— — — — — (10)
Provision (a)
3 20 — — — (1)— 22 
Ending balance$30 $308 $21 $1 $6 $2 $3 $371 
Allowance for:
Loan losses$16 $258 $12 $1 $5 $2 $2 $296 
Lending-related commitments14 50 9 — 1 — 1 75 
Individually evaluated for impairment:
Loan balance (b)
$— $273 $— $— $13 $— $— $286 
Allowance for loan losses— 64 — — — — — 64 
(a)    Does not include the provision for credit losses related to other financial instruments of $1 million for the quarter ended Sept. 30, 2024.
(b)    Includes collateral-dependent loans of $286 million with $291 million of collateral value.


Allowance for credit losses activity for the nine months ended Sept. 30, 2025Other
residential
mortgages		Capital call financingTotal
(in millions)CommercialCommercial
real estate		Financial
institutions		Wealth management loansWealth management mortgages
Beginning balance$20 $315 $19 $1 $6 $2 $3 $366 
Charge-offs— (25)— — — — — (25)
Recoveries— 5 — — — 2 — 7 
Net (charge-offs) recoveries— (20)— — — 2 — (18)
Provision (a)
(13)(5)3 — — (2)4 (13)
Ending balance$7 $290 $22 $1 $6 $2 $7 $335 
(a)    Does not include provision for credit losses related to other financial instruments of $7 million for the nine months ended Sept. 30, 2025.


BNY 61
Notes to Consolidated Financial Statements (continued)
Allowance for credit losses activity for the nine months ended Sept. 30, 2024Other
residential
mortgages		Capital call financingTotal
(in millions)CommercialCommercial
real estate		Financial
institutions		Lease
financings		Wealth management loansWealth management mortgages
Beginning balance$27 $325 $19 $1 $1 $9 $4 $4 $390 
Charge-offs— (53)— — — (1)— — (54)
Recoveries— — — — — — — — — 
Net (charge-offs)— (53)— — — (1)— — (54)
Provision (a)
3 36 2 (1)— (2)(2)(1)35 
Ending balance$30 $308 $21 $— $1 $6 $2 $3 $371 
(a)    Does not include provision for credit losses related to other financial instruments of $15 million for the nine months ended Sept. 30, 2024.


Nonperforming assets

The table below presents our nonperforming assets.

Nonperforming assetsSept. 30, 2025Dec. 31, 2024
Recorded investmentRecorded investment
With an
allowance		Without an allowanceWith an
allowance		Without an allowance
(in millions)TotalTotal
Nonperforming loans:
Commercial real estate$125 $— $125 $104 $39 $143 
Wealth management mortgages9 8 17 6 9 15 
Other residential mortgages16 — 16 18 1 19 
Total nonperforming loans150 8 158 128 49 177 
Other assets owned— 2 2 — 2 2 
Total nonperforming assets$150 $10 $160 $128 $51 $179 


Past due loans

The table below presents our past due loans.

Past due loans and still accruing interestSept. 30, 2025Dec. 31, 2024
Days past dueTotal
past due		Days past dueTotal
past due
(in millions)30-5960-89≥9030-5960-89≥90
Commercial real estate$11 $42 $— $53 $15 $— $— $15 
Wealth management loans37 — — 37 47 — — 47 
Other residential mortgages13 4 — 17 7 1 — 8 
Wealth management mortgages— 2 — 2 34 2 — 36 
Total past due loans$61 $48 $— $109 $103 $3 $— $106 


Loan modifications

Modified loans are evaluated to determine whether a modification or restructuring with a borrower experiencing financial difficulty results in principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, or a term extension. The modification could result in a new loan or a continuation of the existing loan.

In the third quarter of 2025, we modified one commercial real estate loan, with a recorded investment of $123 million, by extending the maturity
date. We also modified one residential mortgage loan, with a recorded investment of less than $1 million, by extending the maturity date and providing payment modifications.

At Sept. 30, 2025, other residential mortgages loans that were modified in the previous 12 months and now past due by more than 90 days totaled less than $1 million.

There were no loan modifications in the second quarter of 2025.

62 BNY
Notes to Consolidated Financial Statements (continued)
In the third quarter of 2024, we modified one commercial real estate exposure, with a recorded investment of $42 million, by extending the maturity
date. We also modified one residential mortgage loan, with a recorded investment of less than $1 million, by providing payment modifications.

Credit quality indicators

Our credit strategy is to focus on investment-grade clients that are active users of our non-credit services. Each customer is assigned an internal credit rating, which is mapped to an external rating agency grade equivalent, if possible, based upon a number of dimensions, which are continually evaluated and may change over time.

The tables below provide information about the credit profile of the loan portfolio by the period of origination.

Credit profile of the loan portfolioSept. 30, 2025
Revolving loans
Originated, at amortized costAmortized costConverted to term loans – Amortized costAccrued
interest
receivable
(in millions)YTD252024202320222021Prior to 2021
Total (a)
Commercial:
Investment grade$11 $24 $54 $16 $51 $115 $998 $— $1,269 
Non-investment grade14 11 14 — — — 25 — 64 
Total commercial25 35 68 16 51 115 1,023 — 1,333 $1 
Commercial real estate: (b)
Investment grade503 461 616 748 301 1,455 146 — 4,230 
Non-investment grade149 298 219 660 292 854 47 18 2,537 
Total commercial real estate652 759 835 1,408 593 2,309 193 18 6,767 25 
Financial institutions:
Investment grade295 373 75 10 25 42 10,404 — 11,224 
Non-investment grade53 50 — — — — 1,711 — 1,814 
Total financial institutions348 423 75 10 25 42 12,115 — 13,038 119 
Wealth management loans:
Investment grade11 — 29 26 51 91 8,773 175 9,156 
Non-investment grade— — — — — — 24 — 24 
Total wealth management loans11 — 29 26 51 91 8,797 175 9,180 57 
Wealth management mortgages (b)
462 276 766 1,514 1,747 3,927 15 — 8,707 24 
Lease financings— — — — 7 86 — — 93 — 
Other residential mortgages (b)
389 357 173 501 175 172 — — 1,767 6 
Capital call financing230 130 — — — — 4,630 — 4,990 24 
Other loans— — — — — — 3,584 — 3,584 6 
Margin loans10,452 — — — — — 12,632 — 23,084 35 
Total loans$12,569 $1,980 $1,946 $3,475 $2,649 $6,742 $42,989 $193 $72,543 $297 
(a)    Excludes overdrafts of $2,652 million. Overdrafts occur on a daily basis primarily in the custody and securities clearance business and are generally repaid within two business days.
(b)    In the first nine months of 2025, the gross write-offs related to commercial real estate loans were $25 million, wealth management mortgages were $1 million, and other residential mortgages were less than $1 million.


BNY 63
Notes to Consolidated Financial Statements (continued)
Credit profile of the loan portfolioDec. 31, 2024
Revolving loans
Originated, at amortized costAmortized costConverted to term loans – Amortized costAccrued
interest
receivable
(in millions)20242023202220212020Prior to 2020
Total (a)
Commercial:
Investment grade$41 $69 $20 $55 $— $116 $1,010 $— $1,311 
Non-investment grade14 29 — 17 — — 49 — 109 
Total commercial55 98 20 72 — 116 1,059 — 1,420 $2 
Commercial real estate: (b)
Investment grade396 567 762 392 460 1,384 126 — 4,087 
Non-investment grade335 315 751 351 214 617 94 18 2,695 
Total commercial real estate731 882 1,513 743 674 2,001 220 18 6,782 28 
Financial institutions:
Investment grade491 370 20 26 42 — 10,363 — 11,312 
Non-investment grade131 — 10 — — — 1,714 — 1,855 
Total financial institutions622 370 30 26 42 — 12,077 — 13,167 157 
Wealth management loans:
Investment grade3 29 33 110 33 109 8,261 100 8,678 
Non-investment grade— — — — — — 20 — 20 
Total wealth management loans3 29 33 110 33 109 8,281 100 8,698 50 
Wealth management mortgages (b)
495 798 1,585 1,812 818 3,423 19 — 8,950 23 
Lease financings— — — 10 31 562 — — 603 — 
Other residential mortgages (b)
15 148 529 184 5 187 — — 1,068 4 
Capital call financing91 — — — — — 5,072 — 5,163 28 
Other loans— — — — — — 3,063 — 3,063 6 
Margin loans7,732 — — — — — 11,405 — 19,137 38 
Total loans$9,744 $2,325 $3,710 $2,957 $1,603 $6,398 $41,196 $118 $68,051 $336 
(a)    Excludes overdrafts of $3,519 million. Overdrafts occur on a daily basis primarily in the custody and securities clearance business and are generally repaid within two business days.
(b)    The gross write-offs related to commercial real estate loans were $82 million, other residential mortgage loans were $1 million and wealth management mortgage loans were less than $1 million in 2024.


Commercial loans

The commercial loan portfolio is divided into investment grade and non-investment grade categories based on the assigned internal credit ratings, which are generally consistent with those of the public rating agencies. Customers with ratings consistent with BBB- (S&P)/Baa3 (Moody’s) or better are considered to be investment grade. Those clients with ratings lower than this threshold are considered to be non-investment grade.

Commercial real estate

Our income-producing commercial real estate facilities are focused on experienced owners and are structured with moderate leverage based on existing cash flows. Our commercial real estate lending activities also include construction and renovation facilities.

Financial institutions

Financial institution exposures are high quality, with 96% of the exposures meeting the investment grade equivalent criteria of our internal credit rating classification at Sept. 30, 2025. In addition, 66% of the financial institutions exposure is secured. For example, securities industry clients and asset managers often borrow against marketable securities held in custody. The exposure to financial institutions is generally short term, with 82% expiring within one year.

Wealth management loans

Wealth management loans are not typically rated by external rating agencies. A majority of the wealth management loans are secured by the customers’ investment management accounts or custody accounts. Eligible assets pledged for these loans are typically investment grade fixed-income securities, equities and/or mutual funds. Internal ratings for this portion of the wealth management loan portfolio, therefore, would equate to investment grade external
64 BNY
Notes to Consolidated Financial Statements (continued)
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.

Wealth management mortgages

Credit quality indicators for wealth management mortgages are not correlated to external ratings. Wealth management mortgages are typically loans to high-net-worth individuals, which are secured primarily by residential property. These loans are primarily interest-only, adjustable-rate mortgages with a weighted-average loan-to-value ratio of 61% at origination. Delinquency rate is a key indicator of credit quality in our wealth management portfolio. At Sept. 30, 2025, less than 1% of the mortgages were past due.

At Sept. 30, 2025, the wealth management mortgage portfolio consisted of the following geographic concentrations: California – 20%; New York – 14%; Florida – 11%; Massachusetts – 8%; and other – 47%.

Lease financings

At Sept. 30, 2025, all of the leasing exposure was investment grade, or investment grade equivalent, and concentrated in the U.S.

Other residential mortgages

The other residential mortgages portfolio primarily consists of 1-4 family residential mortgage loans and totaled $1.8 billion at Sept. 30, 2025 and $1.1 billion at Dec. 31, 2024. These loans are not typically correlated to external ratings.

Capital call financing

Capital call financing includes loans to private equity funds that are secured by the fund investors’ capital commitments and the funds’ right to call capital.

Other loans

Other loans primarily include loans to consumers that are fully collateralized with equities, mutual funds and fixed-income securities.

Margin loans

We had $23.1 billion of secured margin loans at Sept. 30, 2025, compared with $19.1 billion at Dec. 31, 2024. Margin loans are collateralized with marketable securities, and borrowers are required to maintain a daily collateral margin in excess of 100% of the value of the loan. We have rarely suffered a loss on these types of loans.

Overdrafts

Overdrafts primarily relate to custody and securities clearance clients and totaled $2.7 billion at Sept. 30, 2025 and $3.5 billion at Dec. 31, 2024. Overdrafts occur on a daily basis and are generally repaid within two business days.

Reverse repurchase agreements

Reverse repurchase agreements at Sept. 30, 2025 and Dec. 31, 2024 were fully secured with high-quality collateral. As a result, there was no allowance for credit losses related to these assets at Sept. 30, 2025 and Dec. 31, 2024.

BNY 65
Notes to Consolidated Financial Statements (continued)
Note 5–Goodwill and intangible assets

Goodwill

The tables below provide a breakdown of goodwill by business segment.

Goodwill by business segment

(in millions)
Securities
Services		Market and Wealth ServicesInvestment
and Wealth
Management		Consolidated
Balance at Dec. 31, 2024
Goodwill$7,331 $1,475 $8,472 $17,278 
Accumulated impairment losses— — (680)(680)
Net goodwill$7,331 $1,475 $7,792 $16,598 
Dispositions(18)— — (18)
Foreign currency translation94 6 106 206 
Other(13)— — (13)
Balance at Sept. 30, 2025
Goodwill$7,394 $1,481 $8,578 $17,453 
Accumulated impairment losses— — (680)(680)
Net goodwill $7,394 $1,481 $7,898 $16,773 


Goodwill by business segment

(in millions)
Securities
Services		Market and Wealth ServicesInvestment
and Wealth
Management		Consolidated
Balance at Dec. 31, 2023
Goodwill$7,004 $1,429 $8,508 $16,941 
Accumulated impairment losses— — (680)(680)
Net goodwill$7,004 $1,429 $7,828 $16,261 
Business realignment (a)
(51)48 3 — 
Foreign currency translation15 4 58 77 
Balance at Sept. 30, 2024
Goodwill$6,968 $1,481 $8,569 $17,018 
Accumulated impairment losses— — (680)(680)
Net goodwill$6,968 $1,481 $7,889 $16,338 
(a)    In the first quarter of 2024, we made certain realignments of similar products and services within our lines of business. See Note 24 of the Notes to Consolidated Financial Statements in our 2024 Annual Report for additional information.


Goodwill impairment testing

The goodwill impairment test is performed at least annually at the reporting unit level. An interim goodwill impairment test is performed when events or circumstances occur that may indicate that it is more likely than not that the fair value of any reporting unit may be less than its carrying value.
In the third quarter of 2025, due to the results of the second quarter 2025 interim goodwill impairment test and macroeconomic conditions, we performed an interim goodwill impairment test of the Investment Management reporting unit, which had $6.2 billion of allocated goodwill. No additional goodwill impairment was recognized.

66 BNY
Notes to Consolidated Financial Statements (continued)
Intangible assets

The tables below provide a breakdown of intangible assets by business segment.

Intangible assets – net carrying amount by business segment
(in millions)
Securities
Services		Market and Wealth ServicesInvestment
and Wealth
Management		OtherConsolidated
Balance at Dec. 31, 2024
$186 $374 $1,442 $849 $2,851 
Amortization(20)(2)(12)— (34)
Foreign currency translation6 — 11 — 17 
Balance at Sept. 30, 2025
$172 $372 $1,441 $849 $2,834 


Intangible assets – net carrying amount by business segment
(in millions)
Securities
Services		Market and Wealth ServicesInvestment
and Wealth
Management		OtherConsolidated
Balance at Dec. 31, 2023
$164 $378 $1,463 $849 $2,854 
Amortization(21)(3)(13)— (37)
Foreign currency translation— — 7 — 7 
Balance at Sept. 30, 2024
$143 $375 $1,457 $849 $2,824 


The table below provides a breakdown of intangible assets by type.

Intangible assetsSept. 30, 2025Dec. 31, 2024
(dollars in millions)Gross
carrying
amount		Accumulated
amortization		Net
carrying
amount		Remaining
weighted-
average
amortization
period		Gross
carrying
amount		Accumulated
amortization		Net
carrying
amount
Subject to amortization: (a)
Customer contracts – Securities Services
$789 $(617)$172 12 years$779 $(593)$186 
Customer contracts – Market and Wealth Services
269 (268)1 1 year269 (266)3 
Customer relationships – Investment and Wealth Management
517 (469)48 7 years553 (495)58 
Other40 (15)25 11 years42 (14)28 
Total subject to amortization$1,615 $(1,369)$246 11 years$1,643 $(1,368)$275 
Not subject to amortization: (b)
Tradenames$1,294 N/A$1,294 N/A$1,291 N/A$1,291 
Customer relationships1,294 N/A1,294 N/A1,285 N/A1,285 
Total not subject to amortization$2,588 N/A$2,588 N/A$2,576 N/A$2,576 
Total intangible assets$4,203 $(1,369)$2,834 N/A$4,219 $(1,368)$2,851 
(a)    Excludes fully amortized intangible assets.
(b)    Intangible assets not subject to amortization have an indefinite life.
N/A – Not applicable.


