0001390777false00013907772024-07-122024-07-120001390777exch:XNYSus-gaap:CommonStockMember2024-07-122024-07-120001390777exch:XNYSus-gaap:PreferredStockMember2024-07-122024-07-12

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

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) – July 12, 2024
THE BANK OF NEW YORK MELLON CORPORATION
(Exact name of registrant as specified in its charter)
Delaware001-3565113-2614959
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(I.R.S. Employer
Identification No.)

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

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

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

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

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


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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 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 July 12, 2024, The Bank of New York Mellon Corporation (“BNY”) released information on its financial results for the second quarter ended June 30, 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 July 12, 2024, BNY will hold a conference call and webcast to discuss its financial results for the second quarter ended June 30, 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.


    (d)    EXHIBITS.
Exhibit
NumberDescription
99.1 
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 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 information included in Exhibit 99.2 shall be deemed “filed” for purposes of the Exchange Act.
99.3 
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 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.
2

SIGNATURES

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

The Bank of New York Mellon Corporation
(Registrant)

Date: July 12, 2024By: /s/ Jean Weng
Name:
Title: 		Jean Weng
Secretary



3
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2Q24
FINANCIALRESULTS


BNY Reports Second Quarter 2024
Earnings Per Common Share of $1.52, or $1.51 as Adjusted (a)

NEW YORK, July 12, 2024 – The Bank of New York Mellon Corporation (“BNY”) (NYSE: BK) today has reported financial results for the second quarter of 2024.
CEO COMMENTARY
quotation-markx02002.jpg
BNY delivered another quarter of improved financial performance, with positive operating leverage on the back of solid fee growth and continued expense discipline.
 
The company reported earnings per share of $1.52, up 16% year-over-year. Excluding the impact of notable items, earnings per share were $1.51, up 9% year-over-year, and we generated a return on tangible common equity of 24% in the second quarter. Following the release of the Federal Reserve’s 2024 bank stress test in June, we increased our common dividend by 12% starting this quarter.
Last month, we celebrated the 240th anniversary of our company. As we write our next chapter, we continue to take steps to propel us forward – investing in our leadership team, launching new client solutions and modernizing our brand.
Halfway through the year, we’re pleased with the progress we have made, but we are focused on running our company better and the hard work ahead. As highlighted in our improved financial performance to-date, we are starting to demonstrate the power of BNY’s franchise to our clients and shareholders, and we remain in execution mode to unlock the company’s full potential.
quotation-markx01002.jpg
– Robin Vince, President and Chief Executive Officer
KEY FINANCIAL INFORMATION
(in millions, except per share amounts and unless otherwise noted)2Q24 vs.
2Q241Q242Q23
Selected income statement data:
Total fee revenue$3,398 3 %4 %
Investment and other revenue169 N/MN/M
Net interest income1,030 (1)(6)
Total revenue$4,597 2 %2 %
Provision for credit losses— N/MN/M
Noninterest expense$3,070 (3)%(1)%
Net income applicable to common shareholders$1,143 20 %10 %
Diluted EPS$1.52 22 %16 %
Selected metrics:
AUC/A (in trillions)
$49.5 1 %6 %
AUM (in trillions)
$2.0 1 %7 %
Financial ratios:2Q241Q242Q23
Pre-tax operating margin33 %29 %31 %
ROE12.7 %10.7 %11.7 %
ROTCE (a)
24.6 %20.7 %22.8 %
Capital ratios:
Tier 1 leverage ratio5.8 %5.9 %5.7 %
CET1 ratio11.4 %10.8 %11.0 %
HIGHLIGHTS
Results
•Total revenue of $4.6 billion, increased 2%
•Noninterest expense of $3.1 billion, decreased 1%; or increased 1% excluding notable items (a)
•Diluted EPS of $1.52, increased 16%; or 9% excluding notable items (a)

Profitability
•Pre-tax operating margin of 33%; and 33% excluding notable items (a)
•ROTCE of 24.6% (a); or 24.4% excluding notable items (a)

Balance sheet
•Average deposits of $285 billion, increased 3% year-over-year and 2% sequentially
•Tier 1 leverage ratio of 5.8%, increased 16 bps year-over-year and decreased 6 bps sequentially

