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… Railroad operating earnings in 2024 increased due to volume growth and lower operating expenses from improved productivity, partially offset by the $290 million charge related to the SMART-TD labor union agreement that was finalized in the fourth quarter of …

Marked against last year's 10-K

Railroad operating revenues declined 0.5% in 2024 compared to 2023, reflecting lower average revenue per car/unit of 6.6%, primarily attributable to lower fuel surcharge revenue and business mix changes, partially offset by a net volume increase of 6.5%. Pre-tax earnings were $6.6 billion in 2024, a slight increase from 2023. Railroad operating earnings in 2024 increased due to volume growth and lower operating costs expenses from improved productivity, partially offset by a the $290 million charge related to a the SMART-TD labor union agreement that was finalized in the fourth quarter of 2024 and by increased litigation accruals.

Item 7, MD&A, 10-K Mar 2, 2026open_in_new

… Railroad operating earnings increased in 2025 as a result of lower operating expenses from improved productivity, lower litigation accruals, and the impact of a charge in December 2024 of $290 million related to the SMART-TD labor union agreement.

Marked against last year's 10-K

Railroad operating revenues declined 0.5% slightly in 2024 2025 compared to 2023, reflecting lower average 2024. Average revenue per car/unit of 6.6%, declined 0.5%, primarily attributable to lower fuel surcharge revenue and unfavorable business mix changes, mix, partially offset by a net volume increase of 6.5%. higher yield. Pre-tax earnings were $6.6 $7.2 billion in 2024, a slight 2025, an increase from 2023. of 7.9% compared to 2024. Railroad operating earnings increased in 2024 increased due to volume growth and 2025 as a result of lower operating costs expenses from improved productivity, partially offset by lower litigation accruals, and the impact of a charge in December 2024 of $290 million charge related to a the SMART-TD labor agreement that was finalized in the fourth quarter of 2024 and by increased litigation accruals. union agreement.

Item 7, MD&A, 10-K Mar 2, 2026open_in_new

• For the more severe catastrophic events, “demand surge” inflation, which refers to significant short-term increases in building material and labor costs due to a sharp increase in demand for those materials and services

Word for word as last year Item 7, MD&A, 10-K Feb 12, 2026open_in_new

• For the more severe catastrophic events, “demand surge” inflation, which refers to significant short-term increases in building material and labor costs due to a sharp increase in demand for those materials and services

Word for word as last year Item 7, MD&A, 10-K Feb 12, 2026open_in_new

• Our operations rely on our ability, and the ability of key external parties, to maintain appropriately staffed workforces, and on the competence, trustworthiness, health and safety of employees.

Marked against last year's 10-K

• Our operations rely on our ability, and the ability of key external parties, to maintain appropriately staffed workforces, and on the competence, trustworthiness, health and safety of employees.

Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

Our operations rely on our ability, and the ability of key external parties, to maintain appropriately staffed workforces, and on the competence, trustworthiness, health and safety of employees.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

• Workforce optimization - includes costs associated with headcount reduction and other separation-related costs.

Word for word as last year Item 7, MD&A, 10-K Feb 13, 2026open_in_new

• Workforce optimization - includes costs associated with headcount reduction and other separation-related costs.

Word for word as last year Item 7, MD&A, 10-K Feb 13, 2026open_in_new

… and other countries, and new or evolving legal and regulatory requirements on business investment, hiring, migration, labor supply and global supply chains.

Marked against last year's 10-K

Adverse economic conditions may result from domestic and global economic and political developments, including plateauing or decreasing economic growth and business activity, changes to U.S. and foreign tariff policies, civil unrest, geopolitical tensions or military action, such as the armed conflicts in the Middle East and between Ukraine and Russia, and corresponding sanctions imposed on Russia by the United States U.S. and other countries, and new or evolving legal and regulatory requirements on business investment, hiring, migration, labor supply and global supply chains.

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

In terms of economic conditions in the U.S., the Bureau of Economic Analysis reported real GDP increased at an annual rate of 2.2% in 2025, following an increase of 2.8% in 2024. As of January 2026, the International Monetary Fund estimated the U.S. economy will expand by 2.4% in 2026 and 2.0% in 2027. The U.S. Bureau of Labor Statistics reported the U.S. unemployment rate increased to 4.4% as of December 31, 2025, compared to 4.1% as of December 31, 2024.

Marked against last year's 10-K

In terms of economic conditions in the U.S., the Bureau of Economic Analysis reported real GDP increased at an annual rate of 2.8% 2.2% in 2024, 2025, following an increase of 2.9% 2.8% in 2023. 2024. As of January 2025, 2026, the International Monetary Fund estimated that the U.S. economy will expand by 2.7% 2.4% in 2025 2026 and 2.1% 2.0% in 2026. 2027. The U.S. Bureau of Labor Statistics reported that the U.S. unemployment rate increased to 4.4% as of December 31, 2025, compared to 4.1% as of December 31, 2024, compared to 3.8% as of December 31, 2023. 2024.

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

• differences in legal and regulatory environments, particularly with respect to bankruptcy and reorganization, labor and employment laws, less developed corporate laws regarding fiduciary duties and the protection of investors and less reliable judicial systems to enforce contracts and applicable law;

Word for word as last year Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

Certain of the funds or accounts we advise or manage are subject to the fiduciary responsibility and prohibited transaction provisions of ERISA and Section 4975 of the Code, and our businesses could be adversely affected if certain of our other funds or accounts fail to satisfy an exception under the U.S. Department of Labor’s “plan assets” regulation.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

including Pillar Two rules which introduce a global minimum tax at a rate of 15%. European Union member states

Word for word as last year Item 7, MD&A, 10-K Feb 27, 2026open_in_new

Lodging Payments revenues was primarily due to a decline in workforce room night volume due to lower emergency activity.

New this year Item 7, MD&A, 10-K Feb 27, 2026open_in_new

• Engage a high-performing and talented workforce - Every day our employees provide our clients with great ideas, extraordinary service, and smart solutions. We intend to continue to engage our high-performing and talented workforce to create an environment where everyone can make a difference, own their careers, be respected, and feel a sense of pride.

Word for word as last year Item 7, MD&A, 10-K Feb 23, 2026open_in_new

• Labor-supply constraints, including as a result of further changes to U.S. immigration policies and laws and immigration enforcement, leading to slowing job growth and rising wages along with inflation (wage-price spiral); and

Marked against last year's 10-K

• Labor-supply constraints, including as a result of potential further changes to U.S. immigration policies and laws, laws and immigration enforcement, leading to slowing job growth and rising wages along with inflation (wage-price spiral); and

Item 1A, Risk Factors, 10-K Feb 23, 2026open_in_new

• increased costs related to our direct and third-party support services, labor and financing, increased credit risk and decreased sales; and

Marked against last year's 10-K

• increased costs related to our direct and third-party support services, labor and financing, increased credit risk and decreased sales as a result of inflationary pressures; sales; and

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

The successful implementation of these initiatives may continue to require us to effect business rationalizations, technology enhancements, business process outsourcing, workforce reductions, modifications to our operating model and other actions, which depend on a number of factors, some of which are beyond our control.

Marked against last year's 10-K

We may not be able to fully realize the anticipated expense reductions and operational and organizational efficiency improvements we expect to result from our focus on our operating model and associated initiatives. Actual costs to implement these initiatives may exceed our estimates or we may be unable to fully implement and execute these initiatives as planned. Our businesses and results of operations may be negatively impacted if we are unable to realize these anticipated expense reductions and efficiency improvements or if implementing these initiatives harms our relationships with customers or employees or our competitive position. The successful implementation of these initiatives may continue to require us to effect business rationalizations, technology enhancements, business process outsourcing, workforce reductions, modifications to our operating model and other actions, which depend on a number of factors, some of which are beyond our control.

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

… To the extent that Loews Hotels & Co’s non-union employees join unions, Loews Hotels & Co would have greater exposure to risks associated with such labor problems. Furthermore, Loews Hotels & Co may have, or acquire

Marked against last year's 10-K

A portion of Loews Hotels & Co’s labor force is covered by collective bargaining agreements. Work slowdowns and stoppages and other labor problems could negatively affect Loews Hotels & Co’s business and results of operations. A prolonged dispute with covered employees or any labor unrest, strikes or other business interruptions in connection with labor negotiations or otherwise could have an adverse impact on Loews Hotels & Co’s operations. Adverse publicity in the marketplace related to union messaging could further harm its reputation and reduce customer demand for its services. Also, wage and/or benefit increases and/or changes to operational protocols resulting from new labor agreements may be significant and could have an adverse impact on its results of operations. Furthermore, Loews Hotels & Co could experience demands from labor unions that represent its employees for additional compensation, healthcare benefits, operational protocols or other terms in response to pandemics or pandemics, the outbreak of contagious diseases or other events that could increase costs. To the extent that Loews Hotels & Co’s non-union employees join unions, Loews Hotels & Co would have greater exposure to risks associated with such labor problems. Furthermore, Loews Hotels & Co may have, or acquire in the future, multi-employer plans that are classified as “endangered,” “seriously endangered,” or “critical” status and a withdrawal in the future could result in the incurrence of a contingent liability that would be payable in an amount and at such time (or over a period of time) that would vary based on a number of factors at the time of (and after) withdrawal. Any such events or additional costs may have materially adverse effects.

