Bank of New York Mellon Corp (Form: 8-K, Received: 04/16/2024 06:32:24)

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) – April 16, 2024

THE BANK OF NEW YORK MELLON CORPORATION

(Exact name of registrant as specified in its charter)


Delaware	001-35651	13-2614959
(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

(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 value	BK	New York Stock Exchange

6.244% Fixed-to-Floating Rate Normal Preferred Capital Securities of Mellon Capital IV	BK/P	New 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 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 under the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On April 16, 2024, The Bank of New York Mellon Corporation (“BNY Mellon”) released information on its financial results for the first quarter ended March 31, 2024. Copies of the Earnings Release and the Financial Supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.

ITEM 7.01. REGULATION FD DISCLOSURE.

On April 16, 2024, BNY Mellon will hold a conference call and webcast to discuss its financial results for the first quarter ended March 31, 2024 and outlook. A copy of the Financial Highlights presentation for the conference call and webcast is attached hereto as Exhibit 99.3.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.


Exhibit
Number						Description

99.1						The Bank of New York Mellon Corporation Earnings Release dated April 16, 2024, announcing financial results for the first quarter of 2024.
						The quotation in Exhibit 99.1 (the “Excluded Section”) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (“Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of BNY Mellon under the Securities Act of 1933 or the Exchange Act. The information included in Exhibit 99.1, other than in the Excluded Section, shall be deemed “filed” for purposes of the Exchange Act.

99.2						The Bank of New York Mellon Corporation Financial Supplement dated April 16, 2024, for the first quarter of 2024.
						The information included in Exhibit 99.2 shall be deemed “filed” for purposes of the Exchange Act.

99.3						First Quarter 2024 Financial Highlights Presentation dated April 16, 2024.
						The information included in Exhibit 99.3 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of BNY Mellon under the Securities Act of 1933 or the Exchange Act.

104						Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

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: April 16, 2024	By:	/s/ Jean Weng
	Name: Title:	Jean Weng Secretary

1Q24

FINANCIALRESULTS

BNY Mellon Reports First Quarter 2024

Earnings Per Common Share of $1.25, or $1.29 as Adjusted (a)

NEW YORK, April 16, 2024 – The Bank of New York Mellon Corporation (“BNY Mellon”) (NYSE: BK) today has reported financial results for the first quarter of 2024.


CEO COMMENTARY


			BNY Mellon is off to an encouraging start for the year, with a solid financial performance, and all our businesses building on their momentum from last year. In the first quarter, we delivered double-digit EPS growth as well as pre-tax margin and ROTCE expansion on the back of positive operating leverage.

Total revenue of $4.5 billion was up 3% year-over-year, as 8% growth in investment services fees led by strength in Asset Servicing, Issuer Services and Clearance and Collateral Management more than offset revenue headwinds from muted volatility in foreign exchange markets and lower net interest income. We are starting to see our growth initiatives deliver results. Running our company better, inclusive of our focus on platforms, is enabling us to improve profitability and invest in our future.



Our performance this quarter provides a glimpse of BNY Mellon’s potential to deliver more for our clients. While we are pleased to see early signs of progress, we remain focused on the significant work ahead of us.
– Robin Vince, President and Chief Executive Officer


KEY FINANCIAL INFORMATION


(in millions, except per share amounts and unless otherwise noted)				1Q24 vs.
	1Q24			4Q23		1Q23
Selected income statement data:

Total fee revenue	$	3,305		3	%	5	%
Investment and other revenue	182			N/M		N/M
Net interest income	1,040			(6)		(8)
Total revenue	$	4,527		4	%	3	%
Provision for credit losses	27			N/M		N/M
Noninterest expense	$	3,176		(21)	%	2	%
Net income applicable to common shareholders	953			488	%	5	%
Diluted EPS	$	1.25		495	%	11	%

Selected metrics:

AUC/A (in trillions)	$	48.8		2	%	5	%
AUM (in trillions)	$	2.0		2	%	6	%

Financial ratios:	1Q24			4Q23		1Q23

Pre-tax operating margin	29		%	6	%	29	%
ROE	10.7		%	1.8	%	10.4	%
ROTCE (a)	20.7		%	3.6	%	20.5	%

Capital ratios:

Tier 1 leverage ratio	5.9		%	6.0	%	5.8	%
CET1 ratio	10.8		%	11.5	%	10.9	%


HIGHLIGHTS

Results

•Total revenue of $4.5 billion, increased 3%

•Noninterest expense of $3.2 billion, increased 2%; or 1% excluding notable items (a)

•Diluted EPS of $1.25, increased 11%; or 14% excluding notable items (a)

Profitability

•Pre-tax operating margin of 29%; or 30% excluding notable items (a)

•ROTCE of 20.7% (a); or 21.3% excluding notable items (a)

Balance sheet

•Average deposits of $279 billion, increased 2% year-over-year and 2% sequentially

•Tier 1 leverage ratio of 5.9%, increased 8 bps year-over-year and decreased 7 bps sequentially

Capital distribution

•Returned $1.3 billion of capital to common shareholders

•$324 million of dividends

•$988 million of share repurchases

•Total payout ratio of 138% year-to-date

•Board of Directors authorized a new common share repurchase program of $6 billion

$1.25

EPS

$1.29 (a)

Adj. EPS

29%

Pre-tax margin

30% (a)

Adj. Pre-tax margin

10.7%

ROE

21.3% (a)

Adj. ROTCE



(a) For information on the Non-GAAP measures, see “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9.

Note: Above comparisons are 1Q24 vs. 1Q23, unless otherwise noted. Prior period results have been restated to reflect the adoption of new accounting guidance for our investments in renewable energy projects, effective Jan. 1, 2024. Refer to Form 8-K dated March 26, 2024 for further information.
Investor Relations: Marius Merz (212) 298-1480			Media Relations: Garrett Marquis (949) 683-1503


BNY Mellon 1Q24 Financial Results

CONSOLIDATED FINANCIAL HIGHLIGHTS


(in millions, except per share amounts and unless otherwise noted; not meaningful - N/M)										1Q24 vs.
	1Q24			4Q23			1Q23			4Q23		1Q23
Fee revenue	$	3,305		$	3,214		$	3,156		3	%	5	%
Investment and other revenue	182			43			131			N/M		N/M
Total fee and other revenue	3,487			3,257			3,287			7		6
Net interest income	1,040			1,101			1,128			(6)		(8)
Total revenue	4,527			4,358			4,415			4		3
Provision for credit losses	27			84			27			N/M		N/M
Noninterest expense	3,176			3,995			3,100			(21)		2
Income before taxes	1,324			279			1,288			375		3
Provision for income taxes	297			73			306			307		(3)
Net income	$	1,027		$	206		$	982		399	%	5	%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	953		$	162		$	911		488	%	5	%
Operating leverage (a)										2,438	bps	9	bps
Diluted earnings per common share	$	1.25		$	0.21		$	1.13		495	%	11	%
Average common shares and equivalents outstanding - diluted (in thousands)	762,268			772,102			807,718
Pre-tax operating margin	29		%	6		%	29		%

Metrics:
Average loans	$	65,844		$	65,677		$	63,261		—	%	4	%
Average deposits	278,846			273,075			274,000			2		2
AUC/A at period end (in trillions) (current period is preliminary)	48.8			47.8			46.6			2		5
AUM (in trillions) (current period is preliminary)	2.02			1.97			1.91			2		6
Non-GAAP measures, excluding notable items: (b)
Adjusted total revenue	$	4,527		$	4,508		$	4,416		—	%	3	%
Adjusted noninterest expense	$	3,138		$	3,116		$	3,094		1	%	1	%
Adjusted operating leverage (a)										(29)	bps	109	bps
Adjusted diluted earnings per common share	$	1.29		$	1.29		$	1.13		—	%	14	%
Adjusted pre-tax operating margin	30		%	29		%	29		%

(a) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense.

(b) See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9 for additional information.

bps – basis points.

KEY DRIVERS (comparisons are 1Q24 vs. 1Q23, unless otherwise noted)

•Total revenue increased 3%, primarily reflecting:

•Fee revenue increased 5%, primarily reflecting higher market values and higher client activity, partially offset by lower foreign exchange volatility, the mix of AUM flows and lower performance fees.

•Investment and other revenue increased primarily reflecting higher investment, other trading and seed capital results.

•Net interest income decreased 8%, primarily reflecting changes in balance sheet mix, partially offset by higher interest rates.

•Provision for credit losses was $27 million, primarily driven by reserve increases related to commercial real estate exposure.

•Noninterest expense increased 2%, primarily reflecting higher investments, severance expense and employee merit increases, partially offset by efficiency savings. Excluding notable items (a), noninterest expense increased 1%.

•Effective tax rate of 22.4%.

Assets under custody and/or administration (“AUC/A”) and Assets under management (“AUM”)

•AUC/A increased 5%, primarily reflecting higher market values, partially offset by lower collateral management balances.

•AUM increased 6%, primarily reflecting higher market values.

Capital and liquidity

•$324 million of dividends to common shareholders (b); $988 million of common share repurchases.

•Return on common equity (“ROE”) – 10.7%; Adjusted ROE – 11.0% (a).

•Return on tangible common equity (“ROTCE”) – 20.7% (a); Adjusted ROTCE - 21.3% (a).

•Common Equity Tier 1 (“CET1”) ratio – 10.8%.

•Tier 1 leverage ratio – 5.9%.

•Average liquidity coverage ratio (“LCR”) – 117%; Average net stable funding ratio (“NSFR”) – 136%.

•Total Loss Absorbing Capacity (“TLAC”) ratios exceed minimum requirements.

(a) See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9 for additional information.

(b) Including dividend-equivalents on share-based awards.

Note: Throughout this document, sequential growth rates are unannualized.


BNY Mellon 1Q24 Financial Results

SECURITIES SERVICES BUSINESS SEGMENT HIGHLIGHTS


(dollars in millions, unless otherwise noted; not meaningful - N/M)										1Q24 vs.
	1Q24			4Q23			1Q23			4Q23		1Q23
Investment services fees:
Asset Servicing	$	1,013		$	975		$	941		4	%	8	%
Issuer Services	261			285			236			(8)		11
Total investment services fees	1,274			1,260			1,177			1		8
Foreign exchange revenue	124			118			139			5		(11)
Other fees (a)	59			54			55			9		7
Total fee revenue	1,457			1,432			1,371			2		6
Investment and other revenue	99			112			72			N/M		N/M
Total fee and other revenue	1,556			1,544			1,443			1		8
Net interest income	583			635			666			(8)		(12)
Total revenue	2,139			2,179			2,109			(2)		1
Provision for credit losses	11			64			—			N/M		N/M
Noninterest expense	1,537			1,653			1,540			(7)		—
Income before taxes	$	591		$	462		$	569		28	%	4	%

Total revenue by line of business:
Asset Servicing	$	1,668		$	1,675		$	1,657		—	%	1	%
Issuer Services	471			504			452			(7)		4
Total revenue by line of business	$	2,139		$	2,179		$	2,109		(2)	%	1	%

Pre-tax operating margin	28		%	21		%	27		%

Securities lending revenue (b)	$	46		$	48		$	48		(4)	%	(4)	%

Metrics:
Average loans	$	11,204		$	11,366		$	10,939		(1)	%	2	%
Average deposits	$	174,687		$	171,086		$	167,209		2	%	4	%

AUC/A at period end (in trillions) (current period is preliminary) (c)	$	35.4		$	34.2		$	32.6		4	%	9	%
Market value of securities on loan at period end (in billions) (d)	$	486		$	450		$	441		8	%	10	%

(a) Other fees primarily include financing-related fees.

(b) Included in investment services fees reported in the Asset Servicing line of business.

(c) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Issuer Services line of business. 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 March 31, 2024 and Dec. 31, 2023 and $1.5 trillion at March 31, 2023.

(d) 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 $64 billion at March 31, 2024, $63 billion at Dec. 31, 2023 and $69 billion at March 31, 2023.

•The drivers of the total revenue variances by line of business are indicated below.

