Bank of New York Mellon Corp Quarterly Report for Q1 Ended Mar 31, 2010

Summary

This 10-Q filing for Bank of New York Mellon (BK) as of March 31, 2010, primarily focuses on disclosures related to controls and procedures, legal proceedings, and equity repurchase activity. Management, including the CEO and CFO, has affirmed the effectiveness of the company's disclosure controls and procedures. No material changes to internal controls over financial reporting were noted during the first quarter of 2010. From an investor's perspective, the company is actively managing potential legal and regulatory matters, stating that while outcomes are unpredictable, they do not anticipate a material adverse effect on the consolidated financial position or liquidity, though net income in a given period could be impacted. The report also details modest share repurchases, primarily to cover employee tax obligations related to stock vesting, and notes that a significant portion of a previously authorized share repurchase program remains available.

Key Highlights

• 1Management, including CEO and CFO, concluded that BNY Mellon's disclosure controls and procedures were effective as of March 31, 2010.
• 2No material changes to internal controls over financial reporting occurred in the first quarter of 2010.
• 3BNY Mellon is involved in various pending and potential legal actions and regulatory matters.
• 4The company does not believe that the aggregate outcome of current legal and regulatory matters will materially adversely affect its consolidated financial position or liquidity.
• 5However, legal and regulatory matters could materially affect net income in a specific period.
• 6BNY Mellon repurchased 659,000 shares of common stock in Q1 2010, primarily to satisfy employee tax obligations upon vesting of restricted stock.
• 7A significant portion (33.8 million shares) of a previously authorized share repurchase program remains available as of March 31, 2010.

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