Bank of New York Mellon CorpBNY
Bank of New York Mellon Corp Segments Disclosure
Business segments
We have an internal information system that produces performance data along product and service lines for our three principal business segments and the Other segment.
The primary products and services and types of revenue in each line of business and a description of the Other segment are presented below.
| Securities Services business segment | ||||||||||||||
| Line of business | Primary products and services | Primary types of revenue | ||||||||||||
| Asset Servicing | Custody, Trust & Depositary, accounting, ETF services, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services and data analytics | – Investment services fees (includes securities lending revenue) – Net interest income – Foreign exchange revenue – Financing-related fees | ||||||||||||
| Issuer Services | Corporate Trust (trustee, paying agency, fiduciary, escrow and other financial services) and Depositary Receipts (issuer services and support for brokers and investors) | – Investment services fees – Net interest income – Foreign exchange revenue | ||||||||||||
| Market and Wealth Services business segment | ||||||||||||||
| Line of business | Primary products and services | Primary types of revenue | ||||||||||||
| Pershing | Clearing and custody, investment, wealth and retirement solutions, technology and enterprise data management, trading services and prime brokerage | – Investment services fees – Net interest income | ||||||||||||
Payments and Trade (a) | Integrated cash management solutions including payments, foreign exchange, liquidity management, receivables processing, payables management and trade finance | – Investment services fees – Net interest income – Foreign exchange revenue | ||||||||||||
| Clearance and Collateral Management | Clearance (including U.S. government and global clearing services) and Global Collateral Management (including tri-party services) | – Investment services fees – Net interest income | ||||||||||||
| Investment and Wealth Management business segment | ||||||||||||||
| Line of business | Primary products and services | Primary types of revenue | ||||||||||||
| Investment Management | Diversified investment management strategies and distribution of investment products and solutions | – Investment management fees – Performance fees – Distribution and servicing fees | ||||||||||||
| Wealth Management | Investment management, custody, wealth and estate planning, private banking services, investment services and information management | – Investment management fees – Net interest income | ||||||||||||
| Other segment | Description | Primary types of revenue | ||||||||||||
| Includes corporate treasury activities including our securities portfolio, tax credit investments and other corporate investments, corporate and bank-owned life insurance, derivatives and other trading activity, and certain business exits | – Foreign exchange revenue – Investment and other revenue – Other trading revenue – Net gain (loss) on securities – Net interest income (expense) | |||||||||||||
(a) Formerly Treasury Services.
Business accounting principles
Our business segment data has been determined on an internal management basis of accounting, rather than GAAP, which is used for consolidated financial reporting. These measurement principles are designed so that reported results of the businesses will track their economic performance.
Our business segments are consistent with the structure used by the President and Chief Executive Officer, our Chief Operating Decision Maker (“CODM”), to make key operating decisions and assess performance. Our CODM evaluates the business segments’ operating performance primarily based on fee and other revenue, total revenue, income before income taxes, and pre-tax operating margin. The significant expense information regularly provided to and reviewed by the CODM is total noninterest expense. The CODM considers this information when evaluating the performance of each business segment and making decisions about allocating capital and other resources to each business segment.
Business segment results are subject to reclassification when organizational changes are made, or for refinements in revenue and expense allocation methodologies. Refinements are typically reflected on a prospective basis. In 2025, the prior periods total revenue by line of business for Investment Management and Wealth Management was revised for comparability to reflect the movement of certain fixed income investment management business from Wealth Management to Investment Management. There was no impact to total revenue reported for the Investment and Wealth Management business segment or on a consolidated basis.
The accounting policies of the businesses are the same as those described in Note 1.
The results of our business segments are presented and analyzed on an internal management reporting basis.
•Revenue amounts reflect fee and other revenue generated by each business and include revenue for services provided between the segments that are also provided to third parties. Fee and other revenue transferred between businesses under revenue transfer agreements is included within other fees in each segment.
•Revenues and expenses associated with specific client bases are included in those businesses. For example, foreign exchange activity associated with clients using custody products is included in the Securities Services segment.
•Net interest income is allocated to businesses based on the yields on the assets and liabilities generated by each business. We employ a funds transfer pricing system that matches funds with the specific assets and liabilities of each business based on their interest sensitivity and maturity characteristics.
•The provision for credit losses associated with the respective credit portfolios is reflected in each segment.
•Incentives expense related to restricted stock and RSUs is allocated to the segments.
•Support and other indirect expenses, including services provided between segments that are not provided to third parties or not subject to a revenue transfer agreement, are allocated to businesses based on internally developed methodologies and reflected in noninterest expense.
•Recurring FDIC expense is allocated to the businesses based on average deposits generated within each business.
•Severance expense is recorded in the segments based on the business or function the impacted employees reside.
•Litigation expense is generally recorded in the business in which the charge occurs.
•Management of the securities portfolio is a shared service contained in the Other segment. As a result, gains and losses associated with the valuation of the securities portfolio are generally included in the Other segment.
•Client deposits serve as the primary funding source for our securities portfolio. We typically allocate all interest income to the businesses generating the deposits.