•Asset Servicing – The year-over-year increase primarily reflects higher market values, net new business and higher client activity, partially offset by lower net interest income and foreign exchange revenue. Total revenue was flat sequentially, primarily reflecting higher market values, client activity and foreign exchange revenue, offset by lower net interest income and a 4Q23 strategic equity investment gain.

•Issuer Services – The year-over-year increase primarily reflects higher Depositary Receipts revenue, partially offset by lower net interest income. The sequential decrease primarily reflects lower Depositary Receipts revenue and net interest income.

•Noninterest expense was flat year-over-year, reflecting higher investments and employee merit increases, offset by efficiency savings. The sequential decrease primarily reflects efficiency savings, lower severance expense and lower revenue-related expenses.

Note: Prior period segment results have been revised to reflect the realignment of similar products and services within our lines of business. Refer to Form 8-K dated March 26, 2024 for further information on these revisions.


BNY Mellon 1Q24 Financial Results

MARKET AND WEALTH SERVICES BUSINESS SEGMENT HIGHLIGHTS


(dollars in millions, unless otherwise noted; not meaningful - N/M)										1Q24 vs.
	1Q24			4Q23			1Q23			4Q23		1Q23
Investment services fees:
Pershing	$	482		$	472		$	469		2	%	3	%
Treasury Services	184			179			175			3		5
Clearance and Collateral Management	329			322			290			2		13
Total investment services fees	995			973			934			2		7
Foreign exchange revenue	24			21			18			14		33
Other fees (a)	58			50			51			16		14
Total fee revenue	1,077			1,044			1,003			3		7
Investment and other revenue	17			16			15			N/M		N/M
Total fee and other revenue	1,094			1,060			1,018			3		7
Net interest income	423			436			453			(3)		(7)
Total revenue	1,517			1,496			1,471			1		3
Provision for credit losses	5			28			—			N/M		N/M
Noninterest expense	834			837			782			—		7
Income before taxes	$	678		$	631		$	689		7	%	(2)	%

Total revenue by line of business:
Pershing	$	670		$	669		$	649		—	%	3	%
Treasury Services	416			408			419			2		(1)
Clearance and Collateral Management	431			419			403			3		7
Total revenue by line of business	$	1,517		$	1,496		$	1,471		1	%	3	%

Pre-tax operating margin	45		%	42		%	47		%

Metrics:
Average loans	$	39,271		$	39,200		$	36,854		—	%	7	%
Average deposits	$	89,539		$	87,695		$	86,040		2	%	4	%

AUC/A at period end (in trillions) (current period is preliminary) (b)	$	13.1		$	13.3		$	13.7		(2)	%	(4)	%

(a) Other fees primarily include financing-related fees.

(b) Consists of AUC/A from the Clearance and Collateral Management and Pershing lines of business.

•The drivers of the total revenue variances by line of business are indicated below.

•Pershing – The year-over-year increase primarily reflects higher market values and client activity, partially offset by lost business in the prior year. Total revenue was flat sequentially, reflecting higher client activity and market values, offset by lower net interest income and lost business in the prior year.

•Treasury Services – The year-over-year decrease primarily reflects lower net interest income, partially offset by net new business. The sequential increase primarily reflects higher client activity.

•Clearance and Collateral Management – The year-over-year increase primarily reflects higher collateral management fees and clearance volumes, partially offset by lower net interest income. The sequential increase primarily reflects higher collateral management fees and clearance volumes.

•Noninterest expense increased year-over-year, primarily reflecting higher investments and revenue-related expense, and employee merit increases, partially offset by efficiency savings.


BNY Mellon 1Q24 Financial Results

INVESTMENT AND WEALTH MANAGEMENT BUSINESS SEGMENT HIGHLIGHTS


(dollars in millions, unless otherwise noted; not meaningful - N/M)												1Q24 vs.
	1Q24				4Q23				1Q23			4Q23			1Q23
Investment management fees	$	768			$	725			$	755		6	%		2	%
Performance fees	10				19				22			N/M			N/M
Investment management and performance fees	778				744				777			5			—
Distribution and servicing fees	70				66				55			6			27
Other fees (a)	(60)				(55)				(53)			N/M			N/M
Total fee revenue	788				755				779			4			1
Investment and other revenue (b)	17				(121)				6			N/M			N/M
Total fee and other revenue (b)	805				634				785			27			3
Net interest income	41				45				45			(9)			(9)
Total revenue	846				679				830			25			2
Provision for credit losses	(1)				(2)				—			N/M			N/M
Noninterest expense	740				685				737			8			—
Income (loss) before taxes	$	107			$	(4)			$	93		N/M		(c)	15	%

Total revenue by line of business:
Investment Management	$	576			$	415			$	564		39	%		2	%
Wealth Management	270				264				266			2			2
Total revenue by line of business	$	846			$	679			$	830		25	%		2	%

Pre-tax operating margin	13		%		(1)		%		11		%
Adjusted pre-tax operating margin – Non-GAAP (d)	14		%		(1)		%	(e)	13		%

Metrics:
Average loans	$	13,553			$	13,405			$	13,960		1	%		(3)	%
Average deposits	$	11,364			$	12,039			$	16,144		(6)	%		(30)	%

AUM (in billions) (current period is preliminary) (f)	$	2,015			$	1,974			$	1,908		2	%		6	%
Wealth Management client assets (in billions) (current period is preliminary) (g)	$	309		(h)	$	312			$	279		(1)	%		11	%

(a) Other fees primarily include investment services fees.

(b) Investment and other revenue and total fee and other revenue are net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds.

(c) Excluding notable items, income before taxes decreased 27% (Non-GAAP) compared with 4Q23. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9 for information on these Non-GAAP measures.

(d) Net of distribution and servicing expense. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9 for information on this Non-GAAP measure.

(e) Excluding notable items and net of distribution and servicing expense, the adjusted pre-tax operating margin was 21% (Non-GAAP) for 4Q23. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9 for information on this Non-GAAP measure.

(f) Excludes assets managed outside of the Investment and Wealth Management business segment.

(g) Includes AUM and AUC/A in the Wealth Management line of business.

(h) The realignment of similar products and services within our lines of business reduced client assets attributed to the Wealth Management business. Refer to Form 8-K dated March 26, 2024 for further information.

•The drivers of the total revenue variances by line of business are indicated below.

•Investment Management – The year-over-year increase primarily reflects higher market values, partially offset by the mix of AUM flows and lower performance fees. The sequential increase primarily reflects the 4Q23 reduction in the fair value of a contingent consideration receivable and higher market values, partially offset by the timing of performance fees.

•Wealth Management – The year-over-year increase primarily reflects higher market values, partially offset by changes in product mix and lower net interest income. The sequential increase primarily reflects higher market values, partially offset by lower net interest income.

•Noninterest expense was flat year-over-year, reflecting higher investments and employee merit increases, offset by efficiency savings. The sequential increase primarily reflects higher revenue-related expense.


BNY Mellon 1Q24 Financial Results

The Other segment primarily includes the leasing portfolio, corporate treasury activities, including our securities portfolio, derivatives and other trading activity, renewable energy and other corporate investments, certain business exits and other corporate revenue and expense items.



(in millions)	1Q24		4Q23		1Q23
Fee revenue	$	(17)	$	(17)	$	3
Investment and other revenue	47		38		38
Total fee and other revenue	30		21		41
Net interest (expense)	(7)		(15)		(36)
Total revenue	23		6		5
Provision for credit losses	12		(6)		27
Noninterest expense	65		820		41
Income (loss) before taxes	$	(54)	$	(808)	$	(63)

•Total revenue includes corporate treasury and other investment activity, including hedging activity which has an offsetting impact between fee and other revenue and net interest expense. Total revenue increased year-over-year primarily reflecting a 1Q23 strategic equity investment loss. Total revenue increased sequentially primarily reflecting net securities losses in 4Q23, partially offset by 4Q23 strategic equity investment gains.

•Noninterest expense increased year-over-year primarily driven by higher severance expense. The sequential decrease in noninterest expense primarily reflects the 4Q23 FDIC special assessment and lower severance expense and litigation reserves.


BNY Mellon 1Q24 Financial Results

CAPITAL AND LIQUIDITY


Capital and liquidity ratios	March 31, 2024			Dec. 31, 2023
Consolidated regulatory capital ratios: (a)
CET1 ratio	10.8		%	11.5		%
Tier 1 capital ratio	13.4			14.2
Total capital ratio	14.3			14.9
Tier 1 leverage ratio (a)	5.9			6.0
Supplementary leverage ratio (a)	7.0			7.3
BNY Mellon shareholders’ equity to total assets ratio	9.3		%	9.9		%
BNY Mellon common shareholders’ equity to total assets ratio	8.3		%	8.9		%

Average LCR (a)	117		%	117		%
Average NSFR (a)	136		%	135		%

Book value per common share	$	48.44		$	47.97
Tangible book value per common share – Non-GAAP (b)	$	25.44		$	25.25




Common shares outstanding (in thousands)	747,816			759,344

(a) Regulatory capital and liquidity ratios for March 31, 2024 are preliminary. 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 March 31, 2024, was the Standardized Approach, and for Dec. 31, 2023 was the Advanced Approaches.

(b) Tangible book value per common share – Non-GAAP excludes goodwill and intangible assets, net of deferred tax liabilities. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9 for information on this Non-GAAP measure.

•CET1 capital totaled $18.4 billion and Tier 1 capital totaled $22.7 billion at March 31, 2024, both decreasing compared with Dec. 31, 2023, primarily reflecting capital returned through common stock repurchases and dividends, partially offset by capital generated through earnings. The CET1 ratio decreased compared with Dec. 31, 2023 reflecting higher period-end risk-weighted assets and the reduction in capital. The Tier 1 leverage ratio decreased compared with Dec. 31, 2023 reflecting the reduction in capital and higher average assets.


Net interest income										1Q24 vs.
(dollars in millions; not meaningful - N/M)	1Q24			4Q23			1Q23			4Q23		1Q23
Net interest income	$	1,040		$	1,101		$	1,128		(6)%		(8)%
Add: Tax equivalent adjustment	—			1			—			N/M		N/M
Net interest income, on a fully taxable equivalent (“FTE”) basis – Non-GAAP (a)	$	1,040		$	1,102		$	1,128		(6)%		(8)%

Net interest margin	1.19		%	1.26		%	1.29		%	(7)	bps	(10)	bps
Net interest margin (FTE) – Non-GAAP (a)	1.19		%	1.26		%	1.29		%	(7)	bps	(10)	bps

(a) Net interest income (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP include the tax equivalent adjustments on tax-exempt income. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9 for information on this Non-GAAP measure.

bps – basis points.

•Net interest income decreased year-over-year primarily reflecting changes in balance sheet mix, partially offset by higher interest rates.

•The sequential decrease in net interest income primarily reflects changes in balance sheet mix.


BNY Mellon 1Q24 Financial Results

THE BANK OF NEW YORK MELLON CORPORATION

Condensed Consolidated Income Statement


(in millions)	Quarter ended
	March 31, 2024		Dec. 31, 2023		March 31, 2023

Fee and other revenue
Investment services fees	$	2,278	$	2,242	$	2,119
Investment management and performance fees	776		743		776
Foreign exchange revenue	152		143		176
Financing-related fees	57		45		52
Distribution and servicing fees	42		41		33
Total fee revenue	3,305		3,214		3,156
Investment and other revenue	182		43		131
Total fee and other revenue	3,487		3,257		3,287
Net interest income
Interest income	6,096		5,963		3,942
Interest expense	5,056		4,862		2,814
Net interest income	1,040		1,101		1,128
Total revenue	4,527		4,358		4,415
Provision for credit losses	27		84		27
Noninterest expense
Staff	1,857		1,831		1,791
Software and equipment	475		486		429
Professional, legal and other purchased services	349		406		375
Net occupancy	124		162		119
Sub-custodian and clearing	119		117		118
Distribution and servicing	96		88		85
Business development	36		61		39
Bank assessment charges	17		670		40

Amortization of intangible assets	12		14		14
Other	91		160		90
Total noninterest expense	3,176		3,995		3,100
Income
Income before taxes	1,324		279		1,288
Provision for income taxes	297		73		306
Net income	1,027		206		982
Net (income) loss attributable to noncontrolling interests related to consolidated investment management funds	(2)		2		—
Net income applicable to shareholders of The Bank of New York Mellon Corporation	1,025		208		982
Preferred stock dividends	(72)		(46)		(71)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	953	$	162	$	911


Earnings per share applicable to the common shareholders of The Bank of New York Mellon Corporation	Quarter ended
	March 31, 2024		Dec. 31, 2023		March 31, 2023
(in dollars)
Basic	$	1.26	$	0.21	$	1.13
Diluted	$	1.25	$	0.21	$	1.13


BNY Mellon 1Q24 Financial Results

EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES

BNY Mellon has included in this Earnings Release 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 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 segment relative to industry competitors.

