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What changed in BNY Mellon's 10-K — 2022 vs 2023

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Paragraph-level year-over-year comparison of BNY Mellon's 2022 and 2023 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2023 report.

+24 added−25 removedSource: 10-K (2024-02-28) vs 10-K (2023-02-27)

Top changes in BNY Mellon's 2023 10-K

24 paragraphs added · 25 removed · 21 edited across 3 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeFor additional discussion regarding competition, see “MD&A – Risk Factors – Strategic Risk – We are subject to competition in all aspects of our business, which could negatively affect our ability to maintain or increase our profitability” and “MD&A – Risk Factors – Operational Risk – Our business may be adversely affected if we are unable to attract, retain and motivate employees” in the Annual Report, which are incorporated herein by reference.
Biggest changeFor additional discussion regarding competition, see “MD&A – Risk Factors – Operational Risk – Our business may be adversely affected if we are unable to attract, retain, develop and motivate employees” and “MD&A – Risk Factors – Strategic Risk – We are subject to competition in all aspects of our business, which could negatively affect our ability to maintain or increase our profitability” in the Annual Report, which are incorporated herein by reference.
Our core objective is to empower our teams to do their best work, make unique contributions and build purposeful careers in an equitable environment where they are treated with fairness, dignity and respect.
Our core objective is to empower our teams to do their best work, make unique contributions and build purposeful careers in an environment where they are treated with fairness, dignity and respect.
Primary Subsidiaries Exhibit 21.1 to this Form 10-K presents a list of BNY Mellon’s primary subsidiaries as of Dec. 31, 2022. BNY Mellon 5 Human Capital Management Our enduring ambition is to build the best global team—one that is inclusive of varying perspectives, backgrounds and experiences, and represents the increasingly varied markets and clients we serve.
Primary Subsidiaries Exhibit 21.1 to this Form 10-K presents a list of BNY Mellon’s primary subsidiaries as of Dec. 31, 2023. BNY Mellon 5 Human Capital Management Our enduring ambition is to build the best global team—one that is inclusive of varying perspectives, backgrounds and experiences, and represents the increasingly varied markets and clients we serve.
BNY Mellon SA/NV has its principal office in Brussels and branches in Amsterdam, the Netherlands; Copenhagen, Denmark; Dublin, Ireland; Frankfurt, Germany; the City of Luxembourg, Luxembourg; Madrid, Spain; Milan, Italy; and Paris, France.
BNY Mellon SA/NV has its principal office in Brussels and branches in Amsterdam, the Netherlands; Copenhagen, Denmark; Dublin, Ireland; Frankfurt, Germany; the City of Luxembourg, Luxembourg; Madrid, Spain; Milan, Italy; Paris, France; and Wroclaw, Poland.
We offer a 401(k) plan for U.S. employees, and other defined contribution retirement plans worldwide, where consistent with market practice. We also maintain defined benefit plans for certain current and former employees, some of which are frozen (including in the U.S.). At Dec. 31, 2022, we had approximately 43,700 participants in our 401(k) plan, including former employees.
We offer a 401(k) plan for U.S. employees and other defined contribution retirement plans worldwide, where consistent with market practice. We also maintain defined benefit plans for certain current and former employees, some of which are frozen (including in the U.S.). At Dec. 31, 2023, we had approximately 43,100 participants in our 401(k) plan, including former employees.
At the end of 2022, 36% of our Board of Directors were women and 36% of our Board of Directors was composed of individuals from underrepresented ethnic and/or racial backgrounds. In addition, four of BNY Mellon’s six standing committees of its Board of Directors are chaired by a diverse director based on race or gender.
At the end of 2023, 40% of our Board of Directors were women and 30% of our Board of Directors was composed of individuals from underrepresented ethnic and/or racial backgrounds. In addition, four of BNY Mellon’s six standing committees of its Board of Directors are chaired by a diverse director based on race or gender.
Diversity, Equity and Inclusion Diversity, equity and inclusion is integral to who we are as a company, what our people experience as members of our global team, and how we serve all of our stakeholders. Our diversity, equity and inclusion strategy is not separate, but embedded in our business strategy, operating model, talent experience and client value proposition.
Belonging and Inclusion Belonging and inclusion is integral to who we are as a company, what our people experience as members of our global team, and how we serve all of our stakeholders. Our strategy is not separate, but embedded in the way we do business, our operating model, talent experience and client value proposition.
Our extensive training and development opportunities are designed to enable employees to grow professionally and advance within our organization. We engage with employees to encourage innovation, show appreciation for their contributions, and gather feedback on how we can build a more rewarding, inclusive workplace.
