10q10k10q10k.net

What changed in BNY Mellon's 10-K — 2023 vs 2024

vs

Paragraph-level year-over-year comparison of BNY Mellon's 2023 and 2024 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 2024 report.

+31 added−33 removedSource: 10-K (2025-02-27) vs 10-K (2024-02-28)

Top changes in BNY Mellon's 2024 10-K

31 paragraphs added · 33 removed · 31 edited across 4 sections

Item 1. Business

Business — how the company describes what it does

26 edited+0 added−2 removed8 unchanged
Biggest changeRetention, Training and Development We seek to attract and retain employees by providing a rewarding employee experience. We recognize that employees seek a supportive, safe and inclusive workplace, and we continually evaluate our employee engagement and wellbeing programs in an effort to meet those expectations.
Biggest changeWe recognize that employees seek a supportive and safe workplace, and we continually evaluate our employee engagement and wellbeing programs in an effort to meet those expectations. We offer a 401(k) plan for U.S. employees and other defined contribution retirement plans worldwide, where consistent with market practice.
See the “Available Information” section on page 1 of this Form 10-K, which is incorporated herein by reference, for a description of how to access financial and other information regarding BNY Mellon. Our two principal U.S. banking subsidiaries engage in trust and custody activities, investment management services, banking services and various securities-related activities.
See the “Available Information” section on page 1 of this Form 10-K, which is incorporated herein by reference, for a description of how to access financial and other information regarding BNY. Our two principal U.S. banking subsidiaries engage in trust and custody activities, investment management services, banking services and various securities-related activities.
Most of our Investment Management business and Pershing businesses are direct or indirect non-bank subsidiaries of BNY Mellon. Each of our bank and trust company subsidiaries is subject to regulation by the applicable bank regulatory authority. The deposits of our U.S. banking subsidiaries are insured by the Federal Deposit Insurance Corporation to the extent provided by law.
Most of our Investment Management business and Pershing businesses are direct or indirect non-bank subsidiaries of BNY. Each of our bank and trust company subsidiaries is subject to regulation by the applicable bank regulatory authority. The deposits of our U.S. banking subsidiaries are insured by the Federal Deposit Insurance Corporation to the extent provided by law.
BNY Mellon SA/NV’s activities are in the Securities Services and Market and Wealth Services segments of BNY Mellon with a focus on global custody, asset servicing and collateral management. For additional discussion, see the “MD&A – Supervision and Regulation” section in the Annual Report.
BNY SA/NV’s activities are in the Securities Services and Market and Wealth Services segments of BNY with a focus on global custody, asset servicing and collateral management. For additional discussion, see the “MD&A – Supervision and Regulation” section in the Annual Report.
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.
Further, we work to ensure the safety of our employees and clients in all of our facilities. BNY fosters a high-performance culture and supports employee work/life balance, while also delivering on our regulatory requirements and business imperatives.
Supervision and Regulation Information on the supervision and regulation of BNY Mellon can be found in the “MD&A – Supervision and Regulation” section in the Annual Report, which is incorporated herein by reference. Competition BNY Mellon is subject to competition in all aspects and areas of our business.
Supervision and Regulation Information on the supervision and regulation of BNY can be found in the “MD&A – Supervision and Regulation” section in the Annual Report, which is incorporated herein by reference. Competition BNY is subject to competition in all aspects and areas of our business.
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.
BNY 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.
Competition is based on a number of factors including, among others, customer service and convenience, transaction execution, capital or access to capital, quality and range of products and services offered, performance, technological innovation and expertise, price, reputation and lending limits. Competition also varies based on the types of clients, customers, industries and geographies served.
Competition is based on a number of factors including, among others, customer service and convenience, transaction execution, capital or access to capital, quality and range of products and services offered, performance, technological innovation and expertise, including adaptation to technological change, price, reputation and lending limits. Competition also varies based on the types of clients, customers, industries and geographies served.
For a further discussion of BNY Mellon’s lines of business, products and services, see the “Overview,” “Summary of financial highlights,” “Fee and other revenue,” “Review of business segments” and “International operations” sections in the MD&A section in the Annual Report and Notes 24 and 25 of the Notes to Consolidated Financial Statements in the Annual Report, of which portions are incorporated herein by reference.
For a further discussion of BNY’s lines of business, products and services, see the “Overview,” “Summary of financial highlights,” “Fee and other revenue,” “Review of business segments” and “International operations” sections in the MD&A section in the Annual Report and Notes 24 and 25 of the Notes to Consolidated Financial Statements in the Annual Report, of which portions are incorporated herein by reference.
BNY Mellon’s banking subsidiaries outside the United States are subject to regulation by non-U.S. regulatory authorities in addition to the Board of Governors of the Federal Reserve System (the “Federal Reserve”). The Bank of New York Mellon SA/NV (“BNY Mellon SA/NV”) is the main banking subsidiary of The Bank of New York Mellon in continental Europe.
BNY’s banking subsidiaries outside the United States are subject to regulation by non-U.S. regulatory authorities in addition to the Board of Governors of the Federal Reserve System (the “Federal Reserve”). The Bank of New York Mellon SA/NV (“BNY SA/NV”) is the main banking subsidiary of The Bank of New York Mellon in continental Europe.
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.
Employee Wellbeing, Health and Safety BNY’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.
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.
