0001390777false00013907772024-03-262024-03-260001390777exch:XNYSus-gaap:CommonStockMember2024-03-262024-03-260001390777us-gaap:PreferredStockMemberexch:XNYS2024-03-262024-03-26

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) – March 26, 2024
THE BANK OF NEW YORK MELLON CORPORATION
(Exact name of registrant as specified in its charter)
Delaware001-3565113-2614959
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(I.R.S. Employer
Identification No.)

240 Greenwich Street
New York, New York 10286
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code – (212) 495-1784

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading
symbol(s)		Name of each exchange
on which registered
Common Stock, $0.01 par valueBKNew York Stock Exchange
6.244% Fixed-to-Floating Rate Normal Preferred Capital Securities of Mellon Capital IVBK/PNew York Stock Exchange
 (fully and unconditionally guaranteed by The Bank of New York Mellon Corporation)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


ITEM 8.01.    OTHER EVENTS.

The Bank of New York Mellon Corporation (the “Company”) is filing this Current Report on Form 8-K to provide supplemental financial disclosure related to (i) the Company’s adoption on Jan. 1, 2024 of Accounting Standards Update (“ASU”) 2023-02, Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, on a retrospective basis for the Company’s investments in renewable energy projects that have met the eligibility criteria and (ii) certain realignments of similar products and services reported within the Company’s lines of business, which became effective in the first quarter of 2024.

Exhibit 99.1 contains historical quarterly business segment financial data revised to reflect the aforementioned developments for the quarter ended Dec. 31, 2022, the quarters ended March 31, June 30, Sept. 30 and Dec. 31, 2023 and the full years ended Dec. 31, 2022 and Dec. 31, 2023. The realignments within the lines of business did not impact the previously reported consolidated financial results of the Company. The adoption of ASU 2023-02 had an impact on investment and other revenue and on provision for income taxes on the Company’s consolidated income statement but did not materially impact the consolidated net income or earnings per share for the years ended Dec. 31, 2022 and Dec. 31, 2023.

Exhibit 99.1 is incorporated by reference into this Item 8.01.


ITEM 9.01.    FINANCIAL STATEMENTS AND EXHIBITS.

    (d)    EXHIBITS.
Exhibit
NumberDescription
99.1
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

The Bank of New York Mellon Corporation
(Registrant)

Date: March 26, 2024
By: /s/ Jean Weng
Name: Jean Weng
Title: Secretary

Exhibit 99.1


bnym_logox3.jpg

The Bank of New York Mellon Corporation
Revised Financial Supplement
(Adoption of New Accounting Guidance and
Certain Business Realignments)
Five Quarter Trend Through 4Q23
and Full Years 2023 and 2022



Table of Contents
bnym_logox3.jpg
Page
Adoption of New Accounting Guidance and Certain Business Realignments
Restatements to Reflect Adoption of New Accounting Guidance
Reclassifications to Reflect Certain Business Realignments
Consolidated Results
Consolidated Financial Highlights
Condensed Consolidated Income Statement
Condensed Consolidated Balance Sheet
Fee and Other Revenue
Average Balances and Interest Rates
Capital and Liquidity
Business Segment Results
Securities Services Business Segment
Market and Wealth Services Business Segment
Investment and Wealth Management Business Segment
AUM by Product Type, Changes in AUM and Wealth Management Client Assets
Other Segment
Other
Securities Portfolio
Allowance for Credit Losses and Nonperforming Assets
Supplemental Information
Explanation of GAAP and Non-GAAP Financial Measures



THE BANK OF NEW YORK MELLON CORPORATION
bnym_logox3.jpg
ADOPTION OF NEW ACCOUNTING GUIDANCE AND CERTAIN BUSINESS REALIGNMENTS
The following disclosures reflect the restatement of prior period financial information to reflect the impact of the retrospective application of new accounting guidance. On Jan. 1, 2024, we adopted Accounting Standards Update (“ASU”) 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method on a retrospective basis for our investments in renewable energy projects that have met the eligibility criteria. The impact of adopting this guidance increased investment and other revenue and the provision for income taxes on the consolidated income statement. The results of our investments in renewable energy projects are included in the Other segment.
In the first quarter of 2024, we also made certain realignments of similar products and services within our lines of business consistent with the firm’s ongoing transition to a platforms operating model uniting related capabilities and enabling streamlining of internal processes to drive growth, efficiency, resiliency, and enhanced risk management. The largest change was the movement of Institutional Solutions from Pershing to Clearance and Collateral Management, both in the Market and Wealth Services business segment. We made other smaller changes that moved activity from Asset Servicing in the Securities Services business segment to Treasury Services in the Market and Wealth Services business segment, and from Wealth Management in the Investment and Wealth Management business segment and Pershing in the Market and Wealth Services business segment to Investment Management in the Investment and Wealth Management business segment. The following disclosures provide detailed reclassified financial information to assist investors in understanding how the business segment results would have been presented in previously filed reports. The Other segment was not impacted by the changes.
This exhibit also reflects the subsequent event reflected in our Annual Report on Form 10-K for the year ended Dec. 31, 2023 filed on Feb. 28, 2024 whereby we included an additional $127 million pre-tax ($97 million after-tax) increase in noninterest expense related to a revised estimate of the FDIC special assessment for the fourth quarter and full year ended Dec. 31, 2023 as a result of new information published by the FDIC in February 2024.
Cautionary Statement on Forward-Looking Statements
Certain statements in this Financial Supplement may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our strategic priorities and transition to a platforms operating model. Forward-looking statements are not guarantees of future results or occurrences, are inherently uncertain and are based upon current beliefs and expectations of future events, many of which are, by their nature, difficult to predict, outside of our control and subject to change.
By identifying these statements for you in this manner, we are alerting you to the possibility that our actual results may differ, possibly materially, from the anticipated results expressed or implied in these forward-looking statements as a result of a number of important factors, including the risk factors and other uncertainties set forth in our Annual Report on Form 10-K for the year ended Dec. 31, 2023 and our other filings with the Securities and Exchange Commission.
You should not place undue reliance on any forward-looking statement. All forward-looking statements speak only as of the date on which they were made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.
3

THE BANK OF NEW YORK MELLON CORPORATION
bnym_logox3.jpg
RESTATEMENTS TO REFLECT ADOPTION OF NEW ACCOUNTING GUIDANCE
The following tables disclose the impact to the financial statements from the retrospective adoption of ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method for our investments in renewable energy projects that have met the eligibility criteria.
Impact to the Consolidated Income StatementQuartersFull years
(dollars in millions, except per share amounts)4Q233Q232Q231Q234Q22FY23FY22
Investment and other revenue - previously reported$(4)$113 $97 $79 $(360)$285 $(82)
Impact of adopting ASU 2023-02
47 46 50 52 28 195 152 
Investment and other revenue$43 $159 $147 $131 $(332)$480 $70 
Total revenue - previously reported$4,311 $4,374 $4,454 $4,363 $3,918 $17,502 $16,377 
Impact of adopting ASU 2023-02
47 46 50 52 28 195 152 
Total revenue$4,358 $4,420 $4,504 $4,415 $3,946 $17,697 $16,529 
Income before income taxes - previously reported$232 $1,282 $1,338 $1,236 $685 $4,088 $3,328 
Impact of adopting ASU 2023-02
47 46 50 52 28 195 152 
Income before income taxes$279 $1,328 $1,388 $1,288 $713 $4,283 $3,480 
Provision for income taxes - previously reported$29 $241 $270 $260 $142 $800 $768 
Impact of adopting ASU 2023-02
44 44 45 46 37 179 169 
Provision for income taxes$73 $285 $315 $306 $179 $979 $937 
Net income - previously reported$203 $1,041 $1,068 $976 $543 $3,288 $2,560 
Impact of adopting ASU 2023-02
3 2 5 6 (9)16 (17)
Net income$206 $1,043 $1,073 $982 $534 $3,304 $2,543 
Net income applicable to common shareholders of
The Bank of New York Mellon Corporation - previously reported		$159 $956 $1,031 $905 $509 $3,051 $2,362 
Impact of adopting ASU 2023-02
3 2 5 6 (9)16 (17)
Net income applicable to common shareholders of
The Bank of New York Mellon Corporation		$162 $958 $1,036 $911 $500 $3,067 $2,345 
Earnings per common share (Basic) - previously reported$0.21 $1.23 $1.31 $1.13 $0.63 $3.89 $2.91 
Impact of adopting ASU 2023-02
— — 0.01 0.01 (0.01)0.02 (0.02)
Earnings per common share (Basic)$0.21 $1.23 $1.32 $1.13 (a)$0.62 $3.91 $2.89 
Earnings per common share (Diluted) - previously reported$0.21 $1.22 $1.30 $1.12 $0.62 $3.87 $2.90 
Impact of adopting ASU 2023-02
— — 0.01 0.01 (0.01)0.02 (0.02)
Earnings per common share (Diluted)$0.21 $1.23 (a)$1.31 $1.13 $0.61 $3.89 $2.88 
(a) Does not foot due to rounding.
4