See “Explanation of GAAP and Non-GAAP Financial Measures” in the Financial Supplement available at www.bnymellon.com for additional reconciliations of Non-GAAP measures.

BNY Mellon has also included revenue measures excluding notable items, including the reduction in the fair value of a contingent consideration receivable related to a prior year divestiture and disposal losses. Expense measures, excluding notable items, including FDIC special assessment, severance expense and litigation reserves, are also presented. Litigation reserves represent accruals for loss contingencies that are both probable and reasonably estimable, but exclude standard business-related legal fees. Net income applicable to common shareholders of The Bank of New York Mellon Corporation, diluted earnings per share, operating leverage, return on common equity, return on tangible common equity and pre-tax operating margin, excluding the notable items mentioned above, are also provided. These measures are provided to permit investors to view the financial measures on a basis consistent with how management views the businesses.


BNY Mellon 1Q24 Financial Results


Reconciliation of Non-GAAP measures, excluding notable items								1Q24 vs.
(dollars in millions, except per share amounts)	1Q24		4Q23		1Q23			4Q23		1Q23




Total revenue – GAAP	$	4,527	$	4,358	$	4,415		4	%	3	%
Less: Reduction in the fair value of a contingent consideration receivable related to a prior year divestiture (a)	—		(144)		—
Disposal (losses) (a)	—		(6)		(1)

Adjusted total revenue – Non-GAAP	$	4,527	$	4,508	$	4,416		—	%	3	%

Noninterest expense – GAAP	$	3,176	$	3,995	$	3,100		(21)	%	2	%
Less: Severance (b)	36		200		—
Litigation reserves (b)	2		47		6
FDIC special assessment (b)	—		632		—

Adjusted noninterest expense – Non-GAAP	$	3,138	$	3,116	$	3,094		1	%	1	%






Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	953	$	162	$	911		488	%	5	%
Less: Reduction in the fair value of a contingent consideration receivable related to a prior year divestiture (a)	—		(144)		—
Disposal (losses) (a)	—		(5)		—

Severance (b)	(27)		(153)		—
Litigation reserves (b)	(2)		(47)		(4)
FDIC special assessment (b)	—		(482)		—

Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation – Non-GAAP	$	982	$	993	$	915		(1)	%	7	%

Diluted earnings per common share – GAAP	$	1.25	$	0.21	$	1.13		495	%	11	%
Less: Reduction in the fair value of a contingent consideration receivable related to a prior year divestiture (a)	—		(0.19)		—
Disposal (losses) (a)	—		(0.01)		—

Severance (b)	(0.04)		(0.20)		—
Litigation reserves (b)	—		(0.06)		(0.01)
FDIC special assessment (b)	—		(0.62)		—
Total diluted earnings per common share impact of notable items	(0.04)		(1.08)		(0.01)
Adjusted diluted earnings per common share – Non-GAAP	$	1.29	$	1.29	$	1.13	(c)	—	%	14	%
Operating leverage – GAAP (d)								2,438	bps	9	bps
Adjusted operating leverage – Non-GAAP (d)								(29)	bps	109	bps

(a) Reflected in Investment and other revenue.

(b) Severance is reflected in Staff expense, Litigation reserves in Other expense, and FDIC special assessment in Bank assessment charges, respectively.

(d) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense.


Pre-tax operating margin reconciliation
(dollars in millions)	1Q24			4Q23			1Q23
Income before taxes – GAAP	$	1,324		$	279		$	1,288
Impact of notable items (a)	(38)			(1,029)			(7)
Adjusted income before taxes, excluding notable items – Non-GAAP	$	1,362		$	1,308		$	1,295

Total revenue – GAAP	$	4,527		$	4,358		$	4,415
Impact of notable items (a)	—			(150)			(1)
Adjusted total revenue, excluding notable items – Non-GAAP	$	4,527		$	4,508		$	4,416

Pre-tax operating margin – GAAP (b)	29		%	6		%	29		%
Adjusted pre-tax operating margin – Non-GAAP (b)	30		%	29		%	29		%

(a) See above for details of notable items and line items impacted.

(b) Income before taxes divided by total revenue.


BNY Mellon 1Q24 Financial Results


Return on common equity and return on tangible common equity reconciliation
(dollars in millions)	1Q24			4Q23			1Q23
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	953		$	162		$	911
Add: Amortization of intangible assets	12			14			14
Less: Tax impact of amortization of intangible assets	3			4			3
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP	$	962		$	172		$	922
Impact of notable items (a)	(29)			(831)			(4)
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets and notable items – Non-GAAP	$	991		$	1,003		$	926

Average common shareholders’ equity	$	35,905		$	36,050		$	35,483
Less: Average goodwill	16,238			16,199			16,160
Average intangible assets	2,848			2,858			2,899
Add: Deferred tax liability – tax deductible goodwill	1,209			1,205			1,187
Deferred tax liability – intangible assets	655			657			660
Average tangible common shareholders’ equity – Non-GAAP	$	18,683		$	18,855		$	18,271

Return on common equity – GAAP (b)	10.7		%	1.8		%	10.4		%
Adjusted return on common equity – Non-GAAP (b)	11.0		%	10.9		%	10.5		%

Return on tangible common equity – Non-GAAP (b)	20.7		%	3.6		%	20.5		%
Adjusted return on tangible common equity – Non-GAAP (b)	21.3		%	21.1		%	20.6		%

(a) See page 10 for details of notable items and line items impacted.

(b) Returns are annualized.


Reconciliation of Non-GAAP measures, excluding notable items - Investment and Wealth Management						1Q24 vs.
(dollars in millions)	1Q24		4Q23			4Q23




Income (loss) before taxes – GAAP	$	107	$	(4)		N/M
Impact of notable items (a)	(4)		(156)
Adjusted income before taxes – Non-GAAP	$	111	$	152		(27)	%

Total revenue – GAAP	$	846	$	679		25	%
Impact of notable items (a)	—		(144)
Adjusted total revenue – Non-GAAP	$	846	$	823		3	%
Less: Distribution and servicing expense			89
Adjusted total revenue, net of distribution and servicing expense – Non-GAAP			$	734

Pre-tax operating margin – GAAP (b)			(1)		%
Adjusted pre-tax operating margin, net of distribution and servicing expense – Non-GAAP (b)			(1)		%
Adjusted pre-tax operating margin, net of distribution and servicing expense and excluding notable items – Non-GAAP (b)			21		%

(a) See page 10 for details of notable items and line items impacted. Notable items in 1Q24 include severance expense. Notable items in 4Q23 include the reduction in the fair value of a contingent consideration receivable related to a prior year divestiture (reflected in investment and other revenue) and severance expense.

(b) Income before taxes divided by total revenue.


BNY Mellon 1Q24 Financial Results

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

A number of statements in this Earnings Release and in our 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, financial performance and financial targets. Preliminary business metrics and regulatory capital ratios are subject to change, possibly materially, as we complete our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024. 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.

BNY Mellon is a global financial services company that helps make money work for the world – managing it, moving it and keeping it safe. For 240 years we have partnered alongside our clients, putting our expertise and platforms to work to help them achieve their ambitions. Today we help over 90% of Fortune 100 companies and nearly all the top 100 banks globally access the money they need. We support governments in funding local projects and work with over 90% of the top 100 pension plans to safeguard investments for millions of individuals, and so much more. As of March 31, 2024, we oversee $48.8 trillion in assets under custody and/or administration and $2.0 trillion in assets under management.

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). We are headquartered in New York City, employ over 50,000 people globally and have been named among Fortune’s World’s Most Admired Companies and Fast Company’s Best Workplaces for Innovators. Additional information is available on www.bnymellon.com. Follow us on LinkedIn or visit our Newsroom for the latest company news.

CONFERENCE CALL INFORMATION

Robin Vince, President and Chief Executive Officer, and Dermot McDonogh, Chief Financial Officer, will host a conference call and simultaneous live audio webcast at 11:00 a.m. ET on April 16, 2024. This conference call and audio webcast will include forward-looking statements and may include other material information.

Investors and analysts wishing to access the conference call and audio webcast may do so by dialing (800) 390-5696 (U.S.) or (720) 452-9082 (International), and using the passcode: 200200, or by logging onto www.bnymellon.com/investorrelations. Earnings materials will be available at www.bnymellon.com/investorrelations beginning at approximately 6:30 a.m. ET on April 16, 2024. An archived version of the first quarter conference call and audio webcast will be available beginning on April 16, 2024 at approximately 2:00 p.m. ET through May 16, 2024 at www.bnymellon.com/investorrelations.


The Bank of New York Mellon Corporation

Financial Supplement

First Quarter 2024


Table of Contents




Consolidated Results						Page
Consolidated Financial Highlights						3
Condensed Consolidated Income Statement						4
Condensed Consolidated Balance Sheet						5
Fee and Other Revenue						6
Average Balances and Interest Rates						7
Capital and Liquidity						8

Business Segment Results
Securities Services Business Segment						9
Market and Wealth Services Business Segment						11
Investment and Wealth Management Business Segment						13
AUM by Product Type, Changes in AUM and Wealth Management Client Assets						14
Other Segment						15

Other
Securities Portfolio						16
Allowance for Credit Losses and Nonperforming Assets						17

Supplemental Information
Explanation of GAAP and Non-GAAP Financial Measures						18

Note: Prior period results have been restated to reflect the adoption of new accounting guidance for our investments in renewable energy projects, effective Jan. 1, 2024. Prior period segment results have also been revised to reflect the realignment of similar products and services within our lines of business. Refer to Form 8-K dated March 26, 2024 for further information on these revisions.


THE BANK OF NEW YORK MELLON CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per common share amounts, or unless otherwise noted)																1Q24 vs.
	1Q24			4Q23			3Q23			2Q23			1Q23			4Q23		1Q23
Selected income statement data


Fee and other revenue	$	3,487		$	3,257		$	3,404		$	3,404		$	3,287		7	%	6	%
Net interest income	1,040			1,101			1,016			1,100			1,128			(6)		(8)
Total revenue	4,527			4,358			4,420			4,504			4,415			4		3
Provision for credit losses	27			84			3			5			27			N/M		N/M
Noninterest expense	3,176			3,995			3,089			3,111			3,100			(21)		2
Income before income taxes	1,324			279			1,328			1,388			1,288			375		3
Provision for income taxes	297			73			285			315			306			307		(3)
Net income	$	1,027		$	206		$	1,043		$	1,073		$	982		399	%	5	%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	953		$	162		$	958		$	1,036		$	911		488	%	5	%
Diluted earnings per common share	$	1.25		$	0.21		$	1.23		$	1.31		$	1.13		495	%	11	%
Average common shares and equivalents outstanding – diluted (in thousands)	762,268			772,102			781,781			790,725			807,718			(1)	%	(6)	%

Financial ratios (Returns are annualized)
Pre-tax operating margin	29		%	6		%	30		%	31		%	29		%
Return on common equity	10.7		%	1.8		%	10.6		%	11.7		%	10.4		%
Return on tangible common equity – Non-GAAP (a)	20.7		%	3.6		%	20.6		%	22.8		%	20.5		%
Non-U.S. revenue as a percentage of total revenue	34		%	36		%	36		%	36		%	34		%

