Federal Reserve Does Not Object to 2015 Capital Plan
NEW YORK, March 11, 2015 /PRNewswire/ -- BNY Mellon, a global leader in investment management and investment services, today announced that the Federal Reserve did not object to the 2015 capital plan in its Comprehensive Capital Analysis and Review. As a result, the company's board of directors has approved the repurchase of up to $2.4 billion of its common stock over a five-quarter period starting in the second quarter of 2015 and continuing through the second quarter of 2016. The board also approved the repurchase of up to an additional $700 million of common stock during a portion of the period covered by the repurchase plan, contingent upon the company issuing $1 billion of preferred stock. The company's dividend remains unchanged at $0.17 per share of common stock.
"The Federal Reserve's notice not to object to our 2015 capital plan underscores the financial strength and flexibility we have to effectively deploy our capital and perform during periods of extraordinary market stress," said Gerald L. Hassell, chairman and chief executive officer of BNY Mellon.
A summary of BNY Mellon's company-run results under the Dodd-Frank stress tests, applying the Federal Reserve's severely adverse scenario, has been posted to the company's website at http://www.bnymellon.com/investorrelations/doddfrank.html.
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 Dec. 31, 2014, BNY Mellon had $28.5 trillion in assets under custody and/or administration, and $1.7 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, or follow us on Twitter @BNYMellon.
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, BNY Mellon's capital plan, including expectations with respect to the repurchase of shares of outstanding common stock, securities offerings and BNY Mellon's business model, including expectations regarding the Company's financial strength, flexibility and effective deployment of capital. 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). Factors that could cause BNY Mellon's results to differ materially can be found in the risk factors set forth in BNY Mellon's Annual Report on Form 10-K for the year ended December 31, 2014 and BNY Mellon's other filings with the Securities and Exchange Commission. All statements in this press release speak only as of March 11, 2015, and BNY Mellon undertakes no obligation to update any statement to reflect events or circumstances after March 11, 2015 or to reflect the occurrence of unanticipated events.
SOURCE BNY Mellon