THE BANK OF NEW YORK MELLON CORPORATION
bnym_logox3.jpg
RESTATEMENTS TO REFLECT ADOPTION OF NEW ACCOUNTING GUIDANCE
Impact to the Consolidated Balance Sheet20232022
(dollars in millions)Dec. 31Sept. 30June 30March 31Dec. 31
Other assets - previously reported$25,985 $25,231 $25,656 $27,335 $25,855 
Impact of adopting ASU 2023-02
(76)(196)(201)(213)(223)
Other assets$25,909 $25,035 $25,455 $27,122 $25,632 
Total assets - previously reported$409,953 $405,248 $430,382 $425,112 $405,783 
Impact of adopting ASU 2023-02
(76)(196)(201)(213)(223)
Total assets$409,877 $405,052 $430,181 $424,899 $405,560 
Accrued taxes and other expenses - previously reported$5,567 $5,389 $5,160 $4,732 $5,410 
Impact of adopting ASU 2023-02
(156)(164)(174)(184)(195)
Accrued taxes and other expenses$5,411 $5,225 $4,986 $4,548 $5,215 
Other liabilities - previously reported$8,844 $11,758 $9,553 $10,414 $8,543 
Impact of adopting ASU 2023-02
184 76 82 86 93 
Other liabilities$9,028 $11,834 $9,635 $10,500 $8,636 
Total liabilities - previously reported$368,944 $364,117 $389,280 $384,310 $364,933 
Impact of adopting ASU 2023-02
28 (88)(92)(98)(102)
Total liabilities$368,972 $364,029 $389,188 $384,212 $364,831 
Retained earnings - previously reported$39,653 $39,822 $39,199 $38,465 $37,864 
Impact of adopting ASU 2023-02
(104)(108)(109)(115)(121)
Retained earnings$39,549 $39,714 $39,090 $38,350 $37,743 
Total The Bank of New York Mellon Corporation shareholders’ equity - previously reported$40,874 $40,966 $40,933 $40,634 $40,734 
Impact of adopting ASU 2023-02
(104)(108)(109)(115)(121)
Total The Bank of New York Mellon Corporation shareholders’ equity$40,770 $40,858 $40,824 $40,519 $40,613 
5

THE BANK OF NEW YORK MELLON CORPORATION
bnym_logox3.jpg
RECLASSIFICATIONS TO REFLECT CERTAIN BUSINESS REALIGNMENTS
The following tables below disclose the impact to the business segments as a result of the business realignments.
Impact to the business segmentsQuartersFull years
(dollars in millions)4Q233Q232Q231Q234Q22FY23FY22
Securities Services business segment
Investment services fees by line of business - previously reported$1,260 $1,265 $1,310 $1,184 $1,242 $5,019 $4,927 
Impact of business reporting changes - Asset Servicing
— (8)(11)(7)(6)(26)(30)
Total investment services fees$1,260 $1,257 $1,299 $1,177 $1,236 $4,993 $4,897 
Total revenue by line of business - previously reported$2,179 $2,089 $2,240 $2,116 $2,172 $8,624 $8,032 
Impact of business reporting changes - Asset Servicing
— (8)(11)(7)(6)(26)(30)
Total revenue$2,179 $2,081 $2,229 $2,109 $2,166 $8,598 $8,002 
Total noninterest expense - previously reported$1,653 $1,585 $1,582 $1,556 $1,576 $6,376 $6,299 
Impact of business reporting changes
— 13 (15)(16)(4)(18)(18)
Total noninterest expense$1,653 $1,598 $1,567 $1,540 $1,572 $6,358 $6,281 
Income before income taxes - previously reported$462 $485 $642 $560 $585 $2,149 $1,725 
Impact of business reporting changes
— (21)4 9 (2)(8)(12)
Income before income taxes$462 $464 $646 $569 $583 $2,141 $1,713 
Market and Wealth Services business segment
Investment services fees by line of business - previously reported$973 $955 $933 $927 $921 $3,788 $3,568 
Impact of business reporting changes:
Pershing(34)(28)(30)(30)(30)(122)(115)
Treasury Services— 8 11 7 6 26 30 
Clearance and Collateral Management34 28 30 30 30 122 115 
Total investment services fees$973 $963 $944 $934 $927 $3,814 $3,598 
Total revenue by line of business - previously reported$1,499 $1,445 $1,445 $1,467 $1,399 $5,856 $5,282 
Impact of business reporting changes:
Pershing(42)(42)(45)(44)(43)(173)(207)
Treasury Services— 8 11 7 6 26 31 
Clearance and Collateral Management39 39 42 41 40 161 193 
Total revenue$1,496 $1,450 $1,453 $1,471 $1,402 $5,870 $5,299 
Total noninterest expense - previously reported$839 $808 $781 $769 $785 $3,197 $2,932 
Impact of business reporting changes
(2)(16)13 13 (1)8 4 
Total noninterest expense$837 $792 $794 $782 $784 $3,205 $2,936 
Income before income taxes - previously reported$632 $631 $657 $698 $608 $2,618 $2,343 
Impact of business reporting changes
(1)21 (5)(9)4 6 13 
Income before income taxes$631 $652 $652 $689 $612 $2,624 $2,356 

6

THE BANK OF NEW YORK MELLON CORPORATION
bnym_logox3.jpg
RECLASSIFICATIONS TO REFLECT CERTAIN BUSINESS REALIGNMENTS
Impact to the business segmentsQuartersFull years
(dollars in millions)4Q233Q232Q231Q234Q22FY23FY22
Investment and Wealth Management business segment
Total revenue - previously reported$676 $827 $813 $827 $825 $3,143 $3,550 
Impact of business reporting changes:
Investment Management7 8 7 7 8 29 33 
Wealth Management(4)(5)(4)(4)(5)(17)(20)
Total revenue$679 $830 $816 $830 $828 $3,155 $3,563 
Total noninterest expense - previously reported$683 $672 $677 $734 $699 $2,766 $3,501 
Impact of business reporting changes
2 3 2 3 4 10 14 
Total noninterest expense$685 $675 $679 $737 $703 $2,776 $3,515 
(Loss) income before income taxes - previously reported$(5)$164 $129 $93 $125 $381 $48 
Impact of business reporting changes
1 — 1 — (1)2 (1)
(Loss) income before income taxes$(4)$164 $130 $93 $124 $383 $47 
7

