Core Insights - Bank of New York Mellon (BNY) reported record net income of $5.3 billion and record revenue of $20.1 billion for 2025, with a return on tangible common equity (ROTCE) of 26% [3][4][6] - The company achieved a total revenue of $5.2 billion in Q4, reflecting a 7% year-over-year increase, with fee revenue up 5% driven by investment services fees growth of 8% [1][6] - Management has raised medium-term targets, aiming for a pre-tax margin of 38% and ROTCE of 28%, with projected revenue growth of about 5% for 2026 [5][15][17] Financial Performance - Total revenue for 2025 was $20.1 billion, an 8% increase year over year, while expenses rose by 3%, leading to a pre-tax margin of 35% [3][4] - In Q4, earnings per share (EPS) reached $2.02, up 31% year over year, with firmwide assets under custody and/or administration (AUCA) at $59.3 trillion, a 14% increase [6][11] - Net interest income increased by 15% for the year, attributed to reinvestment of maturing securities at higher yields [2][7] Business Segment Performance - Security Services revenue was $2.5 billion, up 7% year over year, with significant growth in asset servicing fees [9][10] - Markets and Wealth Services revenue increased by 8% to $1.8 billion, while Investment and Wealth Management revenue declined by 2% to $854 million [16] - The company reported a pre-tax margin of 49% in Markets and Wealth Services, while Investment and Wealth Management had a pre-tax margin of 17% [16] Strategic Initiatives - BNY is focusing on scaling its platforms and AI initiatives, including the enterprise AI platform "Eliza" and collaborations with Google Cloud [5][13] - The firm is advancing its digital assets strategy, launching products like the Dreyfus Stablecoin Reserves Fund and exploring tokenized deposits [14] - Management highlighted a significant increase in clients utilizing multiple services, with organic fee growth reaching 3% in 2025 [12] Outlook - For 2026, BNY expects total revenue growth of approximately 5% and expenses to rise by 3-4%, with a target of over 100 basis points of positive operating leverage [15][18] - The company anticipates a quarterly tax rate of about 23% for 2026, with expectations for net interest margin to gradually improve [18]

Core Insights - The Bank of New York Mellon Corporation (BK) reported fourth-quarter 2025 adjusted earnings of $2.08 per share, exceeding the Zacks Consensus Estimate of $1.97, reflecting a 20.9% increase from the prior-year quarter [1][9] Financial Performance - The increase in earnings was primarily driven by a rise in fee revenues and net interest income (NII), which was $1.35 billion, up 12.7% year over year [2][5] - Total quarterly revenues rose 6.8% year over year to $5.18 billion, surpassing the Zacks Consensus Estimate of $5.12 billion [4] - For the full year 2025, total revenues reached $20.08 billion, a 7.8% increase year over year, also exceeding the Zacks Consensus Estimate of $20 billion [4] Asset Management - As of December 31, 2025, assets under management (AUM) were $2.2 trillion, up 7% year over year, while assets under custody and/or administration (AUC/A) increased to $59.3 trillion, a 13.8% rise year over year [7][9] Credit Quality - The allowance for loan losses as a percentage of total loans decreased to 0.30%, down 11 basis points from the prior-year quarter, with non-performing assets at $143 million, down 20.1% year over year [8] Capital Position - The common equity Tier 1 ratio improved to 11.9% as of December 31, 2025, up from 11.2% a year earlier, and the Tier 1 leverage ratio increased to 6% from 5.7% [11] Share Repurchase - In the reported quarter, the company repurchased shares worth $1 billion [12] Strategic Outlook - The company's global expansion efforts and strong balance sheet are expected to support continued top-line growth, although there are concerns regarding concentration risk due to reliance on fee-based revenues and rising expenses [13]