Estimated annual amortization expense for current intangibles for the next five years is as follows:

For the year ended
Dec. 31,
Estimated amortization expense
(in millions)
2025$45 
202637 
202731 
202827 
202924 


Intangible asset impairment testing

Intangible assets not subject to amortization are tested for impairment annually or more often if events or circumstances indicate they may be impaired.
BNY 67
Notes to Consolidated Financial Statements (continued)
Note 6–Other assets

The following table provides the components of other assets presented on the consolidated balance sheet.

Other assetsSept. 30, 2025Dec. 31, 2024
(in millions)
Corporate/bank-owned life insurance$5,606 $5,552 
Accounts receivable (a)
5,183 4,931 
Fails to deliver3,406 1,292 
Tax credit investments2,888 2,821 
Software2,700 2,676 
Prepaid pension assets2,350 2,035 
Equity method investments928 852 
Prepaid expense833 736 
Assets of consolidated investment management funds826 891 
Other equity investments (b)
747 679 
Federal Reserve Bank stock489 478 
Income taxes receivable444 255 
Cash collateral receivable on derivative transactions385 292 
Fair value of hedging derivatives328 781 
Seed capital (c)
195 196 
Other (d)
1,033 1,223 
Total other assets$28,341 $25,690 
(a)     Includes receivables for securities sold or matured that have not yet settled.
(b)    Includes strategic equity, private equity and other investments.
(c)    Includes investments in BNY funds that hedge deferred incentive awards.
(d)    At Sept. 30, 2025 and Dec. 31, 2024, other assets include $57 million and $57 million, respectively, of Federal Home Loan Bank stock, at cost.


Non-readily marketable equity securities

Non-readily marketable equity securities do not have readily determinable fair values. These investments are valued using a measurement alternative where the investments are carried at cost, less any impairment, and plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The observable price changes are recorded in investment and other revenue on the consolidated income statement. Our non-readily marketable equity securities totaled $473 million at Sept. 30, 2025 and $413 million at Dec. 31, 2024, and are included in other equity investments in the table above.

The following table presents the adjustments on the non-readily marketable equity securities.

Adjustments on non-readily marketable equity securitiesLife-to-
date
(in millions)3Q252Q253Q24YTD25YTD24
Upward adjustments$2 $18 $— $32 $1 $368 
Downward adjustments— (1)— (1)— (56)
Net adjustments$2 $17 $— $31 $1 $312 


Tax credit investments

Tax credit investments include affordable housing projects and renewable energy investments. We invest in affordable housing projects primarily to satisfy the Company’s requirements under the Community Reinvestment Act. We invest in renewable energy projects to receive an expected after-tax return, which consists of allocated renewable energy tax credits, tax deductions and cash distributions based on the operations of the project.

Our tax credit investments totaled $2.9 billion at Sept. 30, 2025 and $2.8 billion at Dec. 31, 2024. Commitments to fund future investments totaled $897 million at Sept. 30, 2025 and $951 million at Dec. 31, 2024 and are recorded in other liabilities on the consolidated balance sheet. A summary of the commitments to fund future investments as of Sept. 30, 2025 is as follows: remainder of 2025 – $271 million; 2026 – $128 million; 2027 – $128 million; 2028 – $89 million; 2029 – $79 million; and 2030 and thereafter – $202 million.

Tax credits and other tax benefits recognized were $140 million in the third quarter of 2025, $134 million in the second quarter of 2025, $114 million in the third quarter of 2024, $416 million in the first nine months of 2025 and $342 million in the first nine months of 2024.

Amortization expense included in the provision for income taxes was $112 million in the third quarter of 2025, $115 million in the second quarter of 2025, $92 million in the third quarter of 2024, $353 million in the first nine months of 2025 and $276 million in the first nine months of 2024.

68 BNY
Notes to Consolidated Financial Statements (continued)
Investments valued using net asset value (“NAV”) per share

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
Volcker Rule, and certain other corporate investments. Seed capital, private equity and other corporate investments are included in other assets on the consolidated balance sheet. The fair value of certain of these investments was estimated using the NAV per share for our ownership interest in the funds.

The table below presents information on our investments valued using NAV.

Investments valued using NAVSept. 30, 2025Dec. 31, 2024
(in millions)Fair valueUnfunded 
commitments		Fair valueUnfunded
commitments
Seed capital (a)
$7 $— $7 $— 
Private equity investments (b)
138 82 137 59 
Other 9 — 8 — 
Total$154 $82 $152 $59 
(a)    Seed capital investments at Sept. 30, 2025 are generally redeemable on request. Distributions are received as the underlying investments in the funds, which have redemption notice periods of up to seven days, are liquidated.
(b)    Private equity investments primarily include Volcker Rule-compliant investments in SBICs that invest in various sectors of the economy. Private equity investments do not have redemption rights. Distributions from such investments will be received as the underlying investments in the private equity investments, which have a life of 10 years, are liquidated.


Note 7–Contract revenue

Fee and other revenue in the Securities Services, Market and Wealth Services and Investment and Wealth Management business segments is primarily variable, based on levels of assets under custody and/or administration, assets under management and the level of client-driven transactions, as specified in the fee schedules. See Note 10 of the Notes to Consolidated Financial Statements in our 2024 Annual Report for information on the nature of our services and revenue recognition. See Note 24 of the Notes to Consolidated Financial Statements in our 2024 Annual Report for additional information on our principal business segments — Securities Services,
Market and Wealth Services and Investment and Wealth Management — and the primary services provided.

Disaggregation of contract revenue

Contract revenue is included in fee and other revenue on the consolidated income statement. The following tables present fee and other revenue related to contracts with customers, disaggregated by type of fee revenue, for each business segment. Business segment data has been determined on an internal management basis of accounting, rather than GAAP, which is used for consolidated financial reporting.

BNY 69
Notes to Consolidated Financial Statements (continued)
Disaggregation of contract revenue by business segment
Quarter ended
Sept. 30, 2025Sept. 30, 2024
(in millions)Securities ServicesMarket and Wealth ServicesInvestment and Wealth ManagementOtherTotalSecurities ServicesMarket and Wealth ServicesInvestment and Wealth ManagementOtherTotal
Fee and other revenue – contract revenue:
Investment services fees$1,438 $1,109 $25 $(16)$2,556 $1,296 $1,021 $27 $(17)$2,327 
Investment management and performance fees— 3 779 (4)778 — 1 800 (2)799 
Financing-related fees18 11 — — 29 12 5 — — 17 
Distribution and servicing fees1 (33)69 — 37 1 (30)68 — 39 
Investment and other revenue76 68 (107)(3)34 65 63 (95)— 33 
Total fee and other revenue – contract revenue1,533 1,158 766 (23)3,434 1,374 1,060 800 (19)3,215 
Fee and other revenue – not in scope of Accounting Standards Codification (“ASC”) 606 (a)(b)
256 85 17 41 399 231 70 4 73 378 
Total fee and other revenue$1,789 $1,243 $783 $18 $3,833 $1,605 $1,130 $804 $54 $3,593 
(a)    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.
(b)    The Investment and Wealth Management business segment is net of income attributable to noncontrolling interests related to consolidated investment management funds of $12 million in the third quarter of 2025 and $7 million in the third quarter of 2024.


Disaggregation of contract revenue by business segmentQuarter ended
June 30, 2025
(in millions)Securities ServicesMarket and Wealth ServicesInvestment and Wealth ManagementOtherTotal
Fee and other revenue – contract revenue:
Investment services fees$1,449 $1,099 $26 $(18)$2,556 
Investment management and performance fees— 3 754 (3)754 
Financing-related fees11 3 1 — 15 
Distribution and servicing fees1 (34)69 1 37 
Investment and other revenue72 69 (106)(3)32 
Total fee and other revenue – contract revenue1,533 1,140 744 (23)3,394 
Fee and other revenue – not in scope of ASC 606 (a)(b)
266 96 16 41 419 
Total fee and other revenue$1,799 $1,236 $760 $18 $3,813 
(a)    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.
(b)    The Investment and Wealth Management business segment is net of income attributable to noncontrolling interests related to consolidated investment management funds of $12 million in the second quarter of 2025.


70 BNY
Notes to Consolidated Financial Statements (continued)
Disaggregation of contract revenue by business segment
Year-to-date
Sept. 30, 2025Sept. 30, 2024
(in millions)Securities ServicesMarket and Wealth ServicesInvestment and Wealth ManagementOtherTotalSecurities ServicesMarket and Wealth ServicesInvestment and Wealth ManagementOtherTotal
Fee and other revenue – contract revenue:
Investment services fees$4,198 $3,273 $76 $(52)$7,495 $3,883 $3,022 $76 $(52)$6,929 
Investment management and performance fees— 9 2,281 (10)2,280 — 5 2,340 (9)2,336 
Financing-related fees44 22 1 — 67 39 18 1 — 58 
Distribution and servicing fees3 (100)206 1 110 2 (89)207 2 122 
Investment and other revenue215 204 (316)(4)99 184 184 (277)1 92 
Total fee and other revenue – contract revenue4,460 3,408 2,248 (65)10,051 4,108 3,140 2,347 (58)9,537 
Fee and other revenue – not in scope of ASC 606 (a)(b)
798 260 33 135 1,226 697 202 40 167 1,106 
Total fee and other revenue$5,258 $3,668 $2,281 $70 $11,277 $4,805 $3,342 $2,387 $109 $10,643 
(a)    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.
(b)    The Investment and Wealth Management business segment is net of income attributable to noncontrolling interests related to consolidated investment management funds of $26 million in the first nine months of 2025 and $11 million in the first nine months of 2024.


Contract balances

Our clients are billed based on fee schedules that are agreed upon in each customer contract. Receivables from customers were $2.5 billion at Sept. 30, 2025 and $2.5 billion at Dec. 31, 2024.

Contract assets represent accrued revenues that have not yet been billed to customers due to certain contractual terms other than the passage of time and were $52 million at Sept. 30, 2025 and $34 million at Dec. 31, 2024. Accrued revenues recorded as contract assets are usually billed on an annual basis.

Both receivables from customers and contract assets are included in other assets on the consolidated balance sheet.

Contract liabilities represent payments received in advance of providing services under certain contracts and were $198 million at Sept. 30, 2025 and $171 million at Dec. 31, 2024. Contract liabilities are included in other liabilities on the consolidated balance sheet. Revenue recognized in the first nine months of 2025 relating to contract liabilities as of Dec. 31, 2024 was $103 million. Revenue recognized in the third quarter of 2025 relating to contract liabilities as of June 30, 2025 was $73 million.

Changes in contract assets and liabilities primarily relate to either party’s performance under the contracts.
Contract costs

Incremental costs for obtaining contracts that are deemed recoverable are capitalized as contract costs. Such costs result from the payment of sales incentives, primarily in the Wealth Management business, and totaled $47 million at Sept. 30, 2025 and $44 million at Dec. 31, 2024. Capitalized sales incentives are amortized based on the transfer of goods or services to which the assets relate. The amortization of capitalized sales incentives, which is included in staff expense on the consolidated income statement, totaled $3 million in the third quarter of 2025, $4 million in the third quarter of 2024, $4 million in the second quarter of 2025, $10 million in the first nine months of 2025 and $11 million in the first nine months of 2024.

Costs to fulfill a contract are capitalized when they relate directly to an existing contract or a specific anticipated contract, generate or enhance resources that will be used to fulfill performance obligations, and are recoverable. Such costs generally represent set-up costs, which include any direct cost incurred at the inception of a contract which enables the fulfillment of the performance obligation, and totaled $120 million at Sept. 30, 2025 and $98 million at Dec. 31, 2024. These capitalized costs are amortized on a straight-line basis over the expected contract period.

BNY 71
Notes to Consolidated Financial Statements (continued)
Unsatisfied performance obligations

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
expedient election applies to (i) contracts with an original expected length of one year or less, and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.


Note 8–Net interest income

The following table provides the components of net interest income presented on the consolidated income statement.

Net interest incomeQuarter endedYear-to-date
(in millions)Sept. 30, 2025June 30, 2025Sept. 30, 2024Sept. 30, 2025Sept. 30, 2024
Interest income
Deposits with the Federal Reserve and other central banks$892 $937 $1,188 $2,655 $3,608 
Deposits with banks81 87 109 252 340 
Federal funds sold and securities purchased under resale agreements3,159 3,176 2,874 9,257 7,938 
Loans1,062 1,032 1,142 3,093 3,322 
Securities1,306 1,281 1,264 3,798 3,713 
Trading securities94 89 75 264 219 
Total interest income6,594 6,602 6,652 19,319 19,140 
Interest expense
Deposits1,813 1,840 2,271 5,375 6,713 
Federal funds purchased and securities sold under repurchase agreements2,829 2,875 2,620 8,314 7,296 
Trading liabilities37 35 22 95 66 
Other borrowed funds2 6 3 12 15 
Commercial paper38 29 21 81 34 
Customer payables180 162 170 499 477 
Long-term debt459 452 497 1,345 1,421 
Total interest expense5,358 5,399 5,604 15,721 16,022 
Net interest income1,236 1,203 1,048 3,598 3,118 
Provision for credit losses(7)(17)23 (6)50 
Net interest income after provision for credit losses$1,243 $1,220 $1,025 $3,604 $3,068 


Note 9–Employee benefit plans

The components of net periodic benefit (credit) cost are presented below. The service cost component is reflected in staff expense, whereas the remaining components are reflected in other expense.

Net periodic benefit (credit) cost
Quarter ended
Sept. 30, 2025June 30, 2025Sept. 30, 2024
(in millions)Domestic pension benefitsForeign pension benefitsHealth care benefitsDomestic pension benefitsForeign pension benefitsHealth care benefitsDomestic pension benefitsForeign pension benefitsHealth care benefits
Service cost$— $6 $— $— $— $— $— $3 $— 
Interest cost46 10 1 46 11 1 46 10 2 
Expected return on assets(90)(19)(2)(91)(20)(2)(96)(21)(3)
Other8 (1)1 8 (1)1 6 (1)(2)
Net periodic benefit (credit)$(36)$(4)$— $(37)$(10)$— $(44)$(9)$(3)


72 BNY
Notes to Consolidated Financial Statements (continued)
Net periodic benefit (credit) costYear-to-date
Sept. 30, 2025Sept. 30, 2024
(in millions)Domestic pension benefitsForeign pension benefitsHealth care benefitsDomestic pension benefitsForeign pension benefitsHealth care benefits
Service cost$— $9 $— $— $9 $— 
Interest cost138 31 3 137 29 4 
Expected return on assets(272)(58)(6)(286)(60)(7)
Other24 (3)3 18 (3)(6)
Net periodic benefit (credit)$(110)$(21)$— $(131)$(25)$(9)


Note 10–Income taxes

BNY recorded an income tax provision of $395 million (21.3% effective tax rate) in the third quarter of 2025, $336 million (22.0% effective tax rate) in the third quarter of 2024 and $404 million (22.0% effective tax rate) in the second quarter of 2025.

Our total tax reserves were $104 million at Sept. 30, 2025 and $109 million at Dec. 31, 2024. If these tax reserves were unnecessary, $104 million would affect the effective tax rate in future periods. We recognize accrued interest and penalties, if applicable, related to income taxes in income tax expense. Included in the balance sheet at Sept. 30, 2025 is accrued interest, where applicable, of $35 million. The tax benefit related to interest for the nine months ended Sept. 30, 2025 was $6 million. There was no tax benefit or expense related to interest for the nine months ended Sept. 30, 2024.

Our federal income tax returns are open to examination from 2017 through 2019 and 2022 and forward. Our New York State and New York City income tax returns are open to examination after 2015. Our UK income tax returns are open to examination after 2020.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. The OBBBA makes permanent certain provisions from the Tax Cuts and Jobs Act and modifies other tax provisions. These provisions have various effective dates. We do not expect it to have a material financial statement impact.


Note 11–Variable interest entities

We have variable interests in variable interest entities (“VIEs”), which include investments in retail, institutional and alternative investment funds.
We earn management fees from these funds, as well as performance fees in certain funds, and may also provide start-up capital for new funds. The funds are primarily financed by our customers’ investments in the funds’ equity or debt.