Capital distribution
•Returned $923 million of capital to common shareholders
•$322 million of dividends
•$601 million of share repurchases
•Total payout ratio of 107% year-to-date
$1.52
EPS
      $1.51 (a)
Adj. EPS
33%
Pre-tax margin
      33% (a)
Adj. Pre-tax margin
12.7%
ROE
      24.4% (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 2Q24 vs. 2Q23, unless otherwise noted.
Investor Relations: Marius Merz (212) 298-1480
Media Relations: Garrett Marquis (949) 683-1503
BNY 2Q24 Financial Results
CONSOLIDATED FINANCIAL HIGHLIGHTS

(in millions, except per share amounts and unless otherwise noted; not meaningful - N/M)2Q24 vs.
2Q241Q242Q231Q242Q23
Fee revenue$3,398 $3,305 $3,257 3 %     4 %     
Investment and other revenue 169 182 147 N/MN/M
Total fee and other revenue3,567 3,487 3,404 2 5 
Net interest income1,030 1,040 1,100 (1)(6)
Total revenue4,597 4,527 4,504 2 2 
Provision for credit losses— 27 5 N/MN/M
Noninterest expense3,070 3,176 3,111 (3)(1)
Income before taxes1,527 1,324 1,388 15 10 
Provision for income taxes357 297 315 20 13 
Net income$1,170 $1,027 $1,073 14 %     9 %     
Net income applicable to common shareholders of The Bank of New York Mellon Corporation$1,143 $953 $1,036 20 %     10 %     
Operating leverage (a)
489  bps338  bps
Diluted earnings per common share$1.52 $1.25 $1.31 22 %     16 %     
Average common shares and equivalents outstanding - diluted (in thousands)
751,596 762,268 790,725 
Pre-tax operating margin33 %29 %31 %
Metrics:
Average loans$68,283 $65,844 $63,459 4 %8 %     
Average deposits284,843 278,846 277,209 2 3 
AUC/A at period end (in trillions) (current period is preliminary)
49.5 48.8 46.9 1 6 
AUM (in trillions) (current period is preliminary)
2.05 2.02 1.91 1 7 
Non-GAAP measures, excluding notable items: (b)
Adjusted total revenue$4,597 $4,527 $4,505 2 %2 %
Adjusted noninterest expense$3,077 $3,138 $3,049 (2)%1 %
Adjusted operating leverage (a)
349  bps112  bps
Adjusted diluted earnings per common share$1.51 $1.29 $1.38 17 %9 %
Adjusted pre-tax operating margin33 %30 %32 %
(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 2Q24 vs. 2Q23, unless otherwise noted)
•Total revenue increased 2%, primarily reflecting:
•Fee revenue increased 4%, primarily reflecting higher market values, net new business, higher foreign exchange revenue and higher client activity, partially offset by the mix of AUM flows.
•Investment and other revenue increased primarily reflecting higher client activity in our fixed income and equity trading business.
•Net interest income decreased 6%, primarily reflecting changes in balance sheet mix, partially offset by higher interest rates.
•Noninterest expense decreased 1%, primarily reflecting efficiency savings, a reduction in the FDIC special assessment and lower litigation reserves, partially offset by higher investments, employee merit increases and higher revenue-related expenses. Excluding notable items (a), noninterest expense increased 1%.
•Effective tax rate of 23.4%.

Assets under custody and/or administration (“AUC/A”) and Assets under management (“AUM”)
•AUC/A increased 6%, primarily reflecting higher market values.
•AUM increased 7%, primarily reflecting higher market values.

Capital and liquidity
•$322 million of dividends to common shareholders (b); $601 million of common share repurchases.
•Return on common equity (“ROE”) – 12.7%; Adjusted ROE – 12.7% (a).
•Return on tangible common equity (“ROTCE”) – 24.6% (a); Adjusted ROTCE - 24.4% (a).
•Common Equity Tier 1 (“CET1”) ratio – 11.4%.
•Tier 1 leverage ratio – 5.8%.
•Average liquidity coverage ratio (“LCR”) – 115%; Average net stable funding ratio (“NSFR”) – 132%.
•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.
2
BNY 2Q24 Financial Results
SECURITIES SERVICES BUSINESS SEGMENT HIGHLIGHTS

