The Bank of New York’s $500 Million Preferred Stock Offering

Cleary Gottlieb is representing the underwriters in The Bank of New York’s registered offering of 500,000 depositary shares, each representing a 1/100th interest in a share of Series N noncumulative perpetual preferred stock ($100,000 liquidation preference per share).

The underwriters for the offering were Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC, UBS Securities LLC, and BNY Mellon Capital Markets LLC. The transaction priced on July 16, 2026, and is expected to settle on July 23, 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, and associate Marc Chien. Partner Matthew Brigham advised on tax matters, with assistance from law clerk Jiyoung (Reina) Kim. Partners Hugh Conroy and Lauren Semrad and associates Andrew Tynes and Laurel Cunningham advised on bank regulatory matters.