NEW YORK, Dec. 19, 2017 /PRNewswire/ -- BNY Mellon today received feedback on its 2017 resolution plan from the Federal Deposit Insurance Corporation and the Federal Reserve acknowledging the important steps the company has taken to enhance its resolvability and facilitate its orderly resolution in bankruptcy. The agencies noted significant progress in BNY Mellon's resolution planning and jointly decided that the 2017 plan satisfactorily addressed shortcomings previously identified. The agencies found no deficiencies or shortcomings in BNY Mellon's 2017 plan.
On the decision, BNY Mellon released the following statement:
"We are pleased with the regulators' feedback, which validates the enormous efforts we have made to enhance our resolvability. As we move forward, we will continue to maintain our strategic focus on resolvability and resiliency," the company said.
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 and more than 100 markets. As of Sept. 30, 2017, BNY Mellon had $32.2 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, which may be expressed in a variety of ways, including the use of future or present tense language, relate to, among other things, expectations with respect to our resolution plan. These statements are based upon current beliefs and expectations and are subject to significant risks and uncertainties (some of which are beyond the Corporation's control). Factors that could cause the Corporation's outcomes to differ materially can be found in the risk factors set forth in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2016, the Quarterly Report on Form 10-Q for the period ended September 30, 2017 and the Corporation's other filings with the Securities and Exchange Commission. All statements speak only as of the date of this news release, and the Corporation undertakes no obligation to update any statement to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events.
SOURCE BNY Mellon