Period end
Assets under custody and/or administration (“AUC/A”) (in trillions) (b)	$	48.8		$	47.8		$	45.7		$	46.9		$	46.6		2	%	5	%
Assets under management (“AUM”) (in trillions)	$	2.02		$	1.97		$	1.82		$	1.91		$	1.91		2	%	6	%
Full-time employees	52,100			53,400			53,600			53,200			51,600			(2)	%	1	%
Book value per common share	$	48.44		$	47.97		$	46.84		$	46.21		$	45.22
Tangible book value per common share – Non-GAAP (a)	$	25.44		$	25.25		$	24.52		$	24.03		$	23.38
Cash dividends per common share	$	0.42		$	0.42		$	0.42		$	0.37		$	0.37
Common dividend payout ratio	34		%	202		%	35		%	29		%	33		%
Closing stock price per common share	$	57.62		$	52.05		$	42.65		$	44.52		$	45.44
Market capitalization	$	43,089		$	39,524		$	32,801		$	34,671		$	35,858
Common shares outstanding (in thousands)	747,816			759,344			769,073			778,782			789,134

Capital ratios at period end (c)
Common Equity Tier 1 ("CET1") ratio	10.8		%	11.5		%	11.3		%	11.0		%	10.9		%
Tier 1 capital ratio	13.4		%	14.2		%	14.3		%	14.0		%	13.9		%
Total capital ratio	14.3		%	14.9		%	15.2		%	14.8		%	14.7		%
Tier 1 leverage ratio	5.9		%	6.0		%	6.1		%	5.7		%	5.8		%
Supplementary leverage ratio ("SLR")	7.0		%	7.3		%	7.2		%	7.0		%	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 18 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 March 31, 2024 and 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.
(c) Regulatory capital ratios for March 31, 2024 are preliminary. 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 March 31, 2024, was the Standardized Approach, and for Dec. 31, 2023, Sept. 30, 2023, June 30, 2023 and March 31, 2023, was the Advanced Approaches.
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED INCOME STATEMENT

(dollars in millions, except per share amounts; common shares in thousands)											1Q24 vs.
	1Q24		4Q23		3Q23		2Q23		1Q23		4Q23		1Q23
Revenue
Investment services fees	$	2,278	$	2,242	$	2,230	$	2,252	$	2,119	2	%	8	%
Investment management and performance fees	776		743		777		762		776		4		—
Foreign exchange revenue	152		143		154		158		176		6		(14)
Financing-related fees	57		45		45		50		52		27		10
Distribution and servicing fees	42		41		39		35		33		2		27
Total fee revenue	3,305		3,214		3,245		3,257		3,156		3		5
Investment and other revenue	182		43		159		147		131		N/M		N/M
Total fee and other revenue	3,487		3,257		3,404		3,404		3,287		7		6
Net interest income	1,040		1,101		1,016		1,100		1,128		(6)		(8)
Total revenue	4,527		4,358		4,420		4,504		4,415		4		3
Provision for credit losses	27		84		3		5		27		N/M		N/M
Noninterest expense
Staff	1,857		1,831		1,755		1,718		1,791		1		4
Software and equipment	475		486		452		450		429		(2)		11
Professional, legal and other purchased services	349		406		368		378		375		(14)		(7)
Net occupancy	124		162		140		121		119		(23)		4
Sub-custodian and clearing	119		117		121		119		118		2		1
Distribution and servicing	96		88		87		93		85		9		13
Business development	36		61		36		47		39		(41)		(8)
Bank assessment charges	17		670		37		41		40		(97)		(58)

Amortization of intangible assets	12		14		15		14		14		(14)		(14)
Other	91		160		78		130		90		(43)		1
Total noninterest expense	3,176		3,995		3,089		3,111		3,100		(21)		2
Income before income taxes	1,324		279		1,328		1,388		1,288		375		3
Provision for income taxes	297		73		285		315		306		307		(3)
Net income	1,027		206		1,043		1,073		982		399		5
Net (income) loss attributable to noncontrolling interests	(2)		2		(3)		(1)		—		N/M		N/M
Preferred stock dividends	(72)		(46)		(82)		(36)		(71)		N/M		N/M
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	953	$	162	$	958	$	1,036	$	911	488	%	5	%

Average common shares and equivalents outstanding: Basic	756,937		767,146		777,813		787,718		803,340		(1)	%	(6)	%
Diluted	762,268		772,102		781,781		790,725		807,718		(1)	%	(6)	%

Earnings per common share: Basic	$	1.26	$	0.21	$	1.23	$	1.32	$	1.13	500	%	12	%
Diluted	$	1.25	$	0.21	$	1.23	$	1.31	$	1.13	495	%	11	%
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET

	2024		2023
(in millions)	March 31		Dec. 31		Sept. 30		June 30		March 31
Assets
Cash and due from banks	$	5,305	$	4,922	$	4,904	$	5,720	$	5,564
Interest-bearing deposits with the Federal Reserve and other central banks	119,197		111,550		107,419		118,908		117,042
Interest-bearing deposits with banks	10,636		12,139		12,999		12,316		15,114
Federal funds sold and securities purchased under resale agreements	29,661		28,900		26,299		35,378		26,894
Securities	138,909		126,395		128,225		134,233		138,678
Trading assets	10,078		10,058		10,699		10,562		9,024
Loans	73,615		66,879		66,290		64,469		62,323
Allowance for loan losses	(322)		(303)		(211)		(191)		(170)
Net loans	73,293		66,576		66,079		64,278		62,153
Premises and equipment	3,136		3,163		3,234		3,241		3,248
Accrued interest receivable	1,343		1,150		1,141		963		978
Goodwill	16,228		16,261		16,159		16,246		16,192
Intangible assets	2,839		2,854		2,859		2,881		2,890
Other assets	24,103		25,909		25,035		25,455		27,122
Total assets	$	434,728	$	409,877	$	405,052	$	430,181	$	424,899
Liabilities
Deposits	$	309,020	$	283,669	$	277,467	$	292,045	$	281,294
Federal funds purchased and securities sold under repurchase agreements	15,112		14,507		14,771		21,285		26,540
Trading liabilities	3,100		6,226		7,358		6,319		5,705
Payables to customers and broker-dealers	19,392		18,395		17,441		21,084		22,598

Other borrowed funds	306		479		728		1,371		2,538
Accrued taxes and other expenses	4,395		5,411		5,225		4,986		4,548
Other liabilities	10,245		9,028		11,834		9,635		10,500
Long-term debt	32,396		31,257		29,205		32,463		30,489
Total liabilities	393,966		368,972		364,029		389,188		384,212
Temporary equity
Redeemable noncontrolling interests	82		85		109		104		96
Permanent equity
Preferred stock	4,343		4,343		4,838		4,838		4,838
Common stock	14		14		14		14		14
Additional paid-in capital	29,055		28,908		28,793		28,726		28,650
Retained earnings	40,178		39,549		39,714		39,090		38,350
Accumulated other comprehensive loss, net of tax	(4,876)		(4,893)		(5,805)		(5,602)		(5,543)
Less: Treasury stock, at cost	(28,145)		(27,151)		(26,696)		(26,242)		(25,790)
Total The Bank of New York Mellon Corporation shareholders’ equity	40,569		40,770		40,858		40,824		40,519
Nonredeemable noncontrolling interests of consolidated investment management funds	111		50		56		65		72
Total permanent equity	40,680		40,820		40,914		40,889		40,591
Total liabilities, temporary equity and permanent equity	$	434,728	$	409,877	$	405,052	$	430,181	$	424,899


THE BANK OF NEW YORK MELLON CORPORATION
FEE AND OTHER REVENUE

											1Q24 vs.
(dollars in millions)	1Q24		4Q23		3Q23		2Q23		1Q23		4Q23		1Q23
Investment services fees	$	2,278	$	2,242	$	2,230	$	2,252	$	2,119	2	%	8	%
Investment management and performance fees:
Investment management fees (a)	766		724		747		752		754		6		2
Performance fees	10		19		30		10		22		N/M		N/M
Total investment management and performance fees (b)	776		743		777		762		776		4		—
Foreign exchange revenue	152		143		154		158		176		6		(14)
Financing-related fees	57		45		45		50		52		27		10
Distribution and servicing fees	42		41		39		35		33		2		27
Total fee revenue	3,305		3,214		3,245		3,257		3,156		3		5
Investment and other revenue:
Income (loss) from consolidated investment management funds	15		26		(11)		10		5		N/M		N/M
Seed capital gains (losses) (c)	14		18		(4)		7		8		N/M		N/M
Other trading revenue	69		47		86		53		45		N/M		N/M
Renewable energy investment gains	6		2		1		5		20		N/M		N/M
Corporate/bank-owned life insurance	28		39		29		23		27		N/M		N/M
Other investments gains (losses) (d)	17		55		(9)		10		(9)		N/M		N/M
Disposal (losses) gains	—		(6)		2		(1)		(1)		N/M		N/M
Expense reimbursements from joint venture	27		28		29		31		29		N/M		N/M
Other income (loss)	7		(118)		55		9		8		N/M		N/M
Net securities (losses)	(1)		(48)		(19)		—		(1)		N/M		N/M
Total investment and other revenue	182		43		159		147		131		N/M		N/M
Total fee and other revenue	$	3,487	$	3,257	$	3,404	$	3,404	$	3,287	7	%	6	%
(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 1% compared with 1Q23. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 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.


THE BANK OF NEW YORK MELLON CORPORATION
AVERAGE BALANCES AND INTEREST RATES
	1Q24					4Q23					3Q23					2Q23					1Q23
	Average balance		Average rate			Average balance		Average rate			Average balance		Average rate			Average balance		Average rate			Average balance		Average rate
(dollars in millions; average rates are annualized)
Assets
Interest-earning assets:
Interest-bearing deposits with the Federal Reserve and other central banks	$	102,795	4.69	%		$	107,291	4.72	%		$	98,767	4.57	%		$	114,578	4.29	%		$	94,899	3.59	%
Interest-bearing deposits with banks	11,724		4.16			12,110		4.26			12,287		4.04			13,919		3.68			16,225		3.51
Federal funds sold and securities purchased under resale agreements	27,019		36.22		(a)	25,753		35.55		(a)	26,915		30.47		(a)	26,989		26.38		(a)	24,631		16.32		(a)
Loans	65,844		6.48			65,677		6.43			63,962		6.39			63,459		6.05			63,261		5.54
Securities:
U.S. government obligations	27,242		3.70			28,641		3.40			32,224		3.08			34,147		2.90			38,852		2.89
U.S. government agency obligations	63,135		3.22			59,067		2.95			59,481		2.87			61,565		2.78			62,280		2.60

Other securities (b)	43,528		4.01			39,415		4.03			39,874		3.93			40,989		3.59			42,452		3.21
Total investment securities (b)	133,905		3.57			127,123		3.39			131,579		3.24			136,701		3.05			143,584		2.86
Trading securities (b)	4,846		5.75			6,220		5.59			5,534		5.49			6,403		5.02			5,778		4.97
Total securities (b)	138,751		3.65			133,343		3.49			137,113		3.33			143,104		3.14			149,362		2.94
Total interest-earning assets (b)	$	346,133	7.06	%		$	344,174	6.86	%		$	339,044	6.45	%		$	362,049	5.77	%		$	348,378	4.56	%
Noninterest-earning assets	57,852					57,431					58,247					58,912					58,900
Total assets	$	403,985				$	401,605				$	397,291				$	420,961				$	407,278

Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits	$	228,897	3.84	%		$	220,408	3.79	%		$	209,641	3.62	%		$	215,057	3.24	%		$	204,114	2.71	%
Federal funds purchased and securities sold under repurchase agreements	16,133		55.91		(a)	16,065		52.41		(a)	21,512		36.07		(a)	26,282		26.39		(a)	18,316		19.75		(a)
Trading liabilities	1,649		5.11			2,857		4.83			3,959		4.80			3,893		4.46			3,025		4.05
Other borrowed funds	502		3.47			465		5.56			540		4.47			2,702		4.60			711		1.75
Commercial paper	8		5.42			5		5.40			7		4.13			5		5.11			—		—
Payables to customers and broker-dealers	12,420		4.74			12,586		4.67			13,515		4.30			14,801		3.85			16,954		3.08
Long-term debt	31,087		5.82			30,702		5.70			31,161		5.52			31,970		5.45			30,246		5.22
Total interest-bearing liabilities	$	290,696	6.99	%		$	283,088	6.81	%		$	280,335	6.37	%		$	294,710	5.61	%		$	273,366	4.17	%
Total noninterest-bearing deposits	49,949					52,667					52,467					62,152					69,886
Other noninterest-bearing liabilities	23,005					24,962					23,699					23,526					23,687
Total The Bank of New York Mellon Corporation shareholders’ equity	40,248					40,823					40,711					40,493					40,321
Noncontrolling interests	87					65					79					80					18
Total liabilities and equity	$	403,985				$	401,605				$	397,291				$	420,961				$	407,278
Net interest margin			1.19	%				1.26	%				1.18	%				1.20	%				1.29	%
Net interest margin (FTE) – Non-GAAP (c)			1.19	%				1.26	%				1.18	%				1.20	%				1.29	%
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $151 billion for 1Q24, $141 billion for 4Q23, $126 billion for 3Q23, $113 billion for 2Q23 and $62 billion for 1Q23. 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 5.49% for 1Q24, 5.48% for 4Q23, 5.36% for 3Q23, 5.10% for 2Q23 and 4.62% for 1Q23. 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 5.38% for 1Q24, 5.35% for 4Q23, 5.26% for 3Q23, 4.99% for 2Q23 and 4.49% for 1Q23. 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 18 for the reconciliation of this Non-GAAP measure.