Additionally, we invest in qualified affordable housing and renewable energy projects, which are designed to generate a return primarily through the realization of tax credits. The projects, which are structured as limited partnerships and limited liability companies, are also VIEs, but are not consolidated.

The following table presents the incremental assets and liabilities included on the consolidated balance sheet as of Sept. 30, 2025 and Dec. 31, 2024. The net assets of any consolidated VIE are solely available to settle the liabilities of the VIE and to settle any investors’ ownership liquidation requests, including any seed capital we invested in the VIE.

Consolidated investment management funds
Sept. 30, 2025Dec. 31, 2024
(in millions)
Trading assets$800 $846 
Other assets26 45 
Total assets (a)
$826 $891 
Other liabilities$9 $5 
Total liabilities (b)
$9 $5 
Nonredeemable noncontrolling
  interests (c)
$371 $359 
(a)    There were no voting model entities (“VMEs”) at Sept. 30, 2025. Includes VMEs with assets of $43 million at Dec. 31, 2024.
(b)    There were no VMEs at Sept. 30, 2025. Includes VMEs with liabilities of less than $1 million at Dec. 31, 2024.
(c)    There were no VMEs at Sept. 30, 2025. Includes VMEs with nonredeemable noncontrolling interests of $7 million at Dec. 31, 2024.


We have not provided financial or other support that was not otherwise contractually required to be provided to our VIEs. Additionally, creditors of any consolidated VIEs do not have any recourse to the general credit of BNY.
BNY 73
Notes to Consolidated Financial Statements (continued)
Non-consolidated VIEs

As of Sept. 30, 2025 and Dec. 31, 2024, assets and liabilities related to the VIEs where we are not the primary beneficiary were included in other assets and other liabilities on the consolidated balance sheet and primarily related to accounting for our investments in qualified affordable housing and renewable energy projects.

The maximum loss exposure indicated in the following table relates solely to our investments in, and unfunded commitments to, the VIEs.

Non-consolidated VIEsSept. 30, 2025Dec. 31, 2024
(in millions)
Other assets$3,009 $2,905 
Other liabilities897 951 
Maximum loss exposure3,906 3,856 


Note 12–Preferred stock

The Parent has 100 million authorized shares of preferred stock with a par value of $0.01 per share. The following table summarizes the Parent’s preferred stock issued and outstanding at Sept. 30, 2025 and Dec. 31, 2024.

Preferred stock summary (a)
Total shares issued and outstanding
Carrying value (b)
(in millions)
Sept. 30, 2025Dec. 31, 2024Sept. 30, 2025Dec. 31, 2024
Per annum dividend rate (c)
Series A
Greater of (i) SOFR plus 0.565% and (ii) 4.000%
5,001 5,001 $500 $500 
Series F
4.625% to but excluding Sept. 20, 2026, then SOFR plus 3.131%
10,000 10,000 990 990 
Series G
4.700% to but excluding Sept. 20, 2025, then a floating rate equal to the five-year treasury rate plus 4.358%
— 10,000 — 990 
Series H
3.700% to but excluding March 20, 2026, then a floating rate equal to the five-year treasury rate plus 3.352%
5,825 5,825 576 576 
Series I
3.750% to but excluding Dec. 20, 2026, then a floating rate equal to the five-year treasury rate plus 2.630%
13,000 13,000 1,287 1,287 
Series J
6.300% to but excluding March 20, 2030, then a floating rate equal to the five-year treasury rate plus 2.297%
5,000 — 494 — 
Series K
6.150% to but excluding March 20, 2030, then a floating rate equal to the five-year treasury rate plus 2.161%
5,000 — 494 — 
Series L
5.950% to but excluding Dec. 20, 2030, then a floating rate equal to the five-year treasury rate plus 2.271%
5,000 — 495 — 
Total48,826 43,826 $4,836 $4,343 
(a)    All outstanding preferred stock is noncumulative perpetual preferred stock with a liquidation preference of $100,000 per share.
(b)    The carrying value of the Series F, Series G, Series H, Series I, Series J, Series K and Series L preferred stock is recorded net of issuance costs.
(c)    References to SOFR are to a floating rate equal to the three-month CME Term SOFR (plus a spread adjustment of 0.26161% per annum).


74 BNY
Notes to Consolidated Financial Statements (continued)
The table below presents the Parent’s preferred dividends.

Preferred dividends
(dollars in millions, except per share amounts)Depositary shares
per share		3Q252Q253Q24YTD25YTD24
Per shareTotal
dividend		Per shareTotal
dividend		Per shareTotal
dividend		Per shareTotal
dividend		Per shareTotal
dividend
Series A100 (a)$1,344.80 $7 $1,311.33 $7 $1,577.81 $8 $3,951.30 $21 $4,718.27 $24 
Series F100 2,312.50 23 — — 2,312.50 23 4,625.00 46 4,625.00 46 
Series G100 2,350.00 34 (b)— — 2,350.00 23 4,700.00 58 4,700.00 47 
Series H100 925.00 6 925.00 5 925.00 6 2,775.00 16 2,775.00 16 
Series I100 937.50 12 937.50 12 937.50 12 2,812.50 36 2,812.50 36 
Series J100 3,325.00 16 — — N/AN/A3,325.00 16 N/AN/A
Series K4,000 1,537.50 8 1,640.00 8 N/AN/A3,177.50 16 N/AN/A
Total$106 $32 $72 $209 $169 
(a)    Represents Normal Preferred Capital Securities.
(b)    Includes deferred fees of approximately $10 million related to the redemption of the Series G preferred stock.
N/A - Not applicable.


In September 2025, the Parent redeemed all outstanding shares of its Series G preferred stock, $100,000 liquidation preference per share. Deferred fees of approximately $10 million were realized as preferred stock dividends upon redemption.

In September 2025, the Parent issued 500,000 depositary shares, each representing a 1/100th interest in a share of the Parent’s Series L Noncumulative Perpetual Preferred Stock. Holders of the Series L preferred stock are entitled to receive dividends, if declared by the Parent’s Board of Directors, on June 20 and December 20 of each year, commencing Dec. 20, 2025.

In March 2025, the Parent issued 500,000 depositary shares, each representing a 1/100th interest in a share of the Parent’s Series J Noncumulative Perpetual Preferred Stock. Holders of the Series J preferred stock are entitled to receive dividends, if declared by the Parent’s Board of Directors, on March 20 and September 20 of each year, commencing Sept. 20, 2025. The Parent also issued 20,000,000 depositary shares, each representing a 1/4,000th interest in a share of the Parent’s Series K Noncumulative Perpetual Preferred Stock. Holders of the Series K 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, 2025.

All of the outstanding shares of the Series J, Series K and Series L preferred stock are held by the depositary of the depositary shares, which will pass through the applicable portion of any dividend on the
Series J, Series K and Series L stock to the holders of record of their respective depositary shares.

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 pass through any dividend on the Series A preferred stock to the holders of its Normal Preferred Capital Securities. The Parent’s obligations under the trust and other agreements relating to Mellon Capital IV have the effect of providing a full and unconditional guarantee, on a subordinated basis, of payments due on the Normal Preferred Capital Securities. No other subsidiary of the Parent guarantees the securities of Mellon Capital IV.

The Series J, Series K and Series L preferred stock are not subject to the operation of a sinking fund and are not convertible into, or exchangeable for, shares of our common stock or any other class or series of our other securities. We may, at our option, redeem the shares of the Series J and Series K preferred stock on any dividend payment date, in whole or in part, on or after the dividend payment date in March 2030, and the shares of the Series L preferred stock on any dividend payment date, in whole or in part, on or after the dividend payment date in December 2030. The Series J, Series K and Series L preferred stock can be redeemed, in whole but not in part, at any time within 90 days following a regulatory capital treatment event. Redemption of the preferred stock is subject to the prior approval of the Federal Reserve.

For additional information on our preferred stock, see Note 15 of the Notes to Consolidated Financial Statements in our 2024 Annual Report.
BNY 75
Notes to Consolidated Financial Statements (continued)
Note 13–Other comprehensive income (loss)

Components of other comprehensive income (loss)Quarter ended
Sept. 30, 2025June 30, 2025Sept. 30, 2024
(in millions)Pre-tax
amount		Tax
(expense)
benefit		After-tax
amount		Pre-tax
amount		Tax
(expense)
benefit		After-tax
amount		Pre-tax
amount		Tax
(expense)
benefit		After-tax
amount
Foreign currency translation:
Foreign currency translation adjustments arising during the period (a)
$(24)$(36)$(60)$272 $159 $431 $197 $93 $290 
Total foreign currency translation(24)(36)(60)272 159 431 197 93 290 
Unrealized gain on assets available-for-sale:
Unrealized gain arising during period295 (72)223 153 (39)114 978 (239)739 
Reclassification adjustment (b)
30 (7)23 35 (10)25 17 (5)12 
Net unrealized gain on assets available-for-sale325 (79)246 188 (49)139 995 (244)751 
Defined benefit plans:
Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost (b)
8 (2)6 7 (1)6 3 (1)2 
Total defined benefit plans8 (2)6 7 (1)6 3 (1)2 
Unrealized gain (loss) on cash flow hedges:
Unrealized hedge (loss) gain arising during period(14)3 (11)(7)2 (5)(5)1 (4)
Reclassification of net (gain) loss to net income:
Foreign exchange (“FX”) contracts – staff expense1 — 1 — — — (1)— (1)
FX contracts – investment and other revenue3 (1)2 1 — 1 — — — 
Total reclassifications to net income4 (1)3 1 — 1 (1)— (1)
Net unrealized (loss) gain on cash flow hedges(10)2 (8)(6)2 (4)(6)1 (5)
Total other comprehensive income (loss)$299 $(115)$184 $461 $111 $572 $1,189 $(151)$1,038 
(a)    Includes the impact of hedges of net investments in foreign subsidiaries. See Note 16 for additional information.
(b)    The reclassification adjustment related to the unrealized gain (loss) on assets available-for-sale is recorded as net securities gains (losses), 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.


Components of other comprehensive income (loss)Year-to-date
Sept. 30, 2025Sept. 30, 2024
(in millions)Pre-tax
amount		Tax
(expense)
benefit		After-tax
amount		Pre-tax
amount		Tax
(expense)
benefit		After-tax
amount
Foreign currency translation:
Foreign currency translation adjustments arising during the period (a)
$366 $212 $578 $144 $25 $169 
Total foreign currency translation366 212 578 144 25 169 
Unrealized gain on assets available-for-sale:
Unrealized gain arising during period888 (218)670 1,102 (271)831 
Reclassification adjustment (b)
65 (17)48 35 (9)26 
Net unrealized gain on assets available-for-sale953 (235)718 1,137 (280)857 
Defined benefit plans:
Net (loss) arising during the period(7)2 (5)— — — 
Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost (b)
23 (5)18 10 (2)8 
Total defined benefit plans16 (3)13 10 (2)8 
Unrealized gain (loss) on cash flow hedges:
Unrealized hedge (loss) gain arising during period(20)5 (15)2 (1)1 
Reclassification of net loss (gain) to net income:
FX contracts – staff expense5 (1)4 (5)1 (4)
FX contracts – investment and other revenue3 (1)2 — — — 
Total reclassifications to net income8 (2)6 (5)1 (4)
Net unrealized (loss) gain on cash flow hedges(12)3 (9)(3)— (3)
Total other comprehensive income$1,323 $(23)$1,300 $1,288 $(257)$1,031 
(a)    Includes the impact of hedges of net investments in foreign subsidiaries. See Note 16 for additional information.
(b)    The reclassification adjustment related to the unrealized gain (loss) on assets available-for-sale is recorded as net securities gains, which is included in investment and other revenue on the consolidated income statement. The amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost is recorded as other expense on the consolidated income statement.
76 BNY
Notes to Consolidated Financial Statements (continued)
Changes in accumulated other comprehensive income (loss) attributable to The Bank of New York Mellon Corporation shareholders
Unrealized gain (loss) on assets available-for-sale (a)
Unrealized gain (loss) on cash flow hedgesTotal accumulated
other comprehensive
(loss) income,
net of tax
(in millions)Foreign currency translationPensionsOther post-retirement benefits
Quarter ended Sept. 30, 2025
Balance, beginning of period$(1,402)$(1,332)$(41)$(768)$(6)$(3,549)
Net change(57)5 1 246 (8)187 
Balance, end of period$(1,459)$(1,327)$(40)$(522)$(14)$(3,362)
Quarter ended June 30, 2025
Balance, beginning of period$(1,827)$(1,337)$(42)$(907)$(2)$(4,115)
Net change425 5 1 139 (4)566 
Balance, end of period$(1,402)$(1,332)$(41)$(768)$(6)$(3,549)
Quarter ended Sept. 30, 2024
Balance, beginning of period$(1,963)$(1,335)$(42)$(1,563)$3 $(4,900)
Net change285 4 (2)751 (5)1,033 
Balance, end of period$(1,678)$(1,331)$(44)$(812)$(2)$(3,867)
Nine months ended Sept. 30, 2025
Balance, beginning of period$(2,031)$(1,344)$(36)$(1,240)$(5)$(4,656)
Net change572 17 (4)718 (9)1,294 
Balance, end of period$(1,459)$(1,327)$(40)$(522)$(14)$(3,362)
Nine months ended Sept. 30, 2024
Balance, beginning of period$(1,842)$(1,343)$(40)$(1,669)$1 $(4,893)
Net change164 12 (4)857 (3)1,026 
Balance, end of period$(1,678)$(1,331)$(44)$(812)$(2)$(3,867)
(a)    Held-to-maturity securities transferred from available-for-sale securities are initially recorded at fair value as of the date of transfer. On an after-tax basis, accumulated OCI (loss) includes $(10) million at Sept. 30, 2025, $(7) million at June 30, 2025 and $23 million at Sept. 30, 2024 associated with available-for-sale securities that were transferred to held-to-maturity securities inclusive of hedges. These amounts are subsequently amortized into earnings over the same period as the related unamortized premiums and discounts.


Note 14–Fair value measurement

Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. A three-level hierarchy for fair value measurements is utilized based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. BNY’s own creditworthiness is considered when valuing liabilities. See Note 20 of the Notes to Consolidated Financial Statements in our 2024 Annual Report for
information on how we determine fair value and the fair value hierarchy.

The following tables present the financial instruments carried at fair value at Sept. 30, 2025 and Dec. 31, 2024, by caption on the consolidated balance sheet and by the three-level valuation hierarchy. We have included credit ratings information in certain of the tables because the information indicates the degree of credit risk to which we are exposed, and significant changes in ratings classifications could result in increased risk for us.

