Financial Data and Key Metrics Changes - The company reported record net income of $5.3 billion and record revenue of $20.1 billion for 2025, with total revenue growing by 8% year over year [4][26] - Earnings per share increased by 28% year over year to $7.40, with a return on tangible common equity of 26% [5][26] - The pre-tax margin improved to 35% on a reported basis, with positive operating leverage of 507 basis points [4][25] Business Line Data and Key Metrics Changes - Security services reported total revenue of $2.5 billion, up 7% year over year, with investment services fees increasing by 11% [29][30] - Markets and Wealth Services generated total revenue of $1.8 billion, up 8% year over year, with net interest income for the segment increasing by 20% [32][35] - Investment and Wealth Management reported total revenue of $854 million, down 2% year over year, with assets under management increasing by 7% [36][37] Market Data and Key Metrics Changes - Firmwide assets under custody and administration (AUCA) increased by 14% year over year to $59.3 trillion, reflecting client inflows and higher market values [23][24] - The ETF AUCA ended the year at $3.8 trillion, up 34% year over year, indicating strong growth in the ETF segment [30] - Average collateral balances in the clearance and collateral management business increased by 15% year over year to $7.5 trillion [34] Company Strategy and Development Direction - The company is focused on unlocking growth potential through a new commercial model and the adoption of AI technologies [8][9] - Strategic priorities include enhancing client relationships, improving operational efficiency, and fostering a culture of accountability [15][16] - The company aims to innovate in digital assets, including the launch of tokenized deposits and stablecoin solutions [10][11][74] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a revenue growth target of approximately 5% year over year for 2026, despite a dynamic operating environment [38][39] - The company is committed to maintaining positive operating leverage and improving pre-tax margins to 38% and return on tangible common equity to 28% in the medium term [39][40] - Management emphasized the importance of agility in expense management to adapt to potential market changes [49] Other Important Information - The company returned $5 billion of capital to shareholders through dividends and share repurchases in 2025 [5] - The Tier 1 capital ratio at the end of the quarter was 11.9%, reflecting a strong capital position [27] Q&A Session Summary Question: Guidance on revenue growth and assumptions - Management indicated that the guidance for 2026 includes a top-line revenue growth of approximately 5%, with net interest income expected to grow slightly ahead of 5% and fees potentially lower than 5% [44][45] Question: Medium-term earnings growth potential - Management highlighted the importance of positive operating leverage and the ability to adapt to market conditions, emphasizing a focus on revenue growth and efficiency [46][49] Question: AI and technology in hiring targets - Management discussed the significance of AI as a transformative technology and its potential to unlock capacity and increase revenues, while also focusing on cultural integration [52][56] Question: Pre-tax margin improvement across business lines - Management provided insights into the expected pre-tax margin improvements, particularly in investment and wealth management, where significant growth opportunities are anticipated [63][65]

