BNY Mellon Issues Statement on Ukraine
MARCH 17, 2022
BNY Mellon stands united in the face of the tragic events occurring in Ukraine. We are initially donating $1mm to further humanitarian efforts as well as matching our employees’ contributions. We are also taking actions to support the wellbeing of our employees and the members of our community who have been impacted.
In addition, BNY Mellon has ceased new banking business in Russia and suspended investment management purchases of Russian securities. We will continue to work with multinational clients that depend on our custody and record keeping services to manage their exposures.
Government sanctions and these actions are expected to result in an approximately $100mm one time reduction in revenue in Q1, and also impact the firm’s annual revenue by an estimated $80-100mm going forward.
This statement contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including information about the first quarter of 2022, which consist of preliminary estimates and is subject to change, possibly materially, as BNY Mellon completes the quarter and prepares its financial statements for the period. In addition, important factors that generally affect our business are set forth in the risk factors in BNY Mellon’s Annual Report on Form 10-K for the year ended Dec. 31, 2021.