Bank of New York Mellon Corp
For the period ended Jun 30, 2025. Filed Aug 1, 2025.
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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.
Jun 30, 2025 · Filed Aug 1, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Noninterest expense
| Noninterest expense · YTD25 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2Q25 vs. · vs. | ||||||||||
| (dollars in millions) · 2Q25 · 1Q25 · 2Q24 · 1Q25 · 2Q24 · YTD25 · YTD24 · YTD24 | ||||||||||
| Staff | $1,768 | $1,834 | $1,720 | (4)% | 3% | $3,602 | $3,577 | 1% | ||
| Software and equipment | 527 | 513 | 476 | 3 | 11 | 1,040 | 951 | 9 | ||
| Professional, legal and other purchased services | 388 | 366 | 374 | 6 | 4 | 754 | 723 | 4 | ||
| Sub-custodian and clearing | 150 | 131 | 134 | 15 | 12 | 281 | 253 | 11 | ||
| Net occupancy | 132 | 136 | 134 | (3) | (1) | 268 | 258 | 4 | ||
| Distribution and servicing | 63 | 65 | 88 | (3) | (28) | 128 | 184 | (30) | ||
| Business development | 53 | 48 | 50 | 10 | 6 | 101 | 86 | 17 | ||
| Bank assessment charges | 22 | 38 | (7) | N/M | N/M | 60 | 10 | N/M | ||
| Amortization of intangible assets | 11 | 11 | 13 | — | (15) | 22 | 25 | (12) | ||
| Other | 92 | 110 | 88 | (16) | 5 | 202 | 179 | 13 | ||
| Total noninterest expense | $3,206 | $3,252 | $3,070 | (1)% | 4% | $6,458 | $6,246 | 3% | ||
| Full-time employees at period end | 49,900 | 51,000 | 52,000 | (2)% | (4)% | 49,900 | 52,000 | (4)% | ||
Total noninterest expense increased 4% compared with the second quarter of 2024, primarily reflecting higher investments, employee merit increases, higher revenue-related expenses, adjustments to the FDIC special assessment and the unfavorable impact of the weaker U.S. dollar, partially offset by efficiency savings. Excluding notable items, total noninterest expense also increased 4% (Non-GAAP) compared with the second quarter of 2024. Total noninterest expense decreased 1% compared with the first quarter of 2025, primarily reflecting lower staff expense driven by the annual vesting of stock-based awards to retirement-eligible employees recorded in the first quarter of 2025, efficiency savings and lower litigation reserves, partially offset by the unfavorable impact of the weaker U.S. dollar. Excluding notable items, total noninterest expense also decreased 1% (Non-GAAP) compared with the first quarter of 2025.
See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 44 for the reconciliation of this Non-GAAP measure.
Total noninterest expense increased 3% compared with the first six months of 2024, primarily reflecting higher investments, employee merit increases, higher revenue-related expenses and adjustments to the FDIC special assessment, partially offset by efficiency savings. Excluding notable items, total noninterest expense also increased 3% (Non-GAAP) compared with the first six months of 2024.
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