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    Rajiv Bhatia • Morningstar

    Rajiv Bhatia, CFA, is an equity analyst specializing in financial services at Morningstar, focusing on custody banks, credit bureaus, credit rating agencies, and financial data and software providers. He currently covers companies such as Broadridge Financial Solutions, Experian, Fair Isaac (FICO), Equifax, Northern Trust, Fifth Third Bancorp, Zions Bancorp, and M&T Bank, providing in-depth sector insights since joining Morningstar in 2019 after four years at Raymond James analyzing financial technology stocks. Bhatia holds a bachelor's degree in applied mathematics and economics from Northwestern University and a master's in finance from Washington University’s Olin School of Business, and he is a Chartered Financial Analyst (CFA) charterholder. Throughout his career, he has earned a reputation for rigorous equity research, though specific public performance metrics or external analyst rankings for his coverage are not available.

    Rajiv Bhatia's questions to Bank of New York Mellon Corp (BK) leadership

    Rajiv Bhatia's questions to Bank of New York Mellon Corp (BK) leadership • Q2 2025

    Question

    Rajiv Bhatia of Morningstar sought clarification on management's comment about 'not seeing negative pricing.' He asked if this meant pricing was flat year-over-year and whether the pricing environment differed by line of business.

    Answer

    CFO Dermot McDonough clarified that pricing is 'broadly flat across the firm' and is a significant improvement from being a headwind a few years ago. He estimated that the negative impact from repricing is down about 80% from three years ago and is now 'flat to slightly positive' year-to-date. He also stated that this trend is broadly consistent across all lines of business.

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    Rajiv Bhatia's questions to Bank of New York Mellon Corp (BK) leadership • Q3 2024

    Question

    Rajiv Bhatia asked about the continued decline in the number of sponsored programs in the depository receipts business and whether this was driven by competitive takeaways or other factors.

    Answer

    CFO Dermot McDonogh advised not to read too much into the number, describing depository receipts as a small but very important, high-margin business where BNY has significant market share. CEO Robin Vince added that the headline number is misleading, as the decline was partly due to a deliberate off-boarding of smaller, less significant clients.

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