BNY 77
Notes to Consolidated Financial Statements (continued)
Assets and liabilities measured at fair value on a recurring basis at Sept. 30, 2025
Total carrying
value
(dollars in millions)Level 1Level 2Level 3
Netting (a)
Assets:
Available-for-sale securities:
Non-U.S. government (b)
$7,035 $21,460 $— $— $28,495 
U.S. Treasury24,226 — — — 24,226 
Agency RMBS— 21,017 — — 21,017 
Foreign covered bonds— 7,762 — — 7,762 
Agency commercial MBS— 6,785 — — 6,785 
CLOs— 6,125 — — 6,125 
Non-agency commercial MBS— 2,210 — — 2,210 
U.S. government agencies— 1,560 — — 1,560 
Non-agency RMBS— 1,407 — — 1,407 
Other ABS— 402 — — 402 
Total available-for-sale securities31,261 68,728 — — 99,989 
Trading assets:
Debt instruments1,914 3,107 — — 5,021 
Equity instruments7,185 — — — 7,185 
Derivative assets not designated as hedging:
Interest rate5 754 — — 759 
Foreign exchange— 4,171 — — 4,171 
Equity and other contracts— 13 — — 13 
Netting agreements(3,524)(3,524)
Total derivative assets not designated as hedging5 4,938 — (3,524)1,419 
Total trading assets9,104 8,045 — (3,524)13,625 
Other assets:
Derivative assets designated as hedging:
Interest rate— 280 — — 280 
Foreign exchange— 48 — — 48 
Total derivative assets designated as hedging— 328 — — 328 
Other assets (c)
541 585 — — 1,126 
Total other assets541 913 — — 1,454 
Assets measured at NAV (c)
154 
Total assets$40,906 $77,686 $— $(3,524)$115,222 
Percentage of total assets prior to netting34%66%—%
Liabilities:
Trading liabilities:
Debt instruments$2,456 $82 $— $— $2,538 
Equity instruments76 — — — 76 
Derivative liabilities not designated as hedging:
Interest rate2 960 — — 962 
Foreign exchange— 4,015 — — 4,015 
Equity and other contracts1 185 — — 186 
Netting agreements(4,278)(4,278)
Total derivative liabilities not designated as hedging3 5,160 — (4,278)885 
Total trading liabilities2,535 5,242 — (4,278)3,499 
Other liabilities:
Derivative liabilities designated as hedging:
Foreign exchange— 357 — — 357 
Total derivative liabilities designated as hedging— 357 — — 357 
Other liabilities 506 9 — — 515 
Total other liabilities506 366 — — 872 
Total liabilities$3,041 $5,608 $— $(4,278)$4,371 
Percentage of total liabilities prior to netting35%65%—%
(a)    ASC 815, Derivatives and Hedging, permits the netting of derivative receivables and derivative payables under legally enforceable master netting agreements and permits the netting of cash collateral. Netting is applicable to derivatives not designated as hedging instruments included in trading assets or trading liabilities and derivatives designated as hedging instruments included in other assets or other liabilities. Netting is allocated to the derivative products based on the net fair value of each product.
(b)    Includes supranational securities.
(c)    Includes seed capital, private equity investments and other assets.
78 BNY
Notes to Consolidated Financial Statements (continued)
Assets and liabilities measured at fair value on a recurring basis at Dec. 31, 2024
Total carrying
value
(dollars in millions)Level 1Level 2Level 3
Netting (a)
Assets:
Available-for-sale securities:
Non-U.S. government (b)
$4,780 $19,967 $— $— $24,747 
Agency RMBS— 19,900 — — 19,900 
U.S. Treasury16,403 — — — 16,403 
Agency commercial MBS— 7,225 — — 7,225 
Foreign covered bonds— 7,068 — — 7,068 
CLOs— 5,819 — — 5,819 
Non-agency commercial MBS— 2,487 — — 2,487 
U.S. government agencies— 2,289 — — 2,289 
Non-agency RMBS— 1,478 — — 1,478 
Other ABS— 615 — — 615 
Total available-for-sale securities21,183 66,848 — — 88,031 
Trading assets:
Debt instruments2,268 3,007 — — 5,275 
Equity instruments5,781 — — — 5,781 
Derivative assets not designated as hedging:
Interest rate2 833 — — 835 
Foreign exchange— 10,559 — — 10,559 
Equity and other contracts6 137 — — 143 
Netting agreements(8,612)(8,612)
Total derivative assets not designated as hedging8 11,529 — (8,612)2,925 
Total trading assets8,057 14,536 — (8,612)13,981 
Other assets:
Derivative assets designated as hedging:
Interest rate— 326 — — 326 
Foreign exchange— 455 — — 455 
Total derivative assets designated as hedging— 781 — — 781 
Other assets (c)
532 686 — — 1,218 
Total other assets532 1,467 — — 1,999 
Assets measured at NAV (c)
152 
Total assets$29,772 $82,851 $— $(8,612)$104,163 
Percentage of total assets prior to netting26%74%—%
Liabilities:
Trading liabilities:
Debt instruments$1,931 $18 $— $— $1,949 
Equity instruments52 — — — 52 
Derivative liabilities not designated as hedging:
Interest rate9 1,201 — — 1,210 
Foreign exchange— 10,636 — — 10,636 
Equity and other contracts— 51 — — 51 
Netting agreements(9,033)(9,033)
Total derivative liabilities not designated as hedging9 11,888 — (9,033)2,864 
Total trading liabilities1,992 11,906 — (9,033)4,865 
Other liabilities:
Derivative liabilities designated as hedging:
Foreign exchange— 12 — — 12 
Total derivative liabilities designated as hedging— 12 — — 12 
Other liabilities400 10 — — 410 
Total other liabilities400 22 — — 422 
Total liabilities$2,392 $11,928 $— $(9,033)$5,287 
Percentage of total liabilities prior to netting17%83%—%
(a)    ASC 815, Derivatives and Hedging, permits the netting of derivative receivables and derivative payables under legally enforceable master netting agreements and permits the netting of cash collateral. Netting is applicable to derivatives not designated as hedging instruments included in trading assets or trading liabilities and derivatives designated as hedging instruments included in other assets or other liabilities. Netting is allocated to the derivative products based on the net fair value of each product.
(b)    Includes supranational securities.
(c)    Includes seed capital, private equity investments and other assets.
BNY 79
Notes to Consolidated Financial Statements (continued)
Details of certain available-for-sale securities measured at fair value on a recurring basisSept. 30, 2025Dec. 31, 2024
Total
carrying
value (b)
Ratings (a)
Total
carrying value (b)
Ratings (a)
AAA/
AA-		A+/
A-		BBB+/
BBB-		BB+ and
lower		Not ratedAAA/
AA-		A+/
A-		BBB+/
BBB-		BB+ and
lower		Not rated
(dollars in millions)
Non-agency RMBS, originated in:
2008-2025$1,401 100%—%—%—%—%$1,453 98%2%—%—%—%
2007 and earlier6 — 100 — — — 25 — 100 — — — 
Total non-agency RMBS$1,407 100%—%—%—%—%$1,478 98%2%—%—%—%
Non-agency commercial MBS originated in:
2009-2025$2,210 100%—%—%—%—%$2,487 100%—%—%—%—%
Foreign covered bonds:
Canada$1,932 100%—%—%—%—%$2,113 100%—%—%—%—%
UK1,011 100 — — — — 911 100 — — — — 
Australia778 100 — — — — 574 100 — — — — 
Germany743 100 — — — — 598 100 — — — — 
Singapore596 100 — — — — 554 100 — — — — 
Netherlands531 100 — — — — 465 100 — — — — 
Other2,171 100 — — — — 1,853 100 — — — — 
Total foreign covered bonds$7,762 100%—%—%—%—%$7,068 100%—%—%—%—%
Non-U.S. government:
UK$4,395 100%—%—%—%—%$3,383 100%—%—%—%—%
France2,288 100 — — — — 1,732 100 — — — — 
Germany2,094 100 — — — — 2,308 100 — — — — 
Canada1,880 90 10 — — — 1,463 100 — — — — 
Netherlands1,823 100 — — — — 705 100 — — — — 
Austria743 100 — — — — 388 100 — — — — 
Finland716 100 — — — — 527 100 — — — — 
Spain629 — 100 — — — 617 — 2 98 — — 
Japan 464 — 100 — — — 377 — 100 — — — 
Belgium362 100 — — — — 728 100 — — — — 
Other (c)
1,542 56 32 3 9 — 1,536 68 19 4 9 — 
Supranational11,559 100————10,983 100————
Total non-U.S. government$28,495 93%6%—%1%—%$24,747 94%3%3%—%—%
(a)    Represents ratings by S&P or the equivalent.
(b)    At Sept. 30, 2025 and Dec. 31, 2024, non-U.S. government securities were included in Level 1 and Level 2 in the valuation hierarchy. All other assets in the table are Level 2 assets in the valuation hierarchy.
(c)    Includes non-investment grade non-U.S. government securities related to Brazil of $139 million at Sept. 30, 2025 and $135 million at Dec. 31, 2024.


Assets and liabilities measured at fair value on a nonrecurring basis

Under certain circumstances, we make adjustments to the fair value of our assets, liabilities and unfunded lending-related commitments, although they are not measured at fair value on an ongoing basis. The following table presents the carrying value as of Sept. 30, 2025 and Dec. 31, 2024 of financial instruments for which nonrecurring adjustments to fair value have been recorded during 2025 and/or 2024 and all non-readily marketable equity securities carried at cost with upward or downward adjustments by balance sheet caption and level in the fair value hierarchy.

Assets measured at fair value on a nonrecurring basis
Sept. 30, 2025Dec. 31, 2024
Total carrying
value		Total carrying
value
(in millions)Level 1Level 2Level 3Level 1Level 2Level 3
Loans (a)
$— $22 $— $22 $— $25 $— $25 
Other assets (b)
— 475 — 475 — 414 — 414 
Total assets at fair value on a nonrecurring basis$— $497 $— $497 $— $439 $— $439 
(a)    The fair value of these loans decreased less than $1 million in the third quarter of 2025 and the fourth quarter of 2024 based on the fair value of the underlying collateral, as required by guidance in ASC 326, Financial Instruments – Credit Losses, with an offset to the allowance for credit losses.
(b)    Includes non-readily marketable equity securities carried at cost with upward or downward adjustments and other assets received in satisfaction of debt.
80 BNY
Notes to Consolidated Financial Statements (continued)
Estimated fair value of financial instruments

The following tables present the estimated fair value and the carrying amount of financial instruments not carried at fair value on the consolidated balance sheet at Sept. 30, 2025 and Dec. 31, 2024, by caption on the consolidated balance sheet and by the valuation hierarchy.

Summary of financial instrumentsSept. 30, 2025
(in millions)Level 1Level 2Level 3Total
estimated
fair value		Carrying
amount
Assets:
Interest-bearing deposits with the Federal Reserve and other central banks
$— $106,368 $— $106,368 $106,368 
Interest-bearing deposits with banks— 11,028 — 11,028 11,027 
Federal funds sold and securities purchased under resale agreements— 41,863 — 41,863 41,863 
Securities held-to-maturity11,014 35,500 — 46,514 49,539 
Loans (a)
— 73,881 — 73,881 74,830 
Other financial assets5,055 2,484 — 7,539 7,539 
Total$16,069 $271,124 $— $287,193 $291,166 
Liabilities:
Noninterest-bearing deposits$— $59,647 $— $59,647 $59,647 
Interest-bearing deposits— 248,801 — 248,801 255,050 
Federal funds purchased and securities sold under repurchase agreements— 16,585 — 16,585 16,585 
Payables to customers and broker-dealers— 23,638 — 23,638 23,638 
Commercial paper— 2,364 — 2,364 2,364 
Borrowings— 1,138 — 1,138 1,138 
Long-term debt— 32,591 — 32,591 32,287 
Total$— $384,764 $— $384,764 $390,709 
(a)    Does not include the leasing portfolio.


Summary of financial instrumentsDec. 31, 2024
(in millions)Level 1Level 2Level 3Total estimated
fair value		Carrying
amount
Assets:
Interest-bearing deposits with the Federal Reserve and other central banks
$— $89,546 $— $89,546 $89,546 
Interest-bearing deposits with banks— 9,617 — 9,617 9,612 
Federal funds sold and securities purchased under resale agreements— 41,146 — 41,146 41,146 
Securities held-to-maturity10,016 34,004 — 44,020 48,596 
Loans (a)
— 69,738 — 69,738 70,673 
Other financial assets4,178 2,271 — 6,449 6,449 
Total$14,194 $246,322 $— $260,516 $266,022 
Liabilities:
Noninterest-bearing deposits$— $58,267 $— $58,267 $58,267 
Interest-bearing deposits— 226,799 — 226,799 231,257 
Federal funds purchased and securities sold under repurchase agreements— 14,064 — 14,064 14,064 
Payables to customers and broker-dealers— 20,073 — 20,073 20,073 
Commercial paper— 301 — 301 301 
Borrowings— 941 — 941 941 
Long-term debt— 30,351 — 30,351 30,854 
Total$— $350,796 $— $350,796 $355,757 
(a)    Does not include the leasing portfolio.


BNY 81
Notes to Consolidated Financial Statements (continued)
Note 15–Fair value option

We elected fair value as an alternative measurement for selected financial assets and liabilities that are not otherwise required to be measured at fair value, including the assets and liabilities of consolidated investment management funds and subordinated notes associated with certain equity investments.

The following table presents the assets and liabilities of consolidated investment management funds, at fair value.

Assets and liabilities of consolidated investment
management funds, at fair value
Sept. 30, 2025Dec. 31, 2024
(in millions)
Assets of consolidated investment management funds:
Trading assets$800 $846 
Other assets26 45 
Total assets of consolidated investment management funds$826 $891 
Liabilities of consolidated investment management funds:
Other liabilities$9 $5 
Total liabilities of consolidated investment management funds$9 $5 


The assets and liabilities of the consolidated investment management funds are included in other assets and other liabilities, respectively, on the consolidated balance sheet. We value the assets and liabilities of consolidated investment management funds using quoted prices for identical assets or liabilities in active markets or observable inputs such as quoted prices for similar assets or liabilities. Quoted prices for either identical or similar assets or liabilities in inactive markets may also be used. Accordingly, fair value best reflects the interests BNY holds in the economic performance of the consolidated investment management funds. Changes in the fair value of the assets and liabilities are recorded as income (loss) from consolidated investment management funds, which is included in investment and other revenue on the consolidated income statement.

We elected the fair value option on subordinated notes associated with certain equity investments. The fair value of these subordinated notes was $19 million at Sept. 30, 2025 and $26 million at Dec. 31, 2024, and are included in other assets on the consolidated balance sheet. The subordinated notes were valued
using observable market inputs and included in Level 2 of the valuation hierarchy.

Note 16–Derivative instruments

We use derivatives to manage exposure to market risk, including interest rate risk, equity price risk and foreign currency risk, as well as credit risk. Our trading activities are focused on acting as a market-maker for our customers and facilitating customer trades in compliance with the Volcker Rule.

The notional amounts for derivative financial instruments express the dollar volume of the transactions; however, credit risk is much smaller. We perform credit reviews and enter into netting agreements and collateral arrangements to minimize the credit risk of derivative financial instruments. We enter into offsetting positions to reduce exposure to foreign currency, interest rate and equity price risk.

Use of derivative financial instruments involves reliance on counterparties. Failure of a counterparty to honor its obligation under a derivative contract is a risk we assume whenever we engage in a derivative contract. There were no counterparty default losses recorded in the third quarter of 2025.

Hedging derivatives

We utilize interest rate swap agreements, including forward starting swaps, to manage our exposure to interest rate fluctuations. We enter into fair value hedges as an interest rate risk management strategy to reduce fair value variability by converting certain fixed rate interest payments associated with available-for-sale securities, loans and long-term debt to floating interest rates. We also utilize interest rate swaps and forward exchange contracts as cash flow hedges to manage our exposure to interest rate and foreign exchange rate changes. In designating interest rate swaps as hedges, we utilize both partial-term and full-term hedge strategies. In addition, the Company utilizes portfolio layer method hedge strategies to manage interest rate risk of certain closed portfolios of fixed rate securities and loans. Throughout the period of a portfolio layer method hedge, basis adjustments are maintained at the portfolio level and are only allocated to individual assets at the time in which the hedge is voluntarily de-designated.

82 BNY
Notes to Consolidated Financial Statements (continued)
The available-for-sale securities hedged consist of U.S. Treasury, U.S. government agency, agency and non-agency commercial MBS, agency and non-agency RMBS, non-U.S. government and foreign covered bonds. At Sept. 30, 2025, $35.2 billion designated par value of available-for-sale securities were hedged with interest rate swaps designated as fair value hedges that had notional values of $35.0 billion.

At Sept. 30, 2025, $1.4 billion of interest rate swaps were designated as portfolio layer method fair value hedges of loans against a closed portfolio of fixed rate loans of $3.0 billion, essentially converting $1.4 billion of fixed rate loans to floating rates.

The fixed rate long-term debt instruments hedged generally have original maturities of five to 30 years. In fair value hedging relationships, fixed rate debt is hedged with “receive fixed rate, pay variable rate” swaps. At Sept. 30, 2025, $29.8 billion par value of debt was hedged with interest rate swaps designated as fair value hedges that had notional values of $29.8 billion.

In addition, we utilize forward foreign exchange contracts as hedges to mitigate foreign exchange exposures. We use forward foreign exchange contracts as cash flow hedges to convert certain
forecasted non-U.S. dollar revenue and expenses into U.S. dollars. We use forward foreign exchange contracts with maturities of 15 months or less as cash flow hedges to hedge our foreign exchange exposure to currencies such as the Indian rupee, euro, Polish zloty, British pound, Singapore dollar and Hong Kong dollar used in revenue and expense transactions for entities that have the U.S. dollar as their functional currency. As of Sept. 30, 2025, the hedged forecasted foreign currency transactions and designated forward foreign exchange contract hedges were $760 million (notional), with a net pre-tax loss of $16 million recorded in accumulated OCI. Over the next 12 months, a loss of $16 million will be reclassified into earnings.

