BNY no longer reports revenue from its Pershing brand advisor custody business as a separate line item on its earnings reports, but the unit that took its place saw a 10% year-over-year increase in revenue in the third quarter. Since the first quarter of 2026, BNY has reported financials for its custody business under "Wealth Solutions," which posted revenue of $813 million in the third quarter, driven in part by higher market valuations and net new business.
A BNY spokeswoman earlier this month told Barron's Advisor that the Pershing brand would remain "as is," though the name doesn't appear in the bank's earnings releases for the second and third quarters. In the first quarter, BNY said it was reporting Pershing's business as Wealth Solutions, and the bank last reported Pershing as a line item in the fourth quarter of 2025.
BNY says that the Wealth Solutions label emerged after it combined the managed account services provided under BNY Archer with BNY Pershing's custody business. The spokeswoman says that even though Pershing no longer appears as a line item on the earnings reports, "BNY Pershing remains unchanged."
Fee revenue for Wealth Solutions checked in at $554 million for the third quarter, up 7% from a year ago.
The entire BNY enterprise reported earnings per share of $2.37 for the third quarter, up 24% from the same period a year ago and ahead of analysts' forecast of $2.27.
Shares of BNY were up about 3% as of midday Thursday.
BNY reported total third-quarter revenue of $5.68 billion, up nearly 12% from the same period a year ago and topping the consensus forecast of $5.55 billion.
BNY CEO Robin Vince cited "broad-based growth across our platforms" in the third period "against the backdrop of an overall constructive but uneven operating environment."
The results come as BNY is retooling its technology platform for financial advisors. BNY is retiring the "Wove" brand for that service, which it launched in 2023. The company says it is aiming to take the best elements of Wove and enhance them with new artificial-intelligence capabilities, updated clearing and custody applications, and an improved investor interface.
In the third quarter, BNY reported $63.4 trillion in assets under custody or administration, up 10% from the year-earlier period. It reported an additional $2.2 trillion in assets under management, up 2% from a year ago.
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