THE BANK OF NEW YORK MELLON CORPORATION
CAPITAL AND LIQUIDITY

	2024			2023
(dollars in millions)	March 31			Dec. 31			Sept. 30			June 30			March 31
Consolidated regulatory capital ratios (a)
Standardized Approach:
CET1 capital	$	18,382		$	18,534		$	18,156		$	18,018		$	17,761
Tier 1 capital	22,722			22,863			22,985			22,848			22,595
Total capital	24,309			24,414			24,552			24,413			24,161
Risk-weighted assets	169,851			156,178			153,167			153,158			157,186

CET1 ratio	10.8		%	11.9		%	11.9		%	11.8		%	11.3		%
Tier 1 capital ratio	13.4			14.6			15.0			14.9			14.4
Total capital ratio	14.3			15.6			16.0			15.9			15.4

Advanced Approaches:
CET1 capital	$	18,382		$	18,534		$	18,156		$	18,018		$	17,761
Tier 1 capital	22,722			22,863			22,985			22,848			22,595
Total capital	23,977			24,085			24,305			24,151			23,890
Risk-weighted assets	165,180			161,528			160,262			163,335			162,692

CET1 ratio	11.1		%	11.5		%	11.3		%	11.0		%	10.9		%
Tier 1 capital ratio	13.8			14.2			14.3			14.0			13.9
Total capital ratio	14.5			14.9			15.2			14.8			14.7

Tier 1 leverage ratio (a):
Average assets for Tier 1 leverage ratio	$	386,146		$	383,705		$	379,429		$	402,993		$	389,358
Tier 1 leverage ratio	5.9		%	6.0		%	6.1		%	5.7		%	5.8		%

SLR (a):
Leverage exposure	$	325,656		$	313,555		$	318,664		$	326,002		$	330,278
SLR	7.0		%	7.3		%	7.2		%	7.0		%	6.8		%

Average liquidity coverage ratio (a)	117		%	117		%	121		%	120		%	118		%
Average net stable funding ratio (a)	136		%	135		%	136		%	136		%	132		%
(a) Regulatory capital and liquidity ratios for March 31, 2024 are preliminary. 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 March 31, 2024, was the Standardized Approach, and for Dec. 31, 2023, Sept. 30, 2023, June 30, 2023 and March 31, 2023, was the Advanced Approaches.


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES SERVICES BUSINESS SEGMENT

																1Q24 vs.
(dollars in millions)	1Q24			4Q23			3Q23			2Q23			1Q23			4Q23		1Q23
Revenue:
Investment services fees:
Asset Servicing	$	1,013		$	975		$	976		$	980		$	941		4	%	8	%
Issuer Services	261			285			281			319			236			(8)		11
Total investment services fees	1,274			1,260			1,257			1,299			1,177			1		8
Foreign exchange revenue	124			118			107			124			139			5		(11)
Other fees (a)	59			54			52			54			55			9		7
Total fee revenue	1,457			1,432			1,416			1,477			1,371			2		6
Investment and other revenue	99			112			65			84			72			N/M		N/M
Total fee and other revenue	1,556			1,544			1,481			1,561			1,443			1		8
Net interest income	583			635			600			668			666			(8)		(12)
Total revenue	2,139			2,179			2,081			2,229			2,109			(2)		1
Provision for credit losses	11			64			19			16			—			N/M		N/M
Noninterest expense (ex. amortization of intangible assets)	1,530			1,645			1,590			1,560			1,532			(7)		—
Amortization of intangible assets	7			8			8			7			8			(13)		(13)
Total noninterest expense	1,537			1,653			1,598			1,567			1,540			(7)		—
Income before income taxes	$	591		$	462		$	464		$	646		$	569		28	%	4	%


Total revenue by line of business:
Asset Servicing	$	1,668		$	1,675		$	1,585		$	1,695		$	1,657		—	%	1	%
Issuer Services	471			504			496			534			452			(7)		4
Total revenue by line of business	$	2,139		$	2,179		$	2,081		$	2,229		$	2,109		(2)	%	1	%

Financial ratios:
Pre-tax operating margin	28		%	21		%	22		%	29		%	27		%

Memo: Securities lending revenue (b)	$	46		$	48		$	46		$	47		$	48		(4)	%	(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.


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES SERVICES BUSINESS SEGMENT

											1Q24 vs.
(dollars in millions, unless otherwise noted)	1Q24		4Q23		3Q23		2Q23		1Q23		4Q23		1Q23
Selected balance sheet data:
Average loans	$	11,204	$	11,366	$	11,236	$	11,283	$	10,939	(1)	%	2	%
Average assets (a)	$	191,544	$	200,040	$	190,964	$	202,207	$	196,560	(4)	%	(3)	%
Average deposits	$	174,687	$	171,086	$	162,509	$	172,863	$	167,209	2	%	4	%

Selected metrics:
AUC/A at period end (in trillions) (b)(c)	$	35.4	$	34.2	$	32.3	$	33.2	$	32.6	4	%	9	%
Market value of securities on loan at period end (in billions) (d)	$	486	$	450	$	406	$	415	$	441	8	%	10	%

Issuer Services
Total debt serviced at period end (in trillions) (e)	$	14.0	$	14.0	$	13.8	$	13.8	$	13.6	—	%	3	%
Number of sponsored Depositary Receipts programs at period end	527		543		559		564		577		(3)	%	(9)	%
(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) March 31, 2024 information is preliminary.
(c) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Issuer Services line of business. Includes the AUC/A of CIBC Mellon of $1.7 trillion at March 31,2024 and 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.
(d) 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 $64 billion at March 31,2024, $63 billion at Dec. 31, 2023 and Sept. 30, 2023, $66 billion at June 30, 2023, and $69 billion at March 31, 2023.
(e) Reported amounts have been revised from previously reported amounts.


THE BANK OF NEW YORK MELLON CORPORATION
MARKET AND WEALTH SERVICES BUSINESS SEGMENT

																1Q24 vs.
(dollars in millions)	1Q24			4Q23			3Q23			2Q23			1Q23			4Q23		1Q23
Revenue:
Investment services fees:
Pershing	$	482		$	472		$	478		$	466		$	469		2	%	3	%
Treasury Services	184			179			180			183			175			3		5
Clearance and Collateral Management	329			322			305			295			290			2		13
Total investment services fees	995			973			963			944			934			2		7
Foreign exchange revenue	24			21			21			21			18			14		33
Other fees (a)	58			50			49			52			51			16		14
Total fee revenue	1,077			1,044			1,033			1,017			1,003			3		7
Investment and other revenue	17			16			16			16			15			N/M		N/M
Total fee and other revenue	1,094			1,060			1,049			1,033			1,018			3		7
Net interest income	423			436			401			420			453			(3)		(7)
Total revenue	1,517			1,496			1,450			1,453			1,471			1		3
Provision for credit losses	5			28			6			7			—			N/M		N/M
Noninterest expense (ex. amortization of intangible assets)	833			836			790			792			781			—		7
Amortization of intangible assets	1			1			2			2			1			—		—
Total noninterest expense	834			837			792			794			782			—		7
Income before income taxes	$	678		$	631		$	652		$	652		$	689		7	%	(2)	%


Total revenue by line of business:
Pershing	$	670		$	669		$	657		$	641		$	649		—	%	3	%
Treasury Services	416			408			397			413			419			2		(1)
Clearance and Collateral Management	431			419			396			399			403			3		7
Total revenue by line of business	$	1,517		$	1,496		$	1,450		$	1,453		$	1,471		1	%	3	%


Financial ratios:
Pre-tax operating margin	45		%	42		%	45		%	45		%	47		%
(a) Other fees primarily include financing-related fees.
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
MARKET AND WEALTH SERVICES BUSINESS SEGMENT

											1Q24 vs.
(dollars in millions, unless otherwise noted)	1Q24		4Q23		3Q23		2Q23		1Q23		4Q23		1Q23
Selected balance sheet data:
Average loans	$	39,271	$	39,200	$	37,496	$	36,432	$	36,854	—	%	7	%
Average assets (a)	$	123,552	$	132,357	$	129,665	$	131,519	$	132,005	(7)	%	(6)	%
Average deposits	$	89,539	$	87,695	$	84,000	$	85,407	$	86,040	2	%	4	%

Selected metrics:
AUC/A at period end (in trillions) (b)(c)	$	13.1	$	13.3	$	13.1	$	13.4	$	13.7	(2)	%	(4)	%

Pershing
AUC/A at period end (in trillions) (b)	$	2.6	$	2.5	$	2.4	$	2.4	$	2.4	4	%	8	%
Net new assets (U.S. platform) (in billions) (d)	$	(2)	$	(4)	$	23	$	(34)	$	37	N/M		N/M
Daily average revenue trades ("DARTs") (U.S. platform) (in thousands)	290		229		223		223		261		27	%	11	%
Average active clearing accounts (in thousands)	7,991		8,012		7,979		7,946		7,849		—	%	2	%

Treasury Services
Average daily U.S. dollar payment volumes	237,124		243,005		233,620		233,931		236,322		(2)	%	—	%

Clearance and Collateral Management
Average tri-party collateral management balances (in billions)	$	5,157	$	5,248	$	5,706	$	6,044	$	5,626	(2)	%	(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) March 31, 2024 information is preliminary.
(c) Consists of AUC/A from the Clearance and Collateral Management and Pershing lines of business.
(d) 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.


THE BANK OF NEW YORK MELLON CORPORATION
INVESTMENT AND WEALTH MANAGEMENT BUSINESS SEGMENT

																1Q24 vs.
(dollars in millions)	1Q24			4Q23			3Q23			2Q23			1Q23			4Q23		1Q23
Revenue:
Investment management fees	$	768		$	725		$	748		$	753		$	755		6	%	2	%
Performance fees	10			19			30			10			22			N/M		N/M
Investment management and performance fees (a)	778			744			778			763			777			5		—
Distribution and servicing fees	70			66			62			58			55			6		27
Other fees (b)	(60)			(55)			(50)			(56)			(53)			N/M		N/M
Total fee revenue	788			755			790			765			779			4		1
Investment and other revenue (c)	17			(121)			1			12			6			N/M		N/M
Total fee and other revenue (c)	805			634			791			777			785			27		3
Net interest income	41			45			39			39			45			(9)		(9)
Total revenue	846			679			830			816			830			25		2
Provision for credit losses	(1)			(2)			(9)			7			—			N/M		N/M
Noninterest expense (ex. amortization of intangible assets)	736			680			670			674			732			8		1

Amortization of intangible assets	4			5			5			5			5			(20)		(20)
Total noninterest expense	740			685			675			679			737			8		—
Income (loss) before income taxes	$	107		$	(4)		$	164		$	130		$	93		N/M		15	%


Total revenue by line of business:
Investment Management	$	576		$	415		$	565		$	553		$	564		39	%	2	%
Wealth Management	270			264			265			263			266			2		2
Total revenue by line of business	$	846		$	679		$	830		$	816		$	830		25	%	2	%

Financial ratios:
Pre-tax operating margin	13		%	(1)		%	20		%	16		%	11		%
Adjusted pre-tax operating margin – Non-GAAP (d)	14		%	(1)		%	22		%	18		%	13		%

Selected balance sheet data:
Average loans	$	13,553		$	13,405		$	13,519		$	13,995		$	13,960		1	%	(3)	%
Average assets (e)	$	26,272		$	26,341		$	26,654		$	27,399		$	28,370		—	%	(7)	%
Average deposits	$	11,364		$	12,039		$	13,578		$	15,410		$	16,144		(6)	%	(30)	%
(a) On a constant currency basis, investment management and performance fees decreased 1% (Non-GAAP) compared with 1Q23. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of this Non-GAAP measure.
(b) Other fees primarily include investment services fees.
(c) Investment and other revenue and total fee and other revenue are net of income (loss) 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 18 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.


