BNY is one of the world's largest financial infrastructure companies, serving institutional clients — asset managers, pension funds, hedge funds, sovereign wealth funds, broker-dealers, and wealth managers — across global capital markets. BNY's core business is custody and asset servicing: as the world's largest custodian with $59.3 trillion in AUC/A, BNY holds and safekeeps client assets, processes transactions, calculates NAVs, and handles a broad range of post-trade operational functions. BNY also operates large-scale market infrastructure platforms, including U.S. Treasury clearing (primary settlement agent for U.S. government securities), global collateral management (~$7.5 trillion in collateral balances), and Pershing, a clearing and custody platform for wealth managers and RIAs with ~$3 trillion in AUM. BNY is predominantly fee-based (~75% of revenue), with fees tied to asset values, transaction volumes, and collateral balances, plus a smaller NII contribution from reinvesting client deposit balances. A third segment, Investment and Wealth Management, manages $2.2 trillion in AUM through investment boutiques and is currently underperforming. BNY's central growth strategy — "One BNY" — aims to cross-sell across its historically siloed platforms. BNY is also investing in digital asset custody and an enterprise AI platform to support efficiency and new revenue streams.