Financial Data and Key Metrics Changes - The company reported record net income of $5.3 billion and record revenue of $20.1 billion for 2025, with total revenue growing by 8% year over year [4][26] - Earnings per share increased by 28% year over year to $7.40, with a return on tangible common equity of 26% [5][26] - Pre-tax margin improved to 35% on a reported basis, with 507 basis points of positive operating leverage achieved [4][25] Business Line Data and Key Metrics Changes - Security Services reported total revenue of $2.5 billion, up 7% year over year, with investment services fees increasing by 11% [29][30] - Markets and Wealth Services generated total revenue of $1.8 billion, up 8% year over year, with net interest income for the segment increasing by 20% [32][35] - Investment and Wealth Management reported total revenue of $854 million, down 2% year over year, with assets under management increasing by 7% [36][37] Market Data and Key Metrics Changes - Firmwide assets under custody and administration (AUCA) reached $59.3 trillion, up 14% year over year, reflecting client inflows and higher market values [23] - Investment management and performance fees were flat, impacted by the mix of AUM flows and adjustments for certain rebates [23][26] - Net interest income increased by 13% year over year, primarily due to the reinvestment of maturing investment securities at higher yields [24][26] Company Strategy and Development Direction - The company is focused on unlocking growth potential through a new commercial model and the adoption of AI technologies [8][9] - Strategic priorities include enhancing client relationships, simplifying operations, and fostering a culture of accountability [15][16] - The company aims to innovate in digital assets and improve market infrastructure, including the launch of tokenized deposits and stablecoin reserves [10][11][74] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a revenue growth target of approximately 5% year over year for 2026, despite a dynamic operating environment [38] - The company is committed to maintaining positive operating leverage and has set new medium-term financial targets, including a pre-tax margin of 38% and a return on tangible common equity of 28% [39][40] - Management emphasized the importance of agility in expense management to adapt to potential market changes [49] Other Important Information - The company returned $5 billion of capital to shareholders through dividends and share repurchases in 2025 [5] - The Tier 1 capital ratio at the end of the quarter was 11.9%, reflecting a strong capital position [27] Q&A Session Summary Question: Guidance on revenue growth and assumptions - Management indicated that the guidance for 2026 is a top-line growth of approximately 5%, with net interest income expected to grow slightly ahead of 5% and fees potentially lower than 5% [45] Question: Medium-term earnings growth potential - Management highlighted the importance of positive operating leverage and the need for agility in expense management to defend margins and return on tangible common equity targets [46][49] Question: Impact of AI on hiring and efficiency - Management discussed the role of AI as a catalyst for transformational change, emphasizing that AI is expected to unlock capacity and increase revenues rather than just drive efficiency [52][56] Question: Pre-tax margin improvement across business lines - Management provided insights into pre-tax margin improvements, noting that security services and investment and wealth management segments have significant upside potential [63][65]

Financial Data and Key Metrics Changes - The company reported record net income of $5.3 billion and record revenue of $20.1 billion for 2025, with total revenue growing by 8% year over year [4][26] - Earnings per share increased by 28% year over year to $7.40, with a return on tangible common equity of 26% [5][26] - The pre-tax margin improved to 35% on a reported basis, with positive operating leverage of 507 basis points [4][25] Business Line Data and Key Metrics Changes - Security services reported total revenue of $2.5 billion, up 7% year over year, with investment services fees increasing by 11% [29][30] - Markets and Wealth Services generated total revenue of $1.8 billion, up 8% year over year, with net interest income for the segment increasing by 20% [32][35] - Investment and Wealth Management reported total revenue of $854 million, down 2% year over year, with assets under management increasing by 7% [36][37] Market Data and Key Metrics Changes - Firmwide assets under custody and administration (AUCA) increased by 14% year over year to $59.3 trillion, reflecting client inflows and higher market values [23][24] - The ETF AUCA ended the year at $3.8 trillion, up 34% year over year, indicating strong growth in the ETF segment [30] - Average collateral balances in the clearance and collateral management business increased by 15% year over year to $7.5 trillion [34] Company Strategy and Development Direction - The company is focused on unlocking growth potential through a new commercial model and the adoption of AI technologies [8][9] - Strategic priorities include enhancing client relationships, improving operational efficiency, and fostering a culture of accountability [15][16] - The company aims to innovate in digital assets, including the launch of tokenized deposits and stablecoin solutions [10][11][74] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a revenue growth target of approximately 5% year over year for 2026, despite a dynamic operating environment [38][39] - The company is committed to maintaining positive operating leverage and improving pre-tax margins to 38% and return on tangible common equity to 28% in the medium term [39][40] - Management emphasized the importance of agility in expense management to adapt to potential market changes [49] Other Important Information - The company returned $5 billion of capital to shareholders through dividends and share repurchases in 2025 [5] - The Tier 1 capital ratio at the end of the quarter was 11.9%, reflecting a strong capital position [27] Q&A Session Summary Question: Guidance on revenue growth and assumptions - Management indicated that the guidance for 2026 includes a top-line revenue growth of approximately 5%, with net interest income expected to grow slightly ahead of 5% and fees potentially lower than 5% [44][45] Question: Medium-term earnings growth potential - Management highlighted the importance of positive operating leverage and the ability to adapt to market conditions, emphasizing a focus on revenue growth and efficiency [46][49] Question: AI and technology in hiring targets - Management discussed the significance of AI as a transformative technology and its potential to unlock capacity and increase revenues, while also focusing on cultural integration [52][56] Question: Pre-tax margin improvement across business lines - Management provided insights into the expected pre-tax margin improvements, particularly in investment and wealth management, where significant growth opportunities are anticipated [63][65]

