The Bank of New York Mellon(BK) - 2024 Q4 - Annual Report

Business Segments - The company operates through three principal business segments: Securities Services, Market and Wealth Services, and Investment and Wealth Management[24]. Workforce Diversity - At the end of 2024, women represented 40% of the company's global workforce and 43% of its U.S. workforce[33]. - As of December 31, 2024, BNY had approximately 51,800 full-time employees globally[41]. - Approximately 60% of BNY's total employees were based outside the U.S., with around 10,900 in EMEA and 18,900 in APAC[42]. Employee Benefits - The company provided eligible employees an award of 10 restricted stock units (RSUs) or "BK Shares" in 2024, allowing them to become equity owners[36]. - Approximately 41,500 participants were enrolled in the company's 401(k) plan as of December 31, 2024[35]. - The company's frozen U.S. defined benefit pension plan covered approximately 6,400 U.S. participants[36]. Regulatory Environment - The company is subject to extensive government rulemaking, policies, regulation, and supervision, which may impact its operations[15]. Risk Factors - The company faces risks from cybersecurity incidents that could adversely affect its ability to conduct business and damage its reputation[15]. - The company may incur losses if its allowance for credit losses is inadequate or if future economic conditions deteriorate[16]. - The company relies heavily on fee-based business for a substantial majority of its revenue, which could be adversely affected by slowing market activity[16]. - The company is dependent on dividends from its subsidiaries to meet its obligations, including share repurchases and payment of dividends to stockholders[17]. Competitive Landscape - BNY's competitive landscape includes domestic and international financial services firms, hedge funds, and technology service providers[44]. - Competition in the financial services industry is intense, influenced by factors such as customer service, transaction execution, and technological innovation[45]. - BNY's ability to compete effectively relies on attracting and retaining employees amid regulatory restrictions and an uncertain interest rate environment[46].