•Balance sheet assets and liabilities and their related income or expense are specifically assigned to each business. Segments with a net liability position have been allocated assets.
•Goodwill and intangible assets are reflected within individual businesses.
The following consolidating schedules present the contribution of our segments to our overall profitability.
For the year ended Dec. 31, 2025 | Securities Services | Market and Wealth Services | Investment and Wealth Management | Other | Consolidated | |||||||||||||||||||||||||||
| (dollars in millions) | ||||||||||||||||||||||||||||||||
| Total fee and other revenue | $ | 7,020 | $ | 4,904 | $ | 3,084 | (a) | $ | 94 | $ | 15,102 | (a) | ||||||||||||||||||||
| Net interest income (expense) | 2,710 | 2,096 | 174 | (36) | 4,944 | |||||||||||||||||||||||||||
| Total revenue | 9,730 | 7,000 | 3,258 | (a) | 58 | 20,046 | (a) | |||||||||||||||||||||||||
| Provision for credit losses | (21) | (12) | 5 | (4) | (32) | |||||||||||||||||||||||||||
| Noninterest expense | 6,532 | 3,588 | 2,710 | 224 | 13,054 | |||||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 3,219 | $ | 3,424 | $ | 543 | (a) | $ | (162) | $ | 7,024 | (a) | ||||||||||||||||||||
Pre-tax operating margin (b) | 33 | % | 49 | % | 17 | % | N/M | 35 | % | |||||||||||||||||||||||
| Average assets | $ | 204,077 | $ | 136,561 | $ | 26,930 | $ | 68,323 | $ | 435,891 | ||||||||||||||||||||||
(a) Total fee and other revenue, total revenue and income before taxes are net of income attributable to noncontrolling interests related to consolidated investment management funds of $34 million.
(b) Income before income taxes divided by total revenue.
N/M – Not meaningful.
For the year ended Dec. 31, 2024 | Securities Services | Market and Wealth Services | Investment and Wealth Management | Other | Consolidated | |||||||||||||||||||||||||||
| (dollars in millions) | ||||||||||||||||||||||||||||||||
| Total fee and other revenue | $ | 6,448 | $ | 4,535 | $ | 3,213 | (a) | $ | 98 | $ | 14,294 | (a) | ||||||||||||||||||||
| Net interest income (expense) | 2,468 | 1,729 | 176 | (61) | 4,312 | |||||||||||||||||||||||||||
| Total revenue | 8,916 | 6,264 | 3,389 | (a) | 37 | 18,606 | (a) | |||||||||||||||||||||||||
| Provision for credit losses | 38 | 19 | 4 | 9 | 70 | |||||||||||||||||||||||||||
| Noninterest expense | 6,314 | 3,353 | 2,780 | 254 | 12,701 | |||||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 2,564 | $ | 2,892 | $ | 605 | (a) | $ | (226) | $ | 5,835 | (a) | ||||||||||||||||||||
Pre-tax operating margin (b) | 29 | % | 46 | % | 18 | % | N/M | 31 | % | |||||||||||||||||||||||
| Average assets | $ | 196,740 | $ | 124,448 | $ | 26,385 | $ | 65,761 | $ | 413,334 | ||||||||||||||||||||||
(a) Total fee and other revenue, total revenue and income before taxes are net of income attributable to noncontrolling interests related to consolidated investment management funds of $13 million.
(b) Income before income taxes divided by total revenue.
N/M – Not meaningful.
For the year ended Dec. 31, 2023 | Securities Services | Market and Wealth Services | Investment and Wealth Management | Other | Consolidated | |||||||||||||||||||||||||||
| (dollars in millions) | ||||||||||||||||||||||||||||||||
| Total fee and other revenue | $ | 6,029 | $ | 4,160 | $ | 2,987 | (a) | $ | 174 | $ | 13,350 | (a) | ||||||||||||||||||||
| Net interest income (expense) | 2,569 | 1,710 | 168 | (102) | 4,345 | |||||||||||||||||||||||||||
| Total revenue (loss) | 8,598 | 5,870 | 3,155 | (a) | 72 | 17,695 | (a) | |||||||||||||||||||||||||
| Provision for credit losses | 99 | 41 | (4) | (17) | 119 | |||||||||||||||||||||||||||
| Noninterest expense | 6,358 | 3,205 | 2,776 | 956 | 13,295 | |||||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 2,141 | $ | 2,624 | $ | 383 | (a) | $ | (867) | $ | 4,281 | (a) | ||||||||||||||||||||
Pre-tax operating margin (b) | 25 | % | 45 | % | 12 | % | N/M | 24 | % | |||||||||||||||||||||||
| Average assets | $ | 197,434 | $ | 131,383 | $ | 26,714 | $ | 51,211 | $ | 406,742 | ||||||||||||||||||||||
(a) Total fee and other revenue, total revenue and income before taxes are net of income attributable to noncontrolling interests related to consolidated investment management funds of $2 million.
(b) Income before taxes divided by total revenue.
N/M – Not meaningful.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 25, 2022 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.