Last $35.66 USD
Change Today -1.08 / -2.94%
Volume 10.5M
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As of 8:04 PM 01/28/15 All times are local (Market data is delayed by at least 15 minutes).

bank of new york mellon corp (BK) Key Developments

Bank of New York Mellon Declares Quarterly Common Stock Dividend, Payable February 13, 2015

Bank Of New York Mellon declared a quarterly common stock dividend of $0.17 per common share, consistent with the previous quarter's payout. The dividend is payable February 13, 2015 to shareholders of record February 3, 2015.

The Bank of New York Mellon Corporation Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Interest Revenue and Tax Rate Guidance for the First Quarter of 2015

The Bank of New York Mellon Corporation reported consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported total revenue of $3,689 million against $3,611 million a year ago. Non-GAAP total revenue was $3,665 million against $3,769 million a year ago. Income before income taxes was $943 million against $728 million a year ago. Net income applicable to common shareholders of the company was $807 million or $0.70 per diluted share against $513 million or $0.44 per diluted share a year ago. Return on common equity (annualized) was 8.7% against 5.7% a year ago. Non-GAAP return on common equity (annualized) was 7.7% against 7.6% a year ago. Non-GAAP return on tangible common equity (annualized) was 19.5% against 14.3% a year ago. Non-GAAP adjusted return on tangible common equity (annualized) was 16.3% against 17.2% a year ago. Tangible book value per common share was $15.23 against $13.95 a year ago. Book value per common share was $32.62 against $31.46 a year ago. Net interest revenue was $712 million against $761 million a year ago. Interest revenue was $802 million against $846 million a year ago. Net income applicable to the common shareholders of the company after required adjustments for the calculation of basic and diluted earnings per common share was $793 million against $503 million a year ago. Non-GAAP net income applicable to common shareholders of the company was $667 million or $0.58 per diluted share against $629 million or $0.54 per diluted share a year ago. For the year, the company reported interest revenue of $3,234 million against $3,352 million a year ago. Net interest revenue was $2,880 million against $3,009 million a year ago. Income before income taxes was $4,342 million against $3,777 million a year ago. Net income applicable to common shareholders of the company was $3,092 million or $2.67 per diluted share against $2,040 million or $1.73 per diluted share a year ago. Net income applicable to the common shareholders of the company after required adjustments for the calculation of basic and diluted earnings per common share was $3,038 million against $2,002 million a year ago. Non-GAAP net income applicable to common shareholders of the company was $2,766 million or $2.28 per diluted share against $2,687 million or $2.39 per diluted share a year ago. Return on common equity (annualized) was 8.4%. Non-GAAP return on common equity (annualized) was 8.1%. Non-GAAP return on tangible common equity (annualized) was 19.5%. Non-GAAP adjusted return on tangible common equity (annualized) was 17.6%. The company believes the impact of all of these items, offset somewhat by expense management efforts, should result in expenses up around 1% to 2% in the first quarter of 2015 against the first quarter of 2014. This is as expected and well within Investor Day guidelines. Net interest revenue should be about at the level the company saw in the third quarter. The effective tax rate should be around 26% to 27%.

Citibank, N.A Appoints the Bank of New York Mellon as Successor Depositary

Cox & Kings Ltd. has informed that The Bank of New York Mellon, has been appointed as successor depositary to Citibank, N. A by the Company for its Global Depositary Receipt (GDR) program with effect from January 20, 2015.

BNY Mellon Announces Executive Changes

BNY Mellon announced that Douglas Shulman has been appointed senior executive vice president and global head of Client Service Delivery (CSD). He has also joined the firm's executive committee, company's senior-most governing body. In this position, Shulman leads the company's CSD group. He will lead the CSD team's strategic direction in driving excellence and becoming the recognized industry service quality and productivity leader. Shulman, 47, joins the company from McKinsey & Company, where he was a senior advisor, and Harvard's Kennedy School Center for Business & Government, where he was a Senior Fellow. Prior to that, Shulman was the commissioner of the Internal Revenue Service (IRS), where he oversaw the 100,000 person agency and led a major modernization of the agency and its technology. The company also announced the appointment of Dan Kramer as executive vice president of CSD. Kramer will direct and oversee the CSD strategy and execution for company's Asset Servicing business. Kramer, who reports to Shulman, replaces Andrew Bell, who retired from the company after 35 years of service. Kramer, 52, joins the company from J.P. Morgan, where he was a managing director and head of Fund Services Operations and the Fund Services business.

Phoenix Light SF Ltd. Sues WWells Fargo & Co., HSBC Holdings Plc, Bank of New York Mellon Corp. and Deutsche Bank AG of Securities

Phoenix Light SF Ltd. has filed complaints in Manhattan federal court against Wells Fargo & Co., HSBC Holdings Plc, Bank of New York Mellon Corp. and Deutsche Bank AG. Phoenix Light alleged that the four failed to protect investors as trustees of securities, which were sold from 2005 to 2007, ahead of the financial crisis. The securities were backed by home loans, which defaulted after the crisis. The firm and related investors sued Deutsche Bank over $183 million in claimed losses, BNY Mellon was sued for claimed damages of $269 million, Wells Fargo was sued for $237 million in losses and HSBC for $170 million.

 

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BK

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Valuation BK Industry Range
Price/Earnings 13.8x
Price/Sales 2.6x
Price/Book 1.1x
Price/Cash Flow 13.3x
TEV/Sales NM Not Meaningful
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