Item 1A, Risk Factors, 10-K Feb 10, 2026open_in_new

• organized labor activities, which could cause a diversion of business from hotels involved in labor negotiations and loss of business for Loews Hotels & Co’s properties generally as a result of certain labor tactics;

Word for word as last year Item 1A, Risk Factors, 10-K Feb 10, 2026open_in_new

… and its various states, the United Kingdom, the European Union and its member states, Australia and the other jurisdictions in which we operate. We are also subject to trade sanctions laws relating to countries such as Afghanistan, Belarus, Cuba, Iran …

Marked against last year's 10-K

Our activities are subject to extensive regulation under the laws of the U.S. and its various states, the United Kingdom, the European Union and its member states, Australia and the other jurisdictions in which we operate. We are also subject to trade sanctions laws relating to countries such as Afghanistan, Belarus, Cuba, Iran, North Korea, Russia, Syria, Ukraine (Russia-controlled territories) and Venezuela, and anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act. We are subject to numerous other laws on matters as diverse as internal control over financial reporting and disclosure controls and procedures, securities regulation, data privacy and protection, cybersecurity, taxation, anti-trust and competition, anti-money laundering, immigration, wage-and-hour standards and employment and labor relations.

Item 1A, Risk Factors, 10-K Feb 9, 2026open_in_new

• our ability to forecast demand for our services and thereby maintain appropriate headcount in each of our geographies and workforces;

Word for word as last year Item 1A, Risk Factors, 10-K Feb 9, 2026open_in_new

• U.S. Federal agencies including the SEC, the Financial Industry Regulatory Authority, the Department of Labor, the U.S. Department of Justice, the Consumer Financial Protection Bureau and the National Labor Relations Board

Word for word as last year Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

Executing our strategy to advance and innovate technology, including leveraging artificial intelligence, has and may continue to impact our workforce as we require new and different skills to achieve our strategic goals. Advancements in technology, business process redesign and changes in consumer preferences may also impact our workforce needs in the future.

Marked against last year's 10-K

Executing our strategy to advance and innovate technology technology, including leveraging artificial intelligence, has and may continue to impact our workforce as we require new and different skills, particularly those in areas such as digital, data and analytics and technology skills to achieve our strategic goals. Advancements in technology technology, business process redesign and changes in consumer preferences may also impact our workforce needs in the future.

Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

Adjusted EBITDA increased year over year due to the revenue impacts noted above and the positive impact of the operating leverage and labor productivity and outsourcing initiatives. Adjusted EBITDA margin expanded year over year, driven primarily by labor productivity and outsourcing initiatives and favorable revenue mix compared to the prior year, including an increase in high-margin license revenue.

Word for word as last year Item 7, MD&A, 10-K Feb 24, 2026open_in_new

Selling, general and administrative expenses for the year ended December 31, 2024, increased primarily due to higher expenses relating to the separation of the Worldpay Merchant Solutions business, offset in part by lower labor costs.

Word for word as last year Item 7, MD&A, 10-K Feb 24, 2026open_in_new

Competition for qualified members of our workforce is intense, and we may not be able to attract and retain the personnel we need to support our business.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

• Repositioning charges of $326 million, which included $211 million of compensation and employee benefits expenses related to workforce rationalization, $69 million of occupancy costs associated with real estate footprint optimization, and costs associated with operating model changes of $24 million and $22 million reflected in information systems and communications and other expenses, respectively.

Marked against last year's 10-K

◦ Net repositioning • Repositioning charges of approximately $203 $326 million, including $182 which included $211 million of compensation and employee benefits expenses related to workforce rationalization and $21 rationalization, $69 million of occupancy costs related to associated with real estate footprint optimization. optimization, and costs associated with operating model changes of $24 million and $22 million reflected in information systems and communications and other expenses, respectively.

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

… Additionally, the European Union has implemented a directive, commonly referred to as “CESOP” (the Central Electronic System of Payment information), which requires payment service providers in the European Union to report cross-border fiat transactions to taxing authorities on a …

Marked against last year's 10-K

Similarly, new rules for reporting crypto assets under the global “common reporting standard” (CRS) as well as under and the “crypto-asset reporting framework” (CARF) will be have been implemented on our international operations, creating new obligations and a need to invest continue investing in new onboarding and reporting infrastructure. Such rules are under discussion have been adopted by the numerous member and observer states of the “Organization for Economic Cooperation and Development” and by the European Commission on behalf of the member states of the European Union. These new rules may give rise to potential liabilities or disclosure requirements for prior customer arrangements and new rules operational challenges that affect how we onboard our customers and report their transactions to taxing authorities. Additionally, the European Union has issued implemented a directive, commonly referred to as “CESOP” (the Central Electronic System of Payment information), which requires payment service providers in the European Union to report cross-border fiat transactions to taxing authorities on a quarterly basis. Any actual or perceived failure by us to comply with the above or any other tax and financial regulations that apply to our operations could harm our business business, lead to customer attrition, and adversely affect our financial position.

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

As a financial institution licensed to, among other things, engage in money transmission in the United States, to conduct virtual currency business activity in New York, Dubai and Bermuda, and issue electronic money in the United Kingdom and the European Union, we are subject to strict rules governing

Marked against last year's 10-K

As a financial institution licensed to, among other things, engage in money transmission in the United States, to conduct virtual currency business activity in New York, Dubai and Bermuda, and issue electronic money in the United Kingdom and the European Union, we are subject to strict rules governing how we manage and hold customer fiat currency and crypto assets. We maintain complex treasury operations to manage and move customer fiat currency and crypto assets across our platforms and to comply with regulatory requirements. However, it is possible we may experience errors in fiat currency and crypto asset handling, accounting, and regulatory reporting that lead us to be out of compliance with these requirements. In addition, regulators may increase the amount of fiat currency reserves that we are required to maintain for our operations, as has happened in the past, which may lead to sanctions, penalties, changes to our business operations, or the revocation of licenses. Frequent launch of new products and services, margin trading, lending functions, and the addition of new payment rails increase these risks.

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

On September 25, 2025, we acquired the Smith Consulting Group, LLC business (“SCG”), an operational consulting service utilized by community banks and credit unions across the U.S. SCG is included within the Financial segment and supports our ability to …

New this year Item 7, MD&A, 10-K Feb 19, 2026open_in_new

… On March 2, 2025, we acquired Payfare, Inc. (“Payfare”), a provider of program management solutions powering instant access to earnings and banking solutions for workforces. Payfare is included within the Financial segment and expands our embedded finance capabilities for large …

Marked against last year's 10-K

In 2024, On March 18, 2025, we entered into definitive agreements to acquire acquired CCV Group B.V. (“CCV”) and Payfare Inc. (“Payfare”). CCV is (“CCV”), a supplier of POS payment solutions. Upon the closing of this acquisition, which CCV is subject to regulatory approval and customary closing conditions, CCV will be included within the Merchant segment and is expected to expand expands our network of payment solutions. Payfare is solutions, enabling our ability to accelerate the deployment of our Clover POS and business management platform across Europe. On March 2, 2025, we acquired Payfare, Inc. (“Payfare”), a provider of program management solutions powering instant access to earnings and banking solutions for workforces. Upon the closing of this acquisition, which Payfare is subject to shareholder and court approvals and customary closing conditions, Payfare will be included within the Financial segment and is expected to expand expands our embedded finance capabilities. We expect these acquisitions, capabilities for an aggregate purchase price of approximately $360 million, to close in the first quarter of 2025. large enterprises and financial institutions.

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

We may not be able to attract and retain a highly qualified workforce, or maintain our corporate culture, which could harm our overall business and results of operations.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

As our workforce composition continues to change, our employees may have different expectations with respect to flexibility and well-being support. Additionally, employees may require different levels of support as to re-skilling and upskilling in order to adapt to …

Marked against last year's 10-K

As our workforce composition continues to change, our employees may have different expectations with respect to flexibility and well-being support, and may have different career motivations (such as pursuing project-based work or other gig opportunities, as opposed to linear career paths). support. Additionally, employees may require different levels of support as to re-skilling and upskilling in order to adapt to advancements in our industry and changes in technology. Further, certain current and prospective employees may have expectations as to positions we take on environmental, social and governance matters. To the extent we are unable to effectively meet and/or balance these different expectations, motivations expectations and needs, we could experience a negative impact to the quality of our corporate culture, the productivity of our workforce, our ability to innovate workforce and our ability to attract and retain talent.

Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

We depend on skilled labor, and employee attrition, competition for talented employees and labor shortages may have a material adverse effect on our business and operations.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

• The baseline forecast anticipates real GDP growth slowing to around 2% in 2026, with continued modest job gains and the unemployment rate at around 4.5%. Tariffs remain a risk to the outlook, and a reversal in sentiment around AI or a large decline in equity prices would be drags. Weaker labor force growth could lead to weaker long-run growth.

New this year Item 7, MD&A, 10-K Feb 20, 2026open_in_new

… These charges, primarily related to our domestic operations and PGIM, were recorded within our Corporate and Other operations and reflect management’s ongoing efforts in evaluating the optimal workforce structure required to deliver on our long-term growth strategy. We …

Marked against last year's 10-K

As part of our continuous improvement process, we are working to become a leaner and more agile company by simplifying our management structure, empowering our employees with faster decision-making processes and investing in technology and data platforms. As part of this, we implemented changes to our organizational structure recorded charges of $135 million in the fourth quarter of 2025 and recorded a restructuring charge of $200 million in the fourth quarter of 2023. These charges, primarily related to our domestic operations and PGIM, were recorded within our Corporate and Other operations and reflect management’s ongoing efforts in evaluating the optimal workforce structure required to deliver on our long-term growth strategy. We expect these continued actions will create operating efficiencies, and provide reinvestment capacity to build capabilities, realize additional efficiencies, strengthen our competitiveness and fuel future growth.