Forward foreign exchange contracts are also used to hedge the value of our net investments in foreign subsidiaries. These forward foreign exchange contracts have maturities of less than one year. The derivatives employed are designated as hedges of changes in the value of our foreign investments due to exchange rates. The change in fair market value of these forward foreign exchange contracts is reported within foreign currency translation adjustments in shareholders’ equity, net of tax. At Sept. 30, 2025, forward foreign exchange contracts with notional amounts totaling $10.7 billion were designated as net investment hedges.


The following table presents the pre-tax gains (losses) related to our fair value and cash flow hedging activities recognized in the consolidated income statement.

Income statement impact of fair value and cash flow hedges
(in millions)Location of gains (losses)3Q252Q253Q24YTD25YTD24
Interest rate fair value hedges of available-for-sale securities
DerivativeInterest income$(40)$(249)$(973)$(687)$(445)
Hedged itemInterest income41 249 971 688 445 
Interest rate fair value hedges of long-term debt
DerivativeInterest expense98 275 643 784 435 
Hedged itemInterest expense(98)(275)(643)(784)(435)
Interest rate fair value hedges of loans
DerivativeInterest income(2)2 (25)(11)(40)
Hedged itemInterest income2 (2)25 11 40 
Cash flow hedges of forecasted FX exposures
(Loss) gain reclassified from OCI into incomeStaff expense(1)— 1 (5)5 
(Loss) reclassified from OCI into incomeInvestment and other revenue(3)(1)— (3)— 
(Loss) gain recognized in the consolidated income statement due to fair value and cash flow hedging relationships$(3)$(1)$(1)$(7)$5 


BNY 83
Notes to Consolidated Financial Statements (continued)
The following table presents the impact of hedging derivatives used in net investment hedging relationships.

Impact of derivative instruments used in net investment hedging relationships
(in millions)
Derivatives in net investment hedging relationshipsGain or (loss) recognized in
accumulated OCI on derivatives		Location of gain or (loss) reclassified from accumulated OCI into income Gain or (loss) reclassified from
accumulated OCI into income
3Q252Q253Q24YTD25YTD243Q252Q253Q24YTD25YTD24
FX contracts$168 $(735)$(391)$(943)$(106)Investment and other revenue$— $— $— $21 $— 


The following table presents information on the hedged items in fair value hedging relationships.

Hedged items in fair value hedging relationshipsCarrying amount of hedged
asset or liability
Hedge accounting basis adjustment increase (decrease) (a)
(in millions)Sept. 30, 2025Dec. 31, 2024Sept. 30, 2025Dec. 31, 2024
Available-for-sale securities (b)
$41,777 $40,751 $(801)$(1,650)
Loans (c)
$3,012 $3,162 $4 $(7)
Long-term debt$29,497 $27,458 $(246)$(1,042)
(a)    Includes $363 million and $474 million of basis adjustment decreases on discontinued hedges associated with available-for-sale securities at Sept. 30, 2025 and Dec. 31, 2024, respectively, and $7 million of basis adjustment increases and $5 million of basis adjustment decreases on discontinued hedges associated with long-term debt at Sept. 30, 2025 and Dec. 31, 2024, respectively.
(b)    At Sept. 30, 2025 and Dec. 31, 2024, the amortized cost of the available-for-sale securities included in closed portfolios subject to portfolio layer method hedging was $14.3 billion and $12.1 billion, respectively, of which the notional amount hedged was $6.8 billion and $6.2 billion, respectively. The cumulative basis adjustments for active hedging relationships associated with such hedges as of Sept. 30, 2025 and Dec. 31, 2024 were an increase of $64 million and a decrease of $92 million, respectively.
(c)    At Sept. 30, 2025 and Dec. 31, 2024, loans included in closed portfolios subject to portfolio layer method hedging were $3.0 billion and $3.2 billion, respectively, of which $1.4 billion and $1.4 billion, respectively, was designated as hedged.


The following table summarizes the notional amount and carrying values of our total derivatives portfolio.

Impact of derivative instruments on the balance sheetNotional valueAsset derivatives
fair value		Liability derivatives
fair value
Sept. 30, 2025Dec. 31, 2024Sept. 30, 2025Dec. 31, 2024Sept. 30, 2025Dec. 31, 2024
(in millions)
Derivatives designated as hedging instruments: (a)(b)
Interest rate contracts$66,113 $66,805 $280 $326 $— $— 
Foreign exchange contracts11,506 12,048 48 455 357 12 
Total derivatives designated as hedging instruments  $328 $781 $357 $12 
Derivatives not designated as hedging instruments: (b)(c)
Interest rate contracts$194,382 $169,523 $759 $835 $962 $1,210 
Foreign exchange contracts1,245,374 919,690 4,171 10,559 4,015 10,636 
Equity contracts5,737 5,321 13 143 173 34 
Credit contracts329 324 — — 13 17 
Total derivatives not designated as hedging instruments$4,943 $11,537 $5,163 $11,897 
Total derivatives fair value (d)
$5,271 $12,318 $5,520 $11,909 
Effect of master netting agreements (e)
(3,524)(8,612)(4,278)(9,033)
Fair value after effect of master netting agreements$1,747 $3,706 $1,242 $2,876 
(a)    The fair value of asset derivatives and liability derivatives designated as hedging instruments is recorded as other assets and other liabilities, respectively, on the consolidated balance sheet.
(b)    For settled-to-market derivatives at clearing organizations, cash collateral exchanged is deemed a settlement of the derivative on a daily basis. The gross fair value of derivative assets and liabilities has been reduced by these cash settlements.
(c)    The fair value of asset derivatives and liability derivatives not designated as hedging instruments is recorded as trading assets and trading liabilities, respectively, on the consolidated balance sheet.
(d)    Fair values are on a gross basis, before consideration of master netting agreements, as required by ASC 815, Derivatives and Hedging.
(e)    Effect of master netting agreements includes cash collateral received and paid of $635 million and $1,389 million, respectively, at Sept. 30, 2025, and $1,953 million and $2,374 million, respectively, at Dec. 31, 2024.
84 BNY
Notes to Consolidated Financial Statements (continued)
Trading activities (including trading derivatives)

Our trading activities are focused on acting as a market-maker for our customers, facilitating customer trades and risk-mitigating economic hedging in compliance with the Volcker Rule. The change in the fair value of the derivatives utilized in our trading activities is recorded in foreign exchange revenue and investment and other revenue on the consolidated income statement.

The following table presents our foreign exchange revenue and other trading revenue.

Foreign exchange revenue and other trading revenue
(in millions)3Q252Q253Q24YTD25YTD24
Foreign exchange revenue$166 $213 $175 $535 $511 
Other trading revenue73 59 79 203 225 


Foreign exchange revenue includes income from purchasing and selling foreign currencies, currency forwards, futures and options as well as foreign currency remeasurement. Other trading revenue reflects results from trading in cash instruments, including fixed income and equity securities, and trading and economic hedging activity with non-foreign exchange derivatives.

We also use derivative financial instruments as risk-mitigating economic hedges, which are not formally designated as accounting hedges. This includes hedging the foreign currency, interest rate or market risks inherent in some of our balance sheet exposures, such as seed capital investments and deposits, as well as certain investment management fee revenue streams. We also use total return swaps to economically hedge obligations arising from the Company’s deferred compensation plan whereby the participants defer compensation and earn a return linked to the performance of investments they select. The gains or losses on these total return swaps are recorded in staff expense on the consolidated income statement. We recorded gains of $12 million in the third quarter of 2025, $11 million in the third quarter of 2024, $15 million in the second quarter of 2025, $19 million in the first nine months of 2025 and $22 million in the first nine months of 2024.

We manage trading risk through a system of position limits, a value-at-risk (“VaR”) methodology based on historical simulation and other market sensitivity measures. Risk is monitored and reported to senior management by a separate unit, independent from trading, on a daily basis. Based on certain assumptions, the VaR methodology is designed to capture the potential overnight pre-tax dollar loss from adverse changes in fair values of all trading positions. The calculation assumes a one-day holding period, utilizes a 99% confidence level and incorporates non-linear product characteristics. The VaR model is one of several statistical models used to develop economic capital results, which are allocated to lines of business for computing risk-adjusted performance.

VaR methodology does not evaluate risk attributable to extraordinary financial, economic or other occurrences. As a result, the risk assessment process includes a number of stress scenarios based upon the risk factors in the portfolio and management’s assessment of market conditions. Additional stress scenarios based upon historical market events are also performed. Stress tests may incorporate the impact of reduced market liquidity and the breakdown of historically observed correlations and extreme scenarios. VaR and other statistical measures, stress testing and sensitivity analysis are incorporated into other risk management materials.

Counterparty credit risk and collateral

We assess the credit risk of our counterparties through regular examination of their financial statements, confidential communication with the management of those counterparties and regular monitoring of publicly available credit rating information. This and other information are used to develop proprietary credit rating metrics used to assess credit quality.

Collateral requirements are determined after a comprehensive review of the credit quality of each counterparty. Collateral is generally held or pledged in the form of cash and/or highly liquid government securities. Collateral requirements are monitored and adjusted daily.

Additional disclosures concerning derivative financial instruments are provided in Note 14.

BNY 85
Notes to Consolidated Financial Statements (continued)
Disclosure of contingent features in over-the-counter (“OTC”) derivative instruments

Certain OTC derivative contracts and/or collateral agreements contain credit risk-contingent features triggered upon a rating downgrade in which the counterparty has the right to request additional collateral or the right to terminate the contracts in a net liability position.

The following table shows the aggregate fair value of OTC derivative contracts in net liability positions that contained credit risk-contingent features and the value of collateral that has been posted.

Sept. 30, 2025Dec. 31, 2024
(in millions)
Aggregate fair value of OTC derivatives in net liability positions (a)
$1,070 $2,163 
Collateral posted$1,564 $1,940 
(a)    Before consideration of cash collateral.


The aggregate fair value of OTC derivative contracts containing credit risk-contingent features can fluctuate from quarter to quarter due to changes in market conditions, composition of counterparty trades, new business or changes to the contingent features.

The Bank of New York Mellon, our largest banking subsidiary, enters into the substantial majority of our OTC derivative contracts and/or collateral agreements. As such, the contingent features may be triggered if The Bank of New York Mellon’s long-term issuer rating were downgraded.

The following table shows the fair value of contracts falling under early termination provisions that were in net liability positions for three key ratings triggers.

Potential close-out exposures (fair value) (a)
Sept. 30, 2025Dec. 31, 2024
(in millions)
If The Bank of New York Mellon’s rating changed to: (b)
A3/A-$6 $40 
Baa2/BBB$73 $646 
Ba1/BB+$1,162 $2,710 
(a)    The amounts represent potential total close-out values if The Bank of New York Mellon’s long-term issuer rating were to immediately drop to the indicated levels, and do not reflect collateral posted.
(b)    Represents ratings by Moody’s/S&P.


If The Bank of New York Mellon’s debt rating had fallen below investment grade on Sept. 30, 2025 and Dec. 31, 2024, existing collateral arrangements would have required us to post additional collateral of $61 million and $351 million, respectively.

Offsetting assets and liabilities

The following tables present derivative instruments and financial instruments and their related offsets. There were no derivative instruments or financial instruments subject to a legally enforceable netting agreement for which we are not currently netting.

Offsetting of derivative assets and financial assets at Sept. 30, 2025
Gross assets recognizedGross amounts offset in the balance sheet Net assets recognized in the balance sheetGross amounts not offset in the balance sheet
(in millions)(a)Financial instrumentsCash collateral receivedNet amount
Derivatives subject to netting arrangements:
Interest rate contracts$860 $675 $185 $47 $— $138 
Foreign exchange contracts3,864 2,836 1,028 66 — 962 
Equity and other contracts13 13 — — — — 
Total derivatives subject to netting arrangements
4,737 3,524 1,213 113 — 1,100 
Total derivatives not subject to netting arrangements
534 — 534 — — 534 
Total derivatives5,271 3,524 1,747 113 — 1,634 
Reverse repurchase agreements302,553 278,763 (b)23,790 23,750 — 40 
Securities borrowing23,800 5,727 18,073 17,436 — 637 
Total$331,624 $288,014 $43,610 $41,299 $— $2,311 
(a)    Includes the effect of netting agreements and net cash collateral received. The offset related to the OTC derivatives was allocated to the various types of derivatives based on the net positions.
(b)    Offsetting of reverse repurchase agreements relates to our involvement in the Fixed Income Clearing Corporation (“FICC”), where we settle government securities transactions on a net basis for payment and delivery through the Fedwire system.
86 BNY
Notes to Consolidated Financial Statements (continued)
Offsetting of derivative assets and financial assets at Dec. 31, 2024
Gross assets recognizedGross amounts offset in the balance sheet Net assets recognized
in the
balance sheet		Gross amounts not offset in the balance sheet
(in millions)(a)Financial instrumentsCash collateral receivedNet amount
Derivatives subject to netting arrangements:
Interest rate contracts$1,032 $835 $197 $46 $— $151 
Foreign exchange contracts10,210 7,698 2,512 132 — 2,380 
Equity and other contracts131 79 52 — — 52 
Total derivatives subject to netting arrangements
11,373 8,612 2,761 178 — 2,583 
Total derivatives not subject to netting arrangements
945 — 945 — — 945 
Total derivatives12,318 8,612 3,706 178 — 3,528 
Reverse repurchase agreements252,941 228,386 (b)24,555 24,523 1 31 
Securities borrowing18,144 1,553 16,591 15,777 — 814 
Total$283,403 $238,551 $44,852 $40,478 $1 $4,373 
(a)    Includes the effect of netting agreements and net cash collateral received. The offset related to the OTC derivatives was allocated to the various types of derivatives based on the net positions.
(b)    Offsetting of reverse repurchase agreements relates to our involvement in the FICC, where we settle government securities transactions on a net basis for payment and delivery through the Fedwire system.


Offsetting of derivative liabilities and financial liabilities at Sept. 30, 2025
Net liabilities recognized in the balance sheet
Gross liabilities recognizedGross amounts offset in the balance sheet Gross amounts not offset in the balance sheet
(in millions)(a)Financial instrumentsCash collateral pledgedNet amount
Derivatives subject to netting arrangements:
Interest rate contracts$735 $470 $265 $40 $— $225 
Foreign exchange contracts4,172 3,659 513 79 — 434 
Equity and other contracts166 149 17 15 — 2 
Total derivatives subject to netting arrangements
5,073 4,278 795 134 — 661 
Total derivatives not subject to netting arrangements
447 — 447 — — 447 
Total derivatives5,520 4,278 1,242 134 — 1,108 
Repurchase agreements291,545 278,763 (b)12,782 12,782 — — 
Securities lending9,530 5,727 3,803 3,683 — 120 
Total$306,595 $288,768 $17,827 $16,599 $— $1,228 
(a)    Includes the effect of netting agreements and net cash collateral paid. The offset related to the OTC derivatives was allocated to the various types of derivatives based on the net positions.
(b)    Offsetting of repurchase agreements relates to our involvement in the FICC, where we settle government securities transactions on a net basis for payment and delivery through the Fedwire system.


Offsetting of derivative liabilities and financial liabilities at Dec. 31, 2024
Net liabilities recognized
in the
balance sheet
Gross liabilities recognizedGross amounts offset in the balance sheet Gross amounts not offset in the balance sheet
(in millions)(a)Financial instrumentsCash collateral pledgedNet amount
Derivatives subject to netting arrangements:
Interest rate contracts$875 $475 $400 $42 $— $358 
Foreign exchange contracts9,938 8,533 1,405 208 — 1,197 
Equity and other contracts34 25 9 — — 9 
Total derivatives subject to netting arrangements
10,847 9,033 1,814 250 — 1,564 
Total derivatives not subject to netting arrangements
1,062 — 1,062 — — 1,062 
Total derivatives11,909 9,033 2,876 250 — 2,626 
Repurchase agreements239,957 228,386 (b)11,571 11,556 2 13 
Securities lending4,046 1,553 2,493 2,277 — 216 
Total$255,912 $238,972 $16,940 $14,083 $2 $2,855 
(a)    Includes the effect of netting agreements and net cash collateral paid. The offset related to the OTC derivatives was allocated to the various types of derivatives based on the net positions.
(b)    Offsetting of repurchase agreements relates to our involvement in the FICC, where we settle government securities transactions on a net basis for payment and delivery through the Fedwire system.
BNY 87
Notes to Consolidated Financial Statements (continued)
Secured borrowings

The following table presents the contract value of repurchase agreements and securities lending transactions accounted for as secured borrowings by the type of collateral provided to counterparties.

