NEW
YORK, June 28, 2024 /PRNewswire/ -- The Bank of
New York Mellon Corporation ("BNY") (NYSE: BK), the global
financial services company, today announced its intention to
increase its quarterly cash dividend on its common shares by 12%
from $0.42 to $0.47 per share, commencing as early as the third
quarter of 2024, subject to approval by the company's Board of
Directors.
On June 26, 2024, the Federal
Reserve released the results of its 2024 bank stress test, which
demonstrate the resilience and strength of BNY's business model and
capital position. The Federal Reserve also notified the company
that its preliminary Stress Capital Buffer (SCB) requirement will
remain 2.5%, equal to the regulatory floor. This SCB is expected to
be effective from October 1, 2024, to
September 30, 2025.
"The results of the Federal Reserve's annual bank stress tests
showcase BNY's resilient business model and our strength to support
clients through extreme stress scenarios. BNY serves a unique role
in financial markets, overseeing approximately $50 trillion in assets on behalf of clients
around the world, and our resilience is a critical attribute," said
Robin Vince, President and Chief
Executive Officer of BNY. "We are pleased to announce the company's
intention to increase our common dividend and we remain committed
to maintaining our strong capital ratios. Our continued work to
become more for our clients and run our company better delivers
value for clients and shareholders alike," Mr. Vince added.
The company continues to be authorized to repurchase common
shares under its existing share repurchase program approved by the
Board of Directors, as announced in January
2023 and April 2024. The
timing, manner and amount of repurchases are subject to various
factors, including the company's capital position and prevailing
market conditions.
About BNY
BNY is a global financial services company that helps make money
work for the world – managing it, moving it and keeping it
safe. For 240 years we have partnered alongside our clients,
putting our expertise and platforms to work to help them achieve
their ambitions. Today we help over 90% of Fortune 100
companies and nearly all the top 100 banks globally access the
money they need. We support governments in funding local
projects and work with over 90% of the top 100 pension plans to
safeguard investments for millions of individuals, and so much
more. As of March 31, 2024, we
oversee $48.8 trillion in assets
under custody and/or administration and $2.0
trillion in assets under management.
BNY is the corporate brand of The Bank of New York Mellon
Corporation (NYSE: BK). We are headquartered in New York City, employ over 50,000 people
globally and have 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 us
on LinkedIn or visit our Newsroom for the latest company news.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements, which may be expressed in a variety of
ways, including the use of future or present tense language, relate
to, among other things, BNY's repurchases of common stock, common
stock dividends, capital base, performance and ability to meet
regulatory requirements. These statements 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
BNY's control and subject to change. 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, but not limited to, the factors
identified above and the risk factors and other uncertainties set
forth in BNY's Annual Report on Form 10-K for the year
ended December 31, 2023, the Quarterly Report on Form 10-Q for
the quarter ended March 31, 2024 and BNY's other filings
with the Securities and Exchange Commission. All statements in this
press release 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.
Contacts:
Media
Garrett
Marquis
+1 949 683 1503
garrett.marquis@bny.com
Analysts
Marius
Merz
+1 212 298 1480
marius.merz@bny.com
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SOURCE BNY