Total Revenue

12% increase (from $4,311M to $4,847M)

BK’s total revenue increased by approximately 12% YoY, reflecting stronger overall performance driven by improved market dynamics and successful company initiatives compared to the prior period. " " "

Securities Services Total Revenue

Shift from –$44M to $3,333M

An extraordinary recovery occurred in Securities Services, reversing a negative revenue position from –$44M in Q4 2023 to a robust $3,333M in Q4 2024, likely due to enhanced client activity and improved market values. " "

Market & Wealth Services Total Revenue

12% increase (from $4,311M to $4,836M)

Market & Wealth Services revenue grew by over 12% YoY, driven by higher market values and increased net new business, building on improvements relative to the previous quarter. " "

Operating Income

Surge from $232M to $1,472M

Operating income saw a dramatic improvement, rising from $232M to $1,472M, reflecting improved revenue performance, operational efficiencies, and a rebound from the depressed levels of the previous period. " " "

Basic EPS

Increase from $0.23 to $1.55

Basic EPS jumped significantly from $0.23 to $1.55, driven by the strong operating income recovery and improved profitability compared to the previous period. " "

Depreciation & Amortization

Increase from $14M to $1,766M

Depreciation & Amortization surged sharply, indicating major non‐cash adjustments likely due to significant asset revaluation, capital reclassifications or changes in accounting treatment relative to the prior period. " "

Net Interest Income (NII)

FY 2025

no prior guidance

mid-single-digit % YoY growth "

no prior guidance

Fee Revenue

FY 2025

no prior guidance

increases year-over-year "

no prior guidance

Expenses

FY 2025

no prior guidance

up 1%–2% year-over-year "

no prior guidance

Non-Interest-Bearing Deposits

FY 2025

no prior guidance

$44B–$46B " "

no prior guidance

Incremental Revenue from Wove

FY 2025

no prior guidance

$60M–$70M "

no prior guidance

Wove platform

Consistently highlighted as key to Pershing growth; strong client demand, on track for $30-40M in 2024. Mentioned as evolving from workflow tool to broader wealth-tech platform. " " " "

Seen as a major growth driver, with revenue guidance raised to $60-70M in 2025 and 36 clients on the platform. " "

Continuing, sentiment increasingly positive

Pershing business

Mixed in earlier quarters: negative net new assets at times due to lost clients, but improving post-deconversion. Focus on billion-dollar-plus RIAs, ongoing realignment for growth. " " " " " "

Strong momentum, 30% YoY sales increase in multi-product deals, $41B net new assets; integral to BNY’s strategy. " " "

Continued growth emphasis

Asset Servicing

Positive growth each quarter (5%/4%/8%), with consistent ETF servicing expansion. Clients consolidating providers, BNY seen as competitive. " " "

7% YoY fee growth, broad-based momentum, ETF and alternatives among bright spots. " "

Ongoing strength, consistent positivity

ETF servicing

Rapid growth across periods ($2.7T in Q3, over $2T in Q2/Q1), cited as a secular trend and key offering. " " "

AUCA at $2.8T, up 60% YoY, inflows outpacing market, validating multi-year investments. "

Strong expansion, crucial focus

Investment & Wealth Mgmt margins

Margins have fluctuated: 21% (Q3), improved 200 bps YoY in Q2, lower at ~13% in Q1. Emphasis on controlling expenses and driving profitability. " " "

20% pretax margin, with revenue up 29% and expenses up 2%. "

Improving but varies by quarter

Net Interest Income (NII)

Mixed trends: +3% YoY in Q3, -6% YoY in Q2, -8% YoY in Q1. Repositioning balance sheet to manage rate changes. 2025 NII expected to grow mid-single digits. " " "

$1.2B, +8% YoY, driven by reinvestments at higher yields despite deposit margin compression. " "

Turned positive YoY, cautious optimism

Noninterest-bearing deposits

Declined in Q3 (-2%), expected to “grind lower” in Q2, down 5% in Q1 as clients moved to higher yields. " " " "

Up 7%, with an outlook of $44-46B in 2025. " "

Rebound after decline

Clearance & collateral management

Consistently a growth driver: +16% (Q3), +15% (Q2), +13% (Q1). Realignment from Pershing has created a global clearing platform. " " " "

Benefited from strong U.S. Treasury issuance and trading, 13% fee increase. Expanding global collateral platform. " "

Stable growth, high client activity

Operating model transformation

Discussed each quarter as part of the ONE BNY strategy, with waves of employee transitions. AI integration highlighted in Q3. Emphasis on improved client delivery and culture. " " " " "

25% transitioned by end of 2024, heading to 80% by end of 2025, aiming for efficiency and cross-collaboration. " " "

Ongoing, significant future impact

Geopolitical tensions

Cited as a tail risk in Q3, mentioned in Q1 regarding Middle East conflicts, not discussed in Q2. " " "

Acknowledged as a key risk, with conflicts on multiple continents adding uncertainty. "

Recurrent, heightening awareness

Potential recession

Indirectly mentioned as a possible slowdown in Q3. No direct discussion in Q2 or Q1. "

Seen as a risk but “not around the corner,” balancing higher rates and macro complexity. "

Cautious watch, not explicitly predicted

Higher interest rates

Discussed frequently, with repointing of portfolio. Mixed deposit trends, net tailwind for securities yields. " " "

Viewed as creating market complexity, but supportive of reinvestment yields. NII partly offset by deposit costs. " " "

Consistent theme, both risk and benefit