Bank of New York (BK) Approves $3.1B Buyback; Dividend Unchanged

Bank of New York (NYSE: BK) announced that the Federal Reserve did not object to the 2015 capital plan in its Comprehensive Capital Analysis and Review. As a result, the company's board of directors has approved the repurchase of up to $2.4 billion of its common stock over a five-quarter period starting in the second quarter of 2015 and continuing through the second quarter of 2016. The board also approved the repurchase of up to an additional $700 million of common stock during a portion of the period covered by the repurchase plan, contingent upon the company issuing $1 billion of preferred stock. The company's dividend remains unchanged at $0.17 per share of common stock.

"The Federal Reserve's notice not to object to our 2015 capital plan underscores the financial strength and flexibility we have to effectively deploy our capital and perform during periods of extraordinary market stress," said Gerald L. Hassell, chairman and chief executive officer of BNY Mellon.

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