Repurchase agreements and securities lending transactions accounted for as secured borrowings
Sept. 30, 2025Dec. 31, 2024
Remaining contractual maturityTotalRemaining contractual maturityTotal
(in millions)Overnight and continuousUp to 30 days30-90 daysOver 90 daysOvernight and continuousUp to 30 days30-90 daysOver 90
days
Repurchase agreements:
U.S. Treasury$219,592 $105 $1,110 $1,867 $222,674 $187,227 $196 $739 $742 $188,904 
Agency RMBS62,227 234 171 229 62,861 44,774 71 288 295 45,428 
Corporate bonds120 146 1,397 802 2,465 84 81 1,341 741 2,247 
Sovereign debt/sovereign guaranteed94 803 — — 897 123 655 17 — 795 
State and political subdivisions20 21 399 215 655 37 14 414 302 767 
U.S. government agencies87 8 25 69 189 131 — 64 115 310 
Other debt securities69 510 262 6 847 19 278 287 12 596 
Equity securities— — 661 296 957 — 4 592 314 910 
Total $282,209 $1,827 $4,025 $3,484 $291,545 $232,395 $1,299 $3,742 $2,521 $239,957 
Securities lending:
Agency RMBS$63 $— $— $— $63 $98 $— $— $— $98 
Other debt securities1,319 — — — 1,319 253 — — — 253 
Equity securities8,148 — — — 8,148 3,695 — — — 3,695 
Total $9,530 $— $— $— $9,530 $4,046 $— $— $— $4,046 
Total secured borrowings$291,739 $1,827 $4,025 $3,484 $301,075 $236,441 $1,299 $3,742 $2,521 $244,003 


BNY’s repurchase agreements and securities lending transactions primarily encounter risk associated with liquidity. We are required to pledge collateral based on predetermined terms within the agreements. If we were to experience a decline in the fair value of the collateral pledged for these transactions, we could be required to provide additional collateral to the counterparty, therefore decreasing the amount of assets available for other liquidity needs that may arise. BNY also offers tri-party collateral agency services in the tri-party repo market where we are exposed to credit risk. In order to mitigate this risk, we require dealers to fully secure intraday credit.

Note 17–Commitments and contingent liabilities

Off-balance sheet arrangements

In the normal course of business, various commitments and contingent liabilities are
outstanding that are not reflected in the accompanying consolidated balance sheets.

Our significant trading and off-balance sheet risks are securities, foreign currency and interest rate risk management products, commercial lending
commitments, letters of credit and securities lending indemnifications. We assume these risks to reduce interest rate and foreign currency risks, to provide customers with the ability to meet credit and liquidity needs and to hedge foreign currency and interest rate risks. These items involve, to varying degrees, credit, foreign currency and interest rate risks not recognized on the balance sheet. Our off-balance sheet risks are managed and monitored in manners similar to those used for on-balance sheet risks.

The following table presents a summary of our off-balance sheet credit risks.

Off-balance sheet credit risksSept. 30, 2025Dec. 31, 2024
(in millions)
Lending commitments$53,974 $52,581 
Standby letters of credit (“SBLC”) (a)
1,582 1,641 
Commercial letters of credit42 24 
Securities lending
indemnifications (b)(c)
614,049 544,601 
(a)Net of participations totaling $130 million at Sept. 30, 2025 and $192 million at Dec. 31, 2024.
(b)Excludes the indemnification for securities for which BNY acts as an agent on behalf of CIBC Mellon clients, which totaled $81 billion at Sept. 30, 2025 and $60 billion at Dec. 31, 2024.
(c)Includes cash collateral, invested in indemnified repurchase agreements, held by us as securities lending agent of $61 billion at Sept. 30, 2025 and $59 billion at Dec. 31, 2024.
88 BNY
Notes to Consolidated Financial Statements (continued)
The total potential loss on undrawn lending commitments, standby and commercial letters of credit and securities lending indemnifications is equal to the total notional amount if drawn upon, which does not consider the value of any collateral.

Since many of the lending commitments are expected to expire without being drawn upon, the total amount does not necessarily represent future cash requirements. A summary of lending commitment maturities is as follows: $31.6 billion in less than one year, $22.2 billion in one to five years and $266 million over five years.

SBLCs principally support obligations of corporate clients and were collateralized with cash and securities of $218 million at Sept. 30, 2025 and $173 million at Dec. 31, 2024. At Sept. 30, 2025, $1.1 billion of the SBLCs will expire within one year, $453 million in one to five years and none in over five years.

We must recognize, at the inception of an SBLC and foreign and other guarantees, a liability for the fair value of the obligation undertaken in issuing the guarantee. The fair value of the liability, which was recorded with a corresponding asset in other assets, was estimated as the present value of contractual customer fees. The estimated liability for losses related to SBLCs and foreign and other guarantees, if any, is included in the allowance for lending-related commitments.

Payment/performance risk of SBLCs is monitored using both historical performance and internal ratings criteria. BNY’s historical experience is that SBLCs typically expire without being funded. SBLCs below investment grade are monitored closely for payment/performance risk. The table below shows SBLCs by investment grade:

Standby letters of creditSept. 30, 2025Dec. 31, 2024
Investment grade77%67%
Non-investment grade23%33%


A commercial letter of credit is normally a short-term instrument used to finance a commercial contract for the shipment of goods from a seller to a buyer. Although the commercial letter of credit is contingent upon the satisfaction of specified conditions, it represents a credit exposure if the buyer defaults on
the underlying transaction. As a result, the total contractual amounts do not necessarily represent future cash requirements. Commercial letters of credit totaled $42 million at Sept. 30, 2025 and $24 million at Dec. 31, 2024.

We expect many of the lending commitments and letters of credit to expire without the need to advance any cash. The revenue associated with guarantees frequently depends on the credit rating of the obligor and the structure of the transaction, including collateral, if any. The allowance for lending-related commitments was $63 million at Sept. 30, 2025 and $72 million at Dec. 31, 2024.

A securities lending transaction is a fully collateralized transaction in which the owner of a security agrees to lend the security (typically through an agent, in our case, The Bank of New York Mellon) to a borrower, usually a broker-dealer or bank, on an open, overnight or term basis, under the terms of a prearranged contract.

We typically lend securities with indemnification against borrower default. We generally require the borrower to provide collateral with a minimum value of 102% of the fair value of the securities borrowed, which is monitored on a daily basis, thus reducing credit risk. Market risk can also arise in securities lending transactions. These risks are controlled through policies limiting the level of risk that can be undertaken. Securities lending transactions are generally entered into only with highly rated counterparties. Securities lending indemnifications were secured by collateral of $650 billion at Sept. 30, 2025 and $574 billion at Dec. 31, 2024.

CIBC Mellon, a joint venture between BNY and the Canadian Imperial Bank of Commerce (“CIBC”), engages in securities lending activities. BNY and CIBC severally indemnify securities lenders against specific types of borrower default. Previously, BNY, CIBC and CIBC Mellon jointly and severally indemnified securities lenders against specific types of borrower default. At Sept. 30, 2025 and Dec. 31, 2024, $81 billion and $60 billion, respectively, of borrowings at CIBC Mellon, for which BNY acts as agent on behalf of CIBC Mellon clients, were secured by collateral of $86 billion and $64 billion, respectively. If, upon a default, a borrower’s collateral was not sufficient to cover its related obligations, certain losses related to the indemnification could be covered by the indemnitors.
BNY 89
Notes to Consolidated Financial Statements (continued)
Unsettled repurchase and reverse repurchase agreements

In the normal course of business, we enter into repurchase agreements and reverse repurchase agreements that settle at a future date. In repurchase agreements, BNY receives cash from and provides securities as collateral to a counterparty at settlement. In reverse repurchase agreements, BNY advances cash to and receives securities as collateral from the counterparty at settlement. These transactions are recorded on the consolidated balance sheet on the settlement date. At Sept. 30, 2025, we had no unsettled repurchase agreements and $84.7 billion of unsettled reverse repurchase agreements. At Dec. 31, 2024, we had no unsettled repurchase agreements and $96.1 billion of unsettled reverse repurchase agreements.

Industry concentrations

We have significant industry concentrations related to credit exposure at Sept. 30, 2025. The tables below present our credit exposure in the financial institutions and commercial portfolios.

Financial institutions
portfolio exposure
(in billions)
Sept. 30, 2025

Loans		Unfunded
commitments		Total exposure
Securities industry$3.6 $19.5 $23.1 
Asset managers1.5 8.2 9.7 
Banks7.6 1.8 9.4 
Insurance0.1 4.2 4.3 
Government— 0.6 0.6 
Other0.2 1.1 1.3 
Total$13.0 $35.4 $48.4 


Commercial portfolio
exposure
(in billions)
Sept. 30, 2025

Loans		Unfunded
commitments		Total exposure
Services and other$0.6 $3.9 $4.5 
Manufacturing0.5 3.8 4.3 
Energy and utilities0.2 3.9 4.1 
Media and telecom— 0.8 0.8 
Total$1.3 $12.4 $13.7 


Major concentrations in securities lending are primarily to broker-dealers and are generally collateralized with cash and/or securities.

Sponsored member repo program

BNY is a sponsoring member in the FICC sponsored member program, where we submit eligible repurchase and reverse repurchase transactions in U.S. Treasury and agency securities (“Sponsored Member Transactions”) between BNY and our sponsored member clients for novation and clearing through FICC pursuant to the FICC Government Securities Division rulebook (the “FICC Rules”). We also guarantee to FICC the prompt and full payment and performance of our sponsored member clients’ respective obligations under the FICC Rules in connection with such clients’ Sponsored Member Transactions. We minimize our credit exposure under this guaranty by obtaining a security interest in our sponsored member clients’ collateral and rights under Sponsored Member Transactions. See “Offsetting assets and liabilities” in Note 16 for additional information on our repurchase and reverse repurchase agreements.

Indemnification arrangements

We have provided standard representations for underwriting agreements, acquisition and divestiture agreements, sales of loans and commitments, and other similar types of arrangements and customary indemnification for claims and legal proceedings related to providing financial services that are not otherwise included above. Insurance has been purchased to mitigate certain of these risks. Generally, there are no stated or notional amounts included in these indemnifications, and the contingencies triggering the obligation for indemnification are not expected to occur. Furthermore, often counterparties to these transactions provide us with comparable indemnifications. We are unable to develop an estimate of the maximum payout under these indemnifications for several reasons. In addition to the lack of a stated or notional amount in a majority of such indemnifications, we are unable to predict the nature of events that would trigger indemnification or the level of indemnification for a certain event. We believe, however, that the possibility that we will have to make any material payments for these indemnifications is remote. At Sept. 30, 2025 and Dec. 31, 2024, we have not recorded any material liabilities under these arrangements.

90 BNY
Notes to Consolidated Financial Statements (continued)
Clearing and settlement exchanges

We are a noncontrolling equity investor in, and/or member of, several industry clearing or settlement exchanges through which foreign exchange, securities, derivatives or other transactions settle. Certain of these industry clearing and settlement exchanges require their members to guarantee their obligations and liabilities and/or to provide liquidity support in the event other members do not honor their obligations. We believe the likelihood that a clearing or settlement exchange (of which we are a member) would become insolvent is remote. Additionally, certain settlement exchanges have implemented loss allocation policies that enable the exchange to allocate settlement losses to the members of the exchange. It is not possible to quantify such mark-to-market loss until the loss occurs. Any ancillary costs that occur as a result of any mark-to-market loss cannot be quantified. In addition, we also sponsor clients as members on clearing and settlement exchanges and guarantee their obligations. At Sept. 30, 2025 and Dec. 31, 2024, we did not record any material liabilities under these arrangements.

Legal proceedings

In the ordinary course of business, The Bank of New York Mellon Corporation and its subsidiaries are routinely named as defendants in or made parties to pending and potential legal actions. We also are subject to governmental and regulatory examinations, information-gathering requests, investigations and proceedings (both formal and informal). Claims for significant monetary damages are often asserted in many of these legal actions, while claims for disgorgement, restitution, penalties and/or other remedial actions or sanctions may be sought in governmental and regulatory matters. It is inherently difficult to predict the eventual outcomes of such matters given their complexity and the particular facts and circumstances at issue in each of these matters. However, on the basis of our current knowledge and understanding, we do not believe that judgments, settlements or orders, if any, arising from these matters (either individually or in the aggregate, after giving effect to applicable reserves and insurance coverage) will have a material adverse effect on the consolidated financial position or liquidity of BNY, although they could have a material effect on our results of operations in a given period.

In view of the inherent unpredictability of outcomes in litigation and regulatory matters, particularly where (i) the damages sought are substantial or indeterminate, (ii) the proceedings are in the early stages, or (iii) the matters involve novel legal theories or a large number of parties, as a matter of course there is considerable uncertainty surrounding the timing or ultimate resolution of litigation and regulatory matters, including a possible eventual loss, fine, penalty or business impact, if any, associated with each such matter. In accordance with applicable accounting guidance, we establish accruals for litigation and regulatory matters when those matters proceed to a stage where they present loss contingencies that are both probable and reasonably estimable. In such cases, there may be a possible exposure to loss in excess of any amounts accrued. We regularly monitor such matters for developments that could affect the amount of the accrual, and will adjust the accrual amount as appropriate. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter continues to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. We believe that our accruals for legal proceedings are appropriate and, in the aggregate, are not material to the consolidated financial position of BNY, although future accruals could have a material effect on the results of operations in a given period. In addition, if we have the potential to recover a portion of an estimated loss from a third party, we record a receivable up to the amount of the accrual that is probable of recovery.

For certain of those matters described here for which a loss contingency may, in the future, be reasonably possible (whether in excess of a related accrued liability or where there is no accrued liability), BNY is currently unable to estimate a range of reasonably possible loss. For those matters described here where BNY is able to estimate a reasonably possible loss, the aggregate range of such reasonably possible loss is up to $780 million in excess of the accrued liability (if any) related to those matters. For matters where a reasonably possible loss is denominated in a foreign currency, our estimate is adjusted quarterly based on prevailing exchange rates. We do not consider potential recoveries when estimating reasonably possible losses.

The following describes certain judicial, regulatory and arbitration proceedings involving BNY:
BNY 91
Notes to Consolidated Financial Statements (continued)
Mortgage-Securitization Trusts Proceedings
BNY has been named as a defendant in a number of legal actions brought by MBS investors alleging that the trustee has expansive duties under the governing agreements, including the duty to investigate and pursue breach of representation and warranty claims against other parties to the MBS transactions. Two actions commenced in December 2015 and February 2017 are pending in New York federal court. In New York state court, three actions are pending: two related cases commenced in September 2021 and October 2022; and one related case commenced in December 2021.

Matters Related to R. Allen Stanford
In late December 2005, Pershing LLC became a clearing firm for Stanford Group Co. (“SGC”), a registered broker-dealer that was part of a group of entities ultimately controlled by R. Allen Stanford (“Stanford”). Stanford International Bank, also controlled by Stanford, issued certificates of deposit (“CDs”). Some investors allegedly wired funds from their SGC accounts to purchase CDs. In 2009, the Securities and Exchange Commission charged Stanford with operating a Ponzi scheme in connection with the sale of CDs, and SGC was placed into receivership. Alleged purchasers of CDs have filed two putative class action proceedings against Pershing LLC: one in November 2009 in Texas federal court, and one in May 2016 in New Jersey federal court. On Nov. 5, 2021, the court dismissed the class action filed in New Jersey. Both matters have concluded. Three lawsuits remain against Pershing LLC in Louisiana and New Jersey federal courts, which were filed in January 2010, October 2015 and May 2016. The purchasers allege that Pershing LLC, as SGC’s clearing firm, assisted Stanford in a fraudulent scheme and assert contractual, statutory and common law claims. In March 2019, a group of investors filed a putative class action against The Bank of New York Mellon in New Jersey federal court, making the same allegations as in the prior actions brought against Pershing LLC. On Nov. 12, 2021, the court dismissed the class action against The Bank of New York Mellon; on Dec. 15, 2022, an appeals court reversed the dismissal and returned the case to the trial court for further proceedings. On Aug. 5, 2025, the trial court denied plaintiffs’ motion for class certification. On June 28, 2024, an unincorporated association that claims to represent the interests of Stanford investors filed a lawsuit in New Jersey federal court against The Bank of New York Mellon,
making the same allegations as prior cases. All of the cases that have been brought in federal court have been consolidated in Texas federal court for discovery purposes. Various alleged Stanford CD purchasers asserted similar claims in Financial Industry Regulatory Authority, Inc. (“FINRA”) arbitration proceedings.