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

• Workforce unavailability resulting from any of the above events, among others.

New this year 10-K, 10-K Feb 12, 2026open_in_new

During the second quarter of 2025, management undertook a large-scale initiative (the “2Q 2025 Plan”) to reengineer our existing technology infrastructure to improve scalability, reduce network latency, decrease operational costs, and optimize our workforce. The 2Q 2025 Plan is …

New this year Item 7, MD&A, 10-K Feb 3, 2026open_in_new

During the second quarter of 2025, management undertook a large-scale initiative (the “2Q 2025 Plan”) to reengineer our existing technology infrastructure to improve scalability, reduce network latency, decrease operational costs, and optimize our workforce. The 2Q 2025 Plan is …

New this year Item 7, MD&A, 10-K Feb 3, 2026open_in_new

… Also, our ability to attract, develop and retain employees could be impacted by our reputation, professional and development opportunities, changes in regulation or enforcement practices, changes in workforce concerns, expectations, practices and preferences (e.g. remote work), and increasing labor …

Marked against last year's 10-K

Our performance and competitive position is heavily dependent on the talents, development and efforts of highly skilled individuals. Competition for qualified personnel is intense from within and outside the financial services industry. Our competitors include global institutions and institutions subject to different compensation and hiring regulations than those imposed on us. Also, our ability to attract, develop and retain employees could be impacted by our reputation, professional and development opportunities, changes in regulation or enforcement practices, changes in workforce concerns, expectations, practices and preferences (including (e.g. remote work), and increasing labor shortages and competition for labor, which could increase labor costs.

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

… real GDP was forecasted to grow 1.7 percent year-over-year in the fourth quarter of 2025, reflecting a strong labor market and consistent levels of growth compared to our macroeconomic outlook as of December 31, 2024, and were …

Marked against last year's 10-K

There are multiple variables that drive the macroeconomic scenarios with the key variables including, but not limited to, U.S. real GDP and unemployment rates. As of December 31, 2024, 2025, the latest consensus estimate for the U.S. average unemployment rate for the fourth quarter of 2024 2025 was 4.2 4.5 percent, and U.S. real GDP was forecasted to grow 2.4 1.7 percent year-over-year in the fourth quarter of 2024, 2025, reflecting a strong labor market and steady consistent levels of growth compared to our macroeconomic outlook as of December 31, 2023, 2024, and were factored into our allowance for credit losses estimate as of December 31, 2024. 2025. In addition, the table below presents the weighted macroeconomic outlook for U.S. average unemployment rate and U.S. real GDP. GDP growth rate.

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

• construction risks, including as a result of force majeure, labor disputes or work stoppages, shortages of material or interruptions to the availability of necessary equipment;

Word for word as last year Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

BlackRock’s success is largely dependent on the talents and efforts of its highly skilled workforce and the Company’s ability to plan for the future long-term growth of the business by identifying and developing those employees who can …

Word for word as last year Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

… clients, including in emerging markets; different employment laws and rules; rising labor costs in lower-wage countries; difficulties in staffing and managing personnel that are located outside the U.S.; different regulatory, legal and compliance requirements, including in the areas …

Marked against last year's 10-K

In fiscal 2025, 2026, approximately 39% of our revenues related to operations located outside the U.S. In addition, approximately 80% 81% of our employees are located in offices outside the U.S., including India and the Philippines. We expect our growth to continue outside the U.S. Our non-U.S. operations involve risks that differ from or are in addition to those faced by our U.S. operations. These risks include difficulties in developing products, services and technology tailored to the needs of non-U.S. clients, including in emerging markets; different employment laws and rules; rising labor costs in lower-wage countries; difficulties in staffing and managing personnel that are located outside the U.S.; different regulatory, legal and compliance requirements, including in the areas of privacy and data protection, anti-bribery and anti-corruption, trade sanctions and restraints and currency controls, marketing and sales and other barriers to conducting business; social and cultural differences, such as language; diverse or less stable political, operating and economic environments and market fluctuations; extreme weather conditions, civil disturbances or other catastrophic events that reduce business activity, including the risk that the current conflicts in Ukraine and Russia and in the Middle East expand in a way that impacts our business and operations; limited recognition of our brand and intellectual property protection; differing accounting principles and standards; restrictions on or adverse tax consequences from entity management efforts; and changes in U.S. or foreign tax laws. In addition, because our non-U.S. workforce and operations are concentrated in a limited number of locations, a local or regional disruption affecting one of these hubs - whether due to natural disaster, extreme weather or climate-related events, public health crises, power or telecommunications failures, civil or political unrest, labor disruption or security incidents - could interrupt or degrade our operations, including data collection, product delivery and client support, and our business continuity and disaster recovery plans may not be adequate to fully mitigate the impact of any such event. If we are not able to adapt efficiently or manage the business effectively in markets outside the U.S., our business prospects and operating results could be materially and adversely affected.

Item 1A, Risk Factors, 10-K Oct 20, 2026open_in_new

… These initiatives are complex, are being pursued concurrently, and place substantial demands on management attention and on our workforce. In fiscal 2026, we appointed a new Chief Executive Officer, Chief Financial Officer, Chief People and Workforce Transformation Officer and Chief …

New this year Item 1A, Risk Factors, 10-K Oct 20, 2026open_in_new

• appropriately balance workforce planning and training as new technologies, such as AI, are adopted and integrated, or

New this year Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

• the possibility that significant portions of JPMorganChase’s workforce are unable to work effectively, including due to health emergencies or other extraordinary events beyond JPMorganChase’s control

Marked against last year's 10-K

• the possibility that significant portions of JPMorganChase’s workforce are unable to work effectively, including because of illness, quarantines, shelter-in-place arrangements, government actions due to health emergencies or other restrictions in connection with health extraordinary events beyond JPMorganChase’s control

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

… These increases were partially offset by lower temporary personnel costs, net of capitalized labor, and other employee-related costs. The firm employed 7,773 associates at December 31, 2025, a decrease of 4.7% from the end of 2024. The …

Marked against last year's 10-K

Compensation, benefits benefits, and related costs were $2,603.4 million, $2,644.3 million for 2025, an increase of $152.7 $40.9 million, or 6.2%, 1.6%, compared to 2023. 2024. The increase was driven by a higher bonus pool on an increase in revenue salaries, benefits and higher salaries and related benefits long-term incentive compensation. These increases were partially offset by higher lower temporary personnel costs, net of capitalized labor labor, and lower other employee related employee-related costs. The firm employed 8,158 7,773 associates at December 31, 2024, an increase 2025, a decrease of 3.2% 4.7% from the end of 2023. 2024. The average headcount for first half of 2025 was 8,089, an increase of 2.5% compared to the first half of 2024. Additionally, the average headcount for 2025 was 7,969, a decrease of 0.2% compared to 2024. The decrease in associates from 2024 was primarily driven by the workforce action in July 2025 as part of our broad plan to reduce expense growth and realign resources.

Item 7, MD&A, 10-K Feb 13, 2026open_in_new

• changes in the costs incurred for third-party service providers that perform certain administrative and operating services, including as a result of changes in market conditions, labor costs and inflation;

Word for word as last year Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

… realization opportunities for, investments made by our funds, could also be subject to high volatility as a result of uncertainty or potential changes to governmental policy with respect to, among other things, tax, trade, immigration, healthcare, labor, infrastructure and energy.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

… Department of Labor as well as several states have proposed regulations or taken other actions pertaining to conduct standards for investment advisers and broker-dealers that may result in additional requirements related to our business. Additionally, the SEC has instituted …

New this year Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

… Despite some softening in the labor market, overall economic activity remained resilient, with real GDP expanding by 2.0%-2.3% through the first three quarters of 2025. The manufacturing sector showed signs of stabilization following a period of mild …

New this year Item 7, MD&A, 10-K Feb 13, 2026open_in_new

… The decision reflects the Federal Reserve’s confidence that inflation, while still above the stated 2% target, remains manageable over the medium term, and that a modest easing in the policy can help sustain economic expansion as labor market conditions …

New this year Item 7, MD&A, 10-K Feb 13, 2026open_in_new

… Labor Market - Evolving labor market conditions, including increased competition for talent, could make it difficult to hire and retain employees and could increase compensation and benefits expense. New technologies may lead to changes in skill sets needed from the workforce …

Word for word as last year Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

… following the U.K.'s departure from the European Union. In addition, our Lloyd’s member company must maintain required Funds at Lloyd's ("FAL") to meet the capital requirements of its syndicate. The FAL is determined based on the …

Word for word as last year Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

The labor market remains competitive, and we face competition for talent across all aspects of our business, as well as competition with non-traditional firms, such as technology companies. Firms are developing a wide variety of offerings to attract talent …

Marked against last year's 10-K

The labor market remains competitive, and we face competition for talent across all aspects of our business, as well as competition with non-traditional firms, such as technology companies. Employers Firms are developing a wide variety of offerings to attract talent, talent throughout the financial services industry, including but not limited to, increasing compensation, compensation and enhancing health and wellness solutions, and providing workplace flexibility. offerings. These can be important factors in a current associate’s decision to leave us as well as in a prospective associate’s decision to join us. As competition for skilled professionals remains intense, we may have to devote significant resources to attract and retain qualified personnel, which could negatively affect earnings.

