BNY Mellon Buyback
OLI recorded this information on 6/28/2017
BNY Mellon, a global leader in investment management and investment services, today announced that the Federal Reserve did not object to the 2017 capital plan in its Comprehensive Capital Analysis and Review ("CCAR"). As a result, the company's board of directors has approved the repurchase of up to $2.6 billion of its common stock starting in the third quarter of 2017 and continuing through the second quarter of 2018. The board also approved the repurchase of up to an additional $500 million of common stock contingent upon the company issuing $500 million of preferred stock. The 2017 capital plan also includes an approximately 26 percent increase to BNY Mellon's quarterly cash dividend on common stock from $0.19 to $0.24 per share, commencing as early as the third quarter of 2017, subject to board approval.
Bank of New York Mellon divides its businesses into two business segments, Investment Services and Investment and Wealth Management. Co. also has an Other segment, which includes the leasing portfolio, corporate treasury activities (including Co.'s securities portfolio), derivatives and other trading activity, corporate and bank-owned life insurance, renewable energy investments and business exits. Co.'s two principal U.S. banking subsidiaries engage in trust and custody activities, investment management services, banking services and various securities-related activities. Co. has four other U.S. bank and/or trust company subsidiaries focusing on trust products and services across the U.S.
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Buy (3.09 out of 4)