Welcome to our dedicated page for Bank New York Mellon news (Ticker: BK), a resource for investors and traders seeking the latest updates and insights on Bank New York Mellon stock.
The Bank of New York Mellon Corporation reports news as BNY, a global financial services platforms company serving capital markets through custody, administration, investment services and asset management. Company updates commonly cover quarterly results, financial supplements, common and preferred stock dividends, and corporate-brand or listed-security matters tied to its NYSE-traded securities.
BNY-related news also includes activity across its investment management platform, including fund adviser communications and dividend announcements for BNY Mellon-branded investment products. These updates reflect the company's role in servicing financial assets, supporting institutional clients and managing investment strategies across major asset classes.
The Bank of New York Mellon Corporation (BK) reported a 20% decline in revenue for Q4 2020, totaling $3.84 billion, with a 48% drop in EPS to $0.79. Excluding notable items, revenue fell 2%, and EPS decreased 5%. The net income applicable to common shareholders was $702 million, reflecting a 50% year-over-year decline. Despite challenges, the company reported strong metrics in assets under custody, with AUC/A at $41.1 trillion, an 11% increase. The CEO emphasized operational resilience and technology investments as critical for future growth.
Goodwill Industries of Greater New York and Northern New Jersey has secured $1 million from the New York City Council for its Bridge to Technology program, aimed at enhancing tech skills among New Yorkers. The funding includes contributions from BNY Mellon and the NYC Human Resources Administration. The initiative, in partnership with Per Scholas, targets individuals in city-wide Career Services programs, seeking to equip them for advanced technology training and on-demand jobs. The goal is to enroll 100 participants in this pilot program.
BNY Mellon has been selected by Janus Henderson to implement a global data management platform aimed at enhancing investment information access across the firm. This cloud-based solution is set to consolidate Janus Henderson's information sources into a unified data architecture, aligning with their technological strategy. The collaboration not only reflects BNY Mellon's leadership in cloud data solutions but also underscores its commitment to support clients in managing complex investment assets efficiently. As of September 2020, BNY Mellon managed $38.6 trillion in assets under custody.
BNY Mellon and Amundi have established a transatlantic collaboration aimed at enhancing growth through integrating their technological platforms. The integration involves BNY Mellon OMNI and Amundi's ALTO, providing clients with improved portfolio management, risk management tools, and operational efficiencies. Key benefits include real-time insights for investment decisions, increased automation, reduced risk, and enhanced innovation. This alliance enhances the investment lifecycle for asset managers, ultimately aiming to optimize investment decision-making and ensure data consistency for better risk management.
BNY Mellon Investment Management has appointed Dawn Tutje as the Head of Financial Institutions Group in North America. Reporting to Andy Provencher, she will lead the go-to-market strategy for the firm's multi-asset investment platform across various channels, including Subadvisory/Insurance and Private Banking. Dawn brings significant experience from her previous role at Morgan Stanley Investment Management and various other firms. BNY Mellon manages $2 trillion in assets, continuing its strong position in the investment management industry.
On January 6, 2021, BNY Mellon Investment Management announced the appointment of Euan Munro as the new CEO of Newton Investment Management, pending approval from the Financial Conduct Authority in the UK. Munro, who will begin on June 23, 2021, brings over three decades of investment expertise, previously serving as CEO of Aviva Investors. He aims to enhance Newton's investment offerings, leveraging the firm's reputation in responsible investment. Andrew Downs will act as interim CEO until Munro's arrival.
BNY Mellon Wealth Management has appointed Charmaine Tang as Senior Client Strategist in Dallas. With over 25 years of experience in investment banking and private banking, she will cater to the wealth management needs of high net worth clients, family offices, and non-profit foundations. Charmaine's background includes senior roles at J.P. Morgan and Bank of America. This strategic move aims to enhance BNY Mellon's Active Wealth framework and strengthen its expertise in serving Endowments and Foundations, augmenting its $265 billion in total client assets as of September 2020.
BNY Mellon Investment Management announced the appointment of John Tobin as the new Chief Investment Officer (CIO) of Dreyfus Cash Investment Strategies (Dreyfus CIS), which manages $259.5 billion in assets. Tobin, who has over 30 years of experience in the money market industry, previously served at J.P. Morgan. His return to Dreyfus CIS aims to leverage his expertise to enhance client solutions and adapt to evolving market conditions. Current CIO Patricia Larkin will assist in the transition and exit in March 2021.
On December 18, 2020, the Federal Reserve announced the second round of bank holding company stress tests, highlighting BNY Mellon's strong capital position. The company plans to modify restrictions on share repurchases for Q1 2021 and maintain its common stock dividend, pending board approval. CEO Todd Gibbons expressed confidence in resuming the buyback program while ensuring robust capital ratios. BNY Mellon reported $38.6 trillion in assets under custody and $2.0 trillion in assets under management as of September 30, 2020.
BNY Mellon Wealth Management appointed Laura Kaplan as Market President for Miami, FL, overseeing the wealth management practice and reporting to Southeast President Kent Moegerle. Kaplan's extensive experience includes senior roles at Bank of America Private Bank, Deutsche Bank, and Citi Private Bank. BNY Mellon Wealth Management, with $265 billion in client assets as of Sept. 30, 2020, aims to enhance its offerings for ultra-high-net-worth individuals in the Southeast.