THE BANK OF NEW YORK MELLON CORPORATION
bnym_logox3.jpg
CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per common share amounts, or unless otherwise noted)4Q23 vs.FY23 vs.
4Q233Q232Q231Q234Q223Q234Q22FY23FY22FY22
Selected income statement data
Fee and other revenue$3,257 $3,404 $3,404 $3,287 $2,890 (4)%13 %$13,352 $13,025 3 %
Net interest income1,101 1,016 1,100 1,128 1,056 8 4 4,345 3,504 24 
Total revenue4,358 4,420 4,504 4,415 3,946 (1)10 17,697 16,529 7 
Provision for credit losses84 3 5 27 20 N/MN/M119 39 N/M
Noninterest expense3,995 3,089 3,111 3,100 3,213 29 24 13,295 13,010 2 
Income before income taxes279 1,328 1,388 1,288 713 (79)(61)4,283 3,480 23 
Provision for income taxes73 285 315 306 179 (74)(59)979 937 4 
Net income$206 $1,043 $1,073 $982 $534 (80)%(61)%$3,304 $2,543 30 %
Net income applicable to common shareholders of
The Bank of New York Mellon Corporation
$162 $958 $1,036 $911 $500 (83)%(68)%$3,067 $2,345 31 %
Diluted earnings per common share$0.21 $1.23 $1.31 $1.13 $0.61 (83)%(66)%$3.89 $2.88 35 %
Average common shares and equivalents outstanding – diluted (in thousands)
772,102 781,781 790,725 807,718 815,846 (1)%(5)%787,798 814,795 (3)%
Financial ratios (Quarterly returns are annualized)
Pre-tax operating margin6 %30 %31 %29 %18 %24 %21 %
Return on common equity1.8 %10.6 %11.7 %10.4 %5.6 %8.6 %6.5 %
Return on tangible common equity – Non-GAAP (a)
3.6 %20.6 %22.8 %20.5 %11.4 %16.8 %13.4 %
Non-U.S. revenue as a percentage of total revenue36 %36 %36 %34 %38 %36 %36 %
Period end
Assets under custody and/or administration (“AUC/A”) (in trillions) (b)
$47.8 $45.7 $46.9 $46.6 $44.3 5 %8 %
Assets under management (“AUM”) (in trillions)
$1.97 $1.82 $1.91 $1.91 $1.84 8 %8 %
Full-time employees53,400 53,600 53,200 51,600 51,700 — %3 %
Book value per common share$47.97 $46.84 $46.21 $45.22 $44.25 
Tangible book value per common share – Non-GAAP (a)
$25.25 $24.52 $24.03 $23.38 $22.96 
Cash dividends per common share$0.42 $0.42 $0.37 $0.37 $0.37 
Common dividend payout ratio202 %35 %29 %33 %61 %
Closing stock price per common share$52.05 $42.65 $44.52 $45.44 $45.52 
Market capitalization$39,524 $32,801 $34,671 $35,858 $36,800 
Common shares outstanding (in thousands)
759,344 769,073 778,782 789,134 808,445 
Capital ratios at period end (c)
Common Equity Tier 1 ("CET1") ratio11.5 %11.3 %11.0 %10.9 %11.1 %
Tier 1 capital ratio14.2 %14.3 %14.0 %13.9 %14.1 %
Total capital ratio14.9 %15.2 %14.8 %14.7 %14.9 %
Tier 1 leverage ratio6.0 %6.1 %5.7 %5.8 %5.7 %
Supplementary leverage ratio ("SLR")7.3 %7.2 %7.0 %6.8 %6.8 %
(a) Non-GAAP information, for all periods presented, excludes goodwill and intangible assets, net of deferred tax liabilities. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 23 for the reconciliation of Non-GAAP measures.
(b) Includes the AUC/A of CIBC Mellon Global Securities Services Company ("CIBC Mellon"), a joint venture with the Canadian Imperial Bank of Commerce, of $1.7 trillion at Dec. 31, 2023, $1.5 trillion at Sept. 30, 2023, $1.6 trillion at June 30, 2023 and $1.5 trillion at March 31, 2023 and Dec. 31, 2022.
(c) For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for the periods presented, was the Advanced Approaches.
N/M – Not meaningful.
8

THE BANK OF NEW YORK MELLON CORPORATION
bnym_logox3.jpg
CONDENSED CONSOLIDATED INCOME STATEMENT
(dollars in millions, except per share amounts; common shares in thousands)4Q23 vs.FY23 vs.
4Q233Q232Q231Q234Q223Q234Q22FY23FY22FY22
Revenue
Investment services fees$2,242 $2,230 $2,252 $2,119 $2,173 1 %3 %$8,843 $8,529 4 %
Investment management and performance fees743 777 762 776 783 (4)(5)3,058 3,299 (7)
Foreign exchange revenue143 154 158 176 190 (7)(25)631 822 (23)
Financing-related fees45 45 50 52 43 — 5 192 175 10 
Distribution and servicing fees41 39 35 33 33 5 24 148 130 14 
Total fee revenue3,214 3,245 3,257 3,156 3,222 (1)— 12,872 12,955 (1)
Investment and other revenue43 159 147 131 (332)N/MN/M480 70 N/M
Total fee and other revenue3,257 3,404 3,404 3,287 2,890 (4)13 13,352 13,025 3 
Net interest income1,101 1,016 1,100 1,128 1,056 8 4 4,345 3,504 24 
Total revenue4,358 4,420 4,504 4,415 3,946 (1)10 17,697 16,529 7 
Provision for credit losses84 3 5 27 20 N/MN/M119 39 N/M
Noninterest expense
Staff1,831 1,755 1,718 1,791 1,802 4 2 7,095 6,800 4 
Software and equipment486 452 450 429 432 8 13 1,817 1,657 10 
Professional, legal and other purchased services406 368 378 375 415 10 (2)1,527 1,527 — 
Net occupancy 162 140 121 119 143 16 13 542 514 5 
Sub-custodian and clearing117 121 119 118 112 (3)4 475 485 (2)
Distribution and servicing88 87 93 85 86 1 2 353 343 3 
Bank assessment charges670 37 41 40 19 N/MN/M788 126 N/M
Business development61 36 47 39 45 69 36 183 152 20 
Goodwill impairment— — — — — N/MN/M— 680 N/M
Amortization of intangible assets14 15 14 14 16 (7)(13)57 67 (15)
Other160 78 130 90 143 105 12 458 659 (31)
Total noninterest expense3,995 3,089 3,111 3,100 3,213 29 24 13,295 13,010 2 
Income before income taxes 279 1,328 1,388 1,288 713 (79)(61)4,283 3,480 23 
Provision for income taxes 73 285 315 306 179 (74)(59)979 937 4 
Net income 206 1,043 1,073 982 534 (80)(61)3,304 2,543 30 
Net loss (income) attributable to noncontrolling interests2 (3)(1)— — N/MN/M(2)13 N/M
Preferred stock dividends(46)(82)(36)(71)(34)N/MN/M(235)(211)N/M
Net income applicable to common shareholders of
The Bank of New York Mellon Corporation		$162 $958 $1,036 $911 $500 (83)%(68)%$3,067 $2,345 31 %
Average common shares and equivalents outstanding: Basic767,146 777,813 787,718 803,340 811,669 (1)%(5)%784,069 811,068 (3)%
Diluted772,102 781,781 790,725 807,718 815,846 (1)%(5)%787,798 814,795 (3)%
Earnings per common share: Basic$0.21 $1.23 $1.32 $1.13 $0.62 (83)%(66)%$3.91 $2.89 35 %
Diluted$0.21 $1.23 $1.31 $1.13 $0.61 (83)%(66)%$3.89 $2.88 35 %
N/M – Not meaningful.
9

