Bank of New York Mellon Corp

Bank of New York Mellon (BNY) is primarily a custody bank and financial services provider for institutional clients — pension funds, asset managers, insurers, and corporations.

Its core business is holding and tracking financial assets on behalf of clients ($59.3 trillion in assets under custody/administration), for which it charges fees. It also clears and settles securities transactions, handles fund administration, and provides related back-office services to financial institutions.

A secondary business, investment management, runs about $2.2 trillion in assets under management, generating fee income from institutional and retail investors.

Revenue comes almost entirely from fees — custody fees, transaction fees, and asset management fees — rather than traditional lending spread.