(dollars in millions, unless otherwise noted; not meaningful - N/M)2Q24 vs.
2Q241Q242Q231Q242Q23
Investment services fees:
Asset Servicing$1,018 $1,013 $980 — %4 %
Issuer Services322 261 319 23 1 
Total investment services fees1,340 1,274 1,299 5 3 
Foreign exchange revenue144 124 124 16 16 
Other fees (a)
56 59 54 (5)4 
Total fee revenue1,540 1,457 1,477 6 4 
Investment and other revenue104 99 84 N/MN/M
Total fee and other revenue1,644 1,556 1,561 6 5 
Net interest income595 583 668 2 (11)
Total revenue2,239 2,139 2,229 5 — 
Provision for credit losses(3)11 16 N/MN/M
Noninterest expense1,554 1,537 1,567 1 (1)
Income before taxes$688 $591 $646 16 %7 %
Total revenue by line of business:
Asset Servicing$1,687 $1,668 $1,695 1 %— %
Issuer Services552 471 534 17 3 
Total revenue by line of business$2,239 $2,139 $2,229 5 %— %
Pre-tax operating margin31 %28 %29 %
Securities lending revenue (b)
$46 $46 $47 — %(2)%
Metrics:
Average loans$11,103 $11,204 $11,283 (1)%(2)%
Average deposits$178,495 $174,687 $172,863 2 %3 %
AUC/A at period end (in trillions) (current period is preliminary) (c)
$35.7 $35.4 $33.2 1 %8 %
Market value of securities on loan at period end (in billions) (d)
$481 $486 $415 (1)%16 %
(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 June 30, 2024, $1.7 trillion at March 31, 2024 and $1.6 trillion at June 30, 2023.
(d)    Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY acts as agent on behalf of CIBC Mellon clients, which totaled $66 billion at June 30, 2024, $64 billion at March 31, 2024 and $66 billion at June 30, 2023.


KEY DRIVERS

•The drivers of the total revenue variances by line of business are indicated below.
•Asset Servicing – Total revenue was flat year-over-year reflecting higher market values, net new business and higher foreign exchange revenue, offset by lower net interest income. The sequential increase primarily reflects higher foreign exchange revenue and net new business.
•Issuer Services – The year-over-year increase primarily reflects higher Corporate Trust fees and net interest income, partially offset by lower Depositary Receipts revenue. The sequential increase primarily reflects higher Depositary Receipts revenue, net interest income and Corporate Trust fees.
•Noninterest expense decreased year-over-year, reflecting efficiency savings, partially offset by higher investments, employee merit increases and higher revenue-related expenses. The sequential increase primarily reflects higher revenue-related expenses and employee merit increases, partially offset by efficiency savings.
3
BNY 2Q24 Financial Results
MARKET AND WEALTH SERVICES BUSINESS SEGMENT HIGHLIGHTS

(dollars in millions, unless otherwise noted; not meaningful - N/M)2Q24 vs.
2Q241Q242Q231Q242Q23
Investment services fees:
Pershing$474 $482 $466 (2)%2 %
Treasury Services202 184 183 10 10 
Clearance and Collateral Management338 329 295 3 15 
Total investment services fees1,014 995 944 2 7 
Foreign exchange revenue23 24 21 (4)10 
Other fees (a)
58 58 52 — 12 
Total fee revenue1,095 1,077 1,017 2 8 
Investment and other revenue23 17 16 N/MN/M
Total fee and other revenue1,118 1,094 1,033 2 8 
Net interest income417 423 420 (1)(1)
Total revenue1,535 1,517 1,453 1 6 
Provision for credit losses(2)5 7 N/MN/M
Noninterest expense833 834 794 — 5 
Income before taxes$704 $678 $652 4 %8 %
Total revenue by line of business:
Pershing$663 $670 $641 (1)%3 %
Treasury Services426 416 413 2 3 
Clearance and Collateral Management446 431 399 3 12 
Total revenue by line of business$1,535 $1,517 $1,453 1 %6 %
Pre-tax operating margin46 %45 %45 %
Metrics:
Average loans$41,893 $39,271 $36,432 7 %15 %
Average deposits$91,371 $89,539 $85,407 2 %7 %
AUC/A at period end (in trillions) (current period is preliminary) (b)
$13.4 $13.1 $13.4 2 %— %
(a)    Other fees primarily include financing-related fees.
(b)    Consists of AUC/A from the Clearance and Collateral Management and Pershing lines of business.


