10q10k10q10k.net

What changed in BNY Mellon's 10-K — 2024 vs 2025

vs

Paragraph-level year-over-year comparison of BNY Mellon's 2024 and 2025 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 2025 report.

+27 added−28 removedSource: 10-K (2026-02-25) vs 10-K (2025-02-27)

Top changes in BNY Mellon's 2025 10-K

27 paragraphs added · 28 removed · 22 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

14 edited+5 added−6 removed14 unchanged
Biggest changeBK 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.
Biggest changeAt 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 extensive training and development opportunities are designed to enable employees to gr ow professionally and advance within our organization.
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.
Primary Subsidiaries Exhibit 21.1 to this Form 10-K presents a list of BNY’s primary subsidiaries as of Dec. 31, 2025. 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.
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.
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 23 and 24 of the Notes to Consolidated Financial Statements in the Annual Report, of which portions are incorporated herein by reference.
Our two principal U.S. banking subsidiaries are: • The Bank of New York Mellon, a New York state-chartered bank, which houses our Securities Services businesses, including Asset Servicing and Issuer Services and certain Market and Wealth Services businesses, including Treasury Services and Clearance and Collateral Management, as well as the bank-advised business of Investment Management; and • BNY Mellon, National Association (“BNY Mellon, N.A.”), a national bank, which houses our Wealth Management business and certain activities of our Pershing businesses.
Our two principal U.S. banking subsidiaries are: • The Bank of New York Mellon, a New York state-chartered bank, which houses our Securities Services businesses, including Asset Servicing and Issuer Services and certain Market and Wealth Services businesses, including Payments and Trade and Clearance and Collateral Management, as well as the bank-advised business of Investment Management; and • BNY Mellon, National Association (“BNY Mellon, N.A.”), a national bank, which houses our Wealth Management business and certain activities of our Pershing businesses.
We pride ourselves on providing dedicated service through our multilingual sales, marketing and client 6 BNY service teams.
We pride ourselves on providing dedicated service through our multilingual sales, marketing and client service teams.
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.
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. Thrive Together Our culture is an important part of what makes BNY successful.
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 also have an Other segment, which includes the corporate treasury activities (including our securities portfolio), tax credit investments and other corporate investments, corporate and bank-owned life insurance, derivatives and other trading activity, and certain business exits.
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.
ITEM 1. BUSINESS Description of Business The Bank of New York Mellon Corporation, a Delaware corporation (NYSE symbol: BK), is a global financial services platforms company headquartered in New York, New York, with $59.3 trillion in assets under custody and/or administration and $2.2 trillion in assets under management as of Dec. 31, 2025.
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.
We gather feedback on how we can build a more rewarding, inclusive workplace through our quarterly all-employee survey. Employee Wellbeing 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.
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.
Our ability to continue to compete effectively also depends in large part on our ability to attract new employees, and to retain, develop and motivate our existing 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.
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 , 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.
At Dec. 31, 2025 , approximately 60% of our total employees (full-time and part-time employees) were based outside the U.S., with approximately 10,100 employees in Europe, the Middle East and Africa (“EMEA”), approximately 18,000 employees in the Asia-Pacific region (“APAC”) and approximately 700 employees in other global locations, primarily Brazil. 6 BNY 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.
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.
BNY fosters a high-performance culture and supports employee work/life balance, while also delivering on our regulatory requirements and business imperatives. We endeavor to promote a collaborative and effective workplace for our people, while continuing to enhance our culture and commercial impact. Employees and International Operations Globally, at Dec. 31, 2025, BNY and its subsidiaries had approximately 48,100 full-time employees.
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.
Competition BNY is subject to competition in all aspects and areas of our business.
Removed
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.
Added
With its subsidiaries, BNY 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
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.
Added
We want the best people to work here, and to contribute to our success, regardless of their background. Creating an environment where everyone belongs is essential – that’s how we succeed. Retention, Training and Development We seek to attract and retain employees by providing a rewarding employee experience.
Removed
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.
Added
In 2025, The Bank of New York Mellon Corporation again provided eligible employees an award of 10 restricted stock units or “BK Shares.” BK Shares is an equity grant that allows eligible employees to become equity owners, or increase their equity holdings in the Company, and share in the Company’s success.
Removed
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”.
Added
In 2025 we built out our AI training offerings so all employees can develop this important future skill and contribute to our “AI everywhere for everyone” philosophy . We engage with employees to encourage innovation, show appreciation for their contributions through several recognition award programs and our annual discretionary incentive compensation process.
Removed
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.
Added
We 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 elevate the employee experience with workspaces and facilities, that enhance everyday wellbeing with thoughtful amenities, and bring people together through hospitality programs to spark connection and collaboration.
Removed
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.

Item 2. Properties

Properties — owned and leased real estate

3 edited+0 added−0 removed2 unchanged
Biggest changeWe have incurred and may in the future incur costs if we reduce our space capacity or commit to, or occupy, new properties in locations in which we operate and dispose of existing space. These costs may be material to our operating results in a given period.
Biggest changeWe have incurred and may in the future incur costs if we reduce our space capacity or commit to, or occupy, new properties in locations in which we operate and dispose of existing space. These costs may be material to our operating results in a given period. BNY 7
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.
In the EMEA region, we have offices that total approximately 1.1 million square feet of leased and owned space, and we have 1.6 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 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 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.

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 PART II
Biggest changeITEM 3. LEGAL PROCEEDINGS The information required by this Item is set forth in the “Legal proceedings” section in Note 21 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

2 edited+0 added−0 removed1 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, 2025, there were 19,981 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, 2026, there were 18,530 holders of record of our common stock.
Additional information about our common stock, including additional information about share repurchases and existing Board of Directors authorizations with respect to purchases by us of our common stock and other equity securities is provided in the “Capital – Issuer purchases of equity securities” section in the MD&A in the Annual Report and Note 15 of the Notes to Consolidated Financial Statements in the Annual Report, which portions are incorporated herein by reference.
Additional information about our common stock, including additional information about share repurchases and existing Board of Directors authorizations with respect to purchases by us of our common stock and other equity securities is provided in the “Capital – Issuer purchases of equity securities” section in the MD&A in the Annual Report and Note 14 of the Notes to Consolidated Financial Statements in the Annual Report, which portions are incorporated herein by reference.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

1 edited+0 added−0 removed0 unchanged
Biggest changeITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The information required by this Item is set forth in the MD&A and Notes 3, 6, 12, 14, 19, 22 and 23 of the Notes to Consolidated Financial Statements in the Annual Report, which portions are incorporated herein by reference.
Biggest changeITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The information required by this Item is set forth in the MD&A and Notes 5, 11, 13, 18, 21 and 22 of the Notes to Consolidated Financial Statements in the Annual Report, which portions are incorporated herein by reference.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

1 edited+0 added−0 removed0 unchanged
Biggest changeQUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The information required by this Item is set forth in the “Trading activities and risk management,” “Asset/liability management” and “Risk Management” sections in the MD&A in the Annual Report and “Derivative financial instruments” under Note 1 and Notes 20 and 23 of the Notes to Consolidated Financial Statements in the Annual Report, which portions are incorporated herein by reference.
Biggest changeQUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The information required by this Item is set forth in the “Trading activities and risk management,” “Asset/liability management” and “Risk Management” sections in the MD&A in the Annual Report and “Derivative financial instruments” under Note 1 and Notes 19 and 22 of the Notes to Consolidated Financial Statements in the Annual Report, which portions are incorporated herein by reference.

Other BK 10-K year-over-year comparisons