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The Bank of New York Mellon Corporation

6/20/2013, 4:11 AM ET

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Tuesday, June 4, 7:27 AM Report from Day 1 of Bank of America's (BAC) Article 77 hearing: After several hours of pre-hearing motions - which included a request for delay from the attorney representing the "objectors group" (including AIG) - the hearing got under way. While BofA is the de facto defendant, the actual defendant is BNY Mellon (BK) - the trustee for the 530 Countrywide mortgage trusts at issue. The defendants may want quick resolution, but the Judge told the parties "we're not going to be done with this in June." 19 Comments [Financials]
Wednesday, May 22, 7:27 AM BNY Mellon (BK) is on a revenue push, planning to increase its Wealth Management sales force by 50% over the next 3 years. Along with that will be hires in private and mortgage banking, portfolio management, wealth strategists, and additional sales support staff. The moves comes as near-invisible interest rates have squashed growth in BNY's other businesses (revenue fell 1% in Q1). (PR) Comment! [Financials]
Monday, May 13, 8:53 AM BNY Mellon (BK) is appealing last week's ruling allowing Chesapeake Energy (CHK) to proceed with redeeming $1.3B in bonds six years early and save CHK ~$100M in interest payments through lower rates. In court hearings before the trial, neither party could explain to the judge how an appeal might work, since the early redemption has already been put in motion and is scheduled to be executed today. 2 Comments [Energy]
Wednesday, May 8, 9:44 AM Chesapeake Energy (CHK +0.9%) wins its trial over its early call of $1.3B in bonds after a judge ruled against the notes' trustee, Bank of New York Mellon (BK). CHK sued BNY Mellon in March after the bank challenged its bid to redeem the 6.775% notes six years early and refinance the debt, a plan that will save CHK ~$100M in interest payments because of lower rates. Comment! [Energy]
Wednesday, April 24, 3:20 PM Bank of New York Mellon (BK +1.1%) will have to answer charges it fraudulently promised to deliver the best execution prices to clients on currency trades while allegedly overcharging for the service. The Department of Justice is relying on the rarely employed Financial Institutional Reform, Recovery, and Enforcement Act of 1989, and can now proceed with its claim over BK's objections according to U.S. District Judge Lewis Kaplan. Comment! [Financials]
Wednesday, April 17, 7:42 AM More on BNY Mellon (BK) Q1 earnings: EPS of $0.50 are off $0.02 Y/Y, off $0.03 from Q4. Fee revenue flat Y/Y, net interest revenue off 6% Y/Y - NIM of 1.11% vs. 1.32% a year ago. AUM of $1.4T, up 9% Y/Y. Basel Tier 1 Capital Ratio of 9.4%. Book value/share of $29.83, down from $30.39 last quarter, up from $28.51 a year ago. (PR) Comment! [Earnings, Financials]
Wednesday, April 17, 6:40 AM BNY Mellon (BK): Q1 EPS of $0.50 misses by $0.02. Non-GAAP Revenue of $3.59B misses by $0.02B. (PR) Comment! [Earnings, Breaking News, Financials]
Wednesday, April 17, 12:05 AM Notable earnings before Wednesday’s open: ABT, ASML, BAC, BK, DGX, DOV, FCFS, HBAN, MAT, PNC, STJ, TXT Comment! [Earnings]
Tuesday, April 16, 5:30 PM Notable earnings before Wednesday’s open: ABT, ASML, BAC, BK, DGX, DOV, FCFS, HBAN, MAT, PNC, STJ, TXT Comment! [Earnings]
Wednesday, April 10, 8:25 AM The Bank of New York Mellon Corporation (BK) declares $0.15/share quarterly dividend, 15% increase from prior dividend of $0.13. Forward yield 2.17%. For shareholders of record Apr. 29. Payable May 07. Ex-div date Apr. 25. (PR) Comment! [Dividends]
Tuesday, March 26, 5:46 AM Some high-profile hedge funds sitting on $250M in Chesapeake Energy (CHK) debt seek to withdraw from litigation between the company and Bank of New York Mellon (BK) over whether or not bonds can be redeemed. After originally being allowed by the court to intervene in the case, the funds are taking the action in an effort to simplify and speed up the courtroom proceedings. 5 Comments [Energy]
Friday, March 15, 10:33 AM Chesapeake (CHK +1%) goes ahead with its plan to buy back $1.3B of notes early, despite failing yesterday to persuade a U.S. district judge to force bond trustee BNY Mellon (BK) to accept the plan. Although the judge denied a request for a preliminary injunction, CHK noted he granted "comparable relief" and said CHK was "overwhelmingly" likely to win on the legal merits of its claim. 1 Comment [Energy]
Thursday, March 14, 5:05 PM Chesapeake Energy (CHK) fails to win a court order in its request for an emergency ruling allowing it to start redeeming $1.3B in notes early without automatically incurring the risk of paying ~$400M in interest sought by BNY Mellon (BK). CHK, which had hoped for a favorable ruling to help it close a potential $4B cash shortfall this year, -0.6% AH. 8 Comments [Energy]
Thursday, March 14, 4:43 PM More on bank capital return plans: American Express (AXP) an increase in the quarterly dividend to $0.23 from $0.20 and $4.2B in share repurchases over the next year. BNY Mellon (BK) an increase in the quarterly dividend to $0.15 from $0.13 and $1.35B in share repurchases over the next year. 1 Comment [Financials, On the Move]
Monday, March 11, 11:31 AM Chesapeake Energy (CHK +1%) bonds fall by the most in nearly eight months after the company filed suit against trustee Bank of New York Mellon (BK) to redeem $1.3B in notes early and avoid new interest. CHK, which had $12B in long-term liabilities at year-end, says its move is "part of a broader refinancing of its outstanding debt obligations." 7 Comments [Energy]
Thursday, March 7, 5:02 PM More on Fed Stress Tests (the rest of the lenders): AXP passed easily with a 11.1% common equity ratio. COF was a little closer to the 5% cutoff at 7.4%. The custodial banks - STT and BK - showed the best results of the entire group, with common ratios of 12.8% and 13.2% respectively. State Street +0.8% AH. (Previous: The methodology) Comment! [Financials]

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