BNY Announces Intention to Increase Quarterly Common Stock Dividend by 12 Percent to $0.47 per Share
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
[email protected]
Analysts
Marius Merz
+1 212 298 1480
[email protected]
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SOURCE BNY