Bank of New York Mellon Corp
For the period ended Sep 30, 2024. Filed Nov 1, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 1, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Noninterest expense
| Noninterest expense · YTD24 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 3Q24 vs. · vs. | ||||||||||
| (dollars in millions) · 3Q24 · 2Q24 · 3Q23 · 2Q24 · 3Q23 · YTD24 · YTD23 · YTD23 | ||||||||||
| Staff | $1,736 | $1,720 | $1,755 | 1% | (1)% | $5,313 | $5,264 | 1% | ||
| Software and equipment | 491 | 476 | 452 | 3 | 9 | 1,442 | 1,331 | 8 | ||
| Professional, legal and other purchased services | 370 | 374 | 368 | (1) | 1 | 1,093 | 1,121 | (2) | ||
| Net occupancy | 130 | 134 | 140 | (3) | (7) | 388 | 380 | 2 | ||
| Sub-custodian and clearing | 117 | 134 | 121 | (13) | (3) | 370 | 358 | 3 | ||
| Distribution and servicing | 90 | 88 | 87 | 2 | 3 | 274 | 265 | 3 | ||
| Business development | 48 | 50 | 36 | (4) | 33 | 134 | 122 | 10 | ||
| Bank assessment charges | 10 | (7) | 37 | N/M | N/M | 20 | 118 | N/M | ||
| Amortization of intangible assets | 12 | 13 | 15 | (8) | (20) | 37 | 43 | (14) | ||
| Other | 96 | 88 | 78 | 9 | 23 | 275 | 298 | (8) | ||
| Total noninterest expense | $3,100 | $3,070 | $3,089 | 1% | —% | $9,346 | $9,300 | —% | ||
| Full-time employees at period end (a) | 52,600 | 52,000 | 53,600 | 1% | (2)% | 52,600 | 53,600 | (2)% | ||
(a) Beginning March 31, 2024, the number of full-time employees excludes interns.
Total noninterest expense was flat compared with the third quarter of 2023, reflecting higher investments and employee merit increases, offset by efficiency savings and a reduction in the FDIC special assessment. Excluding notable items, total noninterest expense increased 1% (Non-GAAP) compared with the third quarter of 2023. The investments in growth, infrastructure and efficiency initiatives are primarily included in staff, software and equipment, and professional, legal and other purchased services expenses. Total noninterest expense increased 1% compared with the second quarter of 2024, primarily reflecting higher investments and the impact of the adjustments to the FDIC special assessment recorded in the second and third quarters of 2024. Excluding notable items, total noninterest expense was flat (Non-GAAP) compared with the second quarter of 2024.
See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 43 for the reconciliation of this Non-GAAP measure.
Total noninterest expense was flat compared with the first nine months of 2023, reflecting efficiency savings, reductions in the FDIC special assessment and lower litigation reserves, offset by higher investments, employee merit increases and higher severance and revenue-related expenses. Excluding notable items, total noninterest expense increased 1%
(Non-GAAP) compared with the first nine months of 2023.
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