THE BANK OF NEW YORK MELLON CORPORATION
bnym_logox3.jpg
CONDENSED CONSOLIDATED BALANCE SHEET
20232022
(in millions)Dec. 31Sept. 30June 30March 31Dec. 31
Assets
Cash and due from banks$4,922 $4,904 $5,720 $5,564 $5,030 
Interest-bearing deposits with the Federal Reserve and other central banks111,550 107,419 118,908 117,042 91,655 
Interest-bearing deposits with banks12,139 12,999 12,316 15,114 17,169 
Federal funds sold and securities purchased under resale agreements28,900 26,299 35,378 26,894 24,298 
Securities126,395 128,225 134,233 138,678 142,816 
Trading assets10,058 10,699 10,562 9,024 9,908 
Loans66,879 66,290 64,469 62,323 66,063 
Allowance for loan losses(303)(211)(191)(170)(176)
Net loans66,576 66,079 64,278 62,153 65,887 
Premises and equipment3,163 3,234 3,241 3,248 3,256 
Accrued interest receivable1,150 1,141 963 978 858 
Goodwill16,261 16,159 16,246 16,192 16,150 
Intangible assets2,854 2,859 2,881 2,890 2,901 
Other assets25,909 25,035 25,455 27,122 25,632 
Total assets$409,877 $405,052 $430,181 $424,899 $405,560 
Liabilities
Deposits$283,669 $277,467 $292,045 $281,294 $278,970 
Federal funds purchased and securities sold under repurchase agreements14,507 14,771 21,285 26,540 12,335 
Trading liabilities6,226 7,358 6,319 5,705 5,385 
Payables to customers and broker-dealers18,395 17,441 21,084 22,598 23,435 
Other borrowed funds479 728 1,371 2,538 397 
Accrued taxes and other expenses5,411 5,225 4,986 4,548 5,215 
Other liabilities9,028 11,834 9,635 10,500 8,636 
Long-term debt31,257 29,205 32,463 30,489 30,458 
Total liabilities
368,972 364,029 389,188 384,212 364,831 
Temporary equity
Redeemable noncontrolling interests85 109 104 96 109 
Permanent equity
Preferred stock4,343 4,838 4,838 4,838 4,838 
Common stock14 14 14 14 14 
Additional paid-in capital28,908 28,793 28,726 28,650 28,508 
Retained earnings39,549 39,714 39,090 38,350 37,743 
Accumulated other comprehensive loss, net of tax(4,893)(5,805)(5,602)(5,543)(5,966)
Less: Treasury stock, at cost(27,151)(26,696)(26,242)(25,790)(24,524)
Total The Bank of New York Mellon Corporation shareholders’ equity40,770 40,858 40,824 40,519 40,613 
Nonredeemable noncontrolling interests of consolidated investment management funds
50 56 65 72 7 
Total permanent equity
40,820 40,914 40,889 40,591 40,620 
Total liabilities, temporary equity and permanent equity
$409,877 $405,052 $430,181 $424,899 $405,560 
10

THE BANK OF NEW YORK MELLON CORPORATION
bnym_logox3.jpg
FEE AND OTHER REVENUE
4Q23 vs.FY23 vs.
(dollars in millions)4Q233Q232Q231Q234Q223Q234Q22FY23FY22FY22
Investment services fees$2,242 $2,230 $2,252 $2,119 $2,173 1 %3 %$8,843 $8,529 4 %
Investment management and performance fees:
Investment management fees (a)
724 747 752 754 757 (3)(4)2,977 3,224 (8)
Performance fees19 30 10 22 26 N/MN/M81 75 8 
Total investment management and performance fees (b)
743 777 762 776 783 (4)(5)3,058 3,299 (7)
Foreign exchange revenue143 154 158 176 190 (7)(25)631 822 (23)
Financing-related fees45 45 50 52 43 — 5 192 175 10 
Distribution and servicing fees41 39 35 33 33 5 24 148 130 14 
Total fee revenue3,214 3,245 3,257 3,156 3,222 (1)— 12,872 12,955 (1)
Investment and other revenue:
Income (loss) from consolidated investment management funds26 (11)10 5 9 N/MN/M30 (42)N/M
Seed capital gains (losses) (c)
18 (4)7 8 6 N/MN/M29 (37)N/M
Other trading revenue47 86 53 45 34 N/MN/M231 149 N/M
Renewable energy investment gains (losses)2 1 5 20 (4)N/MN/M28 (12)N/M
Corporate/bank-owned life insurance39 29 23 27 35 N/MN/M118 128 N/M
Other investments gains (losses) (d)
55 (9)10 (9)7 N/MN/M47 159 N/M
Disposal (losses) gains (6)2 (1)(1)(11)N/MN/M(6)26 N/M
Expense reimbursements from joint venture28 29 31 29 28 N/MN/M117 108 N/M
Other (loss) income(118)55 9 8 12 N/MN/M(46)34 N/M
Net securities (losses) gains (48)(19)— (1)(448)N/MN/M(68)(443)N/M
Total investment and other revenue43 159 147 131 (332)N/MN/M480 70 N/M
Total fee and other revenue$3,257 $3,404 $3,404 $3,287 $2,890 (4)%13 %$13,352 $13,025 3 %
(a) Excludes seed capital gains (losses) related to consolidated investment management funds.
(b) On a constant currency basis (Non-GAAP), investment management and performance fees decreased 6% compared with 4Q22. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 23 for the reconciliation of this Non-GAAP measure.
(c) Includes gains (losses) on investments in BNY Mellon funds which hedge deferred incentive awards.
(d) Includes strategic equity, private equity and other investments.
N/M – Not meaningful.

