Summary
Bank of New York Mellon Corp (BK) has filed an 8-K report on March 17, 2022, disclosing its response to the ongoing events in Ukraine. The company is demonstrating solidarity by donating $1 million and matching employee contributions to aid those affected. This humanitarian effort underscores BNY Mellon's commitment to its employees and the wider community impacted by the crisis. In addition to its philanthropic initiatives, BNY Mellon is taking concrete business actions. The company has ceased new banking business within Russia and suspended the purchase of Russian securities for its investment management clients. While continuing to support multinational clients with essential custody and record-keeping services related to their Russian exposures, these measures are expected to have a financial impact. Management estimates a one-time revenue reduction of approximately $100 million in the first quarter of 2022 and an ongoing annual revenue impact of $80 million to $100 million.
Key Highlights
- 1BNY Mellon is donating $1 million and matching employee contributions to support Ukraine relief efforts.
- 2The company is ceasing new banking business in Russia.
- 3BNY Mellon has suspended investment management purchases of Russian securities.
- 4The firm will continue to provide custody and record-keeping services to multinational clients with Russian exposures.
- 5An approximately $100 million one-time revenue reduction is expected in Q1 2022 due to these actions.
- 6An estimated ongoing annual revenue impact of $80 million to $100 million is projected.
- 7The disclosure is made under Regulation FD and is furnished, not filed.