Our extensive training and development opportunities are designed to enable employees to grow professionally and advance within our organization. We engage with employees to encourage innovation, show appreciation for their contributions, and gather feedback on how we can build a more rewarding, inclusive workplace. For example, we regularly gather feedback through an all-employee survey.
ITEM 1. BUSINESS Description of Business The Bank of New York Mellon Corporation, a Delaware corporation (NYSE symbol: BK), is a global company headquartered in New York, New York, with $44.3 trillion in assets under custody and/or administration and $1.8 trillion in assets under management as of Dec. 31, 2022.
ITEM 1. BUSINESS Description of Business The Bank of New York Mellon Corporation, a Delaware corporation (NYSE symbol: BK), is a global company headquartered in New York, New York, with $47.8 trillion in assets under custody and/or administration and $2.0 trillion in assets under management as of Dec. 31, 2023.
This equity grant will allow eligible employees to become equity owners and share in the Company’s success. At key career transition points, from internship to executive management, we offer programs and development opportunities to help employees advance their careers and progress within our organization.
BK Shares is an equity grant that allows for eligible employees to become equity owners and share in the Company’s success. At key career transition points, from internship to executive management, we offer programs and development opportunities to help employees advance their careers and progress within our organization.
Beginning in 2022, we transitioned to a new model which fosters flexibility. We endeavor to promote a collaborative and effective workplace for our people, while continuing to embrace the concept of flexibility and enhancing our culture and commercial impact. Employees and International Operations Globally, at Dec. 31, 2022, BNY Mellon and its subsidiaries had approximately 51,700 full-time employees.
We endeavor to promote a collaborative and effective workplace for our people, 6 BNY Mellon while continuing to embrace the concept of flexibility and enhancing our culture and commercial impact. Employees and International Operations Globally, at Dec. 31, 2023, BNY Mellon and its subsidiaries had approximately 53,400 full-time employees.
For example, we regularly gather feedback through an all-employee survey. 6 BNY Mellon Employee Wellbeing, Health and Safety BNY Mellon’s holistic approach to employee wellbeing is designed to create a healthy, resilient and vibrant workforce. Our programs are designed to provide employees easy access to resources to help improve their physical health, emotional resilience, financial wellbeing and social connections.
Employee Wellbeing, Health and Safety BNY Mellon’s holistic approach to employee wellbeing is designed to create a healthy, resilient and vibrant workforce. Our programs are designed to provide employees access to resources to help improve their physical health, emotional resilience, financial wellbeing and social connections.
At the end of 2022, 35% of BNY Mellon’s Executive Committee were women and 20% of BNY Mellon’s Executive Committee were from underrepresented ethnic and/or racial backgrounds. Our Board of Directors is committed to fostering and maintaining its diversity.
Further, 39% of BNY Mellon’s U.S. workforce were from U.S. underrepresented ethnic and/or racial backgrounds. At the end of 2023, 40% of BNY Mellon’s Executive Committee were women and 28% of BNY Mellon’s Executive Committee were from underrepresented ethnic and/or racial backgrounds. Our Board of Directors is committed to fostering and maintaining its diversity.
At Dec. 31, 2022 , approximately 50% of our total employees (full-time and part-time employees) were based outside the U.S., with approximately 10,600 employees in Europe, the Middle East and Africa (“EMEA”), approximately 16,100 employees in the Asia-Pacific region (“APAC”) and approximately 900 employees in other global locations, primarily Brazil.
At Dec. 31, 2023 , approximately 55% of our total employees (full-time and part-time employees) were based outside the U.S., with approximately 11,000 employees in Europe, the Middle East and Africa (“EMEA”), approximately 18,400 employees in the Asia-Pacific region (“APAC”) and approximately 800 employees in other global locations, primarily Brazil.
Our ability to continue to compete effectively also depends in large part on our ability to attract new employees and retain and motivate our existing employees, while managing compensation and other costs. Our competitive position may be affected by institutions that are not similarly subject to extensive regulation, and as further technological advances enable more companies to provide financial services.
Our competitive position may be affected by institutions that are not similarly subject to extensive regulation, and as further technological advances enable more companies to provide financial services.