Brazilian Postalis Litigation
BNY Servicos Financeiros DTVM S.A. (“DTVM”), a subsidiary that provides asset services in Brazil, acts as administrator for certain investment funds in which a public pension fund for postal workers called Postalis-Instituto de Seguridade Social dos Correios e Telégrafos (“Postalis”) invested. On Aug. 22, 2014, Postalis sued DTVM in Rio de Janeiro, Brazil for losses related to a Postalis fund for which DTVM is administrator. Postalis alleges that DTVM failed to properly perform duties, including to conduct due diligence of and exert control over the manager. On March 12, 2015, Postalis filed a lawsuit in Rio de Janeiro against DTVM and BNY Administração de Ativos Ltda. (“Ativos”) alleging failure to properly perform duties relating to another fund of which DTVM is administrator and Ativos is manager. On April 7, 2025, the court found DTVM, Ativos and two other defendants jointly and severally liable for approximately $3 million. DTVM and Ativos appealed on Sept. 9, 2025. On Dec. 14, 2015, Associacão dos Profissionais dos Correios (“ADCAP”), a Brazilian postal workers association, filed a lawsuit in São Paulo against DTVM and other defendants alleging that DTVM improperly contributed to Postalis investment losses. On March 20, 2017, the lawsuit was dismissed without prejudice, and ADCAP appealed. On Aug. 4, 2021, the appellate court overturned the dismissal and sent the lawsuit to a state lower court. On March 2, 2023, DTVM appealed the August 4 decision to Brazil’s Superior Court of Justice. On Feb. 26, 2025, ADCAP filed a lawsuit in New York state court against The Bank of New York Mellon Corporation, claiming that it is also liable for Postalis investment losses. On Feb. 27, 2025, we removed the lawsuit to New York federal court. On Dec. 17, 2015, Postalis filed three lawsuits in Rio de Janeiro against DTVM and Ativos alleging failure to properly perform duties with respect to investments in several other funds. On May 20, 2021, the court in one of those lawsuits entered a judgment of approximately $3 million against DTVM and Ativos. DTVM appealed and, on June 7, 2022, the appellate court partially granted and partially denied the appeal, reducing the judgment to
92 BNY
Notes to Consolidated Financial Statements (continued)
approximately $2 million. On July 13, 2023, DTVM and Ativos filed a further appeal to Brazil’s Superior Court of Justice, which was denied on Sept. 20, 2024. DTVM and Ativos further appealed, but their appeal was denied on Dec. 3, 2024. On Aug. 24, 2022, the court dismissed one of the other lawsuits. Postalis appealed that decision, but Postalis’s appeal was denied on Oct. 24, 2023. Postalis further appealed; that further appeal was denied on Oct. 22, 2024. On Feb. 4, 2016, Postalis filed a lawsuit in Brasilia against DTVM, Ativos and BNY Alocação de Patrimônio Ltda. (“Alocação de Patrimônio”), an investment management subsidiary, alleging failure to properly perform duties and liability for losses with respect to investments in various funds of which the defendants were administrator and/or manager. On Jan. 16, 2018, the Brazilian Federal Prosecution Service filed a civil lawsuit in São Paulo against DTVM alleging liability for Postalis losses based on alleged failures to properly perform certain duties as administrator to certain funds in which Postalis invested or as controller of Postalis’s own investment portfolio. On April 18, 2018, the court dismissed the lawsuit without prejudice. On Aug. 4, 2021, the appellate court overturned the dismissal and returned the lawsuit to the lower court. DTVM appealed, but that appeal was denied on Aug. 21, 2023. In addition, the Tribunal de Contas da União (“TCU”), an administrative tribunal, has initiated proceedings with the purpose of determining liability for losses to four investment funds administered by DTVM in which Postalis was an investor. On Sept. 9, 2020, TCU rendered a decision in one of the proceedings, finding DTVM and two former Postalis directors jointly and severally liable for approximately $50 million. TCU also imposed on DTVM a fine of approximately $2 million. DTVM’s administrative appeal of the decision was denied. On Feb. 25, 2022, DTVM filed a lawsuit in Brazil federal court in Brasilia seeking annulment of TCU’s decision and an injunction preventing TCU from enforcing the judgment. On Aug. 24, 2022, the Brazilian Federal Attorneys filed an action in Rio de Janeiro court seeking to enforce the fine portion of the judgment. On Nov. 8, 2022, the Brasilia federal court in the annulment action granted DTVM’s request for an injunction, suspending the Sept. 9, 2020, TCU decision until the annulment action is decided. On July 30, 2025, TCU rendered a decision in another of the proceedings, finding DTVM, Ativos and former Postalis directors jointly and severally liable for approximately $185 million. On Sept. 15, 2025, DTVM and Ativos filed an administrative appeal. On Oct. 4, 2019, Postalis
and another pension fund filed a request for arbitration in São Paulo against DTVM and Ativos alleging liability for losses to an investment fund for which DTVM was administrator and Ativos was manager. On March 26, 2021, DTVM and Ativos filed a lawsuit in São Paulo challenging the Arbitration Court’s jurisdiction over the case. On Feb. 24, 2023, the São Paulo court annulled the Arbitration Court’s decision that it had jurisdiction, and Postalis and the other pension fund appealed. On April 8, 2024, the appellate court reversed the São Paulo court’s decision and found that the Arbitration Court did have jurisdiction. DTVM and Ativos appealed; that appeal was denied on April 8, 2024. DTVM and Ativos have further appealed. The arbitration continued during the further appeal, and on Sept. 29, 2025, the panel found DTVM and Ativos partially liable. On Oct. 25, 2019, Postalis filed a lawsuit in Rio de Janeiro against DTVM and Alocação de Patrimônio, alleging liability for losses in another fund for which DTVM was administrator and Alocação de Patrimônio and Ativos were managers. On May 9, 2022, the court found DTVM and Alocação de Patrimônio jointly and severally liable for approximately $20 million. On Aug. 12, 2022, DTVM and Alocação de Patrimônio appealed the decision. On April 30, 2024, the appeals court reversed the finding against DTVM and Alocação de Patrimônio. Postalis appealed that reversal and, on Oct. 3, 2024, its appeal was denied. Postalis has filed a further appeal. On June 19, 2020, 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.

German Tax Matters
German authorities are investigating past “cum/ex” trading, which involved the purchase of equity securities on or shortly before the dividend date, but settled after that date, potentially resulting in an unwarranted refund of withholding tax. German authorities have taken the view that past cum/ex trading may have resulted in tax avoidance or evasion. European subsidiaries of BNY have been informed by German authorities about investigations into potential cum/ex trading by certain third-party investment funds, where one of the subsidiaries had
BNY 93
Notes to Consolidated Financial Statements (continued)
acquired entities that served as depositary and/or fund manager for those third-party investment funds. We have received information requests from the authorities relating to pre-acquisition activity and are cooperating fully with those requests. In August 2019, the District Court of Bonn ordered that one of these subsidiaries be joined as a secondary party in connection with the prosecution of unrelated individual defendants. Trial commenced in September 2019. In March 2020, the court stated that it would refrain from taking action against the subsidiary in order to expedite the conclusion of the trial. The court convicted the unrelated individual defendants, and determined that the cum/ex trading activities of the relevant third-party investment funds were unlawful. In November and December 2020 and February 2023, we received secondary liability notices from the German tax authorities totaling approximately $150 million (at then-prevailing exchange rates) related to pre-acquisition activity in various funds for which the entities we acquired were depositary and/or fund manager. We have appealed the notices. In connection with the acquisition of the subject entities, we obtained an indemnity for liabilities from the sellers that we intend to pursue as necessary.

Off-Channel Business-Related Communications
The Company responded to requests for information from the SEC and the Commodity Futures Trading Commission concerning compliance with recordkeeping obligations relating to business communications transmitted on unapproved electronic communication platforms. SEC and CFTC have been conducting similar inquiries into recordkeeping practices at other financial institutions. On Aug. 14, 2024, the SEC issued an order under which the Company agreed to pay a $40 million penalty and to certain undertakings to resolve the SEC matter. The fine has been paid, and the Company is complying with the other settlement terms. On Sept. 4, 2025, the CFTC issued an order under which the Company agreed to pay $500,000. The fine has been paid, and the Company is complying with the other settlement terms.

Pershing LLC Rule 15c3-3 Matter
The Company has been responding to investigative requests for information and records from the SEC concerning Pershing LLC’s compliance with its obligations under SEC Rule 15c3-3, among other regulatory rules and statutes. The Company continues to cooperate with the inquiry.
Lawsuits in the Russian Federation
The Company is defending various lawsuits in Russian courts seeking to recover assets held by BNY but blocked by international sanctions laws. The Company also is a co-defendant in a lawsuit by the Deputy Prosecutor General of the Russian Federation seeking to recover $251 million that allegedly was improperly seized by Ukraine from BNY accounts in Ukraine for a subsidiary of PJSC Sberbank, a Russian bank. The Russian court issued a judgment against BNY and its co-defendants on Sept. 11, 2025, which BNY appealed on Oct. 13, 2025.

Note 18–Business segments

We have an internal information system that produces performance data along product and service lines for our three principal business segments and the Other segment. The primary products and services and types of revenue for our principal businesses and a description of the Other segment are presented in Note 24 of the Notes to Consolidated Financial Statements in our 2024 Annual Report.

Business accounting principles

Our business segment data has been determined on an internal management basis of accounting, rather than GAAP, which is used for consolidated financial reporting. These measurement principles are designed so that reported results of the businesses will track their economic performance.

Our business segments are consistent with the structure used by the President and Chief Executive Officer, our Chief Operating Decision Maker (“CODM”), to make key operating decisions and assess performance. Our CODM evaluates the business segments’ operating performance primarily based on fee and other revenue, total revenue, income before income taxes, and pre-tax operating margin. The significant expense information regularly provided to and reviewed by the CODM is total noninterest expense. The CODM considers this information when evaluating the performance of each business segment and making decisions about allocating capital and other resources to each business segment.

Business segment results are subject to reclassification when organizational changes are made, or for refinements in revenue and expense allocation methodologies. Refinements are typically
94 BNY
Notes to Consolidated Financial Statements (continued)
reflected on a prospective basis. There were no reclassifications or organizational changes in the third quarter of 2025.

The accounting policies of the businesses are the same as those described in Note 1 of the Notes to Consolidated Financial Statements in our 2024 Annual Report.

The results of our business segments are presented and analyzed on an internal management reporting basis.
•Revenue amounts reflect fee and other revenue generated by each business and include revenue for services provided between the segments that are also provided to third parties. Fee and other revenue transferred between businesses under revenue transfer agreements is included within other fees in each segment.
•Revenues and expenses associated with specific client bases are included in those businesses. For example, foreign exchange activity associated with clients using custody products is included in the Securities Services segment.
•Net interest income is allocated to businesses based on the yields on the assets and liabilities generated by each business. We employ a funds transfer pricing system that matches funds with the specific assets and liabilities of each business based on their interest sensitivity and maturity characteristics.
•The provision for credit losses associated with the respective credit portfolios is reflected in each segment.
•Incentives expense related to restricted stock and restricted stock units is allocated to the segments.
•Support and other indirect expenses, including services provided between segments that are not provided to third parties or not subject to a revenue transfer agreement, are allocated to the businesses based on internally developed methodologies and reflected in noninterest expense.
•Recurring FDIC expense is allocated to the businesses based on average deposits generated within each business.
•Severance expense is recorded in the segments based on the business or function the impacted employees reside.
•Litigation expense is generally recorded in the business in which the charge occurs.
•Management of the securities portfolio is a shared service contained in the Other segment. As a result, gains and losses associated with the valuation of the securities portfolio are generally included in the Other segment.
•Client deposits serve as the primary funding source for our securities portfolio. We typically allocate all interest income to the businesses generating the deposits.
•Balance sheet assets and liabilities and their related income or expense are specifically assigned to each business. Segments with a net liability position have been allocated assets.
•Goodwill and intangible assets are reflected within individual businesses.

BNY 95
Notes to Consolidated Financial Statements (continued)
The following consolidating schedules present the contribution of our segments to our overall profitability.

For the quarter ended Sept. 30, 2025
Securities
Services		Market and Wealth ServicesInvestment
and Wealth Management		OtherConsolidated
(dollars in millions)
Total fee and other revenue$1,789 $1,243 $783 (a)$18 $3,833 (a)
Net interest income670 524 41 1 1,236 
Total revenue2,459 1,767 824 (a)19 5,069 (a)
Provision for credit losses(3)(3)— (1)(7)
Noninterest expense1,656 895 640 45 3,236 
Income (loss) before income taxes$806 $875 $184 (a)$(25)$1,840 (a)
Pre-tax operating margin (b)
33%50%22%N/M36%
Average assets$202,454 $137,103 $27,247 $70,687 $437,491 
(a)    Total fee and other revenue, total revenue and income before income taxes are net of income attributable to noncontrolling interests related to consolidated investment management funds of $12 million.
(b)    Income before income taxes divided by total revenue.
N/M – Not meaningful.


For the quarter ended June 30, 2025
Securities
Services		Market and Wealth ServicesInvestment
and Wealth Management		OtherConsolidated
(dollars in millions)
Total fee and other revenue$1,799 $1,236 $760 (a)$18 $3,813 (a)
Net interest income (expense)675 506 41 (19)1,203 
Total revenue2,474 1,742 801 (a)(1)5,016 (a)
Provision for credit losses(13)(6)— 2 (17)
Noninterest expense1,620 897 653 36 3,206 
Income (loss) before income taxes$867 $851 $148 (a)$(39)$1,827 (a)
Pre-tax operating margin (b)
35%49%19%N/M37%
Average assets$206,552 $135,119 $27,114 $69,823 $438,608 
(a)    Total fee and other revenue, total revenue and income before income taxes are net of income attributable to noncontrolling interests related to consolidated investment management funds of $12 million.
(b)    Income before income taxes divided by total revenue.
N/M – Not meaningful.


For the quarter ended Sept. 30, 2024
Securities
Services		Market and Wealth ServicesInvestment
and Wealth Management		OtherConsolidated
(dollars in millions)
Total fee and other revenue$1,605 $1,130 $804 (a)$54 $3,593 (a)
Net interest income (expense)609 415 45 (21)1,048 
Total revenue2,214 1,545 849 (a)33 4,641 (a)
Provision for credit losses15 7 1 — 23 
Noninterest expense1,557 834 672 37 3,100 
Income (loss) before income taxes$642 $704 $176 (a)$(4)$1,518 (a)
Pre-tax operating margin (b)
29%46%21%N/M33%
Average assets$199,057 $122,526 $26,525 $68,289 $416,397 
(a)    Total fee and other revenue, total revenue and income before income taxes are net of income attributable to noncontrolling interests related to consolidated investment management funds of $7 million.
(b)    Income before income taxes divided by total revenue.
N/M – Not meaningful.


96 BNY
Notes to Consolidated Financial Statements (continued)
For the nine months ended Sept. 30, 2025
Securities
Services		Market and Wealth ServicesInvestment
and Wealth Management		OtherConsolidated
(dollars in millions)
Total fee and other revenue$5,258 $3,668 $2,281 (a)$70 $11,277 (a)
Net interest income (expense)1,975 1,527 123 (27)3,598 
Total revenue7,233 5,195 2,404 (a)43 14,875 (a)
Provision for credit losses(8)(5)2 5 (6)
Noninterest expense4,860 2,658 2,007 169 9,694 
Income (loss) before income taxes$2,381 $2,542 $395 (a)$(131)$5,187 (a)
Pre-tax operating margin (b)
33%49%16%N/M35%
Average assets$201,330 $133,851 $26,924 $68,622 $430,727 
(a)    Total fee and other revenue, total revenue and income before income taxes are net of income attributable to noncontrolling interests related to consolidated investment management funds of $26 million.
(b)    Income before income taxes divided by total revenue.
N/M – Not meaningful.