11

THE BANK OF NEW YORK MELLON CORPORATION
bnym_logox3.jpg
AVERAGE BALANCES AND INTEREST RATES
4Q233Q232Q231Q234Q22
Average balanceAverage rateAverage balanceAverage rateAverage balanceAverage rateAverage balanceAverage rateAverage balanceAverage rate
(dollars in millions; average rates are annualized)
Assets
Interest-earning assets:
Interest-bearing deposits with the Federal Reserve and other central banks$107,291 4.72 %$98,767 4.57 %$114,578 4.29 %$94,899 3.59 %$94,868 2.60 %
Interest-bearing deposits with banks12,110 4.26 12,287 4.04 13,919 3.68 16,225 3.51 15,750 2.70 
Federal funds sold and securities purchased under resale agreements25,753 35.55 (a)26,915 30.47 (a)26,989 26.38 (a)24,631 16.32 (a)25,657 11.22 (a)
Loans65,677 6.43 63,962 6.39 63,459 6.05 63,261 5.54 67,364 4.65 
Securities:
U.S. government obligations28,641 3.40 32,224 3.08 34,147 2.90 38,852 2.89 39,382 2.46 
U.S. government agency obligations59,067 2.95 59,481 2.87 61,565 2.78 62,280 2.60 61,426 2.30 
State and political subdivisions (b)12 4.40 13 4.42 13 4.45 23 7.07 1,178 2.77 
Other securities (b)39,403 4.03 39,861 3.93 40,976 3.59 42,429 3.21 41,732 2.66 
Total investment securities (b)127,123 3.39 131,579 3.24 136,701 3.05 143,584 2.86 143,718 2.45 
Trading securities (b)6,220 5.59 5,534 5.49 6,403 5.02 5,778 4.97 5,630 4.51 
Total securities (b)133,343 3.49 137,113 3.33 143,104 3.14 149,362 2.94 149,348 2.53 
Total interest-earning assets (b)$344,174 6.86 %$339,044 6.45 %$362,049 5.77 %$348,378 4.56 %$352,987 3.59 %
Noninterest-earning assets57,431 58,247 58,912 58,900 61,315 
Total assets$401,605 $397,291 $420,961 $407,278 $414,302 
Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits$220,408 3.79 %$209,641 3.62 %$215,057 3.24 %$204,114 2.71 %$207,875 2.00 %
Federal funds purchased and securities sold under repurchase agreements16,065 52.41 (a)21,512 36.07 (a)26,282 26.39 (a)18,316 19.75 (a)13,985 16.88 (a)
Trading liabilities2,857 4.83 3,959 4.80 3,893 4.46 3,025 4.05 3,572 3.45 
Other borrowed funds465 5.56 540 4.47 2,702 4.60 711 1.75 619 1.69 
Commercial paper5 5.40 7 4.13 5 5.11 — — 6 3.87 
Payables to customers and broker-dealers12,586 4.67 13,515 4.30 14,801 3.85 16,954 3.08 17,147 2.27 
Long-term debt30,702 5.70 31,161 5.52 31,970 5.45 30,246 5.22 29,508 4.90 
Total interest-bearing liabilities$283,088 6.81 %$280,335 6.37 %$294,710 5.61 %$273,366 4.17 %$272,712 3.11 %
Total noninterest-bearing deposits52,667 52,467 62,152 69,886 75,862 
Other noninterest-bearing liabilities24,962 23,699 23,526 23,687 25,704 
Total The Bank of New York Mellon Corporation shareholders’ equity40,823 40,711 40,493 40,321 39,986 
Noncontrolling interests65 79 80 18 38 
Total liabilities and equity$401,605 $397,291 $420,961 $407,278 $414,302 
Net interest margin1.26 %1.18 %1.20 %1.29 %1.19 %
Net interest margin (FTE) – Non-GAAP (c)1.26 %1.18 %1.20 %1.29 %1.19 %
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $141 billion for 4Q23, $126 billion for 3Q23, $113 billion for 2Q23, $62 billion for 1Q23 and $51 billion for 4Q22. On a Non-GAAP basis, excluding the impact of offsetting, the yield on federal funds sold and securities purchased under resale agreements would have been 5.48% for 4Q23, 5.36% for 3Q23, 5.10% for 2Q23, 4.62% for 1Q23 and 3.76% for 4Q22. On a Non-GAAP basis, excluding the impact of offsetting, the rate on federal funds purchased and securities sold under repurchase agreements would have been 5.35% for 4Q23, 5.26% for 3Q23, 4.99% for 2Q23, 4.49% for 1Q23 and 3.63% for 4Q22. We believe providing the rates excluding the impact of netting is useful to investors as it is more reflective of the actual rates earned and paid.
(b) Average rates were calculated on an FTE basis, at tax rates of approximately 21%.
(c) See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 23 for the reconciliation of this Non-GAAP measure.
12

THE BANK OF NEW YORK MELLON CORPORATION
bnym_logox3.jpg
CAPITAL AND LIQUIDITY
20232022
(dollars in millions)Dec. 31Sept. 30June 30March 31Dec. 31
Consolidated regulatory capital ratios (a)
Standardized Approach:
CET1 capital$18,534 $18,156 $18,018 $17,761 $17,911 
Tier 1 capital22,863 22,985 22,848 22,595 22,735 
Total capital24,414 24,552 24,413 24,161 24,263 
Risk-weighted assets156,178 153,167 153,158 157,186 158,873 
CET1 ratio11.9 %11.9 %11.8 %11.3 %11.3 %
Tier 1 capital ratio14.6 15.0 14.9 14.4 14.3 
Total capital ratio15.6 16.0 15.9 15.4 15.3 
Advanced Approaches:
CET1 capital$18,534 $18,156 $18,018 $17,761 $17,911 
Tier 1 capital22,863 22,985 22,848 22,595 22,735 
Total capital24,085 24,305 24,151 23,890 24,022 
Risk-weighted assets161,528 160,262 163,335 162,692 161,449 
CET1 ratio11.5 %11.3 %11.0 %10.9 %11.1 %
Tier 1 capital ratio14.2 14.3 14.0 13.9 14.1 
Total capital ratio14.9 15.2 14.8 14.7 14.9 
Tier 1 leverage ratio:
Average assets for Tier 1 leverage ratio$383,705 $379,429 $402,993 $389,358 $396,427 
Tier 1 leverage ratio6.0 %6.1 %5.7 %5.8 %5.7 %
SLR:
Leverage exposure$313,555 $318,664 $326,002 $330,278 $335,833 
SLR7.3 %7.2 %7.0 %6.8 %6.8 %
Average liquidity coverage ratio117 %121 %120 %118 %118 %
Average net stable funding ratio135 %136 %136 %132 %N/A(b)
(a) For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for the periods presented, was the Advanced Approaches.
(b) The reporting requirement for the average net stable funding ratio became effective in 2Q23, inclusive of reporting the average 1Q23 ratio.
13

THE BANK OF NEW YORK MELLON CORPORATION
bnym_logox3.jpg
SECURITIES SERVICES BUSINESS SEGMENT
4Q23 vs.FY23 vs.
(dollars in millions)4Q233Q232Q231Q234Q223Q234Q22FY23FY22FY22
Revenue:
Investment services fees:
 Asset Servicing$975 $976 $980 $941 $965 — %1 %$3,872 $3,888 — %
 Issuer Services285 281 319 236 271 1 5 1,121 1,009 11 
Total investment services fees1,260 1,257 1,299 1,177 1,236 — 2 4,993 4,897 2 
Foreign exchange revenue118 107 124 139 149 10 (21)488 584 (16)
Other fees (a)
54 52 54 55 55 4 (2)215 202 6 
Total fee revenue1,432 1,416 1,477 1,371 1,440 1 (1)5,696 5,683 — 
Investment and other revenue112 65 84 72 70 N/MN/M333 291 N/M
Total fee and other revenue1,544 1,481 1,561 1,443 1,510 4 2 6,029 5,974 1 
Net interest income635 600 668 666 656 6 (3)2,569 2,028 27 
Total revenue2,179 2,081 2,229 2,109 2,166 5 1 8,598 8,002 7 
Provision for credit losses64 19 16 — 11 N/MN/M99 8 N/M
Noninterest expense (ex. amortization of intangible assets)1,645 1,590 1,560 1,532 1,564 3 5 6,327 6,248 1 
Amortization of intangible assets8 8 7 8 8 — — 31 33 (6)
Total noninterest expense1,653 1,598 1,567 1,540 1,572 3 5 6,358 6,281 1 
Income before income taxes$462 $464 $646 $569 $583 — %(21)%$2,141 $1,713 25 %
Total revenue by line of business:
Asset Servicing$1,675 $1,585 $1,695 $1,657 $1,675 6 %— %$6,612 $6,293 5 %
Issuer Services504 496 534 452 491 2 3 1,986 1,709 16 
Total revenue by line of business$2,179 $2,081 $2,229 $2,109 $2,166 5 %1 %$8,598 $8,002 7 %
Financial ratios:
Pre-tax operating margin21 %22 %29 %27 %27 %25 %21 %
Memo: Securities lending revenue (b)$48 $46 $47 $48 $50 4 %(4)%$189 $182 4 %
(a) Other fees primarily include financing-related fees.
(b) Included in investment services fees reported in the Asset Servicing line of business.
N/M – Not meaningful.