THE BANK OF NEW YORK MELLON CORPORATION
AUM BY PRODUCT TYPE, CHANGES IN AUM AND WEALTH MANAGEMENT CLIENT ASSETS

												1Q24 vs.
(dollars in billions)	1Q24			4Q23		3Q23		2Q23		1Q23		4Q23		1Q23
AUM by product type (a)(b):
Equity	$	168		$	145	$	133	$	145	$	142	16	%	18	%
Fixed income	219			205		190		203		207		7		6
Index	474			459		425		440		408		3		16
Liability-driven investments	573			605		534		579		604		(5)		(5)
Multi-asset and alternative investments	174			170		156		162		161		2		8
Cash	407			390		383		377		386		4		5
Total AUM	$	2,015		$	1,974	$	1,821	$	1,906	$	1,908	2	%	6	%

Changes in AUM (a)(b):
Beginning balance of AUM	$	1,974		$	1,821	$	1,906	$	1,908	$	1,836
Net inflows (outflows):
Long-term strategies:
Equity	(4)			(2)		(3)		(3)		(4)
Fixed income	12			3		(7)		(4)		4
Liability-driven investments	13			4		1		(3)		10
Multi-asset and alternative investments	(5)			(1)		(4)		(1)		(3)
Total long-term active strategies inflows (outflows)	16			4		(13)		(11)		7
Index	(15)			(10)		(2)		2		(2)
Total long-term strategies inflows (outflows)	1			(6)		(15)		(9)		5
Short-term strategies:
Cash	16			7		7		(9)		—
Total net inflows (outflows)	17			1		(8)		(18)		5
Net market impact	16			122		(50)		(3)		52
Net currency impact	(10)			30		(27)		19		15
Other	18		(c)	—		—		—		—
Ending balance of AUM	$	2,015		$	1,974	$	1,821	$	1,906	$	1,908	2	%	6	%

Wealth Management client assets (a)(d)	$	309	(e)	$	312	$	292	$	286	$	279	(1)	%	11	%
(a) March 31, 2024 information is preliminary.
(b) Excludes assets managed outside of the Investment and Wealth Management business segment.
(c) Reflects the realignment of similar products and services within our lines of business. Refer to Form 8-K dated March 26, 2024 for further information.
(d) Includes AUM and AUC/A in the Wealth Management line of business.
(e) The realignment of similar products and services within our lines of business reduced client assets attributed to the Wealth Management business. Refer to Form 8-K dated March 26, 2024 for further information.


THE BANK OF NEW YORK MELLON CORPORATION
OTHER SEGMENT

(in millions)	1Q24		4Q23		3Q23		2Q23		1Q23
Revenue:
Fee revenue	$	(17)	$	(17)	$	6	$	(2)	$	3
Investment and other revenue	47		38		74		34		38
Total fee and other revenue	30		21		80		32		41
Net interest (expense)	(7)		(15)		(24)		(27)		(36)
Total revenue	23		6		56		5		5
Provision for credit losses	12		(6)		(13)		(25)		27
Noninterest expense	65		820		24		71		41
(Loss) income before income taxes	$	(54)	$	(808)	$	45	$	(41)	$	(63)


Selected balance sheet data:
Average loans and leases	$	1,816	$	1,706	$	1,711	$	1,749	$	1,508
Average assets	$	62,617	$	42,867	$	50,008	$	59,836	$	50,343


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES PORTFOLIO

(dollars in millions)	Dec. 31, 2023			1Q24 change in unrealized gain (loss)		March 31, 2024					Fair value as a % of amortized cost (a)		Unrealized gain (loss)			% Floating rate (b)		Ratings (c)
						Amortized cost (a)		Fair value										AAA/ AA-		A+/ A-		BBB+/ BBB-		BB+ and lower		Not rated
	Fair value
Agency RMBS	$	39,333		$	(299)	$	45,805	$	41,642		91	%	$	(4,163)		23	%	100	%	—	%	—	%	—	%	—	%
U.S. Treasury	26,476			13		30,723		29,896			97		(827)			59		100		—		—		—		—
Non-U.S. government (d)	20,543			9		27,081		26,498			98		(583)			37		93		3		3		1		—
Agency commercial MBS	11,010			11		11,664		11,083			95		(581)			43		100		—		—		—		—
CLOs	7,119			16		7,238		7,248			100		10			100		100		—		—		—		—
U.S. government agencies	6,780			(5)		7,031		6,607			94		(424)			40		100		—		—		—		—
Foreign covered bonds	6,317			11		7,420		7,259			98		(161)			51		100		—		—		—		—
Non-agency commercial MBS	2,997			38		3,219		3,009			93		(210)			53		100		—		—		—		—
Non-agency RMBS	1,766			(6)		1,876		1,727			92		(149)			45		86		2		—		6		6
Other asset-backed securities	943			6		976		899			92		(77)			18		100		—		—		—		—

Other debt securities	11			1		12		11			90		(1)			—		—		—		—		—		100
Total securities	$	123,295	(e)	$	(205)	$	143,045	$	135,879	(e)(f)	95	%	$	(7,166)	(e)(g)	42	%	98	%	1	%	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 $1,767 million at Dec. 31, 2023 and $2,161 million at March 31, 2024.
(f) The fair value of available-for-sale securities totaled $92,666 million at March 31, 2024, net of hedges, or 68% of the fair value of the securities portfolio, net of hedges. The fair value of the held-to-maturity securities totaled $43,213 million at March 31, 2024, or 32% of the fair value of the securities portfolio, net of hedges.
(g) At March 31, 2024, includes pre-tax net unrealized losses of $1,975 million related to available-for-sale securities, net of hedges, and $5,191 million related to held-to-maturity securities. The after-tax unrealized losses, net of hedges, related to available-for-sale securities was $1,490 million and the after-tax equivalent related to held-to-maturity securities was $3,958 million.
Note: The amortizable purchase premium (net of discount) relating to securities was $419 million at March 31, 2024 and the amortization of that net purchase premium was $19 million in 1Q24.


THE BANK OF NEW YORK MELLON CORPORATION
ALLOWANCE FOR CREDIT LOSSES AND NONPERFORMING ASSETS

	2024			2023
(dollars in millions)	March 31			Dec. 31			Sept. 30			June 30			March 31
Allowance for credit losses – beginning of period:
Allowance for loan losses	$	303		$	211		$	191		$	170		$	176
Allowance for lending-related commitments	87			85			91			83			78
Allowance for other financial instruments (a)	24			29			41			67			38
Allowance for credit losses – beginning of period	$	414		$	325		$	323		$	320		$	292

Net (charge-offs) recoveries:
Charge-offs	(1)			—			(1)			(4)			—
Recoveries	—			5			—			2			1
Total net (charge-offs) recoveries	(1)			5			(1)			(2)			1
Provision for credit losses (b)	27			84			3			5			27
Allowance for credit losses – end of period	$	440		$	414		$	325		$	323		$	320

Allowance for credit losses – end of period:
Allowance for loan losses	$	322		$	303		$	211		$	191		$	170
Allowance for lending-related commitments	81			87			85			91			83
Allowance for other financial instruments (a)	37			24			29			41			67
Allowance for credit losses – end of period	$	440		$	414		$	325		$	323		$	320

Allowance for loan losses as a percentage of total loans	0.44		%	0.45		%	0.32		%	0.30		%	0.27		%

Nonperforming assets	$	278		$	237		$	48		$	88		$	105
(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.


THE BANK OF NEW YORK MELLON CORPORATION
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES

BNY Mellon has included in this 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 also included 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 segment 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.

Notes:


Return on common and tangible common equity ratios are annualized.



Return on common equity and tangible common equity reconciliation
(dollars in millions)	1Q24			4Q23			3Q23			2Q23			1Q23
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	953		$	162		$	958		$	1,036		$	911
Add: Amortization of intangible assets	12			14			15			14			14
Less: Tax impact of amortization of intangible assets	3			4			3			4			3
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP	$	962		$	172		$	970		$	1,046		$	922

Average common shareholders’ equity	$	35,905		$	36,050		$	35,873		$	35,655		$	35,483
Less: Average goodwill	16,238			16,199			16,237			16,219			16,160
Average intangible assets	2,848			2,858			2,875			2,888			2,899
Add: Deferred tax liability – tax deductible goodwill	1,209			1,205			1,197			1,193			1,187
Deferred tax liability – intangible assets	655			657			657			660			660
Average tangible common shareholders’ equity – Non-GAAP	$	18,683		$	18,855		$	18,615		$	18,401		$	18,271

Return on common equity – GAAP	10.7		%	1.8		%	10.6		%	11.7		%	10.4		%
Return on tangible common equity – Non-GAAP	20.7		%	3.6		%	20.6		%	22.8		%	20.5		%


THE BANK OF NEW YORK MELLON CORPORATION
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Book value and tangible book value per common share reconciliation	2024			2023
(dollars in millions, except common shares and unless otherwise noted)	March 31			Dec. 31			Sept. 30			June 30			March 31
BNY Mellon shareholders’ equity at period end – GAAP	$	40,569		$	40,770		$	40,858		$	40,824		$	40,519
Less: Preferred stock	4,343			4,343			4,838			4,838			4,838
BNY Mellon common shareholders’ equity at period end – GAAP	36,226			36,427			36,020			35,986			35,681
Less: Goodwill	16,228			16,261			16,159			16,246			16,192
Intangible assets	2,839			2,854			2,859			2,881			2,890
Add: Deferred tax liability – tax deductible goodwill	1,209			1,205			1,197			1,193			1,187
Deferred tax liability – intangible assets	655			657			657			660			660
BNY Mellon tangible common shareholders’ equity at period end – Non-GAAP	$	19,023		$	19,174		$	18,856		$	18,712		$	18,446

Period-end common shares outstanding (in thousands)	747,816			759,344			769,073			778,782			789,134

Book value per common share – GAAP	$	48.44		$	47.97		$	46.84		$	46.21		$	45.22
Tangible book value per common share – Non-GAAP	$	25.44		$	25.25		$	24.52		$	24.03		$	23.38



Net interest margin reconciliation
(dollars in millions)	1Q24			4Q23			3Q23			2Q23			1Q23
Net interest income – GAAP	$	1,040		$	1,101		$	1,016		$	1,100		$	1,128
Add: Tax equivalent adjustment	—			1			—			1			—
Net interest income (FTE) – Non-GAAP	$	1,040		$	1,102		$	1,016		$	1,101		$	1,128

Average interest-earning assets	$	346,133		$	344,174		$	339,044		$	362,049		$	348,378

Net interest margin – GAAP (a)	1.19		%	1.26		%	1.18		%	1.20		%	1.29		%
Net interest margin (FTE) – Non-GAAP (a)	1.19		%	1.26		%	1.18		%	1.20		%	1.29		%
(a) Net interest margin is annualized.


THE BANK OF NEW YORK MELLON CORPORATION
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Pre-tax operating margin reconciliation - Investment and Wealth Management business segment
(dollars in millions)	1Q24			4Q23			3Q23			2Q23			1Q23
Income (loss) before income taxes – GAAP	$	107		$	(4)		$	164		$	130		$	93

Total revenue – GAAP	$	846		$	679		$	830		$	816		$	830
Less: Distribution and servicing expense	96			89			87			93			86
Adjusted total revenue, net of distribution and servicing expense – Non-GAAP	$	750		$	590		$	743		$	723		$	744

Pre-tax operating margin – GAAP (a)	13		%	(1)		%	20		%	16		%	11		%
Adjusted pre-tax operating margin, net of distribution and servicing expense – Non-GAAP (a)	14		%	(1)		%	22		%	18		%	13		%
(a) Income before income taxes divided by total revenue.