For the nine months ended Sept. 30, 2024
Securities
Services		Market and Wealth ServicesInvestment
and Wealth Management		OtherConsolidated
(dollars in millions)
Total fee and other revenue$4,805 $3,342 $2,387 (a)$109 $10,643 (a)
Net interest income (expense)1,787 1,255 129 (53)3,118 
Total revenue6,592 4,597 2,516 (a)56 13,761 (a)
Provision for credit losses23 10 4 13 50 
Noninterest expense4,648 2,501 2,080 117 9,346 
Income (loss) before income taxes$1,921 $2,086 $432 (a)$(74)$4,365 (a)
Pre-tax operating margin (b)
29%45%17%N/M32%
Average assets$195,552 $123,619 $26,277 $65,532 $410,980 
(a)    Total fee and other revenue, total revenue and income before income taxes are net of income attributable to noncontrolling interests related to consolidated investment management funds of $11 million.
(b)    Income before income taxes divided by total revenue.
N/M – Not meaningful.


Note 19–Supplemental information to the Consolidated Statement of Cash Flows

Non-cash investing and financing transactions that, appropriately, are not reflected in the consolidated statement of cash flows are listed below.

Non-cash investing and financing transactionsNine months ended Sept. 30,
(in millions)20252024
Transfers from loans to other assets for other real estate owned$1 $— 
Change in assets of consolidated investment management funds65 334 
Change in liabilities of consolidated investment management funds4 6 
Change in nonredeemable noncontrolling interests of consolidated investment management funds12 241 
Securities purchased not settled2,462 395 
Securities sold not settled— 85 
Securities matured not settled80 — 
Available-for-sale securities transferred to held-to-maturity securities4 — 
Premises and equipment/operating lease obligations230 174 
Excise tax on share repurchases19 19 
Amortization of preferred stock discount10 — 

BNY 97
Item 4. Controls and Procedures
Disclosure controls and procedures

Our management, including the Chief Executive Officer and Chief Financial Officer, with participation by the members of the Disclosure Committee, has responsibility for ensuring that there is an adequate and effective process for establishing, maintaining, and evaluating disclosure controls and procedures that are designed to ensure that information required to be disclosed by us in our SEC reports is timely recorded, processed, summarized and reported and that information required to be disclosed by BNY is accumulated and communicated to BNY’s management to allow timely decisions regarding the required disclosure. In addition, our ethics hotline can also be used by employees and others for the anonymous communication of concerns about financial controls or reporting matters. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.

As of the end of the period covered by this report, an evaluation was carried out under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective.

Changes in internal control over financial reporting

In the ordinary course of business, we may routinely modify, upgrade or enhance our internal controls and procedures for financial reporting. There have not been any changes in our internal control over financial reporting as defined in Rule 13a-15(f) of the Exchange Act during the third quarter of 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

98 BNY
Forward-looking Statements
Some statements in this Quarterly Report are forward-looking. These include statements about the usefulness of Non-GAAP measures, the future results of BNY, our businesses, financial, liquidity and capital condition, results of operations, capital plans including dividends and repurchases, liquidity, risk and capital management and processes, human capital management (including related ambitions, objectives, aims and goals), strategic priorities and initiatives, acquisitions, related integration and divestiture activity, transition to a platforms operating model, efficiency savings, estimates (including those regarding expenses, interest rate and net interest income sensitivities, 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), outlook (including those regarding our performance results, fee revenue, net interest income, expenses, impacts of currency fluctuations, capital ratios and effective tax rate) and expectations (including those regarding products, nonperforming assets, legal proceedings and other contingencies, impacts of trends on our businesses, regulatory, technology, market, economic or accounting developments and the impacts of such developments on our businesses).

In this report, any other report, any press release or any written or oral statement that BNY or its executives may make, 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,” “momentum,” “ambition,” “aspiration,” “objective,” “aim,” “future,” “potentially,” “outlook” and words of similar meaning, may signify forward-looking statements.

These forward-looking statements, and other forward-looking statements contained in other public disclosures of BNY, 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 are, by their nature, difficult to predict, outside of our control and subject to change. By identifying these statements in this manner, we are alerting investors to the possibility that our actual results may differ, possibly materially, from the anticipated results expressed or implied in these forward-looking statements as a result of a number of important factors, including those factors
described in “Risk Factors” in our 2024 Annual Report, such as:
•errors or delays in our operational and transaction processing, or those of third parties, may materially adversely affect our business, financial condition, results of operations and reputation;
•our risk management framework, policies and processes may not be effective in identifying or mitigating risk and reducing the potential for losses and any inadequacy or lapse in our risk management framework, policies and processes could expose us to unexpected losses that could materially adversely affect our results of operations or financial condition;
•limitations of the models we use to measure, monitor and manage risk could lead to unexpected losses and adverse business impacts;
•a communications or technology disruption or failure within our infrastructure or the infrastructure of third parties that results in a loss of information, delays our ability to access information or impacts our ability to provide services to our clients may materially adversely affect our business, financial condition and results of operations;
•a cybersecurity incident, or a failure in our computer systems, networks and information, or those of third parties, could result in the theft, disclosure, use or alteration of information, unauthorized access to or loss of information, or system or network failures. Any such incident or failure could adversely impact our ability to conduct our businesses, damage our reputation and cause losses;
•the development and use of artificial intelligence, including digital employees and digital engineers, present risks and challenges that may adversely impact our business;
•we are subject to extensive government rulemaking, policies, regulation and supervision that impact our operations. Changes to and introduction of new rules and regulations have compelled, and in the future may compel, us to change how we manage our businesses, which could have a material adverse effect on our business, financial condition and results of operations;
BNY 99
Forward-looking Statements (continued)
•regulatory or enforcement actions or litigation could materially adversely affect our results of operations or harm our businesses or reputation;
•our business may be adversely affected if we are unable to attract, retain, develop and motivate employees;
•a failure or circumvention of our controls, policies and procedures could have a material adverse effect on our business, financial condition, results of operations and reputation;
•weakness and volatility in financial markets and the economy generally may materially adversely affect our business, financial condition and results of operations;
•we are dependent on fee-based business for a substantial majority of our revenue and our fee-based revenues could be adversely affected by slowing market activity, weak financial markets, underperformance and/or negative trends in savings rates or in investment preferences;
•levels of and changes in interest rates have impacted, and will in the future continue to impact, our profitability and capital levels, at times adversely;
•we have experienced, and may continue to experience, unrealized or realized losses on securities related to volatile and illiquid market conditions, reducing our capital levels and/or earnings;
•the failure or perceived weakness of any of our significant clients or counterparties, many of whom are major financial institutions or sovereign entities, and our assumption of credit, counterparty and concentration risk, could expose us to credit losses and adversely affect our business;
•we could incur losses if our allowance for credit losses, including loan and lending-related commitment reserves, is inadequate or if our expectations of future economic conditions deteriorate;
•our business, financial condition and results of operations could be adversely affected if we do not effectively manage our liquidity;
•failure to satisfy regulatory standards, including “well capitalized” and “well managed” status or capital adequacy and liquidity rules more generally, could result in limitations on our
activities and adversely affect our business and financial condition;
•the Parent is a non-operating holding company and, as a result, is dependent on dividends from its subsidiaries and extensions of credit from its IHC to meet its obligations, including with respect to its securities, and to provide funds for share repurchases, payment of income taxes and payment of dividends to its stockholders;
•our ability to return capital to shareholders is subject to the discretion of our Board of Directors and may be limited by U.S. banking laws and regulations, including those governing capital and capital planning, applicable provisions of Delaware law and our failure to pay full and timely dividends on our preferred stock;
•any material reduction in our credit ratings or the credit ratings of our principal bank subsidiaries, The Bank of New York Mellon, BNY Mellon, N.A. or The Bank of New York Mellon SA/NV, could increase the cost of funding and borrowing to us and our rated subsidiaries and have a material adverse effect on our business, financial condition and results of operations and on the value of the securities we issue;
•the application of our Title I preferred resolution strategy or resolution under the Title II orderly liquidation authority could adversely affect the Parent’s liquidity and financial condition and the Parent’s security holders;
•new lines of business, new products and services or transformational or strategic project initiatives subject us to new or additional risks, and the failure to implement these initiatives could affect our results of operations;
•our strategic transactions present risks and uncertainties and could have an adverse effect on our business, financial condition and results of operations;
•we may not realize some or all of the expected benefits of our transition to a platforms operating model;
•we are subject to competition in all aspects of our business, which could negatively affect our ability to maintain or increase our profitability;
•our businesses may be negatively affected by adverse events, publicity, government scrutiny or other reputational harm;
100 BNY
Forward-looking Statements (continued)
•impacts from geopolitical events, acts of terrorism, war, natural disasters, the physical effects of climate change, pandemics and other similar events may have a negative impact on our business and operations;
•sustainability concerns, including a focus on climate change and diversity, could adversely affect our business, affect client activity levels, subject us to additional regulatory requirements and damage our reputation;
•tax law changes or challenges to our tax positions with respect to historical transactions may adversely affect our net income, effective tax rate and our overall results of operations and financial condition; and
•changes in accounting standards governing the preparation of our financial statements and future events could have a material impact on our reported financial condition, results of operations, cash flows and other financial data.

In addition, recent announcements regarding changes in trade policies and practices, including the implementation of tariffs, proposed further tariffs, and responses globally, have significantly affected
financial markets and economic conditions. Continued uncertainty, including in trade policies and practices, elevated tariffs, operational and policy changes in the governments of the U.S. and other countries, and an extended U.S. government shutdown could contribute to further market volatility and deteriorating or prolonged weakened economic conditions, which could cause our financial results to differ, possibly materially, from the anticipated results expressed or implied in forward-looking statements contained in this Quarterly Report and other public disclosures of BNY.

Investors should not place undue reliance on any forward-looking statement and should consider all risk factors discussed in the 2024 Annual Report and any subsequent reports filed with the SEC by BNY pursuant to the Exchange Act. All forward-looking statements speak only as of the date on which such statements are made, and BNY undertakes no obligation to update any statement to reflect events or circumstances after the date on which such forward-looking statement is made or to reflect the occurrence of unanticipated events. The contents of BNY’s website or any other website referenced herein are not part of this report.
BNY 101
Part II – Other Information
Item 1. Legal Proceedings.
The information required by this Item is set forth in the “Legal proceedings” section in Note 17 of the Notes to Consolidated Financial Statements, which portion is incorporated herein by reference in response to this item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

(c)    The following table discloses repurchases of our common stock made in the third quarter of 2025. All of the Company’s preferred stock outstanding has preference over the Company’s common stock with respect to the payment of dividends.

Issuer purchases of equity securities

Share repurchases – third quarter of 2025
Total shares
repurchased as
 part of a publicly
announced plan
or program
Maximum approximate dollar value of shares that may yet be purchased under the publicly announced plans or programs at Sept. 30, 2025
(dollars in millions, except per share amounts; common shares in thousands)Total shares
repurchased		Average price
per share
July 20251,838 $99.10 1,838 $3,508 
August 20253,684 102.48 3,684 3,131 
September 20252,754 104.90 2,754 2,842 
Third quarter of 2025 (a)
8,276 $102.53 8,276 $2,842 (b)
(a)    Includes 134 thousand shares repurchased at a purchase price of $13 million from employees, primarily in connection with the employees’ payment of taxes upon the vesting of restricted stock. The average price per share of open market repurchases was $102.57.
(b)    Represents the maximum value of the shares to be repurchased under the share repurchase plan and includes shares repurchased in connection with employee benefit plans.


In April 2024, we announced a share repurchase authorization providing for the repurchase of $6.0 billion of common shares. Share repurchases may be executed through open market repurchases, in privately negotiated transactions or by other means, including through repurchase plans designed to comply with Rule 10b5-1 and other derivative, accelerated share repurchase and other structured transactions. The timing and exact amount of any common stock repurchases will depend on various factors, including market conditions and the common stock trading price; the Company’s capital position, liquidity and financial performance; alternative uses of capital; and legal and regulatory limitations and considerations.

Item 5. Other Information.

(a)    Effective Oct. 31, 2025, the Parent’s Board of Directors approved and adopted amendments to the Parent’s Amended and Restated By-Laws (as so amended, the “By-Laws”). The amendments include: (i) updates to the procedural and informational requirements for stockholder-requested special meetings and stockholder business proposals and nominations; (ii) updates to the rules governing stockholder meeting conduct and adjournment; (iii) the addition of an
exclusive forum provision for internal affairs claims; and (iv) other technical, conforming, modernizing and clarifying revisions.

The foregoing description of the amendments to the By-Laws does not purport to be complete and is qualified in its entirety by the text of the By-Laws, as amended and restated, a copy of which is attached as Exhibit 3.10 to this Quarterly Report on Form 10-Q and is incorporated herein by reference.

(c)    Certain of our officers or directors have made elections to participate in, and are participating in, our dividend reinvestment plan, employee stock purchase plan and 401(k) plan, and have made, and may from time to time make, elections to have shares withheld to cover withholding taxes or pay the exercise price of stock awards, which may be designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act or may constitute non-Rule 10b5-1 trading arrangements (as defined in Item 408(c) of Regulation S-K).
Item 6. Exhibits.

The list of exhibits required to be filed as exhibits to this report appears below.
102 BNY
Index to Exhibits
ExhibitDescriptionMethod of Filing
3.1Restated Certificate of Incorporation of The Bank of New York Mellon Corporation.
3.2Certificate of Amendment to The Bank of New York Mellon Corporation’s Restated Certificate of Incorporation, as filed with the Secretary of State of the State of Delaware on April 9, 2019.
3.3Certificate of Designations of The Bank of New York Mellon Corporation with respect to the Series A Noncumulative Preferred Stock, dated June 15, 2007.
3.4Certificate of Designations of The Bank of New York Mellon Corporation with respect to the Series F Noncumulative Perpetual Preferred Stock, dated July 29, 2016.
3.5Certificate of Designations of The Bank of New York Mellon Corporation with respect to the Series H Noncumulative Perpetual Preferred Stock, dated Nov. 2, 2020.
3.6Certificate of Designations of The Bank of New York Mellon Corporation with respect to the Series I Noncumulative Perpetual Preferred Stock, dated Nov. 16, 2021.
3.7Certificate of Designations of The Bank of New York Mellon Corporation with respect to the Series J Noncumulative Perpetual Preferred Stock, dated March 7, 2025.
3.8Certificate of Designations of The Bank of New York Mellon Corporation with respect to the Series K Noncumulative Perpetual Preferred Stock, dated March 13, 2025.
3.9Certificate of Designations of The Bank of New York Mellon Corporation with respect to the Series L Noncumulative Perpetual Preferred Stock, dated Sept. 9, 2025.
3.10Amended and Restated By-Laws of The Bank of New York Mellon Corporation, as amended and restated on Oct. 31, 2025.
BNY 103
Index to Exhibits (continued)
ExhibitDescriptionMethod of Filing
4.1
None of the instruments defining the rights of holders of long-term debt of the Parent or any of its subsidiaries represented long-term debt in excess of 10% of the total assets of the Company as of Sept. 30, 2025. The Company hereby agrees to furnish to the Commission, upon request, a copy of any such instrument.
N/A
22.1Subsidiary Issuer of Guaranteed Securities.
31.1Certification of the Chief Executive Officer pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2Certification of the Chief Financial Officer pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1Certification of the Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2Certification of the Chief Financial Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INSInline XBRL Instance Document.The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
101.SCHInline XBRL Taxonomy Extension Schema Document.Filed herewith.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.Filed herewith.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.Filed herewith.
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.Filed herewith.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.Filed herewith.
104
The cover page of The Bank of New York Mellon Corporation’s Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2025, formatted in inline XBRL.
The cover page interactive data file is embedded within the inline XBRL document and included in Exhibit 101.
104 BNY






SIGNATURE








Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.









THE BANK OF NEW YORK MELLON CORPORATION
(Registrant)
Date: October 31, 2025By:/s/ Kurtis R. Kurimsky
Kurtis R. Kurimsky
Corporate Controller
(Duly Authorized Officer and
Principal Accounting Officer of
the Registrant)


BNY 105

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