BK Shares is an equity grant that allows for eligible employees to become equity owners, or increase their equity holdings in the Company, 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.
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, such as financial technology firms, and as further technological advances enable more companies, such as financial technology firms, to provide financial services.
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.
Belonging Belonging 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, it includes all of our employees and is embedded in the way we do business, our operating model, talent experience and client value proposition.
We pride ourselves on providing dedicated service through our multilingual sales, marketing and client service teams.
We pride ourselves on providing dedicated service through our multilingual sales, marketing and client 6 BNY service teams.
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.
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 or uncertain interest rate environment.
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.
Primary Subsidiaries Exhibit 21.1 to this Form 10-K presents a list of BNY’s primary subsidiaries as of Dec. 31, 2024. BNY 5 Human Capital Management Our enduring ambition is to build the best global team—one that includes varying perspectives, backgrounds and experiences, and reflects the increasingly varied markets and clients we serve.
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.
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. ITEM 1B. UNRESOLVED STAFF COMMENTS None.
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.
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, 2024, BNY and its subsidiaries had approximately 51,800 full-time employees.
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.
At Dec. 31, 2024 , approximately 60% of our total employees (full-time and part-time employees) were based outside the U.S., with approximately 10,900 employees in Europe, the Middle East and Africa (“EMEA”), approximately 18,900 employees in the Asia-Pacific region (“APAC”) and approximately 800 employees in other global locations, primarily Brazil.
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.
In addition, our frozen U.S. defined benefit pension plan covered approximately 6,400 U.S. participants, and our non-U.S. defined benefit plans (some frozen) covered approximately 18,400 non-U.S. participants. In 2024, The Bank of New York Mellon Corporation again provided eligible employees an award of 10 restricted stock units (“RSUs”) or “BK Shares”.
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.
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 $52.1 trillion in assets under custody and/or administration and $2.0 trillion in assets under management as of Dec. 31, 2024. With its subsidiaries, BNY has been in business since 1784.
We also have an Other segment, which includes the leasing portfolio, corporate treasury activities (including our securities portfolio), derivatives and other trading activity, corporate and bank-owned life insurance, renewable energy and other corporate investments and certain business exits.
We divide our businesses into three principal business segments: Securities Services, Market and Wealth Services and Investment and Wealth Management. We also have an Other segment, which includes the leasing portfolio, corporate treasury activities (including our securities portfolio), derivatives and other trading activity, corporate and bank-owned life insurance, tax credit investments and other corporate investments and certain business exits.
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.
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, 2024, we had approximately 41,500 participants in our 401(k) plan, including former employees.
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 the end of 2024, women represented 40% of BNY’s global workforce and 43% of BNY’s U.S. workforce. Further, 39% of BNY’s U.S. workforce were from U.S. underrepresented ethnic and/or racial backgrounds. At the end of 2024, 43% of BNY’s Executive Committee were women and 26% of BNY’s Executive Committee were from underrepresented ethnic and/or racial backgrounds.
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.
At the end of 2024, 45% of our Board of Directors were women and 27% of our Board of Directors was composed of individuals from underrepresented ethnic and/or racial backgrounds. Retention, Training and Development We seek to attract and retain employees by providing a rewarding employee experience.
Removed
With its subsidiaries, BNY Mellon has been in business since 1784. We divide our businesses into three principal business segments: Securities Services, Market and Wealth Services and Investment and Wealth Management.
Removed
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.

Item 2. Properties

Properties — owned and leased real estate

3 edited+0 added−0 removed2 unchanged
Biggest changeIn 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.
Biggest changeIn the preceding paragraphs, square footage figures do not include BNY 7 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.
In 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 EMEA region, we have offices that total approximately 1.1 million square feet of leased and owned space, and we have 1.8 million square feet of leased space in the APAC region. Our global facilities are used across our business segments for corporate purposes.
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.
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 4.4 million square feet of leased and owned space.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

1 edited+0 added−0 removed0 unchanged
Biggest changeITEM 3. LEGAL PROCEEDINGS The information required by this Item is set forth in the “Legal proceedings” section in Note 22 of the Notes to Consolidated Financial Statements in the Annual Report, which portion is incorporated herein by reference. ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 8 BNY Mellon PART II
Biggest changeITEM 3. LEGAL PROCEEDINGS The information required by this Item is set forth in the “Legal proceedings” section in Note 22 of the Notes to Consolidated Financial Statements in the Annual Report, which portion is incorporated herein by reference. ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 8 BNY PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

1 edited+0 added−0 removed2 unchanged
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.
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, 2025, there were 19,981 holders of record of our common stock.

Other BK 10-K year-over-year comparisons