Financial Data and Key Metrics Changes - The company reported record net income of $5.3 billion and record revenue of $20.1 billion for 2025, with total revenue growing by 8% year over year [3][23] - Earnings per share increased by 28% year over year to $7.40, with a return on tangible common equity of 26% [4][23] - For Q4 2025, total revenue was $5.2 billion, up 7% year over year, with net interest income increasing by 13% [19][20] Business Line Data and Key Metrics Changes - Security services reported total revenue of $2.5 billion, up 7% year over year, with investment services fees increasing by 11% [25][29] - Markets and Wealth Services reported total revenue of $1.8 billion, up 8% year over year, with net interest income for the segment increasing by 20% [30][32] - Investment and Wealth Management reported total revenue of $854 million, down 2% year over year, with assets under management increasing by 7% [33][34] Market Data and Key Metrics Changes - Firmwide assets under custody and administration (AUCA) increased by 14% year over year to $59.3 trillion, reflecting client inflows and higher market values [20] - The ETF AUCA ended the year at $3.8 trillion, up 34% year over year, indicating strong growth in the ETF segment [26] - Average collateral balances in the clearance and collateral management business increased by 15% year over year to $7.5 trillion [31] Company Strategy and Development Direction - The company is focused on unlocking growth potential through a new commercial model and the adoption of AI technologies [6][18] - Strategic priorities include enhancing client relationships, simplifying operations, and fostering a culture of accountability [12][18] - The company aims to innovate in the digital asset space, including launching tokenized deposits and stablecoin solutions [9][57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a revenue growth target of approximately 5% year over year for 2026, despite a dynamic operating environment [35][39] - The company is focused on maintaining positive operating leverage and improving pre-tax margins to 38% and return on tangible common equity to 28% in the medium term [37][38] - Management acknowledged the need for agility in expense management to adapt to potential market changes [44] Other Important Information - The company returned $5 billion of capital to shareholders through dividends and share repurchases in 2025 [4] - The Tier 1 capital ratio at the end of the quarter was 11.9%, reflecting a strong capital position [24] Q&A Session Summary Question: Guidance on revenue growth for 2026 - Management indicated a revenue growth expectation of approximately 5% year over year, with net interest income expected to grow slightly ahead of 5% and fees potentially lower than 5% [39][40] Question: Medium-term earnings growth potential - Management emphasized the importance of positive operating leverage and the need for agility in expense management to defend margins and return on tangible common equity targets [41][44] Question: Impact of AI on hiring and efficiency - Management highlighted the transformative potential of AI and its role in unlocking capacity, with a focus on integrating AI into operations rather than solely on efficiency [45][46] Question: Pre-tax margin improvement across business lines - Management discussed the progression of pre-tax margins, noting opportunities for improvement in investment and wealth management, while security services and markets and wealth services are expected to maintain strong margins [50][52]

Financial Performance - 2025 - Revenue reached $2008 billion, up 8% year-over-year[5, 27] - Pre-tax income increased to $71 billion, a 21% increase year-over-year[5, 27] - Net income was $53 billion, up 22% year-over-year[5, 27] - EPS increased by 28% to $740, or 24% excluding notable items[5] - The ROTCE was 261%, up 33%-pts year-over-year[5] Q4 2025 Financial Highlights - Revenue increased by 7% year-over-year to $5179 billion[24, 25] - Expenses increased by 4% year-over-year, excluding notable items[24] - Adjusted pre-tax margin was 37%, up 3%-pts year-over-year[24] - EPS increased by 31% year-over-year to $202, or 21% excluding notable items[24] Strategic Initiatives & Efficiency - Efficiency savings of approximately $550 million were generated[6] - Approximately $500 million was invested in new client solutions, technology, and personnel[6] - Operating leverage was 507 bps for the full year[3, 27] - The company returned $14 billion to common shareholders, including $377 million in dividends and $10 billion in share repurchases[24] Segment Performance - 2025 - Securities Services total revenue was $97 billion, up 9% year-over-year[67] - Market and Wealth Services total revenue was $70 billion, up 12% year-over-year[71] - Investment and Wealth Management total revenue was $33 billion, down 4% year-over-year[75] Outlook - The company aims to deliver its fourth consecutive year of positive operating leverage in 2026, targeting over 100 bps[56, 57] - Revenue is expected to increase by 5% year-over-year[57]

Shares of The Bank of New York Mellon Corporation ( BK ) have been an excellent performer over the past year, gaining over 50%. Rising equity markets and fairly elevated interest rates have created an excellent combinationOver fifteen years of experience making contrarian bets based on my macro view and stock-specific turnaround stories to garner outsized returns with a favorable risk/reward profile. If you want me to cover a specific stock or have a question for an article, just let me know!Analyst’s Discl ...