Item 1A, Risk Factors, 10-K Nov 25, 2025open_in_new

… Corporate exposures $ 20,621 $ 19,118 Exposures to sovereign and government-sponsored entities (1) 1,287 1,611 Exposures to depository institutions, foreign banks, and credit unions 2,076 2,009 Exposures to public-sector entities 569 621 Residential mortgage …

Marked against last year's 10-K

$ in millions September 30, 2024 2025 September 30, 2023 2024 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Credit risk-weighted assets: On-balance sheet assets: Corporate exposures $ 20,621 $ 19,118 $ 19,262 Exposures to sovereign and government-sponsored entities (1) 1,287 1,611 1,844 Exposures to depository institutions, foreign banks, and credit unions 2,076 2,009 1,878 Exposures to public-sector entities 569 621 698 Residential mortgage exposures 5,193 4,760 4,377 Statutory multi-family mortgage exposures 214 213 118 High volatility commercial real estate exposures 45 83 141 Past due loans 341 284 203 Equity exposures 567 706 538 Securitization exposures 134 116 134 Other assets 10,651 9,894 8,665 Off-balance sheet: Standby letters of credit 154 83 91 Commitments with original maturity of one year or less 180 181 131 Commitments with original maturity greater than one year 2,819 2,415 2,396 Over-the-counter derivatives 230 284 311 Other off-balance sheet items 480 429 275 Total credit risk-weighted assets 45,543 42,825 Market risk-weighted assets 2,887 2,800 2,485 Total standardized risk-weighted assets $ 48,430 $ 45,625 $ 43,547

Item 7, MD&A, 10-K Nov 25, 2025open_in_new

• The Company relies on its ability, and the ability of key external parties, to maintain appropriately staffed workforces and on the competence, trustworthiness, health, and safety of teammates.

Marked against last year's 10-K

• The Company’s operations rely Company relies on its ability, and the ability of key external parties, to maintain appropriately staffed workforces and on the competence, trustworthiness, health, and safety of teammates.

Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

The Company relies on its ability, and the ability of key external parties, to maintain appropriately staffed workforces and on the competence, trustworthiness, health, and safety of teammates.

Marked against last year's 10-K

The Company’s operations rely Company relies on its ability, and the ability of key external parties, to maintain appropriately staffed workforces and on the competence, trustworthiness, health, and safety of teammates.

Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

The success of our business depends on attracting and retaining a capable and talented workforce. We provide a work environment and culture which reflects our goal to “Enable Possibility”. We offer flexible and hybrid work arrangements, when possible, for our …

Word for word as last year Item 1A, Risk Factors, 10-K Feb 26, 2026open_in_new

… See “European Union - Insurance and Reinsurance Regulatory Regime” below for additional details.

New this year 10-K, 10-K Feb 26, 2026open_in_new

challenges due to the need to operate with a dispersed and remote workforce, as well as increased costs related to business continuity initiatives.

New this year Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

have undertaken multiple restructurings, and in the past, have implemented significant workforce reductions and have scaled back hiring plans. These actions were driven by a general downturn in economic and market conditions. While these steps were taken to improve operational …

Marked against last year's 10-K

have undertaken multiple restructurings, and in the past, have implemented significant workforce reductions and have scaled back hiring plans. These actions were driven by a general downturn in economic and market conditions. While these steps were taken to improve operational efficiency, there can be no assurance that further restructuring or workforce reductions will not be necessary in the future. As part of our ongoing efforts in the normal course of business, we also continuously evaluate whether we are appropriately staffed to be cost efficient. From time to time time, we have reduced our staff in certain departments as we saw increased productivity and opportunities for greater efficiency under a leaner operating model while continuing to deliver great service and innovation for our customers.

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

development, marketing, deployment and use of artificial intelligence systems within the European Union.

New this year Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

There is also increased regulatory attention about the use of artificial intelligence. For example, the European Union has

New this year Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

We face other risks that may affect our global operations and investments, including those related to the imposition of tariffs or other barriers to international trade, changes to international trade agreements, uncertainties in intergovernmental organizations, pension system reforms, labor problems with workers’ associations or trade unions, and reliance on interconnected information systems and the security, integrity, availability and proper operation of such systems.

Marked against last year's 10-K

We face other risks that may affect our global operations and investments, including those related to the imposition of tariffs or other barriers to international trade, changes to international trade agreements, uncertainties in intergovernmental organizations, pension system reforms, labor problems with workers’ associations or trade unions, and reliance on interconnected information systems and the security security, integrity, availability and proper operation of such systems.

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

… Inflation also increases expenses for labor and other costs, potentially putting pressure on profitability if such costs cannot be passed through in our product prices. Prolonged and elevated inflation could adversely affect the financial markets and the economy generally, and …

Marked against last year's 10-K

An increase in inflation could affect our business in several ways. In our group life and disability businesses, premiums increase as compensation levels of our customers’ employees increase. However, For example, during inflationary periods with rising interest rates, the value of fixed income investments falls which could increase realized and unrealized losses, resulting in additional deferred tax assets that may not be realizable. Inflation also increases expenses for labor and other costs, potentially putting pressure on profitability if such costs cannot be passed through in our product prices. Prolonged and elevated inflation could adversely affect the financial markets and the economy generally, and dispelling it may require governments to pursue a restrictive fiscal and monetary policy, which could constrain overall economic activity, inhibit revenue growth and reduce the number of attractive investment opportunities.

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

• The ultimate impact on us of regulatory divergence between the United Kingdom and the European Union remains uncertain.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

The ultimate impact on us of regulatory divergence between the United Kingdom and the European Union remains uncertain.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

• Burdens of complying with a wide variety of labor practices and international laws and or disclosure requirements, including those relating to export and import duties, environmental policies and privacy issues.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

New government regulations could also result in new or more stringent forms of ESG oversight and new mandatory and voluntary reporting, diligence and disclosure, such as the Corporate Sustainability Reporting Directive in the European Union. The impact of new laws …

Marked against last year's 10-K

New government regulations could also result in new or more stringent forms of ESG oversight and new mandatory and voluntary reporting, diligence and disclosure, such as the Corporate Sustainability Reporting Directive in the European Union. These The impact of new laws, rules and regulations of our business could affect our operations or require significant expenditures. Our failure to meet expectations, whether the expectations are set by us, by investors or by other stakeholders, or any other failure to make progress in this area on a timely basis, or at all, could negatively impact our reputation and our business.

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

The Organization for Economic Cooperation and Development (OECD), European Union (EU), Swiss Federal Council, and other jurisdictions have passed measures that have changed long standing tax principles that could increase our taxes.

Marked against last year's 10-K

The Organization for Economic Cooperation and Development (OECD), European Union (EU), Swiss Federal Council, and other jurisdictions are considering, have considered, or have passed measures that might change have changed long standing tax principles that could increase our taxes.

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

… The European Parliament and European Council have also promulgated the European Union Artificial Intelligence Act, which will regulate the use of AI within the European Union. Several nations in Asia are also considering legislation or regulatory guidance. The application of …

Marked against last year's 10-K

Regulatory standards relating to the use of artificial intelligence (AI) are evolving in the countries where we do business, and may increase risks associated with bias, unfair discrimination, transparency, and information security. State insurance regulators in the U.S. have issued and will continue to consider regulations or guidelines on the use of external data, algorithms, and AI in insurance practices. The European Parliament and European Council have also promulgated the European Union Artificial Intelligence Act, which will regulate the use of AI within the European Union. Several nations in Asia are also considering legislation or regulatory guidance. The application of existing law and introduction of new or revised laws and regulations may require changes in our operations, increase compliance costs and reduce benefits from our adoption of artificial intelligence technologies.

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

Some of the factors that could disrupt capital markets, reduce consumer and business activity and weaken the labor market include the following:

Marked against last year's 10-K

Some of the factors that could disrupt capital markets, reduce consumer and business activity, activity and weaken the labor market include the following:

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

• Trade wars, trade barriers, tariffs, economic sanctions, labor shortages and disruptions of global supply chains, including their impacts on the auto industry;

New this year Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

Professional services performance obligations are satisfied over time. For professional services, we recognize revenue based on the labor hours incurred for time and materials projects or on a straight-line basis for fixed-fee projects.

New this year Item 8, Financial Statements, 10-K Feb 20, 2026open_in_new

Goodwill arising from the acquisition was included in the Merchant Solutions segment and was attributable to expected growth opportunities, potential synergies from combining the acquired business into our existing businesses and an assembled workforce. We expect that approximately $ 1.2 billion of the goodwill from this acquisition will be deductible for income tax purposes.

New this year Item 8, Financial Statements, 10-K Feb 20, 2026open_in_new

Adverse macroeconomic conditions, including recessions, inflated asset prices, inflation, supply chain issues, labor shortages, government shutdowns, currency fluctuations, interest rate changes, increased mortgage foreclosure volume, decreased mortgage origination or servicing volume, geopolitical events or conflicts, political uncertainty and discord, international …

Marked against last year's 10-K

Adverse macroeconomic conditions, including recessions, inflated asset prices, inflation, supply chain issues, labor shortages, government shutdowns, currency fluctuations, interest rate changes, increased mortgage foreclosure volume, decreased mortgage origination or servicing volume, geopolitical events or conflicts, political uncertainty and discord, international trade disputes and sanction laws, including the imposition of changes to international trade policies and tariffs or other protectionist measures, actual or anticipated large-scale defaults or failures or slowdown of global trade and travel have in the past negatively impacted consumer and corporate confidence and resulted in reductions in consumer, government and corporate spending, and could have such effects in the future, and in turn impact our business. If our customers reduce spending, workforce, mortgage origination, mortgage servicing activity or trading activity, or if there is reduced demand for financial and property data as a result of adverse macroeconomic conditions, our revenues could decline.