To increase the diversity of our talent pool, we work with professional associations, educational institutions, think tanks and nonprofits to deepen engagement with Black, Hispanic/Latino, Asian, LGBT+, neuro-diverse individuals, people with disabilities, and talent from other underrepresented backgrounds. We aim for fair inclusion by using diverse candidate slates, creating gender-neutral job descriptions and involving diverse interview panels.
We aim for fair inclusion by working with professional associations, educational institutions, think tanks and nonprofits to deepen engagement with Black, Hispanic/Latino, Asian, LGBT+, neuro-diverse individuals, people with disabilities and talent from other underrepresented backgrounds. At the end of 2023, women were 40% of BNY Mellon’s global workforce and 44% of BNY Mellon’s U.S. workforce.
In addition, our frozen U.S. defined benefit pension plan covered approximately 8,100 U.S. participants and our non-U.S. defined benefit plans (some frozen) covered approximately 15,700 non-U.S. participants. In December 2022, BNY Mellon announced that it would provide eligible employees an award of 10 restricted stock units (“RSUs”) on Feb. 13, 2023.
In addition, our frozen U.S. defined benefit pension plan covered approximately 7,400 U.S. participants, and our non-U.S. defined benefit plans (some frozen) covered approximately 18,000 non-U.S. participants. The Bank of New York Mellon Corporation has provided eligible employees an award of 10 restricted stock units (“RSUs”) or BK Shares.
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We embed diversity, equity and inclusion in our talent review processes, succession plans and development objectives to improve promotion readiness and advance and retain talent from all backgrounds.
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Further, we work to ensure the safety of our employees and clients in all of our facilities. BNY Mellon fosters a high-performance culture and supports employee work/life balance, while also delivering on our regulatory requirements and business imperatives.
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At the most senior level, our Executive Committee sets diversity, equity and inclusion goals with specific targets to improve senior leader diversity and to increase female representation globally and diverse ethnic and/or racial representation in the U.S. Executive Committee members’ variable compensation is informed by performance against these goals.
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Our ability to continue to compete effectively also depends in large part on our ability to attract new employees, retain, develop and motivate our existing employees, amid heightened regulatory restrictions and an inflationary environment.
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At the end of 2022, women were 40% of BNY Mellon’s global workforce and 43% of BNY Mellon’s U.S. workforce. Further, 38% of BNY Mellon’s U.S. workforce were from U.S. underrepresented ethnic and/or racial backgrounds.
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ITEM 1A. RISK FACTORS The information required by this Item is set forth in the Annual Report under “MD&A – Risk Factors,” which portion is incorporated herein by reference.
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Further, we work to ensure the safety of our employees and clients in all of our facilities. During the coronavirus pandemic, we quickly transitioned the vast majority of our employees to working from home. We found new ways of working and collaborating to deliver on our commitments to clients and each other.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeIn the EMEA region, we have offices that total approximately 1.1 million square feet of leased and owned space and we have 1.5 million square feet of leased space in the APAC region. Our global facilities are used across our business segments for corporate purposes.
Biggest changeIn the EMEA region, we have offices that total approximately 1.3 million square feet of leased and owned space, and we have 1.4 million square feet of leased space in the APAC region. Our global facilities are used across our business segments for corporate purposes.
In the preceding paragraphs, square footage figures do not include excess space that has been subleased to third parties. We regularly evaluate our space capacity in relation to current and projected needs.
In the preceding paragraphs, square footage figures do not include excess space that has been vacated and/or subleased to third parties. We regularly evaluate our space capacity in relation to current and projected needs.
We have additional offices and commercial space in the U.S. and elsewhere in the Americas, primarily Brazil and Canada, which together consist of approximately 5.7 million square feet of leased and owned space.
We have additional offices and commercial space in the U.S. and elsewhere in the Americas, primarily Brazil and Canada, which together consist of approximately 5.0 million square feet of leased and owned space.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock is listed on the New York Stock Exchange under the ticker symbol BK. As of Jan. 31, 2023, there were 22,256 holders of record of our common stock.
Biggest changeITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock is listed on the New York Stock Exchange under the ticker symbol BK. As of Jan. 31, 2024, there were 21,154 holders of record of our common stock.

Other BK 10-K year-over-year comparisons