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Bank of New York Mellon Corp (BK.N)

BK.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

BNY Mellon announces public offering of depositary shares
Monday, 25 Jul 2016 09:08am EDT 

Bank Of New York Mellon Corp : Intends to use a portion of net proceeds from sale of depositary shares to repurchase up to $560 million of its common stock . Bny mellon announces public offering of depositary shares representing interests in preferred stock .Public offering of depositary shares with a liquidation preference of $100,000 per share.  Full Article

BNY Mellon reports Q2 adjusted non-GAAP earnings per share $0.76
Thursday, 21 Jul 2016 06:30am EDT 

Bank Of New York Mellon Corp : BNY Mellon reports second quarter earnings of $825 million or $0.75 per common share . Q2 adjusted non-GAAP earnings per share $0.76 . Q2 earnings per share view $0.75 -- Thomson Reuters I/B/E/S . Qtrly provision for credit losses was a credit of $9 million . Says net long-term outflows of $5 billion in 2Q 16 were driven by index investments . Q2 interest revenue down $12 million driven by negative impact of interest rate hedging activities, higher premium amortization adjustments . Qtrly total revenue was $3.8 billion, a decrease of 3%, or 2% on an adjusted basis . Announces capital plan that includes share repurchases of up to $2.7 billion, and about 12 percent increase in quarterly dividend . Says aum of $1.66 trillion at quarter-end decreased 2% reflecting net outflows primarily in 2015 . Says net short-term inflows totaled $4 billion in 2q16 .Q2 revenue view $3.79 billion -- Thomson Reuters I/B/E/S.  Full Article

BNY Mellon to repurchase up to $2.7 bln of common stock
Wednesday, 29 Jun 2016 04:48pm EDT 

Bank Of New York Mellon Corp : 2016 capital plan also includes about 12 percent increase to BNY Mellon's qtrly cash dividend on common stock to $0.19/share . Board has approved repurchase of up to $2.14 billion of its common stock over a four-quarter period starting in q3 of 2016 . Repurchase of upto additional about $560 million of common stock during portion of period covered by repurchase plan . Additional repurchase of common stock contingent upon company issuing $750 million of preferred stock .BNY Mellon to repurchase up to $2.7 billion of common stock; federal reserve does not object to 2016 capital plan, including proposed dividend increase.  Full Article

Trian Fund's Edward Garden buys 370,000 shares of Bank of New York Mellon
Wednesday, 8 Jun 2016 05:53pm EDT 

: Trian Fund Management's Edward Garden reports purchase of 370,000 shares of Bank of New York Mellon Corp's common stock on June 6 at $42.39 each .Trian Fund Management's Garden, who is also on board of Bank of New York Mellon purchased the shares in a price range between $41.73 to $42.61.  Full Article

CIBC Mellon says president and CEO Thomas Monahan to retire
Friday, 20 May 2016 11:30am EDT 

CIBC Mellon : CIBC Mellon says president and ceo, thomas monahan , has decided to retire .Leadership transition plan led by cibc mellon's boards of directors is underway.  Full Article

Bank Of New York Mellon Corp must face lawsuit over $1.12 bln mortgage loss - Reuters
Thursday, 3 Mar 2016 01:44pm EST 

Bank Of New York Mellon Corp:Bank of New York Mellon Corp must face a lawsuit seeking to hold it liable for causing $1.12 billion of investor losses by failing to properly monitor five trusts backed by toxic residential mortgages, a Manhattan federal judge ruled. - RTRS.U.S. District Judge Gregory Woods said Belgium's Royal Park Investments SA/NV may pursue claims that the bank.as trustee for trusts dating from 2005 to 2007, ignored widespread, systemic abuse in how the underlying loans were underwritten and serviced, and failed to require that bad loans be repurchased."Indeed," Woods wrote in his decision on Wednesday, "it would be implausible to assume that somehow all of the mortgage loans underlying the trusts miraculously avoided the pervasive practices of the industry at the time." The judge let Royal Park pursue claims including breach of contract, breach of trust, and violations of the federal Trust Indenture Act.Some other claims were dismissed. Royal Park contended that Bank of New York breached its duties in part out of fear it might anger or lose business from other financial services companies in retaliation.  Full Article

Bank of New York Mellon Corporation to buy assets of Atherton Lane Advisers
Wednesday, 20 Jan 2016 04:01pm EST 

Bank of New York Mellon Corporation:To buy assets of Atherton Lane Advisers.Terms of the deal were not disclosed.Upon completion of the transaction, Atherton will become part of BNY Mellon Wealth Management.  Full Article

Karson and Bank of NY Mellon Corp collaborate on capital financing transaction
Tuesday, 19 Jan 2016 08:00am EST 

Bank of NY Mellon Corp:Karson Management (Bermuda) Limited and affiliates (Karson) and BNY Mellon announced the completion of the first K-Note reinsurance collateral financing transaction in Canada.  Full Article

U.S. court rejects American International Group Inc, Bank of NY Mellon Corp tax credit appeals - Reuters
Tuesday, 8 Sep 2015 08:00pm EDT 

Bank of NY Mellon Corp:A U.S. appeals court on Wednesday rejected efforts by American International Group Inc and Bank of New York Mellon Corp BK.N to recoup hundreds of millions of dollars of foreign tax credits that the Internal Revenue Service did not allow - Reuters.By a 3-0 vote, the 2nd U.S. Circuit Court of Appeals in New York dismissed arguments that the federal government, through the IRS, tried to tax both companies twice by denying them credits on taxes paid to foreign governments - Reuters.Circuit Judge Denny Chin said the transactions at issue were "most appropriately characterized as shams" under applicable law, known as the "economic substance" doctrine, because they were taken to avoid taxes, and appeared to offer little or no potential for financial gain - Reuters.AIG had sought $48.2 million of credits for 1997, following several cross-border transactions in which the insurer borrowed $1.6 billion and reinvested it at higher rates, ostensibly to make a profit, court papers show - Reuters.Meanwhile, court papers show that Bank of New York Mellon had sought $200 million of credits for 2001 and 2002 tied to a Barclays Plc BARC.L product known as STARS, in which it obtained a low-rate $1.5 billion loan whose proceeds it reinvested at higher rates - Reuters.  Full Article

The Bank of New York Mellon Corp declares quarterly common stock dividend
Tuesday, 21 Jul 2015 06:30am EDT 

The Bank of New York Mellon Corp:Declared quarterly common stock dividend of $0.17 per common share.This cash dividend is payable on Aug. 13 to shareholders of record as of close of business on Aug. 3.  Full Article

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BRIEF-BNY Mellon reports Q1 earnings of $880 mln or $0.83 per common share

* BNY Mellon reports first quarter earnings of $880 million or $0.83 per common share