The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
|Holden By:||Bank Of New York Mellon Corporation|
|# of Branches:||8|
|Total Equity Capital:||$26,006,000,000|
|Total Domestic Deposits:||$140,976,000,000|
|Quarterly Net Income:||$672,000,000|
|Return on Assets:||1%|
|Quarterly Return on Assets:||1%|
|Return on Equity:||10%|
|Quarterly Return on Equity:||10%|
|Charter Class:||Commercial bank, state charter and Fed member, Oversee by the Federal Reserve (FRB)|
Financial Highlights in 2019
Bank of New York Mellon: We’re inspired by fee growth across several of the companies among Investment Services. Interest rate headwinds and deposit combine still challenge net interest revenue and asset Management continues to be negatively wedged by prior-year outflows. We have a tendency to are taking actions to boost performance and that we stay centered on investment in our future whereas dominant our overall expenses. Our company is well positioned to continue returning important amounts of capital to shareholders.
Investment Management Total revenue decreased 12% Income before taxes decreased 5%, benefited from the net reduction of reserves for tax-related exposure of certain investment management funds AUM of $1.9 trillion, increased 3% Returned $1.3 billion to common shareholders Repurchased 21.3 million common shares for $981 million Paid dividends of $294 million to common shareholders.
KEY DRIVERS Total revenue decreased 5% primarily reflecting: Fee revenue decreased 1% primarily reflecting the cumulative AUM outflows since 3Q18, lower performance fees and the unfavorable impact of a stronger U.S. dollar, partially offset by higher fees in Issuer Services and Clearance and Collateral Management and higher client assets and volumes in Pershing.
Net interest revenue decreased 18% primarily reflecting the lease-related impairment of $70 million, higher interest-bearing deposit and funding costs and lower noninterest-bearing deposit balances, partially offset by the benefit of higher rates earned on interest-earning assets.
The lease-related impairment decreased net interest revenue by 8%. Sequentially, nearly all of the 9% decrease in net interest revenue was driven by the lease-related impairment.
Noninterest expense decreased by 5%. Nearly all of the decrease was driven by the reduction of previously established reserves for potential tax-related exposure of certain investment management funds that we manage, net of staff expense, and lower litigation expenses.
The remaining slight decrease primarily reflects the continued investments in technology, which were more than offset by lower other expenses and the favorable impact of a stronger U.S. dollar.
Assets under custody and/or administration and Assets under management AUC/A of $35.8 trillion, increased 4%, primarily reflecting higher market values and net new business, partially offset by the unfavorable impact of a stronger U.S. dollar.
AUM of $1.9 trillion increased 3%, primarily reflecting higher market values, partially offset by the unfavorable impact of a stronger U.S. dollar and net outflows.
Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $66 billion on Sept. 30, 2019, $64 billion on Gregorian calendar month 30, 2019 and $69 billion at Sept. 30, 2018.
KEY DRIVERS The drivers of the total revenue variances by line of business are indicated below.
Asset Servicing – The year-over-year decrease primarily reflects lower client activity, securities lending revenue and net interest revenue and the unfavorable impact of a stronger U.S. dollar.
The year-over-year increase was partially offset by lower net interest revenue.
Issuer Services – Both increases primarily reflect higher Depositary Receipts revenue, partially offset by lower net interest revenue in Corporate Trust.
The year-over-year increase also reflects higher volumes in Corporate Trust.
Noninterest expense decreased year-over-year primarily driven by lower litigation and staff expenses.
The sequential increase primarily reflects higher staff expenses.
Asset Management – The year-over-year decrease primarily reflects the cumulative AUM outflows since 3Q18, lower performance fees, the impact of hedging activities and the unfavorable impact of a stronger U.S. dollar, partially offset by higher market values.
The sequential decrease primarily reflects the impact of hedging activities and the unfavorable impact of a stronger U.S. dollar, partially offset by higher market values.
Noninterest expense decreased year-over-year and sequentially primarily reflecting the net reduction of the reserves for tax-related exposure of certain investment management funds and the favorable impact of a stronger U.S. dollar.
The year-over-year decrease also reflects lower staff expense.
Total revenue decreased and net interest expense increased year-over-year and sequentially primarily reflecting the lease-related impairment and corporate treasury activity.
Noninterest expense increased year-over-year primarily reflecting higher staff expense.
Tangible book value per common share – Non-GAAP excludes goodwill and intangible assets, net of deferred tax liabilities.
The decrease primarily reflects capital deployed through common stock repurchases and dividend payments, partially offset by capital generated through earnings.
Non-GAAP includes the tax-equivalent adjustments on tax-exempt income which allows for comparisons of amounts arising from both taxable and tax-exempt sources and is consistent with industry practice.
Net interest revenue decreased year-over-year primarily reflecting the lease-related impairment of $70 million, higher interest-bearing deposit and funding costs and lower noninterest-bearing deposit balances, partially offset by the benefit of higher rates earned on interest-earning assets.
The lease-related impairment decreased net interest revenue 8% year-over-year and the 3Q19 net interest margin by 10 basis points.
Do the employees of the Bank of New York Mellon have a good work-life balance? Is there a difference between the position and the department?
Very flexible work schedules, for example, you can work on your own schedule most of the time and work from home – the manager can approve. They have many employees with families. People usually need 1 hour of lunchtime. By 5:30 I am talking about the corporate trust department. I in talking to the risk team, the situation is the same in many other departments – I know that some of my colleagues work until 8 pm every month. In addition, the asset service team is understaffed and therefore usually has to wait until after 6 pm to leave. The New York Mellon Bank New York headquarters also has a trading floor. Traders, other places are very similar to traders.
Which person should I choose, BNY Mellon as a software development assistant or technical director for Ernst & Young? Which career development and employee benefits?
The answer depends entirely on the career you are pursuing. If you are looking for a technology-centric career, it will be the best choice for BNYM. If you are looking for a more business-focused technology business, it is E&Y. The wise Brand value is big. However, compared to BNYM, E&Y will pay less attention to technology. BNYM has more opportunities to develop leading technologies.
Is BNI worth it?
It depends on the type of business you are engaged in.
Real estate agents are notorious for setting up the BNI Group. Connecting them and building a team of lenders and custodians will benefit them. Some people (such as contractors) do not need to join the BNI team. They already have a lot of business, So it’s not worth the time to invest. Chiropractors are another example of people who don’t need extra business.
My wife is the president of the local BNI department, which brings her extra business, but she must also get up every Wednesday morning and spend more time working 50 to 60 hours a week. At home. The longer the time, the better, but the upfront cost is high. At a weekly meeting, she must meet two or three people a week for an hour.
I feel that it is not worthwhile to increase the value of the meeting exposure. I feel that one-on-one meetings that require referrals and standard rules and regulations Dating enough networking time to generate referrals. As a leader in the group, you must also spend time dealing with unnecessary hassles between other team members, which has no real benefit to your business bottom line.
Don’t assume that joining will automatically get more business. Some of my wife’s BNI team has a low reputation, and although they belong to the BNI team, team members still don’t recommend friends to Them.
I personally experienced bad experiences in other types of companies such as mechanics, and my wife is obligated to give it to her. Another disadvantage is that certain services (such as beard trimming business) may make you mistaken for repeat customers, even if you don ‘t need their services. This makes it harder to say “no” to the people you meet every week.
My advice is to double-check the group you want to join before submitting it.