Item 1A, Risk Factors, 10-K Feb 5, 2026open_in_new

Professional services expense includes fees for consulting services received on strategic and technology initiatives, temporary labor, as well as regulatory, legal and accounting fees, and may fluctuate as a result of changes in our use of these services in our business.

Word for word as last year Item 7, MD&A, 10-K Feb 5, 2026open_in_new

- the possible loss of key employees and the impact of the global labor environment;

Word for word as last year Item 7, MD&A, 10-K Feb 18, 2026open_in_new

… Rising expenses including wage inflation, and global labor shortages could adversely affect Moody’s ability to attract and retain high-quality employees. As greater focus has been placed on executive compensation at public companies, in the future, Moody’s may …

Marked against last year's 10-K

Moody’s success depends upon its ability to recruit, retain and motivate highly skilled, experienced professionals, including financial analysts, data scientists and software engineers. Competition for skilled individuals in the financial services and technology industries is intense, and Moody’s ability to attract high quality high-quality employees could be impaired if it is unable to offer competitive compensation and other incentives or if the regulatory environment mandates restrictions on or disclosures about individual employees that would not be necessary in competing industries. Rising expenses including wage inflation, and global labor shortages could adversely affect Moody’s ability to attract and retain high-quality employees. As greater focus has been placed on executive compensation at public companies, in the future, Moody’s may be required to alter its compensation practices in ways that adversely affect its ability to attract and retain talented employees. Investment banks, investors Competitors and competitors other companies may seek to attract analyst talent by providing more favorable working conditions or offering significantly more attractive compensation packages than Moody’s. Moody’s also may not be able to identify and hire the appropriate qualified employees in some markets outside the U.S. with the required experience or skills to perform sophisticated credit analysis. We could also fail to effectively respond to evolving perceptions and goals of those in our workforce or whom we might seek to hire, including with respect to flexible or remote working arrangements or other matters. Also, the emergence and adoption Gen AI technologies and progress towards digitalization of the global economy has required and will continue to require upskilling and additional training of Moody's employees, making retention and training increasingly important. important, particularly in roles where demand for experienced individuals with the right skill set may exceed supply in the labor market. There is a risk that even when the Company invests significant resources in attempting to attract, train and retain qualified personnel, it will not succeed in its efforts, and its business could be harmed. Further, employee expectations in areas such as ESG have been evolving. A failure to adequately meet employee expectations may result in an inability to attract and retain talented employees.

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

… At the same time, more prescriptive frameworks in certain jurisdictions - such as the European Union - include detailed governance, transparency and reporting expectations that may not align with expectations or requirements elsewhere, increasing operational complexity.

Marked against last year's 10-K

Artificial intelligence (including generative artificial intelligence) AI, including Generative AI, presents many benefits in terms of operating efficiency, but also certain risks that we need to seek to mitigate through our strategic and risk management policies, such as reliance on information that may be inaccurate or unfairly discriminatory results. In addition, We and our vendors, along with developers of AI solutions, rely on third‑party and commercial AI technologies that could introduce risks that are not anticipated by existing governance, vendor risk management and model oversight frameworks. Failure to adequately mitigate such risks at the regulatory framework design or development stage could lead to problems when AI technologies are deployed. A growing patchwork of state AI laws with differing definitions, obligations and compliance expectations relating may require adjustments to the use our processes, documentation and oversight of artificial intelligence are in their early stages as is the use (and third‑party technology, and how we manage the use) of artificial intelligence AI use in our business. At the same time, more prescriptive frameworks in certain jurisdictions - such as the European Union - include detailed governance, transparency and reporting expectations that may not align with expectations or requirements elsewhere, increasing operational complexity.

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

• The Ameriprise Financial Institutions Group supports advisors based in third-party regional banks and credit unions.

New this year 10-K, 10-K Feb 19, 2026open_in_new

We believe long-term success depends on our ability to attract, develop, and retain a high-performing workforce. Our goal is to create an environment where colleagues can thrive personally and professionally and can maximize their potential, and our human …

New this year 10-K, 10-K Feb 12, 2026open_in_new

• Negative economic, business, and political conditions, including as a result of the interest rate environment, supply chain disruptions, tariffs, inflationary pressures, and labor shortages that adversely affect the general economy, housing prices, the job market, consumer confidence, and spending habits;

New this year 10-K, 10-K Feb 12, 2026open_in_new

◦ The inability of our workforce, agencies, or vendors to perform necessary business functions

Marked against last year's 10-K

• Inability ◦ The inability of our workforce, agencies agencies, or vendors to perform necessary business functions

Item 7, MD&A, 10-K Feb 23, 2026open_in_new

• Events, such as a pandemic, an epidemic, natural catastrophe, or terrorism, which could hamper our ability to assemble our workforce, work effectively in a remote environment, or other failures of business continuity or disaster recovery programs

Marked against last year's 10-K

• Events, such as a pandemic, an epidemic, natural catastrophe catastrophe, or terrorism, that which could hamper our ability to assemble our workforce at our headquarters location or workforce, work effectively in a remote environment environment, or other failures of business continuity or disaster recovery programs

Item 7, MD&A, 10-K Feb 23, 2026open_in_new

In addition, on October 26, 2025, the Company entered into an agreement with AIG to sell the renewal rights for certain lines of commercial retail insurance business written by the Company in certain countries in the European Union, for an aggregate purchase price of $49 million.

New this year Item 7, MD&A, 10-K Feb 26, 2026open_in_new

In addition, on October 26, 2025, the Company entered into an agreement with AIG to sell the renewal rights for certain lines of commercial retail insurance business written by the Company in certain countries in the European Union, for an aggregate purchase price of $49 million.

New this year Item 7, MD&A, 10-K Feb 26, 2026open_in_new

… Additionally, failure to recognize, evaluate, and respond to changing workforce trends including current labor market conditions and managing hybrid work environments, or failure to execute proactive retention and replacement strategies could also have an adverse effect on our business performance …

Marked against last year's 10-K

Our success also depends on our ability to attract, develop, and retain a talented employee base. The inability to staff all functions of our business with employees possessing the appropriate talent could have an adverse effect on our business performance. Additionally, failure to recognize, evaluate, and respond to changing workforce trends including current labor market conditions and new ways of managing in hybrid work environments, or failure to execute proactive retention and replacement strategies could also have an adverse effect on our business performance. Furthermore, failure to instill appropriate cultural expectations and behavioral norms within our employees, particularly in a hybrid work environment, could damage our reputation. Staffing appropriately talented employees for the handling of claims and servicing of customers, rendering of disciplined underwriting, and effective sales and marketing are critical to the core functions of our business. In addition, talented employees with specialized skills in actuarial, finance, human resources, law, risk management and information technology, including artificial intelligence and data analytics, are also essential to support and grow our core functions.

Item 1A, Risk Factors, 10-K Feb 23, 2026open_in_new

… Our workforce is largely concentrated in Erie, Pennsylvania. If a significant event affects the labor force in this area, it could impact the policy acquisition, underwriting, claims and/or support services provided to the policyholders and/or independent agents of …

Marked against last year's 10-K

meet the needs of our core business operations and address multiple business interruption events, there is no assurance that core business operations could be performed upon the occurrence of such an event. Employee absence, physical premises damage, systems failures or outages could compromise our ability to perform our business functions in a timely manner, which could harm our ability to conduct business and hurt our business and customer relationships. While we also maintain business interruption insurance to mitigate the financial risk around disruptions to our core business operations, such insurance may not cover all costs associated with a disruption, and such insurance may become prohibitively expensive to maintain. Our operational resiliency is also dependent on third-party personnel, infrastructure and systems on which we rely, including cloud-based technologies and software-as-a-service applications. Our operations and those of our third parties may become vulnerable to damage or disruption due to circumstances beyond our or their control, such as from catastrophic events, power anomalies or outages, natural disasters, pandemics, supply chain interruptions, network failures, and cyber attacks. Additionally, we are dependent on internet and telecommunications access and capabilities. Our workforce is largely concentrated in Erie, Pennsylvania. If a significant event affects the labor force in this area, it could impact the policy acquisition, underwriting, claims and/or support services provided to the policyholders and/or independent agents of the Exchange. Disruptions to our workforce or our operations for any reason could result in a material adverse effect on our business, cash flows, financial condition, or results of operations.

Item 1A, Risk Factors, 10-K Feb 23, 2026open_in_new

We have several life distribution channels that focus on distinct market niches, three of which are labor unions, affinity groups, and sales via direct to consumer solicitations. Deterioration of our relationships with either organized labor union groups or affinity groups, or adverse changes in the public’s receptivity to Direct to Consumer marketing initiatives could negatively affect our life insurance business.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

The American Income Life Division is an exclusive agency that markets to members of labor unions and other affinity groups and continues to diversify its lead sources by utilizing internally generated leads, third-party internet vendor leads and referrals to …

Marked against last year's 10-K

The American Income Life Division is an exclusive agency that markets to members of labor unions and other affinity groups and continues to diversify its lead sources by utilizing internally generated leads, third-party internet vendor leads and obtaining referrals to facilitate sustainable growth. This division Division is Globe Life's largest contributor of life premium of any distribution channel at 52% 53% of the Company's 2024 2025 total life premium. In 2024, 2025, the average monthly life premium issued per policy was $56 $60 as compared to $54 $56 in 2023. 2024. Net sales were $394 million in 2025, up from $382 million in 2024, up from $323 million in 2023. 2024. The underwriting margin, as a percent of premium, was 49% in 2025, up from 47% in 2024, up from 45% in 2023. 2024.