14

THE BANK OF NEW YORK MELLON CORPORATION
bnym_logox3.jpg
SECURITIES SERVICES BUSINESS SEGMENT
4Q23 vs.FY23 vs.
(dollars in millions, unless otherwise noted)4Q233Q232Q231Q234Q223Q234Q22FY23FY22FY22
Selected balance sheet data:
Average loans$11,366 $11,236 $11,283 $10,939 $11,850 1 %(4)%$11,207 $11,245 — %
Average assets (a)
$200,040 $190,964 $202,207 $196,560 $206,810 5 %(3)%$197,434 $212,575 (7)%
Average deposits$171,086 $162,509 $172,863 $167,209 $176,541 5 %(3)%$168,411 $183,990 (8)%
Selected metrics:
AUC/A at period end (in trillions) (b)
$34.2 $32.3 $33.2 $32.6 $31.4 6 %9 %$34.2 $31.4 9 %
Market value of securities on loan at period end (in billions) (c)
$450 $406 $415 $441 $449 11 %— %$450 $449 — %
Issuer Services
Total debt serviced at period end (in trillions)
$13.3 $13.1 $13.1 $12.9 $12.6 2 %6 %$13.3 $12.6 6 %
Number of sponsored Depositary Receipts programs at period end543 559 564 577 589 (3)%(8)%543 589 (8)%
(a) In business segments where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.
(b) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Issuer Services business. Includes the AUC/A of CIBC Mellon of $1.7 trillion at Dec. 31, 2023, $1.5 trillion at Sept. 30, 2023, $1.6 trillion at June 30, 2023 and $1.5 trillion at March 31, 2023 and Dec. 31, 2022.
(c) Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $63 billion at Dec. 31, 2023 and Sept. 30, 2023, $66 billion at June 30, 2023, $69 billion at March 31, 2023 and $68 billion at Dec. 31, 2022.

15

THE BANK OF NEW YORK MELLON CORPORATION
bnym_logox3.jpg
MARKET AND WEALTH SERVICES BUSINESS SEGMENT
4Q23 vs.FY23 vs.
(dollars in millions)4Q233Q232Q231Q234Q223Q234Q22FY23FY22FY22
Revenue:
Investment services fees:
Pershing$472 $478 $466 $469 $472 (1)%— %$1,885 $1,793 5 %
Treasury Services179 180 183 175 176 (1)2 717 719 — 
Clearance and Collateral Management322 305 295 290 279 6 15 1,212 1,086 12 
Total investment services fees973 963 944 934 927 1 5 3,814 3,598 6 
Foreign exchange revenue21 21 21 18 20 — 5 81 88 (8)
Other fees (a)
50 49 52 51 44 2 14 202 163 24 
Total fee revenue1,044 1,033 1,017 1,003 991 1 5 4,097 3,849 6 
Investment and other revenue16 16 16 15 15 N/MN/M63 40 N/M
Total fee and other revenue1,060 1,049 1,033 1,018 1,006 1 5 4,160 3,889 7 
Net interest income436 401 420 453 396 9 10 1,710 1,410 21 
Total revenue1,496 1,450 1,453 1,471 1,402 3 7 5,870 5,299 11 
Provision for credit losses28 6 7 — 6 N/MN/M41 7 N/M
Noninterest expense (ex. amortization of intangible assets)836 790 792 781 782 6 7 3,199 2,928 9 
Amortization of intangible assets1 2 2 1 2 (50)(50)6 8 (25)
Total noninterest expense837 792 794 782 784 6 7 3,205 2,936 9 
Income before income taxes$631 $652 $652 $689 $612 (3)%3 %$2,624 $2,356 11 %
Total revenue by line of business:
Pershing$669 $657 $641 $649 $630 2 %6 %$2,616 $2,330 12 %
Treasury Services408 397 413 419 388 3 5 1,637 1,514 8 
Clearance and Collateral Management419 396 399 403 384 6 9 1,617 1,455 11 
Total revenue by line of business$1,496 $1,450 $1,453 $1,471 $1,402 3 %7 %$5,870 $5,299 11 %
Financial ratios:
Pre-tax operating margin42 %45 %45 %47 %44 %45 %44 %
(a) Other fees primarily include financing-related fees.
N/M – Not meaningful.

16

THE BANK OF NEW YORK MELLON CORPORATION
bnym_logox3.jpg
MARKET AND WEALTH SERVICES BUSINESS SEGMENT
4Q23 vs.FY23 vs.
(dollars in millions, unless otherwise noted)4Q233Q232Q231Q234Q223Q234Q22FY23FY22FY22
Selected balance sheet data:
Average loans$39,200 $37,496 $36,432 $36,854 $39,843 5 %(2)%$37,502 $41,300 (9)%
Average assets (a)
$132,357 $129,665 $131,519 $132,005 $132,169 2 %— %$131,383 $138,249 (5)%
Average deposits$87,695 $84,000 $85,407 $86,040 $86,083 4 %2 %$85,785 $91,749 (7)%
Selected metrics:
AUC/A at period end (in trillions) (b)
$13.3 $13.1 $13.4 $13.7 $12.7 2 %5 %$13.3 $12.7 5 %
Pershing
AUC/A at period end (in trillions)
$2.5 $2.4 $2.4 $2.4 $2.3 4 %9 %$2.5 $2.3 9 %
Net new assets (U.S. platform) (in billions) (c)
$(4)$23 $(34)$37 $42 N/MN/M$22 $121 N/M
Average active clearing accounts (in thousands)
8,012 7,979 7,946 7,849 7,603 — %5 %7,946 7,483 6 %
Treasury Services
Average daily U.S. dollar payment volumes243,005 233,620 233,931 236,322 246,189 4 %(1)%236,696 239,630 (1)%
Clearance and Collateral Management
Average tri-party collateral management balances (in billions)
$5,248 $5,706 $6,044 $5,626 $5,451 (8)%(4)%$5,658 $5,285 7 %
(a) In business segments where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.
(b) Consists of AUC/A from the Clearance and Collateral Management and Pershing lines of business.
(c) Net new assets represent net flows of assets (e.g., net cash deposits and net securities transfers, including dividends and interest) in customer accounts in Pershing LLC, a U.S. broker-dealer.
N/M – Not meaningful.

17

THE BANK OF NEW YORK MELLON CORPORATION
bnym_logox3.jpg
INVESTMENT AND WEALTH MANAGEMENT BUSINESS SEGMENT
4Q23 vs.FY23 vs.
(dollars in millions)4Q233Q232Q231Q234Q223Q234Q22FY23FY22FY22
Revenue:
Investment management fees$725 $748 $753 $755 $757 (3)%(4)%$2,981 $3,228 (8)%
Performance fees19 30 10 22 26 N/MN/M81 75 8 
Investment management and performance fees (a)
744 778 763 777 783 (4)(5)3,062 3,303 (7)
Distribution and servicing fees66 62 58 55 54 6 22 241 192 26 
Other fees (b)
(55)(50)(56)(53)(58)N/MN/M(214)(133)N/M
Total fee revenue755 790 765 779 779 (4)(3)3,089 3,362 (8)
Investment and other revenue (c)
(121)1 12 6 (3)N/MN/M(102)(27)N/M
Total fee and other revenue (c)
634 791 777 785 776 (20)(18)2,987 3,335 (10)
Net interest income45 39 39 45 52 15 (13)168 228 (26)
Total revenue 679 830 816 830 828 (18)(18)3,155 3,563 (11)
Provision for credit losses(2)(9)7 — 1 N/MN/M(4)1 N/M
Noninterest expense (ex. goodwill impairment and amortization of intangible assets)680 670 674 732 697 1 (2)2,756 2,809 (2)
Goodwill impairment— — — — — N/MN/M— 680 N/M
Amortization of intangible assets5 5 5 5 6 — (17)20 26 (23)
Total noninterest expense685 675 679 737 703 1 (3)2,776 3,515 (21)
(Loss) income before income taxes$(4)$164 $130 $93 $124 (102)%(103)%$383 $47 715 %
Total revenue by line of business:
Investment Management$415 $565 $553 $564 $558 (27)%(26)%$2,097 $2,423 (13)%
Wealth Management264 265 263 266 270 — (2)1,058 1,140 (7)
Total revenue by line of business$679 $830 $816 $830 $828 (18)%(18)%$3,155 $3,563 (11)%
Financial ratios:
Pre-tax operating margin(1)%20 %16 %11 %15 %12 %1 %
Adjusted pre-tax operating margin – Non-GAAP (d)
(1)%22 %18 %13 %17 %14 %2 %
Selected balance sheet data:
Average loans$13,405 $13,519 $13,995 $13,960 $14,404 (1)%(7)%$13,718 $14,055 (2)%
Average assets (e)
$26,341 $26,654 $27,399 $28,370 $28,625 (1)%(8)%$26,714 $32,057 (17)%
Average deposits$12,039 $13,578 $15,410 $16,144 $16,416 (11)%(27)%$14,280 $19,214 (26)%
(a) On a constant currency basis, investment management and performance fees decreased 6% (Non-GAAP) compared with 4Q22. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 23 for the reconciliation of this Non-GAAP measure.
(b) Other fees includes investment services fees, foreign exchange revenue and financing-related fees.
(c) Investment and other revenue and total fee and other revenue are net of income attributable to noncontrolling interests related to consolidated investment management funds.
(d) Net of distribution and servicing expense. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 23 for the reconciliation of this Non-GAAP measure.
(e) In business segments where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.
N/M – Not meaningful.
18

