BNY Mellon Board Approves $1.74 Bln Share Buyback, Lifts Dividend - Quick Facts

(RTTNews) - BNY Mellon Wednesday said, the Federal Reserve has approved the repurchase of up to $1.74 billion of its common stock, starting in the second quarter.

The board has also authorized a 13 percent increase to BNY Mellon's quarterly common stock dividend in the second quarter of 2014, which the board is expected to consider at its April meeting.

"The Federal Reserve's notice not to object to our 2014 capital plan is consistent with the strength of our business model in stress scenarios, which continues to provide us with the financial flexibility to deploy our capital in the form of dividends and share repurchases," said Gerald Hassell, BNY Mellon chairman and CEO.