Constant currency reconciliations							1Q24 vs.
(dollars in millions)	1Q24			1Q23			1Q23
Consolidated:
Investment management and performance fees – GAAP	$	776		$	776		—		%
Impact of changes in foreign currency exchange rates	—			5
Adjusted investment management and performance fees – Non-GAAP	$	776		$	781		(1)		%


Investment and Wealth Management business segment:
Investment management and performance fees – GAAP	$	778		$	777		—		%
Impact of changes in foreign currency exchange rates	—			5
Adjusted investment management and performance fees – Non-GAAP	$	778		$	782		(1)		%

1Q 24 FINANCIAL April 16, 2024 HIGHLIGHTS

2 +11% Revenue Growth: Pre-tax Margin: EPS Growth: • Revenue Growth: Revenue of $4.5bn up 3% YoY – Investment services fees up 8% YoY – Investment management and performance fees flat YoY – Foreign exchange revenue down 14% YoY – Net interest income down 8% YoY • Expense Discipline: Expense of $3.2bn up 2% YoY; up 1%(b) excluding notable items • Balance Sheet Strength: – Average total deposits of $279bn up 2% YoY and QoQ – Tier 1 leverage ratio of 5.9% and CET1 ratio of 10.8% – LCR of 117% and NSFR of 136% • Profitability: – ROE of 10.7% and ROTCE(a) of 20.7% • Capital Returns: Returned $1.3bn to common shareholders, including $324mm of dividends and $988mm of share repurchases – Board of Directors authorized new $6bn share repurchase program – 138% total payout ratio year-to-date +3% 29% 1Q24 Financial Highlights ROTCE(a): 20.7% Tier 1 Leverage: 5.9% Expense Growth: +2% (a) Represents a non-GAAP measure. See page 13 in the Appendix for the corresponding reconciliation of the non-GAAP measure of ROTCE. (b) Represents a non-GAAP measure. See page 12 in the Appendix for the corresponding reconciliation of the non-GAAP measure of expense excluding notable items. Note: Above comparisons are 1Q24 vs. 1Q23, unless otherwise noted. Prior period results have been restated to reflect the adoption of new accounting guidance for our investments in renewable energy projects, effective Jan. 1, 2024. Refer to Form 8-K dated March 26, 2024 for further information.

3 1Q24 vs. $mm, except per share data or unless otherwise noted 1Q24 4Q23 1Q23 4Q23 1Q23 Income Statement Investment services fees $2,278 $2,242 $2,119 2% 8% Investment management and performance fees 776 743 776 4 — Foreign exchange revenue 152 143 176 6 (14) Other fee revenue 99 86 85 15 16 Total fee revenue $3,305 $3,214 $3,156 3% 5% Investment and other revenue 182 43 131 N/M N/M Net interest income 1,040 1,101 1,128 (6) (8) Total revenue $4,527 $4,358 $4,415 4% 3% Provision for credit losses 27 84 27 N/M N/M Noninterest expense 3,176 3,995 3,100 (21) 2 Income before income taxes $1,324 $279 $1,288 375% 3% Net income applicable to common shareholders $953 $162 $911 488% 5% Avg. common shares and equivalents outstanding (mm) - diluted 762 772 808 (1)% (6)% EPS $1.25 $0.21 $1.13 495% 11% Key Performance Indicators Operating leverage(a) 2,438 bps 9 bps Pre-tax margin 29% 6% 29% ROE 10.7% 1.8% 10.4% ROTCE(b) 20.7% 3.6% 20.5% Non-GAAP measures, excluding notable items(c) Adjusted total revenue $4,527 $4,508 $4,416 —% 3% Adjusted noninterest expense 3,138 3,116 3,094 1 1 Adjusted EPS 1.29 1.29 1.13 — 14 Adjusted operating leverage (29) bps 109 bps Adjusted pre-tax margin 30% 29% 29% Adjusted ROTCE 21.3% 21.1% 20.6% 1Q24 Financial Results (a) Note: See page 11 in the Appendix for corresponding footnotes. (b) Represents a non-GAAP measure. See page 13 in the Appendix for the corresponding reconciliation of the non-GAAP measure of ROTCE. (c) Each of the below line items represents a non-GAAP measure. See pages 12 and 13 in the Appendix for the corresponding reconciliations of these non-GAAP measures excluding notable items. N/M – not meaningful.

4 1Q24 4Q23 1Q23 Consolidated regulatory capital ratios:(a) Tier 1 capital ($mm) $22,722 $22,863 $22,595 Average assets for Tier 1 leverage ratio ($mm) 386,146 383,705 389,358 Tier 1 leverage ratio 5.9% 6.0% 5.8% Common Equity Tier 1 ("CET1") capital ($mm) $18,382 $18,534 $17,761 Risk-weighted assets ($mm) 169,851 161,528 162,692 CET1 ratio 10.8% 11.5% 10.9% Supplementary leverage ratio ("SLR") 7.0% 7.3% 6.8% Consolidated regulatory liquidity ratios:(a) Liquidity coverage ratio ("LCR") 117% 117% 118% Net stable funding ratio ("NSFR") 136% 135% 132% Capital returns: Cash dividends per common share $0.42 $0.42 $0.37 Common stock dividends ($mm) $324 $328 $304 Common stock repurchases ($mm) 988 450 1,256 Total capital return ($mm) $1,312 $778 $1,560 Total payout ratio 138% 480% 171% Profitability ROE 10.7% 1.8% 10.4% ROTCE(b) 20.7% 3.6% 20.5% Adjusted ROTCE(c) 21.3% 21.1% 20.6% Capital and Liquidity Capital • Tier 1 leverage ratio of 5.9%, down 7 bps QoQ – Tier 1 capital of $22.7bn decreased $141mm QoQ, primarily reflecting capital returned through common stock repurchases and dividends, partially offset by capital generated through earnings – Average assets for Tier 1 leverage ratio of $386bn increased $2.4bn QoQ • CET1 ratio of 10.8%, down 65 bps QoQ – CET1 capital of $18.4bn decreased $152mm QoQ, primarily reflecting capital returned through common stock repurchases and dividends, partially offset by capital generated through earnings – RWA of $169.9bn increased by $8bn QoQ, primarily reflecting higher agency securities lending balances and client overdraft balances at period-end Liquidity • LCR of 117%, flat QoQ • NSFR of 136%, up 1%-pt QoQ (a) Note: See page 11 in the Appendix for corresponding footnotes. (b) Represents a non-GAAP measure. See page 13 in the Appendix for the corresponding reconciliation of the non-GAAP measure of ROTCE. (c) Represents a non-GAAP measure. See page 13 in the Appendix for the corresponding reconciliations of the non-GAAP measure of ROTCE excluding notable items.

5 1,128 1,100 1,016 1,101 1,040 1Q23 2Q23 3Q23 4Q23 1Q24 1Q24 vs. 1Q24 4Q23 1Q23 Total assets $404 1% (1)% Total interest-earning assets $346 1% (1)% Cash and reverse repo 142 (2) 4 Loans 66 — 4 Investment securities 134 5 (7) Noninterest-bearing $50 (5)% (29)% Interest-bearing 229 4 12 Total deposits $279 2% 2% Net Interest Income and Balance Sheet Trends Net Interest Income ($mm) 1.29% 1.20% 1.18% 1.26% 1.19% 1Q23 2Q23 3Q23 4Q23 1Q24 Net Interest Margin Balance Sheet Trends ($bn, average) • Net interest income of $1,040mm down 8% YoY and down 6% QoQ – QoQ decrease primarily driven by changes in balance sheet mix • Net interest margin of 1.19% down 10 bps YoY and down 7 bps QoQ – QoQ decrease primarily driven by changes in balance sheet mix • Avg. total deposits of $279bn up 2% YoY and QoQ

6 1Q24 vs. $mm, unless otherwise noted 1Q24 4Q23 1Q23 Asset Servicing $1,013 4% 8% Issuer Services 261 (8) 11 Total investment services fees $1,274 1% 8% Foreign exchange revenue 124 5 (11) Other fees 59 9 7 Investment and other revenue 99 N/M N/M Net interest income 583 (8) (12) Total revenue $2,139 (2)% 1% Provision for credit losses 11 N/M N/M Noninterest expense 1,537 (7) — Income before income taxes $591 28% 4% $bn, unless otherwise noted 1Q24 4Q23 1Q23 Pre-tax margin 28% 21% 27% AUC/A (trn)(a)(b) $35.4 $34.2 $32.6 Deposits (average) $175 $171 $167 Issuer Services Total debt serviced (trn)(c) $14.0 $14.0 $13.6 Number of sponsored Depositary Receipts programs 527 543 577 Securities Services Select Income Statement Data • Total revenue of $2,139mm up 1% YoY – Investment services fees up 8% YoY > Asset Servicing up 8% YoY, primarily reflecting higher market values, net new business and higher client activity > Issuer Services up 11% YoY, primarily reflecting higher Depositary Receipts revenue – Foreign exchange revenue down 11% YoY – Net interest income down 12% YoY • Noninterest expense of $1,537mm flat YoY, primarily reflecting higher investments and employee merit increases, offset by efficiency savings • Income before income taxes of $591mm up 4% YoY Key Performance Indicators Select Income Statement Data Note: See page 11 in the Appendix for corresponding footnotes. Prior period segment results have been revised to reflect the realignment of similar products and services within our lines of business. Refer to Form 8-K dated March 26, 2024 for further information on these revisions. N/M – not meaningful.

7 1Q24 vs. $mm, unless otherwise noted 1Q24 4Q23 1Q23 Pershing $482 2% 3% Treasury Services 184 3 5 Clearance and Collateral Management 329 2 13 Total investment services fees $995 2% 7% Foreign exchange revenue 24 14 33 Other fees 58 16 14 Investment and other revenue 17 N/M N/M Net interest income 423 (3) (7) Total revenue $1,517 1% 3% Provision for credit losses 5 N/M N/M Noninterest expense 834 — 7 Income before income taxes $678 7% (2)% $bn, unless otherwise noted 1Q24 4Q23 1Q23 Pre-tax margin 45% 42% 47% AUC/A (trn)(a)(b) $13.1 $13.3 $13.7 Deposits (average) $90 $88 $86 Pershing AUC/A (trn)(a) $2.6 $2.5 $2.4 Net new assets (U.S. platform)(c) (2) (4) 37 Daily average revenue trades (DARTs) (U.S. platform) ('000) 290 229 261 Average active clearing accounts ('000) 7,991 8,012 7,849 Treasury Services U.S. dollar payment volumes (daily average) 237,124 243,005 236,322 Clearance and Collateral Management Tri-party collateral management balances (average) $5,157 $5,248 $5,626 Market and Wealth Services Select Income Statement Data Key Performance Indicators Select Income Statement Data • Total revenue of $1,517mm up 3% YoY – Investment services fees up 7% YoY > Pershing up 3% YoY, primarily reflecting higher market values and client activity, partially offset by lost business in the prior year > Treasury Services up 5% YoY, primarily reflecting net new business > Clearance and Collateral Management up 13% YoY, primarily reflecting higher collateral management fees and clearance volumes – Foreign exchange revenue up 33% YoY – Net interest income down 7% YoY • Noninterest expense of $834mm up 7% YoY, primarily reflecting higher investments and revenue- related expense, and employee merit increases, partially offset by efficiency savings • Income before income taxes of $678mm down 2% YoY Note: See page 11 in the Appendix for corresponding footnotes. Prior period segment results have been revised to reflect the realignment of similar products and services within our lines of business. Refer to Form 8-K dated March 26, 2024 for further information on these revisions. N/M – not meaningful.

