ITEM 8.01. Other Events.
On June 27, 2022, The Bank of New York Mellon Corporation (the "Company")
announced that the Federal Reserve had notified the Company that its preliminary
Stress Capital Buffer ("SCB") requirement will remain 2.5%, equal to the
regulatory floor. This SCB is expected to be effective from October 1, 2022 to
September 30, 2023.
The Company also announced that it intends to increase its quarterly common
stock cash dividend by 9% from $0.34 to $0.37 per share, commencing as early as
the third quarter of 2022, subject to approval by its Board of Directors (the
"Board"). The Company continues to be authorized to repurchase common shares
under its existing share repurchase program approved by the Board, as announced
in June 2021. The repurchases of common stock may be executed through open
market purchases, in privately negotiated transactions or by other means,
including through repurchase plans designed to comply with Rule 10b5-1 and
through derivative, accelerated share repurchase and other structured
transactions. The timing, manner and amount of repurchases are subject to
various factors, including the Company's capital position and prevailing market
conditions.
The information presented in this Current Report on Form 8-K contains
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements, which may be expressed in a
variety of ways, including the use of future or present tense language, relate
to, among other things, the Company's repurchases of common stock, common stock
dividends, capital base, performance and ability to meet regulatory
requirements. These statements are based upon current beliefs and expectations
and are subject to significant risks and uncertainties (some of which are beyond
the Company's control). Actual outcomes may differ materially from those
expressed or implied as a result of risks and uncertainties, including, but not
limited to, the factors identified above and the risk factors and other
uncertainties set forth in the Company's Annual Report on Form 10-K for the year
ended Dec. 31, 2021, the Quarterly Report on Form 10-Q for the quarter ended
March 31, 2022 and the Company's other filings with the Securities and Exchange
Commission. All statements in this Current Report on Form 8-K speak only as of
the date of this filing and the Company undertakes no obligation to update the
information to reflect events or circumstances that arise after that date or to
reflect the occurrence of unanticipated events.
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