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

We also report compensation and benefits expenses as a percentage of adjusted net revenues, as we believe this measure is useful to investors and analysts in evaluating the growth of our workforce in relation to the growth of our core revenues.

Word for word as last year Item 7, MD&A, 10-K Feb 27, 2026open_in_new

… For example, a number of jurisdictions, including the European Union countries, have enacted the Pillar Two Framework established by the Organization for Economic Cooperation and Development (“OECD”), which generally imposes a minimum effective tax rate of 15% in each such …

Marked against last year's 10-K

In addition, our tax liabilities are subject to other significant risks and uncertainties, including those arising from potential changes in laws and regulations in the countries in which we do business, the possibility of tax controversy related to adverse determinations with respect to the application of existing laws, changes in our business or structure, and changes in the valuation of our deferred tax assets and liabilities. For example, on December 15, 2022, a number of jurisdictions, including the EU formally adopted European Union countries, have enacted the EU’s Pillar Two Directive, effective January 1, 2024, which provides for a minimum effective tax rate of 15%, as Framework established by the Organization for Economic Cooperation and Development (“OECD”) Pillar Two Framework, and (“OECD”), which generally imposes a significant number minimum effective tax rate of other countries have either already or are expected to also implement similar legislation with varying effective dates. 15% in each such jurisdiction. These new tax law changes bring significant risks and uncertainties. Any unfavorable resolution of these and other uncertainties may have a significant adverse impact on our effective tax rate and results of operations. If our tax expense were to increase, or if the ultimate determination of our taxes owed is for an amount in excess of the amounts previously accrued, it could have a material adverse effect on our business, financial condition, cash flows, and results of operations.

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

The Company's success depends, in large part, on its ability to attract and retain key individuals and to have a workforce of broad and varied skill sets. Competition for qualified and high-performing candidates in the activities in which …

Marked against last year's 10-K

The Company's success depends, in large part, on its ability to attract and retain key individuals and to have a diverse workforce. workforce of broad and varied skill sets. Competition for qualified and diverse high-performing candidates in the activities in which the Company engages and markets that the Company serves is significant, and the Company may not be able to hire candidates and retain them. Growth in the Company’s business, including through acquisitions, may increase its need for additional qualified personnel. The Company is increasingly competing for personnel with financial technology providers and other less regulated entities who may not have the same limitations on compensation as the Company does. Recruiting and compensation costs may increase as a result of changes in the marketplace, which may increase costs and adversely impact the Company. The increase in remote and hybrid-work arrangements and opportunities in regional, national and global labor markets has also increased competition for the Company to attract and retain skilled personnel. The Company’s current or future approach to in-office and remote-work arrangements may not meet the needs or expectations of current or prospective employees or may not be perceived as favorable as compared with the arrangements offered by other companies, which could adversely affect the Company’s ability to attract and retain employees. If the Company is not able to hire or retain highly skilled, skilled and qualified and diverse individuals, it may be unable to execute its business strategies and may suffer adverse consequences to its business, financial condition and results of operations.

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

challenges related to maintaining sufficient qualified personnel due to labor shortages, talent attrition, employee illness and willingness to return to work; and disruptions to business operations at the Company and at counterparties, vendors and other service providers. Even after such …

Marked against last year's 10-K

Company’s products and services or those of its borrowers, which could increase credit risk; challenges related to maintaining sufficient qualified personnel due to labor shortages, talent attrition, employee illness and willingness to return to work; and disruptions to business operations at the Company and at counterparties, vendors and other service providers. Even after such events fully subside, the U.S. economy may experience a prolonged economic slowdown or recession, and M&T anticipates the Company’s businesses would be materially and adversely affected by a prolonged economic slowdown or recession.

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

We may be unable to attract, hire, develop, motivate and retain a highly qualified workforce, including key members of management.

Marked against last year's 10-K

We may be unable to attract, hire hire, develop, motivate and retain a highly qualified workforce, including key members of management.

Item 1A, Risk Factors, 10-K Nov 5, 2026open_in_new

… Our efforts to drive efficiency across the Company, including through the adoption and deployment of AI technologies across our operations, have resulted and may continue to result in workforce reductions, changes to our operating model, and the need to reskill …

Marked against last year's 10-K

The talents and efforts of our employees, particularly our key management, are vital to our success. The market for highly skilled workers and leaders in our industry, especially in fintech, technology, AI, cybersecurity and other specialized areas, is extremely competitive. Our management team has significant industry experience and would be difficult to replace. We may be unable to retain them or to attract, hire or retain other highly qualified employees, particularly if we do not offer employment terms that are competitive with the rest of the labor market. Ongoing changes in laws and policies regarding immigration, travel and work authorizations have made it more difficult for employees to work in, or transfer among, jurisdictions in which we have operations and could continue to impair our ability to attract, hire and retain qualified employees. Failure to attract, hire, develop, motivate and retain highly qualified employee talent, especially employees, particularly in light of changing worker expectations and talent marketplace variability; to adequately address potential increased scrutiny of our talent-related programs and initiatives; to develop and implement an adequate succession plan plans for the management team; or to maintain our strong corporate culture of fostering innovation and collaboration could impact our workforce development goals, impact our ability to achieve our business objectives, and adversely affect our business and our future success. Our efforts to drive efficiency across the Company, including through the adoption and deployment of AI technologies across our operations, have resulted and may continue to result in workforce reductions, changes to our operating model, and the need to reskill or upskill employees. We may not realize the expected cost savings or other anticipated benefits of any such restructuring within the anticipated timeframe, or at all, and any such restructuring could disrupt our operations, adversely affect employee morale and productivity, and lead to the loss of institutional knowledge. Over-reliance on AI could hinder development of important skills among employees, while failure to adopt AI technologies in a timely manner could diminish potential efficiencies or competitive advantages. Increased reliance on AI tools to support operations, including compliance and risk management functions, may also introduce additional oversight risks if such tools do not perform as expected.

Item 1A, Risk Factors, 10-K Nov 5, 2026open_in_new

At September 30, 2026, our global workforce increased to approximately 9,900 employees from approximately 9,800 at September 30, 2025.

Marked against last year's 10-K

At September 30, 2025, 2026, our global workforce decreased increased to approximately 9,800 9,900 employees from approximately 10,200 9,800 at September 30, 2024. 2025.

Item 7, MD&A, 10-K Nov 9, 2026open_in_new

• Special termination benefits and other expenses related to workforce optimization initiatives related to past acquisitions and certain initiatives undertaken by the Company.

Word for word as last year Item 7, MD&A, 10-K Nov 9, 2026open_in_new

Attracting and retaining highly qualified and motivated employees is a strategic priority. Citi seeks to enhance the competitive strength of its workforce through:

New this year Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

Citi employs numerous initiatives in managing its workforce to drive a culture of excellence and accountability, reinforce its values, encourage career growth, foster pay transparency and equity and provide a wide range of benefits that support its employees’ mental, social, physical and financial well-being.

New this year Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

… in wages as a result of labor market conditions, changes in rates for employer taxes and other cost increases affecting benefit plans. In addition, this expense is affected by the composition of our workforce. The expense associated with our bonus …

Word for word as last year Item 7, MD&A, 10-K Feb 26, 2026open_in_new

Professional fees and outside services. This expense includes fees for consulting services received on strategic and technology initiatives; regulatory and other compliance matters; temporary labor as well as legal and accounting fees. This expense may fluctuate as a result of changes in services required to complete initiatives, handle legal proceedings and comply with regulatory and compliance requirements.

Word for word as last year Item 7, MD&A, 10-K Feb 26, 2026open_in_new

… Discretionary compensation is significantly impacted by, among other factors, the level of net revenues, net of provision for credit losses, overall financial performance, prevailing labor markets, business mix, the structure of our share-based awards and the external environment.

Marked against last year's 10-K

Our operating expenses are primarily influenced by compensation, headcount and levels of business activity. Compensation and benefits includes salaries, year-end discretionary compensation, amortization of equity awards and other items items, such as benefits. Discretionary compensation is significantly impacted by, among other factors, the level of net revenues, net of provision for credit losses, overall financial performance, prevailing labor markets, business mix, the structure of our share-based awards and the external environment.

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

… and to expand into new businesses and geographic areas depends on our ability to attract and retain a talented workforce. Factors that affect our ability to attract and retain such employees include the level and composition of our compensation and …

Word for word as last year Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

… Emerging AI regulations, such as the European Union’s Artificial Intelligence Act, impose requirements for transparency, fairness and oversight of AI systems. These regulations may directly affect our operations, including the use of AI in hiring, employee performance monitoring and …

Marked against last year's 10-K

• Data Privacy and AI Regulation. AI. Laws, rule, rules, regulations and standards governing privacy, data collection, collection and AI impact our ability to collect, manage, store, use and use otherwise process personal data and other information. We operate across jurisdictions with differing and often conflicting data privacy laws, including extraterritorial requirements, which continue to expand in scope and complexity. Compliance with these laws requires significant resources to ensure data security and regulatory adherence. Furthermore, we frequently have privacy compliance requirements as a result of our contractual obligations with counterparties. Emerging AI regulations, such as the European Union’s Artificial Intelligence Act, introduce new impose requirements for transparency, fairness and oversight of AI systems. These regulations may directly affect our operations, including the use of AI in hiring, employee performance monitoring and client-facing applications, by requiring audits, documentation and human oversight. Compliance with evolving AI regulatory frameworks may increase costs, impact our product development, restrict the use of certain applications of AI and expose us to liability for violations of applicable laws, regulations or contracts.

