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Bank of New York Mellon Corporation helps asset managers, pension funds, banks and companies keep their investments safe, maintain fund accounts and complete securities transactions. These clients pay for custody, administration and transaction services, which generate most of its revenue. Through Pershing, it also handles trading, clearing and custody for brokers and wealth managers; its payments and collateral services help institutions move cash and support securities transactions.
BNY also earns net interest income from securities and other interest-earning assets, after funding costs including interest on deposits. A smaller business manages investments for institutions, individuals and families, charging fees that depend largely on the amount and type of assets managed.
Revenue depends on how much business clients entrust to BNY, their transaction activity and market values. The mix of managed investments affects fee rates, while asset yields and deposit costs affect interest income. Banking rules require BNY to maintain capital and readily available liquid assets; falling short of capital standards can restrict its activities.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
State Street competes with BNY for institutional clients that pay them to safeguard assets, administer funds, outsource investment operations, exchange currencies and lend or finance securities. Its Investment Servicing results offer a comparison for demand from fund managers and retirement plans that also drives BNY’s asset-servicing business.
Northern Trust competes with BNY for institutional and wealthy clients paying for asset safekeeping, fund administration, securities lending and investment management. Watch its Asset Servicing client assets and Wealth Management flows for a comparison with the client demand and asset values that support BNY’s fees.
Deutsche Bank competes with BNY for corporate and financial-institution clients paying for securities safekeeping, trustee and payment-agent services, cash management, trade finance and payments handled through other banks. Its Corporate Bank’s securities-services and cash-management results are the relevant comparison for BNY’s securities-services and payments businesses.
Federated Hermes competes with BNY’s Dreyfus business to manage clients’ cash in money-market funds for fees, but also distributes investment services through BNY and Pershing. Services provided through that relationship accounted for about 9% of Federated Hermes’ 2025 revenue; watch its money-market assets for a comparison with demand for Dreyfus’s liquidity products.
Canadian Imperial Bank of Commerce and BNY each own half of CIBC Mellon, which safeguards and administers Canadian institutional clients’ assets and lends their securities, tying both owners to the same asset pool. Watch the venture’s custody assets and securities lending: BNY included $2.2 trillion of its custody and administration assets at December 31, 2025, but excluded its $74 billion of securities lent as agent from BNY’s securities-on-loan measure.
Northern Trust Corp earningsNTRS
Northern Trust's asset-servicing client assets and wealth-management flows show whether institutional and wealthy clients are still putting money into custody and wealth services that BNY also provides.
Separate Northern Trust's asset-servicing client assets from net flows into or out of wealth management, and note how much asset growth comes from market gains. Rising assets with net inflows suggest demand is not relying on market appreciation alone, supporting the fee base for BNY's comparable services; net outflows mean clients are withdrawing assets entrusted to providers, even if market gains lift the reported total.
Deutsche Bank Aktiengesellschaft earningsDB
Deutsche Bank's Corporate Bank results in securities services and cash management show demand from corporate and financial-institution clients for services BNY also provides.
Read Deutsche Bank's Corporate Bank securities-services and cash-management results together. Strength in both suggests corporate and financial-institution clients are still using custody, payment and cash-management services, supporting demand in BNY's market; weakness points to softer client activity or demand for fee-earning services. Deutsche Bank is a market comparison, not a measure of BNY's own revenue.
Fed Interest Rate Decision
The Fed’s rate decision signals how borrowing costs may change, affecting BNY’s income as maturing securities are reinvested and the margin between interest earned on assets and paid on deposits.
Expected4.0%Last release4.0%
If it comes in above expectations
If the policy rate is higher than expected, reinvested securities may earn more, but deposit costs may also rise and compress BNY’s margin between interest income and expense.
If it comes in below expectations
If the policy rate is lower than expected, reinvested securities may earn less, but deposit costs may also fall and ease pressure on BNY’s margin between interest income and expense.
Federated Hermes, Inc. earningsFHI
Federated Hermes' money-market fund assets show demand for cash-management funds, where it competes with BNY's Dreyfus business, while it also distributes investment services through BNY and Pershing.
Watch Federated Hermes' money-market fund assets and, where reported, the flows behind the change. Rising assets with net inflows point to stronger demand for cash-management products, increasing competition for Dreyfus while showing the market is expanding; falling assets or net outflows point to softer demand. Federated Hermes also distributes services through BNY and Pershing, so its fund assets alone do not show how much BNY earns from that distribution relationship.
Bank of New York Mellon Corporation earningsThis company
BNY provides custody, payment and investment services to institutional and wealth-management clients, and this report will show whether client activity and assets are translating into fees while net interest income withstands pressure from deposit costs.
Read securities-services fees alongside client activity and assets under custody or administration—the assets BNY safeguards or manages—then read investment-management fees alongside assets under management and flows. Fee growth supported by more activity, higher asset values or net inflows shows BNY converting client demand into revenue; weak fees or net outflows point to pressure from demand or client mix. Then compare net interest income with net interest margin: income growth with a steady margin suggests returns on reinvested securities are offsetting pressure on deposit margins; falling income and a narrowing margin show that support weakening.
State Street Corporation earningsSTT
State Street's Investment Servicing results show demand from institutional clients for custody and investment-operations services, a market where it competes directly with BNY.
Read State Street's Investment Servicing revenue alongside its client assets; if assets rise, distinguish market gains from net inflows. Revenue and assets strengthening together, especially with net inflows, suggest institutional demand for custody and investment operations is firm, supporting the fee environment for BNY's comparable business; weaker revenue or net outflows point to pressure on demand or fee activity in this shared market.
