BNY Mellon today announced that it has received approval from the Federal Reserve and its Board of Directors to immediately increase its repurchase program of common stock by up to an additional $830 million through the second quarter of 2019. These repurchases are in addition to the company's repurchase of $2.4 billion of common stock previously announced on June 28, 2018.
"We are pleased that BNY Mellon is in a position to return additional capital to our shareholders through the repurchase of an additional $830 million of common stock," said Charles W. Scharf, Chairman and Chief Executive Officer. "For more than a year, we have been working on refinements to our internal CCAR models which have been a constraint for BNY Mellon returning additional capital. We are confident that we will continue to maintain strong capital ratios and be able to invest in our business going forward with this higher level of capital return to shareholders."
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries. As of September 30, 2018, BNY Mellon had $34.5 trillion in assets under custody and/or administration, and $1.8 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
The information presented in this news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be expressed in a variety of ways, including the use of future or present tense language and relate to, among other things, BNY Mellon's capital plan, including expectations on the repurchase of shares of common stock, maintaining strong capital ratios and investing in the business going forward. These statements are based upon current beliefs and expectations and are subject to significant risks and uncertainties (some of which are beyond BNY Mellon's control). Actual outcomes may differ materially from those expressed or implied as a result of risks and uncertainties, including, but not limited to, the risk factors and other uncertainties set forth in BNY Mellon's 2017 Annual Report on Form 10-K, the Quarterly Report on Form 10-Q for the period ended September 30, 2018 and BNY Mellon's other filings with the Securities and Exchange Commission. All statements in this news release speak only as of today, and BNY Mellon undertakes no obligation to update any statement to reflect events or circumstances after today or to reflect the occurrence of unanticipated events.