Financial Data and Key Metrics Changes - The company reported record net income of $5.3 billion and record revenue of $20.1 billion for 2025, with total revenue growing by 8% year over year [3][23] - Earnings per share increased by 28% year over year to $7.40, with a return on tangible common equity of 26% [4][23] - For Q4 2025, total revenue was $5.2 billion, up 7% year over year, with net interest income increasing by 13% [19][20] Business Line Data and Key Metrics Changes - Security services reported total revenue of $2.5 billion, up 7% year over year, with investment services fees increasing by 11% [25][29] - Markets and Wealth Services reported total revenue of $1.8 billion, up 8% year over year, with net interest income for the segment increasing by 20% [30][32] - Investment and Wealth Management reported total revenue of $854 million, down 2% year over year, with assets under management increasing by 7% [33][34] Market Data and Key Metrics Changes - Firmwide assets under custody and administration (AUCA) increased by 14% year over year to $59.3 trillion, reflecting client inflows and higher market values [20] - The ETF AUCA ended the year at $3.8 trillion, up 34% year over year, indicating strong growth in the ETF segment [26] - Average collateral balances in the clearance and collateral management business increased by 15% year over year to $7.5 trillion [31] Company Strategy and Development Direction - The company is focused on unlocking growth potential through a new commercial model and the adoption of AI technologies [6][18] - Strategic priorities include enhancing client relationships, simplifying operations, and fostering a culture of accountability [12][18] - The company aims to innovate in the digital asset space, including launching tokenized deposits and stablecoin solutions [9][57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a revenue growth target of approximately 5% year over year for 2026, despite a dynamic operating environment [35][39] - The company is focused on maintaining positive operating leverage and improving pre-tax margins to 38% and return on tangible common equity to 28% in the medium term [37][38] - Management acknowledged the need for agility in expense management to adapt to potential market changes [44] Other Important Information - The company returned $5 billion of capital to shareholders through dividends and share repurchases in 2025 [4] - The Tier 1 capital ratio at the end of the quarter was 11.9%, reflecting a strong capital position [24] Q&A Session Summary Question: Guidance on revenue growth for 2026 - Management indicated a revenue growth expectation of approximately 5% year over year, with net interest income expected to grow slightly ahead of 5% and fees potentially lower than 5% [39][40] Question: Medium-term earnings growth potential - Management emphasized the importance of positive operating leverage and the need for agility in expense management to defend margins and return on tangible common equity targets [41][44] Question: Impact of AI on hiring and efficiency - Management highlighted the transformative potential of AI and its role in unlocking capacity, with a focus on integrating AI into operations rather than solely on efficiency [45][46] Question: Pre-tax margin improvement across business lines - Management discussed the progression of pre-tax margins, noting opportunities for improvement in investment and wealth management, while security services and markets and wealth services are expected to maintain strong margins [50][52]

Financial Performance - 2025 - Revenue reached $2008 billion, up 8% year-over-year[5, 27] - Pre-tax income increased to $71 billion, a 21% increase year-over-year[5, 27] - Net income was $53 billion, up 22% year-over-year[5, 27] - EPS increased by 28% to $740, or 24% excluding notable items[5] - The ROTCE was 261%, up 33%-pts year-over-year[5] Q4 2025 Financial Highlights - Revenue increased by 7% year-over-year to $5179 billion[24, 25] - Expenses increased by 4% year-over-year, excluding notable items[24] - Adjusted pre-tax margin was 37%, up 3%-pts year-over-year[24] - EPS increased by 31% year-over-year to $202, or 21% excluding notable items[24] Strategic Initiatives & Efficiency - Efficiency savings of approximately $550 million were generated[6] - Approximately $500 million was invested in new client solutions, technology, and personnel[6] - Operating leverage was 507 bps for the full year[3, 27] - The company returned $14 billion to common shareholders, including $377 million in dividends and $10 billion in share repurchases[24] Segment Performance - 2025 - Securities Services total revenue was $97 billion, up 9% year-over-year[67] - Market and Wealth Services total revenue was $70 billion, up 12% year-over-year[71] - Investment and Wealth Management total revenue was $33 billion, down 4% year-over-year[75] Outlook - The company aims to deliver its fourth consecutive year of positive operating leverage in 2026, targeting over 100 bps[56, 57] - Revenue is expected to increase by 5% year-over-year[57]