Item 1A, Risk Factors, 10-K Feb 6, 2026open_in_new

… We may be subject to additional tax liabilities, as the jurisdictions in which we do business globally are increasingly focused on digital taxes and the treatment of remote workforces. Enhanced tax-authority resources and global transparency measures have increased the …

Marked against last year's 10-K

We are regularly under audit by tax authorities. From time to time, we also face proceedings, investigations or inquiries related to tax matters. The ultimate outcomes of these matters are uncertain and may involve litigation, administrative appeals or negotiated settlements. We may be subject to additional tax liabilities, as the jurisdictions in which we do business globally are increasingly focused on digital taxes and the treatment of remote workforces. Increased IRS funding may also Enhanced tax-authority resources and global transparency measures have increased the frequency and scope of tax audits and disputes involving multinationals, which could result in greater audit activity targeting large multinationals, adding additional tax liabilities, interest and penalties, as well as additional compliance burdens. Although we believe that our tax provisions are reasonable, there can be no assurance that the final determination of tax audits or tax disputes will not be different from what is reflected in our historical income tax provisions and accruals. To the extent we are required to pay amounts in excess of our reserves, such differences could have a material adverse effect on our Consolidated Statement of Income for a particular future period. In addition, an unfavorable resolution of one or more significant tax settlement disputes could require use of our cash and result in an increase in our effective tax rate in the period in which such resolution occurs and may have a material impact on our financial results.

Item 1A, Risk Factors, 10-K Feb 6, 2026open_in_new

… In addition, we rely on local staff, including local sales forces, in those locations where there is a risk and we may encounter labor problems with local staff, especially in locations where workers’ associations and trade unions are strong.

Marked against last year's 10-K

Our international businesses operations face distinct political, legal, legal and operational and other risks differentiated from those currently faced in our operations in the U.S. We face the risk of risks. Risks include discriminatory regulation, nationalization or asset expropriation of assets, price and currency controls limiting fund transfers. Geopolitical tensions and exchange controls or other restrictions that prevent us from transferring funds from these operations out of the locations in which they operate or converting local currencies we hold into U.S. dollars or other currencies. Our conflicting legal regimes may adversely affect international businesses could also be negatively impacted by rising geopolitical tension, competing legal requirements and increased strategic competition between the U.S. and other countries, such as China. In addition, our international businesses face the risk of political operations. Political instability and social unrest, which heightens our risks as those unrest may lead to disruptions to those businesses disrupt operations and to local financial markets and commerce and reduced economic activity in the countries in which we operate. markets. Some of our international businesses are, and are likely to continue to be, in emerging or potentially volatile markets. For example, recent judicial and regulatory reforms in Mexico may create uncertainty for investors regarding the rule of law. The Chilean government is taking its first steps to reform the country’s pension system, which includes a proposed increase in contributions and modification of pension fund administration. The impact on the overall competitive environment for private pension fund managers is still to be determined. In addition, we rely on local staff, including local sales forces, in those locations where there is a risk and we may encounter labor problems with local staff, especially in locations where workers’ associations and trade unions are strong.

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

… Information security incidents may also occur due to the failure to control access to and use of sensitive systems or information by our workforce. The tactics and techniques used by cyber criminals to obtain unauthorized access, or otherwise impact our …

Marked against last year's 10-K

Financial services companies are regularly targeted by cyber criminals, and face various cybersecurity risks, resulting in unauthorized access, theft of funds, extortion, disruption or degradation of service or other damage. These attacks may take a variety of forms, including web application attacks, denial of service attacks, ransomware, malware, malware and social engineering, including phishing. We may also be adversely impacted by successful cyberattacks cyber attacks of partners, vendors and others in our supply chain with whom we conduct business or share information. Information security incidents may also occur due to the failure to control access to, to and use of, of sensitive systems or information by our workforce. The tactics and techniques used by cyber criminals to obtain unauthorized access, or otherwise impact our business negatively change frequently, and we, and our supply chain partners, may be unable to anticipate their schemes to implement preventative measures. The failure of our controls (such as policies, procedures, monitoring, software testing, incident response and backup plans) designed to prevent, or limit the effect of, failure, inadvertent use or abuse could result in disruptions, reputational damage, legal liability, regulatory actions, remediation costs and competitive disadvantage.

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

Economic growth in the United States can slow due to various factors, including low productivity, declining investments, limited access to credit, shrinking labor force, labor relations, concerns about the level of U.S. government debt, inflation, interest rates, tax rates …

Marked against last year's 10-K

Economic growth in the United States can slow due to various factors, including low productivity, declining investments, limited access to credit, shrinking labor force, labor relations, concerns about the level of U.S. government debt, inflation, interest rates, tax rates, tariffs (including retaliatory tariffs in response to tariffs imposed by the United States), and monetary and/or fiscal actions, as well as actions and economic and political conditions in the U.S. and global markets, including international trade relations. Additionally, there is uncertainty regarding the impact of how potential changes in the U.S. presidential administration and Congress on fiscal, monetary executive, legislative and regulatory policy. policies and priorities may impact the economy and as a result, the Company. A prolonged period of slow economic growth or a significant deterioration in economic conditions or broader consumer trends, including employment, wage growth, savings rates and consumer indebtedness, would likely affect consumer spending levels and the ability and willingness of customers to pay amounts owed to us, and could have a material adverse effect on our business, key credit trends, results of operations and financial condition. Further, while the effects of the COVID-19 pandemic have subsided subsided, the impact of any future outbreaks, epidemics, pandemics or other public health or similar crises on our business remain uncertain and are difficult to predict.

Item 1A, Risk Factors, 10-K Feb 6, 2026open_in_new

… other key personnel, particularly if we do not offer employment terms that are competitive with the rest of the labor market. Guidelines issued by the federal banking regulators prohibits our payment of "excessive" compensation, or compensation that could lead to …

Marked against last year's 10-K

Our success depends, in large part, on our ability to retain, recruit and motivate key officers and employees. Specifically, our ability to remain competitive with our peers, manage our business effectively and to execute our strategic plans and initiatives depends on our ability to attract, retain, motivate and develop key officers and employees, as well as manage the costs of employee compensation and benefits within budget. Our senior management team has significant industry experience and would be difficult to replace. Competition for senior executives and other key talent in the financial services and payment industry has been intense and may further increase. We may not be able to attract and retain qualified personnel to replace or succeed members of our senior management team or other key personnel, particularly if we do not offer employment terms that are competitive with the rest of the labor market. Guidelines issued by the federal banking regulators prohibits our payment of "excessive" compensation, or compensation that could lead to our material financial loss, to our executives, employees, and directors. In addition, proposed rules implementing the executive compensation provisions of the Dodd-Frank Act would limit the type and structure of compensation arrangements that we may enter into with our senior executives and persons deemed "significant risk-takers." These restrictions could negatively impact our ability to compete with other companies in recruiting, retaining and motivating key personnel. Failure to retain talented senior leadership could have a material adverse effect on our business, results of operations and financial condition.

Item 1A, Risk Factors, 10-K Feb 6, 2026open_in_new

European Union’s Corporate Sustainability Reporting Directive came into effect in January 2023, significantly expanding the scope of sustainability disclosures required to be disclosed by certain EU and non-EU companies.

New this year 10-K, 10-K Feb 23, 2026open_in_new

… The Company recognizes that supporting, engaging and continuously upskilling its workforce is key to meeting evolving corporate and customer needs. To further those efforts, the Company is committed to supporting employees’ professional development through programs that promote engagement, learning and …

New this year 10-K, 10-K Feb 23, 2026open_in_new

… federal deficit, debt ceiling, government shutdowns and other budgetary issues), trade wars and tariffs, labor shortages, regional or domestic hostilities, economic sanctions and the prospect or occurrence of more widespread conflicts could also negatively affect our business, operations and partners …

Marked against last year's 10-K

Geopolitical conditions, terrorist attacks, military conflicts, supply chain issues, natural disasters, severe weather, widespread health emergencies or pandemics, information or cybersecurity incidents (including intrusion into or degradation or unavailability of systems or technology by cyberattacks), operational incidents and other catastrophic events can have a material adverse effect on our business. Political and social conditions, including geopolitical instability (such as from tensions involving China and the U.S.), United States), fiscal and monetary policies (including developments related to the U.S. federal deficit, debt ceiling, government shutdowns and other budgetary issues), trade wars and tariffs, labor shortages, regional or domestic hostilities, economic sanctions and the prospect or occurrence of more widespread conflicts could also negatively affect our business, operations and partners, consumer and business spending, including travel patterns and business investment, and demand for credit. Pandemics and other health emergencies can have widespread and unpredictable impacts on global society, economic conditions and consumer and business behavior, which may reoccur or occur over an extended duration, such as the macroeconomic and behavioral impacts during the COVID-19 pandemic. behavior. Because we derive a portion of our revenues from travel-related spending and many of our partners’ businesses relate to travel, our business is sensitive to impacts to travel and tourism, such as health and safety concerns and limitations on travel and mobility. In addition, disruptions in air travel and other forms of travel can result in the payment of claims under travel protection products we offer.

Item 1A, Risk Factors, 10-K Feb 6, 2026open_in_new

(b) The geographic regions with the largest concentration outside the United States include the United Kingdom, Japan, the European Union, Australia, Canada and Mexico.