THE BANK OF NEW YORK MELLON CORPORATION
bnym_logox3.jpg
AUM BY PRODUCT TYPE, CHANGES IN AUM AND WEALTH MANAGEMENT CLIENT ASSETS
4Q23 vs.FY23 vs.
(dollars in billions)4Q233Q232Q231Q234Q223Q234Q22FY23FY22FY22
AUM by product type (a):
Equity$145 $133 $145 $142 $135 9 %7 %
Fixed income205 190 203 207 198 8 4 
Index459 425 440 408 395 8 16 
Liability-driven investments605 534 579 604 570 13 6 
Multi-asset and alternative investments170 156 162 161 153 9 11 
Cash390 383 377 386 385 2 1 
Total AUM$1,974 $1,821 $1,906 $1,908 $1,836 8 %8 %
Changes in AUM (a):
Beginning balance of AUM$1,821 $1,906 $1,908 $1,836 $1,776 $1,836 $2,434 
Net inflows (outflows):
Long-term strategies:
Equity(2)(3)(3)(4)(5)(12)(18)
Fixed income3 (7)(4)4 (12)(4)(21)
Liability-driven investments4 1 (3)10 19 12 78 
Multi-asset and alternative investments(1)(4)(1)(3)(4)(9)(11)
Total long-term active strategies inflows (outflows)4 (13)(11)7 (2)(13)28 
Index(10)(2)2 (2)(4)(12)2 
Total long-term strategies (outflows) inflows(6)(15)(9)5 (6)(25)30 
Short-term strategies:
Cash7 7 (9)— 27 5 (12)
Total net inflows (outflows)1 (8)(18)5 21 (20)18 
Net market impact122 (50)(3)52 18 121 (471)
Net currency impact30 (27)19 15 53 37 (113)
Divestiture— — — — (32)— (32)
Ending balance of AUM$1,974 $1,821 $1,906 $1,908 $1,836 8 %8 %$1,974 $1,836 8 %
Wealth Management client assets (b)
$312 $292 $286 $279 $269 7 %16 %
(a) Excludes assets managed outside of the Investment and Wealth Management business segment.
(b) Includes AUM and AUC/A in the Wealth Management line of business.


19

THE BANK OF NEW YORK MELLON CORPORATION
bnym_logox3.jpg
OTHER SEGMENT
(in millions)4Q233Q232Q231Q234Q22FY23FY22
Revenue:
Fee revenue$(17)$6 $(2)$3 $12 $(10)$61 
Investment and other revenue38 74 34 38 (414)184 (221)
Total fee and other revenue21 80 32 41 (402)174 (160)
Net interest (expense)(15)(24)(27)(36)(48)(102)(162)
Total revenue6 56 5 5 (450)72 (322)
Provision for credit losses(6)(13)(25)27 2 (17)23 
Noninterest expense820 24 71 41 154 956 278 
(Loss) income before income taxes$(808)$45 $(41)$(63)$(606)$(867)$(623)
Selected balance sheet data:
Average loans and leases$1,706 $1,711 $1,749 $1,508 $1,267 $1,669 $1,225 
Average assets$42,867 $50,008 $59,836 $50,343 $46,698 $51,211 $43,806 

20

THE BANK OF NEW YORK MELLON CORPORATION
bnym_logox3.jpg
SECURITIES PORTFOLIO
(dollars in millions)Sept. 30, 20234Q23
change in
unrealized
gain (loss)		Dec. 31, 2023
Fair value
as a % of amortized
cost (a)
Unrealized
gain (loss)
% Floating
rate (b)
Ratings (c)
Amortized
cost (a)
Fair valueAAA/
AA-		A+/
A-		BBB+/
BBB-		BB+ and
lower		Not
rated
 Fair value
Agency RMBS$35,850 $1,627 $43,197 $39,333 91 %$(3,864)21 %100 %— %— %— %— %
U.S. Treasury31,439 410 27,316 26,476 97 (840)62 100 — — — — 
Non-U.S. government (d)
20,650 238 21,135 20,543 97 (592)42 94 3 2 1 — 
Agency commercial MBS10,927 220 11,602 11,010 95 (592)45 100 — — — — 
CLOs6,908 34 7,125 7,119 100 (6)100 100 — — — — 
U.S. government agencies6,630 164 7,199 6,780 94 (419)42 100 — — — — 
Foreign covered bonds6,137 55 6,489 6,317 97 (172)57 100 — — — — 
Non-agency commercial MBS3,012 55 3,245 2,997 92 (248)53 100 — — — — 
Non-agency RMBS1,763 47 1,909 1,766 92 (143)46 85 3 — 6 6 
Other asset-backed securities922 21 1,026 943 92 (83)18 100 — — — — 
Other debt securities11 — 13 11 88 (2)— — — — — 100 
Total securities$124,249 (e)$2,871 $130,256 $123,295 (e)(f)95 %$(6,961)(e)(g)44 %99 %1 %— %— %— %
(a) Amortized cost reflects historical impairments, and is net of allowance for credit losses.
(b) Includes the impact of hedges.
(c) Represents ratings by S&P, or the equivalent.
(d) Includes supranational securities.
(e) Includes net unrealized gains on derivatives hedging securities available-for-sale (including terminated hedges) of $2,820 million at Sept. 30, 2023 and $1,767 million at Dec. 31, 2023.
(f) The fair value of available-for-sale securities totaled $78,584 million at Dec. 31, 2023, net of hedges, or 64% of the fair value of the securities portfolio, net of hedges. The fair value of the held-to-maturity securities totaled $44,711 million at Dec. 31, 2023, or 36% of the fair value of the securities portfolio, net of hedges.
(g) At Dec. 31, 2023, includes pre-tax net unrealized losses of $2,094 million related to available-for-sale securities, net of hedges, and $4,867 million related to held-to-maturity securities. The after-tax unrealized losses, net of hedges, related to available-for-sale securities was $1,580 million and the after-tax equivalent related to held-to-maturity securities was $3,711 million.
Note: The amortizable purchase premium (net of discount) relating to securities was $821 million at Dec. 31, 2023 and the amortization of that net purchase premium was $38 million in 4Q23.
21