Shares of The Bank of New York Mellon Corporation ( BK ) have been an excellent performer over the past year, gaining over 50%. Rising equity markets and fairly elevated interest rates have created an excellent combinationOver fifteen years of experience making contrarian bets based on my macro view and stock-specific turnaround stories to garner outsized returns with a favorable risk/reward profile. If you want me to cover a specific stock or have a question for an article, just let me know!Analyst’s Discl ...

Core Viewpoint - The Bank of New York Mellon Corporation (BK) has shown strong performance over the past year, with shares increasing by over 50% due to rising equity markets and elevated interest rates [1] Company Performance - BK's stock performance has been significantly influenced by favorable macroeconomic conditions, particularly the combination of rising equity markets and high interest rates [1] Investment Strategy - The article highlights a contrarian investment approach based on macro views and stock-specific turnaround stories, aiming for outsized returns with a favorable risk/reward profile [1]

Core Insights - The Bank of New York Mellon Corporation reported $5.18 billion in revenue for Q4 2025, a 6.9% year-over-year increase, with an EPS of $2.08 compared to $1.72 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $5.12 billion by 1.21%, while the EPS fell short of the consensus estimate of $1.97 [1] Financial Performance Metrics - Tier 1 Leverage Ratio was reported at 6%, matching analyst estimates [4] - Net Interest Margin (FTE Basis) was 1.4%, slightly above the estimated 1.3% [4] - Book value per common share was $57.36, exceeding the estimate of $56.50 [4] - Average balance of total interest-earning assets was $387.29 billion, surpassing the estimate of $380.23 billion [4] Revenue Breakdown - Market and Wealth Services total revenue was $1.81 billion, above the $1.77 billion estimate, reflecting an 8.3% year-over-year increase [4] - Securities Services total fee and other revenue was $1.76 billion, matching the estimate, with a 7.2% year-over-year increase [4] - Securities Services net interest income was $735 million, exceeding the estimate of $693.25 million, representing a 7.9% year-over-year increase [4] - Total revenue for Securities Services was $2.5 billion, above the estimate of $2.46 billion, with a year-over-year increase of 7.4% [4] - Market and Wealth Services net interest income was $569 million, exceeding the estimate of $525.13 million, showing a 20% year-over-year increase [4] - Other Segment total revenue was $15 million, slightly above the estimate of $14.83 million, but reflecting a significant year-over-year decline of 179% [4] - Investment and Wealth Management net interest income was $51 million, surpassing the estimate of $44.37 million, with an 8.5% year-over-year increase [4] - Investment and Wealth Management total fee and other revenue was $803 million, slightly above the estimate of $801.07 million, but showing a year-over-year decline of 2.8% [4] Stock Performance - Shares of The Bank of New York Mellon have returned +3.2% over the past month, outperforming the Zacks S&P 500 composite's +2.3% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

责任编辑：陈钰嘉 纽约梅隆银行的首席执行官Robin Vince表示，美国司法部对美联储的攻击对特朗普政府提振美国经 济、优先考虑可负担性的目标而言"适得其反"。 Vince周二在媒体电话会议上表示，美联储的独立性长期以来对经济和资本市场大有裨益，动摇美国债 券市场的这一根基反而可能与白宫目标背道而驰。 他指出："质疑债券市场的基本原则之一，实际上恰恰有可能产生反作用。当前采取有损该议程的行 动，似乎并非明智之举。" 纽约梅隆银行的首席执行官Robin Vince表示，美国司法部对美联储的攻击对特朗普政府提振美国经 济、优先考虑可负担性的目标而言"适得其反"。 Vince周二在媒体电话会议上表示，美联储的独立性长期以来对经济和资本市场大有裨益，动摇美国债 券市场的这一根基反而可能与白宫目标背道而驰。 他指出："质疑债券市场的基本原则之一，实际上恰恰有可能产生反作用。当前采取有损该议程的行 动，似乎并非明智之举。" 新浪合作大平台期货开户 安全快捷有保障 责任编辑：陈钰嘉 新浪合作大平台期货开户 安全快捷有保障 ...