UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 7.01. | Regulation FD Disclosure. |
BNY Mellon stands united in the face of the tragic events occurring in Ukraine. We are initially donating $1 million and matching our employees’ contributions. We are also taking action to look after the wellbeing of our employees and the members of our community who have been impacted.
In addition, BNY Mellon has ceased new banking business in Russia and suspended investment management purchases of Russian securities. We will continue to work with multinational clients that depend on our custody and record keeping services to manage their exposures.
Government sanctions and these actions are expected to result in an approximately $100 million one-time reduction in revenue in the first quarter of 2022, and also impact the firm’s annual revenue by an estimated $80 million to $100 million going forward.
This 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, including information about the first quarter of 2022, which consists of preliminary estimates and is subject to change, possibly materially, as the Company completes the quarter and prepares its financial statements for the period. In addition, important factors that generally affect the Company’s business are set forth in the risk factors in the Company’s Annual Report on Form 10-K for the year ended Dec. 31, 2021.
The information in this Item 7.01 is being “furnished” pursuant to General Instruction B.2 of Form 8-K and is not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities under that Section, and shall not be incorporated by reference into any filings BNY Mellon has made or may make under the Securities Act of 1933 or Exchange Act, except as otherwise expressly stated in such filing.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| The Bank of New York Mellon Corporation | ||||||
| (Registrant) | ||||||
| Date: March 17, 2022 | By: | /s/ James J. Killerlane III | ||||
| Name: | James J. Killerlane III | |||||
| Title: | Secretary | |||||
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