New this year Item 8, Financial Statements, 10-K Feb 6, 2026open_in_new

• construction risks, including as a result of force majeure, labor disputes or work stoppages, shortages of material or interruptions to the availability of necessary equipment;

Word for word as last year Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

All of our regulated European Union (EU) and U.K. subsidiaries are subject to capital requirements under applicable EU and U.K. requirements, and we maintain capital within this European sub-group to satisfy these regulations. We meet these requirements …

Word for word as last year Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

In 2025, as a result of a March workforce management action, we recognized severance costs of $144 million, included in Compensation and benefits expense. The workforce management action was related to performance management and the alignment of our workforce to …

Marked against last year's 10-K

In 2022, 2025, as a result of a March workforce management action, we recognized severance costs of $144 million, included in Compensation and benefits expenses included severance costs of $133 million, associated with a specific Firmwide reduction in expense. The workforce during the fourth quarter of 2022. We recorded severance costs of $88 million in the Institutional Securities business segment, $30 million in the Wealth Management business segment, and $15 million in the Investment Management business segment for 2022. These specific reductions in workforce occurred across the Firm’s business segments and geographic regions, impacted approximately 4% and 1% of the Firm’s global workforce in 2023 and 2022, respectively, and resulted from the Firm’s review of its global workforce, operating expenses management action was related to performance management and the alignment of our workforce to our business environment following the acquisitions of E*TRADE Financial Corporation (“E*TRADE”) and Eaton Vance Corp. (“Eaton Vance”), needs, rather than a change in strategy or exit of businesses. The workforce management action occurred across our business segments and geographic regions and impacted approximately 2% of our global workforce at that time. We recorded severance costs of $78 million in the Institutional Securities business segment, $50 million in the Wealth Management business segment, and $16 million in the Investment Management business segment. These costs were primarily incurred in the Americas and EMEA, across all regions, with the majority in the Americas.

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

diverse workforce through a holistic approach that centers on professional development, wellness and a culture that allows every employee to thrive.

New this year 10-K, 10-K Feb 19, 2026open_in_new

We use third-party labor to meet a portion of our staffing needs. Any significant loss in access to qualified external talent on a cost-effective basis could have an adverse effect on our business. Competitive labor markets can cause increased costs for third-party labor and those increases may be material.

Word for word as last year Item 1A, Risk Factors, 10-K Mar 2, 2026open_in_new

• labor shortages, which can impact loss expenses directly through higher labor costs, and indirectly through delays in services or through lower quality, as companies hire less experienced workers to perform services

Word for word as last year Item 1A, Risk Factors, 10-K Mar 2, 2026open_in_new

• Our operations could be disrupted if our senior management or a significant percentage of our workforce or of our agents, brokers, suppliers or other service providers are unable to continue to work because of illness, government directives or otherwise.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

… These assumptions address a number of factors that impact loss potential including, but not limited to, the characteristics of a given natural catastrophe event; the increase in claim costs resulting from limited supply of labor and materials needed for repairs …

New this year Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

… has not experienced any material labor shortage to date, it has experienced elevated levels of workforce turnover and there has been an overall tightening of, and increased competition within, the U.S. labor market. These conditions, together with higher levels …

Marked against last year's 10-K

Additionally, as the Japan and U.S. employment markets continue to evolve, there is risk that the Company's practices regarding attracting, developing, and retaining employees may not be fully effective. Employees may leave the Company or choose other employers over the Company due to various factors, including a competitive labor market. Although Aflac U.S. has not experienced any material labor shortage to date, it has experienced elevated levels of workforce turnover and there has been an overall tightening of, and increased competition within, the U.S. labor market. These conditions, together with higher levels of inflation may result in increased operating expenses. A sustained labor shortage or continuing increased elevated turnover rates within the Aflac U.S. workforce, due to labor market factors or the state of the U.S. economy, could lead to increased costs of the day-to-day operation of the Aflac U.S. business, the inability to hire and retain employees, or the outsourcing of certain operations. Failure to successfully meet and maintain sufficient levels of employees may diminish the Company's ability to achieve its financial and compliance objectives, both of which are time consuming and personnel-intensive.

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

… While the Company believes that it has properly classified such agents as independent contractors, the Company may be subject to claims, regulatory action by state or federal departments of labor or tax authorities, changes in state or federal law, or …

Word for word as last year Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

Some of our other liability risks arise under the laws and regulations relating to the tax, employment, intellectual property, anti-money laundering, technology export, cybersecurity, foreign asset controls, foreign corrupt practices, employee labor and employment areas, including anti-discrimination and …

Word for word as last year Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

… We must continually improve our operational, billing, financial, and regulatory systems and managerial controls and procedures, and may need to continue to expand, train, and manage our workforce. We must also maintain close coordination among our technology, legal, accounting, finance …

Marked against last year's 10-K

We expect that our business will continue to grow, which may place a significant strain on our management, personnel, systems systems, and resources. We must continually improve our operational, billing, financial financial, and regulatory systems and managerial controls and procedures, and may need to continue to expand, train train, and manage our workforce. We must also maintain close coordination among our technology, legal, accounting, finance, marketing, sales, regulatory regulatory, and compliance functions. If we fail to manage our growth effectively, our business, financial condition, and operating results could be materially harmed. For example, from time to time we discover and remediate billing errors, however, while we are not aware of any of these errors having a material impact on our business, financial condition condition, or operating results to date, however we cannot assure you that we will not experience future errors or events that may be material or result in additional regulatory scrutiny. Furthermore, failure to successfully expand into new asset classes, such as SFT, U.S. Treasuries, or event prediction markets, or new geographies geographies, or if we fail to effectively manage strategic divestitures or wind downs may materially adversely affect our growth strategy and our future profitability.

Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

… The stay was appealed by the Department of Labor in late 2024, and in November 2025 the Department of Labor formally withdrew its appeal and the stay remains in place.

Marked against last year's 10-K

In April 2024, the U.S. Department of Labor adopted a final rule to significantly broaden the definition of “fiduciary” under the Employee Retirement Income Security Act of 1974. Among other requirements, the rule, in conjunction with associated prohibited transaction exemptions (PTEs), subjects broker-dealers who provide non-discretionary investment advice to retirement plans and accounts to a “best interest” standard. The rule was scheduled to take effect September 23, 2024, with a one-year transition period for certain PTE provisions. On In July 25 and 26, 2024, in two separate industry lawsuits seeking to vacate the rule, federal district court judges stayed effectiveness of the rule pending resolution of litigation. The stay was appealed by the Department of Labor in late 2024, and in November 2025 the Department of Labor formally withdrew its appeal and the stay remains in place.

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

… To minimize business interruptions and ensure the capacity to continue operations during an incident regardless of duration, Schwab maintains a backup and recovery infrastructure which includes facilities for backup and communications, a geographically dispersed workforce, and routine testing of business …

Marked against last year's 10-K

Schwab’s operations are highly dependent on the integrity and resilience of our critical business functions and technology systems. To the extent Schwab experiences business or system interruptions, errors or downtime (which could result from a variety of causes, including natural disasters, terrorist attacks, technological failure, cyber attacks, changes to systems, linkages with third-party systems, extreme weather, and power failures), our business and operations could be negatively impacted. To minimize business interruptions and ensure the capacity to continue operations during an incident regardless of duration, Schwab maintains a backup and recovery infrastructure which includes facilities for backup and communications, a geographically dispersed workforce, and routine testing of business continuity and disaster recovery plans and a well-established incident management program. Please see See Part I - Item 1C. Cybersecurity for additional information regarding Information Security information security risk, including cybersecurity risk management.

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

The Bancorp is closely monitoring various economic factors and their impacts on borrowers, including, but not limited to, the impact of policy changes on trade, ongoing global tensions, inflation, interest rates, labor and supply chain issues, market volatility and changes in

Marked against last year's 10-K

The Bancorp is closely monitoring various economic factors and their impacts on commercial borrowers, including, but not limited to, the level impact of policy changes on trade, ongoing global tensions, inflation, interest rates, labor and supply chain issues, market volatility and changes in consumer discretionary spending patterns, including debt and default levels. Additionally, despite recent cuts, borrowers are expected to experience lingering effects from higher-for-longer interest rates. The Bancorp maintains focus on disciplined client selection, adherence to underwriting policy and attention to concentrations.

Item 7, MD&A, 10-K Feb 24, 2026open_in_new

The Bancorp’s recruitment strategies enhance the organization by enabling business success. To attract the most talented employees, the Bancorp continues to deepen relationships with universities and partner organizations to ensure a strong pipeline for talent. Creating and developing a strong workforce is important for the Bancorp’s business growth, leading to enhanced innovation while focusing on the needs of its customers.

New this year 10-K, 10-K Feb 24, 2026open_in_new

At December 31, 2025, we had approximately 205,000 active employees, with approximately 76% based in the United States. Our global workforce was 50% female and 50% male. In the U.S., 50% of our workforce identified as white, 49% identified as other races/ethnicities, and 1% did not declare.

New this year 10-K, 10-K Feb 24, 2026open_in_new

… Our subsidiaries compete with financial services providers such as banks, savings and loan associations, credit unions, finance companies, mortgage banking companies, insurance companies, investment banks, investment advisory firms, and mutual fund companies. They also face increased competition from nonbank institutions …

New this year 10-K, 10-K Feb 24, 2026open_in_new

BNY’s holistic approach to employee wellbeing is designed to create a healthy, resilient and vibrant workforce. Our programs are designed to provide employees access to resources to help improve their physical health, emotional resilience, financial wellbeing and social connections …

New this year 10-K, 10-K Feb 25, 2026open_in_new

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