THE BANK OF NEW YORK MELLON CORPORATION
bnym_logox3.jpg
ALLOWANCE FOR CREDIT LOSSES AND NONPERFORMING ASSETS
20232022
(dollars in millions)Dec. 31Sept. 30June 30March 31Dec. 31
Allowance for credit losses – beginning of period:
Allowance for loan losses$211 $191 $170 $176 $164 
Allowance for lending-related commitments85 91 83 78 72 
Allowance for other financial instruments (a)
29 41 67 38 44 
Allowance for credit losses – beginning of period$325 $323 $320 $292 $280 
Net (charge-offs) recoveries:
Charge-offs— (1)(4)— (9)
Recoveries5 — 2 1 1 
Total net recoveries (charge-offs) 5 (1)(2)1 (8)
Provision for credit losses (b)
84 3 5 27 20 
Allowance for credit losses – end of period$414 $325 $323 $320 $292 
Allowance for credit losses – end of period:
Allowance for loan losses$303 $211 $191 $170 $176 
Allowance for lending-related commitments87 85 91 83 78 
Allowance for other financial instruments (a)
24 29 41 67 38 
Allowance for credit losses – end of period$414 $325 $323 $320 $292 
Allowance for loan losses as a percentage of total loans0.45 %0.32 %0.30 %0.27 %0.27 %
Nonperforming assets$237 $48 $88 $105 $109 
(a) Includes allowance for credit losses on federal funds sold and securities purchased under resale agreements, available-for-sale securities, held-to-maturity securities, accounts receivable, cash and due from banks and interest-bearing deposits with banks.
(b) Includes all other instruments within the scope of ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments.
22

THE BANK OF NEW YORK MELLON CORPORATION
bnym_logox3.jpg
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
BNY Mellon has included in this Revised Financial Supplement certain Non-GAAP financial measures on a tangible basis as a supplement to GAAP information, which exclude goodwill and intangible assets, net of deferred tax liabilities. We believe that the return on tangible common equity – Non-GAAP is additional useful information for investors because it presents a measure of those assets that can generate income, and the tangible book value per common share – Non-GAAP is additional useful information because it presents the level of tangible assets in relation to shares of common stock outstanding.
Net interest income, on a fully taxable equivalent ("FTE") basis – Non-GAAP and net interest margin (FTE) – Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income which allows for the comparison of amounts arising from both taxable and tax-exempt sources and is consistent with industry practice. The adjustment to an FTE basis has no impact on net income.
BNY Mellon has included in this Revised Financial Supplement the adjusted pre-tax operating margin – Non-GAAP, which is the pre-tax operating margin for the Investment and Wealth Management business segment, net of distribution and servicing expense that was passed to third parties who distribute or service our managed funds. We believe that this measure is useful when evaluating the performance of the Investment and Wealth Management business relative to industry competitors.
The presentation of the growth rates of investment management and performance fees on a constant currency basis permits investors to assess the significance of changes in foreign currency exchange rates. Growth rates on a constant currency basis were determined by applying the current period foreign currency exchange rates to the prior period revenue. We believe that this presentation, as a supplement to GAAP information, gives investors a clearer picture of the related revenue results without the variability caused by fluctuations in foreign currency exchange rates.
Note: Quarterly returns on common and tangible common equity ratios are annualized.
Return on common equity and tangible common equity reconciliation
(dollars in millions)4Q233Q232Q231Q234Q22FY23FY22
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP$162 $958 $1,036 $911 $500 $3,067 $2,345 
Add: Amortization of intangible assets14 15 14 14 16 57 67 
Less: Tax impact of amortization of intangible assets4 3 4 3 4 14 16 
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP$172 $970 $1,046 $922 $512 $3,110 $2,396 
Average common shareholders’ equity$36,050 $35,873 $35,655 $35,483 $35,148 $35,767 $36,067 
Less: Average goodwill16,199 16,237 16,219 16,160 16,229 16,204 17,060 
 Average intangible assets2,858 2,875 2,888 2,899 2,905 2,880 2,939 
Add: Deferred tax liability – tax deductible goodwill1,205 1,197 1,193 1,187 1,181 1,205 1,181 
 Deferred tax liability – intangible assets657 657 660 660 660 657 660 
Average tangible common shareholders’ equity – Non-GAAP$18,855 $18,615 $18,401 $18,271 $17,855 $18,545 $17,909 
Return on common equity – GAAP1.8 %10.6 %11.7 %10.4 %5.6 %8.6 %6.5 %
Return on tangible common equity – Non-GAAP3.6 %20.6 %22.8 %20.5 %11.4 %16.8 %13.4 %

23

THE BANK OF NEW YORK MELLON CORPORATION
bnym_logox3.jpg
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Book value and tangible book value per common share reconciliation20232022
(dollars in millions, except common shares and unless otherwise noted)Dec. 31Sept. 30June 30March 31Dec. 31
BNY Mellon shareholders’ equity at period end – GAAP$40,770 $40,858 $40,824 $40,519 $40,613 
Less: Preferred stock4,343 4,838 4,838 4,838 4,838 
BNY Mellon common shareholders’ equity at period end – GAAP36,427 36,020 35,986 35,681 35,775 
Less: Goodwill16,261 16,159 16,246 16,192 16,150 
Intangible assets2,854 2,859 2,881 2,890 2,901 
Add: Deferred tax liability – tax deductible goodwill1,205 1,197 1,193 1,187 1,181 
Deferred tax liability – intangible assets657 657 660 660 660 
BNY Mellon tangible common shareholders’ equity at period end – Non-GAAP$19,174 $18,856 $18,712 $18,446 $18,565 
Period-end common shares outstanding (in thousands)
759,344 769,073 778,782 789,134 808,445 
Book value per common share – GAAP$47.97 $46.84 $46.21 $45.22 $44.25 
Tangible book value per common share – Non-GAAP$25.25 $24.52 $24.03 $23.38 $22.96 
Net interest margin reconciliation
(dollars in millions)4Q233Q232Q231Q234Q22
Net interest income – GAAP$1,101 $1,016 $1,100 $1,128 $1,056 
Add: Tax equivalent adjustment1 — 1 — 2 
Net interest income (FTE) – Non-GAAP$1,102 $1,016 $1,101 $1,128 $1,058 
Average interest-earning assets$344,174 $339,044 $362,049 $348,378 $352,987 
Net interest margin – GAAP (a)
1.26 %1.18 %1.20 %1.29 %1.19 %
Net interest margin (FTE) – Non-GAAP (a)
1.26 %1.18 %1.20 %1.29 %1.19 %
(a) Net interest margin is annualized.
24

THE BANK OF NEW YORK MELLON CORPORATION
bnym_logox3.jpg
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Pre-tax operating margin reconciliation - Investment and Wealth Management business segment
(dollars in millions)4Q233Q232Q231Q234Q22FY23FY22
(Loss) income before income taxes – GAAP$(4)$164 $130 $93 $124 $383 $47 
Total revenue – GAAP$679 $830 $816 $830 $828 $3,155 $3,563 
Less: Distribution and servicing expense89 87 93 86 87 355 345 
Adjusted total revenue, net of distribution and servicing expense – Non-GAAP$590 $743 $723 $744 $741 $2,800 $3,218 
Pre-tax operating margin – GAAP (a)
(1)%20 %16 %11 %15 %12 %1 %
Adjusted pre-tax operating margin, net of distribution and servicing expense – Non-GAAP (a)
(1)%22 %18 %13 %17 %14 %2 %
(a) Income before income taxes divided by total revenue.
Constant currency reconciliations4Q23 vs.
(dollars in millions)4Q234Q224Q22
Consolidated:
Investment management and performance fees – GAAP$743 $783 (5)%
Impact of changes in foreign currency exchange rates— 11 
Adjusted investment management and performance fees – Non-GAAP$743 $794 (6)%
Investment and Wealth Management business segment:
Investment management and performance fees – GAAP$744 $783 (5)%
Impact of changes in foreign currency exchange rates— 11 
Adjusted investment management and performance fees – Non-GAAP$744 $794 (6)%
25