The Bank of New York’s $1.25 Billion Preferred Stock Offering

Cleary Gottlieb is representing the underwriters in The Bank of New York’s registered offering of 1.25 million depositary shares, each representing a 1/100th interest in a share of Series O noncumulative perpetual preferred stock ($100,000 liquidation preference per share).

The underwriters for the offering were Barclays Capital Inc., BofA Securities Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, and BNY Mellon Capital Markets LLC. The transaction priced on October 19, 2026, and is expected to settle on October 28, 2026.

The Bank of New York is a global financial services company that provides financial services for institutions and high-net-worth individuals, including asset servicing, issuer services, clearing services, treasury services, investment management, and wealth management.

The Cleary corporate team includes partners Manuel Silva and Jeff Karpf, counsel Elizabeth Chang, associates Marc Chien and Madeline Byers, and law clerk Kaitlyn Seese. Partner Matthew Brigham and associate Adam Girts advised on tax matters. Partners Hugh Conroy and Lauren Semrad and associates Andrew Tynes and Laurel Cunningham advised on bank regulatory matters.