Core Viewpoint - The Bank of New York Mellon Corporation (BK) has shown strong performance over the past year, with shares increasing by over 50% due to rising equity markets and elevated interest rates [1] Company Performance - BK's stock performance has been significantly influenced by favorable macroeconomic conditions, particularly the combination of rising equity markets and high interest rates [1] Investment Strategy - The article highlights a contrarian investment approach based on macro views and stock-specific turnaround stories, aiming for outsized returns with a favorable risk/reward profile [1]

Core Insights - The Bank of New York Mellon Corporation reported $5.18 billion in revenue for Q4 2025, a 6.9% year-over-year increase, with an EPS of $2.08 compared to $1.72 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $5.12 billion by 1.21%, while the EPS fell short of the consensus estimate of $1.97 [1] Financial Performance Metrics - Tier 1 Leverage Ratio was reported at 6%, matching analyst estimates [4] - Net Interest Margin (FTE Basis) was 1.4%, slightly above the estimated 1.3% [4] - Book value per common share was $57.36, exceeding the estimate of $56.50 [4] - Average balance of total interest-earning assets was $387.29 billion, surpassing the estimate of $380.23 billion [4] Revenue Breakdown - Market and Wealth Services total revenue was $1.81 billion, above the $1.77 billion estimate, reflecting an 8.3% year-over-year increase [4] - Securities Services total fee and other revenue was $1.76 billion, matching the estimate, with a 7.2% year-over-year increase [4] - Securities Services net interest income was $735 million, exceeding the estimate of $693.25 million, representing a 7.9% year-over-year increase [4] - Total revenue for Securities Services was $2.5 billion, above the estimate of $2.46 billion, with a year-over-year increase of 7.4% [4] - Market and Wealth Services net interest income was $569 million, exceeding the estimate of $525.13 million, showing a 20% year-over-year increase [4] - Other Segment total revenue was $15 million, slightly above the estimate of $14.83 million, but reflecting a significant year-over-year decline of 179% [4] - Investment and Wealth Management net interest income was $51 million, surpassing the estimate of $44.37 million, with an 8.5% year-over-year increase [4] - Investment and Wealth Management total fee and other revenue was $803 million, slightly above the estimate of $801.07 million, but showing a year-over-year decline of 2.8% [4] Stock Performance - Shares of The Bank of New York Mellon have returned +3.2% over the past month, outperforming the Zacks S&P 500 composite's +2.3% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

责任编辑：陈钰嘉 纽约梅隆银行的首席执行官Robin Vince表示，美国司法部对美联储的攻击对特朗普政府提振美国经 济、优先考虑可负担性的目标而言"适得其反"。 Vince周二在媒体电话会议上表示，美联储的独立性长期以来对经济和资本市场大有裨益，动摇美国债 券市场的这一根基反而可能与白宫目标背道而驰。 他指出："质疑债券市场的基本原则之一，实际上恰恰有可能产生反作用。当前采取有损该议程的行 动，似乎并非明智之举。" 纽约梅隆银行的首席执行官Robin Vince表示，美国司法部对美联储的攻击对特朗普政府提振美国经 济、优先考虑可负担性的目标而言"适得其反"。 Vince周二在媒体电话会议上表示，美联储的独立性长期以来对经济和资本市场大有裨益，动摇美国债 券市场的这一根基反而可能与白宫目标背道而驰。 他指出："质疑债券市场的基本原则之一，实际上恰恰有可能产生反作用。当前采取有损该议程的行 动，似乎并非明智之举。" 新浪合作大平台期货开户 安全快捷有保障 责任编辑：陈钰嘉 新浪合作大平台期货开户 安全快捷有保障 ...

Group 1 - The CEO of Bank of New York Mellon stated that the pressure from the Trump administration on the Federal Reserve is counterproductive, potentially leading to an increase in interest rates [1]

来源：视频滚动新闻 纽约梅隆银行：四季度净利息收入 13.5 亿美元，市场预期 12.9 亿美元；四季度摊薄后每股收益 2.02 美 元，市场预期 1.93 美元；四季度营收 51.8 亿美元，市场预期 51.5 亿美元；托管及管理资产规模达 59.3 万亿美元，市场预期 58.8 万亿美元。 ...

Core Insights - The core viewpoint of the article highlights the financial performance of Bank of New York Mellon, showcasing significant growth in both revenue and earnings per share for the fourth quarter of 2025 [1] Financial Performance - The revenue for the fourth quarter of 2025 reached $5.179 billion, representing a year-over-year increase of 7% [1] - The diluted earnings per share were reported at $2.02, which is a 31% increase compared to the previous year [1]