8 1Q24 vs. $mm, unless otherwise noted 1Q24 4Q23 1Q23 Investment management fees $768 6% 2% Performance fees 10 N/M N/M Distribution and servicing fees 70 6 27 Other fees (60) N/M N/M Investment and other revenue 17 N/M N/M Net interest income 41 (9) (9) Total revenue $846 25% 2% Provision for credit losses (1) N/M N/M Noninterest expense 740 8 — Income (loss) before income taxes $107 N/M (d) 15% Total revenue by line of business: Investment Management $576 39% 2% Wealth Management 270 2 2 Total revenue $846 25% 2% $bn, unless otherwise noted 1Q24 4Q23 1Q23 Pre-tax margin 13% (1)% 11% Deposits $11 $12 $16 Assets under management ("AUM")(a) $2,015 $1,974 $1,908 Long-term active strategies net flows $16 $4 $7 Index net flows (15) (10) (2) Short-term strategies net flows 16 7 — Total net flows $17 1 5 Wealth Management Client assets(b) $309 (c) $312 $279 Investment and Wealth Management Select Income Statement Data Key Performance Indicators Select Income Statement Data • Total revenue of $846mm up 2% YoY – Investment Management up 2% YoY, primarily reflecting higher market values, partially offset by the mix of AUM flows and lower performance fees – Wealth Management up 2% YoY, primarily reflecting higher market values, partially offset by changes in product mix and lower net interest income • Noninterest expense of $740mm flat YoY, primarily reflecting higher investments and employee merit increases, offset by efficiency savings • Income before income taxes of $107mm up 15% YoY • AUM of $2.0trn up 6% YoY, primarily reflecting higher market values • Wealth Management client assets of $309bn up 11% YoY, primarily reflecting higher market values and cumulative net inflows Note: See page 11 in the Appendix for corresponding footnotes. Prior period segment results have been revised to reflect the realignment of similar products and services within our lines of business. Refer to Form 8-K dated March 26, 2024 for further information on these revisions. N/M – not meaningful.

9 $mm, unless otherwise noted 1Q24 4Q23 1Q23 Fee revenue $(17) $(17) $3 Investment and other revenue 47 38 38 Net interest (expense) (7) (15) (36) Total revenue $23 $6 $5 Provision for credit losses 12 (6) 27 Noninterest expense 65 820 41 Income (loss) before income taxes $(54) $(808) $(63) Other Segment Select Income Statement Data Select Income Statement Data • Total revenue includes corporate treasury and other investment activity, including hedging activity which has an offsetting impact between fee and other revenue and net interest expense – YoY improvement primarily reflects a 1Q23 strategic equity investment loss • Noninterest expense increased YoY, primarily driven by higher severance expense

APPENDIX

11 Footnotes Page 3 – 1Q24 Financial Results (a) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense. Page 4 – Capital and Liquidity (a) Regulatory capital and liquidity ratios for March 31, 2024 are preliminary. For our CET1 ratio, 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 March 31, 2024 was the Standardized Approach, and for December 31, 2023 and March 31, 2023 was the Advanced Approaches. Page 6 – Securities Services (a) March 31, 2024 information is preliminary. (b) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Issuer Services line of business. 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 March 31, 2024 and December 31, 2023 and $1.5 trillion at March 31, 2023. (c) Reported amounts have been revised from previously reported amounts. Page 7 – Market and Wealth Services (a) March 31, 2024 information is preliminary. (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. Page 8 – Investment and Wealth Management (a) March 31, 2024 information is preliminary. Excludes assets managed outside of the Investment and Wealth Management business segment. (b) March 31, 2024 information is preliminary. Includes AUM and AUC/A in the Wealth Management line of business. (c) The realignment of similar products and services within our lines of business reduced client assets attributed to the Wealth Management business. Refer to Form 8-K dated March 26, 2024 for further information. (d) Excluding notable items, income before taxes decreased 27% (non-GAAP) compared with 4Q23. See page 13 in the Appendix for the corresponding reconciliation of this non-GAAP measure.

12 Select Income Statement Data Reconciliation of Non-GAAP Measures – Impact of Notable Items 1Q24 vs. $mm, except per share amounts 1Q24 4Q23 1Q23 4Q23 1Q23 Total revenue – GAAP $4,527 $4,358 $4,415 4% 3% Less: Reduction in the fair value of a contingent consideration receivable related to a prior year divestiture(a) — (144) — Disposal (losses)(a) — (6) (1) Adjusted total revenue, ex-notables — Non-GAAP $4,527 $4,508 $4,416 —% 3% Noninterest expense – GAAP $3,176 $3,995 $3,100 (21)% 2% Less: Severance(b) 36 200 — Litigation reserves(b) 2 47 6 FDIC special assessment(b) — 632 — Adjusted noninterest expense, ex-notables — Non-GAAP $3,138 $3,116 $3,094 1% 1% Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP $953 $162 $911 488% 5% Less: Reduction in the fair value of a contingent consideration receivable related to a prior year divestiture(a) — (144) — Disposal (losses)(a) — (5) — Severance(b) (27) (153) — Litigation reserves(b) (2) (47) (4) FDIC special assessment(b) — (482) — Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation — Non- GAAP $982 $993 $915 (1)% 7% Diluted earnings per share – GAAP $1.25 $0.21 $1.13 495% 11% Less: Reduction in the fair value of a contingent consideration receivable related to a prior year divestiture(a) — (0.19) — Disposal (losses)(a) — (0.01) — Severance(b) (0.04) (0.20) — Litigation reserves(b) — (0.06) (0.01) FDIC special assessment(b) — (0.62) — Adjusted diluted earnings per share — Non-GAAP (c) $1.29 $1.29 $1.13 —% 14% Operating leverage – GAAP(d) 2,438 bps 9 bps Adjusted operating leverage — Non-GAAP(d) (29) bps 109 bps Pre-tax operating margin – GAAP 29% 6% 29% Adjusted pre-tax operating margin — Non-GAAP 30% 29% 29% (a) Reflected in Investment and other revenue. (b) Severance is reflected in Staff expense, Litigation reserves in Other expense, and FDIC special assessment in Bank assessment charges, respectively. (c) 1Q23 does not foot due to rounding. (d) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense.

13 $mm 1Q24 4Q23 1Q23 Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP $953 $162 $911 Add: Amortization of intangible assets 12 14 14 Less: Tax impact of amortization of intangible assets 3 4 3 Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets — Non-GAAP $962 $172 $922 Less: Reduction in the fair value of a contingent consideration receivable related to a prior year divestiture — (144) — Disposal (losses) — (5) — Severance (27) (153) — Litigation reserves (2) (47) (4) FDIC special assessment — (482) — Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets and notable items — Non-GAAP $991 $1,003 $926 Average common shareholders’ equity $35,905 $36,050 $35,483 Less: Average goodwill 16,238 16,199 16,160 Average intangible assets 2,848 2,858 2,899 Add: Deferred tax liability – tax deductible goodwill 1,209 1,205 1,187 Deferred tax liability – intangible assets 655 657 660 Average tangible common shareholders’ equity – Non-GAAP $18,683 $18,855 $18,271 Return on common equity(a) – GAAP 10.7% 1.8% 10.4% Adjusted return on common equity(a) – Non-GAAP 11.0% 10.9% 10.5% Return on tangible common equity(a) – Non-GAAP 20.7% 3.6% 20.5% Adjusted return on tangible common equity(a) – Non-GAAP 21.3% 21.1% 20.6% Return on Common Equity and Tangible Common Equity Reconciliation (a) Quarterly results are annualized. 1Q24 vs. $mm 1Q24 4Q23 4Q23 Income (loss) before income taxes – GAAP $107 $(4) N/M Less: Reduction in the fair value of a contingent consideration receivable related to a prior year divestiture — (144) Severance (4) (12) Adjusted income before taxes — Non-GAAP $111 $152 (27)% Impact of Notable Items – Investment and Wealth Management Segment

14 A number of statements in our presentations, the accompanying slides and the responses to questions on our conference call discussing our quarterly results may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about The Bank of New York Mellon Corporation’s (the “Corporation,” “we,” “us,” or “our”) capital plans including dividends and repurchases, total payout ratio, financial performance, fee revenue, net interest revenue, expenses, cost discipline, efficiency savings, operating leverage, pre-tax margin, capital ratios, organic growth, pipeline, deposits, interest rates and yield curves, securities portfolio, taxes, investments, including in technology and product development, innovation in products and services, artificial intelligence, client experience, strategic priorities and initiatives, transition to a platforms operating model, capabilities, resiliency, risk profile, human capital management and the effects of the current and near-term market and macroeconomic outlook on us, including on our business, operations, financial performance and prospects. Preliminary business metrics and regulatory capital ratios are subject to change, possibly materially as we complete our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024. Forward-looking statements may be expressed in a variety of ways, including the use of future or present tense language. Words such as “estimate,” “forecast,” “project,” “anticipate,” “likely,” “target,” “expect,” “intend,” “continue,” “seek,” “believe,” “plan,” “goal,” “could,” “should,” “would,” “may,” “might,” “will,” “strategy,” “synergies,” “opportunities,” “trends,” “momentum,” “ambition,” “aspiration,” “objective,” “aim,” “future,” “potentially,” “outlook” and words of similar meaning may signify forward-looking statements. These 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. These factors include: continued elevated levels of inflation and interest rates and the corresponding impacts on macroeconomic conditions, client behavior and our funding costs; liquidity and interest rate volatility; potential recessions or slowing of growth in the US, Europe and other regions; the impacts of continued hostilities in the Middle East; our ability to execute against our strategic initiatives, including our transition to a platforms operating model; potential increased regulatory requirements and costs; and the risk factors and other uncertainties set forth in our Annual Report on Form 10-K for the year ended Dec. 31, 2023 (the “2023 Annual Report”) and our other filings with the Securities and Exchange Commission (the “SEC”). Forward-looking statements about the timing, profitability, benefits and other prospective aspects of business and expense initiatives, our financial outlook and our medium-term financial targets, and how they can be achieved, are based on our current expectations regarding our ability to execute against our strategic initiatives, as well as our balance sheet size and composition, and may change, possibly materially, from what is currently expected. Statements about our outlook on fee revenue are subject to various factors, including market levels, client activity, our ability to win and onboard new business, lost business, pricing pressure and our ability to launch new products to, and expand relationships with, existing clients. Statements about our outlook on net interest revenue are subject to various factors, including interest rates, continued quantitative tightening, re-investment yields and the size, mix and duration of our balance sheet size, including with respect to deposits, loan balances and the securities portfolio. Statements about our outlook on expenses are subject to various factors, including investments, revenue-related expenses, efficiency savings, merit increases, inflation and currency fluctuations. Statements about our target Tier 1 leverage ratio and CET1 ratio are subject to various factors, including capital requirements, interest rates, capital-levels, risk-weighted assets and the size of our balance sheet, including deposit levels. Statements about the timing, manner and amount of any future common stock dividends or repurchases, as well as our outlook on total payout ratio, are subject to various factors, including our capital position, capital deployment opportunities, prevailing market conditions, legal and regulatory considerations and our outlook for the economic environment. Statements about our future effective tax rate are subject to various factors including, changes in the tax rates applicable to us, changes in our earnings mix, our profitability, the assumptions we have made in forecasting our expected tax rate, the interpretation or application of existing tax statutes and regulations, as well as any corporate tax legislation that may be enacted or any guidance that may be issued by the U.S. Internal Revenue Service. 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. Non-GAAP Measures. In this presentation, the accompanying slides and our responses to questions, we may discuss certain non-GAAP measures in detailing our performance, which exclude certain items or otherwise include components that differ from GAAP. We believe these measures are useful to the investment community in analyzing the financial results and trends of ongoing operations. We believe they facilitate comparisons with prior periods and reflect the principal basis on which our management monitors financial performance. Additional disclosures relating to non-GAAP measures are contained in our reports filed with the SEC, including the 2023 Annual Report, the first quarter 2024 earnings release and the first quarter 2024 financial supplement, which are available at www.bnymellon.com/investorrelations. Forward-Looking Non-GAAP Financial Measures. From time to time we may discuss forward-looking non-GAAP financial measures, such as forward-looking estimates or targets for expenses excluding notable items. We are unable to provide a reconciliation of forward- looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant to future results. Cautionary Statement