KEY DRIVERS

•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. The sequential decrease primarily reflects lower net interest income and lost business in the prior year, partially offset by an equity investment gain.
•Treasury Services – The year-over-year and sequential increases primarily reflect net new business and higher client activity, partially offset by lower net interest income.
•Clearance and Collateral Management – The year-over-year and sequential increases primarily reflect higher collateral management fees and clearance volumes.
•Noninterest expense increased year-over-year, primarily reflecting higher investments, employee merit increases and higher revenue-related expenses, partially offset by efficiency savings.
4
BNY 2Q24 Financial Results
INVESTMENT AND WEALTH MANAGEMENT BUSINESS SEGMENT HIGHLIGHTS

(dollars in millions, unless otherwise noted; not meaningful - N/M)2Q24 vs.
2Q241Q242Q231Q242Q23
Investment management fees$754 $768 $753 (2)%— %
Performance fees8 10 10 N/MN/M
Investment management and performance fees762 778 763 (2)— 
Distribution and servicing fees69 70 58 (1)19 
Other fees (a)
(64)(60)(56)N/MN/M
Total fee revenue767 788 765 (3)— 
Investment and other revenue (b)
11 17 12 N/MN/M
Total fee and other revenue (b)
778 805 777 (3)— 
Net interest income43 41 39 5 10 
Total revenue821 846 816 (3)1 
Provision for credit losses4 (1)7 N/MN/M
Noninterest expense668 740 679 (10)(2)
Income before taxes$149 $107 $130 39 %15 %
Total revenue by line of business:
Investment Management$549 $576 $553 (5)%(1)%
Wealth Management272 270 263 1 3 
Total revenue by line of business$821 $846 $816 (3)%1 %
Pre-tax operating margin18 %13 %16 %
Adjusted pre-tax operating margin – Non-GAAP (c)
20 %14 %18 %
Metrics:
Average loans$13,520 $13,553 $13,995 — %(3)%
Average deposits$11,005 $11,364 $15,410 (3)%(29)%
AUM (in billions) (current period is preliminary) (d)
$2,045 $2,015 $1,906 1 %7 %
Wealth Management client assets (in billions) (current period is preliminary) (e)
$308 $309 $286 — %8 %
(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)    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.
(d)    Represents assets managed in the Investment and Wealth Management business segment.
(e)    Includes AUM and AUC/A in the Wealth Management line of business.


KEY DRIVERS

•The drivers of the total revenue variances by line of business are indicated below.
•Investment Management – The year-over-year decrease primarily reflects the mix of AUM flows and lower equity investment income and seed capital gains, partially offset by higher market values. The sequential decrease primarily reflects the mix of AUM flows and lower seed capital gains and equity investment income, partially offset by higher market values.
•Wealth Management – The year-over-year increase primarily reflects higher market values, partially offset by changes in product mix.
•Noninterest expense decreased year-over-year primarily reflecting efficiency savings and lower revenue-related expenses, partially offset by employee merit increases and higher investments. The sequential decrease primarily reflects lower revenue-related expenses.
5
BNY 2Q24 Financial Results
OTHER SEGMENT

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)2Q241Q242Q23
Fee revenue$(4)$(17)$(2)
Investment and other revenue29 47 34 
Total fee and other revenue25 30 32 
Net interest (expense)(25)(7)(27)
Total revenue— 23 5 
Provision for credit losses1 12 (25)
Noninterest expense15 65 71 
(Loss) before taxes$(16)$(54)$(41)


KEY DRIVERS

•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 decreased sequentially primarily reflecting net securities losses in 2Q24.

•Noninterest expense decreased year-over-year primarily driven by a reduction in the FDIC special assessment and lower litigation reserves. The sequential decrease in noninterest expense primarily reflects a reduction in the FDIC special assessment.

6
BNY 2Q24 Financial Results
CAPITAL AND LIQUIDITY

Capital and liquidity ratiosJune 30, 2024March 31, 2024Dec. 31, 2023
Consolidated regulatory capital ratios: (a)
CET1 ratio11.4 %10.8 %11.5 %
Tier 1 capital ratio14.1 13.4 14.2 
Total capital ratio15.0 14.3 14.9 
Tier 1 leverage ratio (a)
5.8 5.9 6.0 
Supplementary leverage ratio (a)
6.8 7.0 7.3 
BNY shareholders’ equity to total assets ratio9.5 %9.3 %9.9 %
BNY common shareholders’ equity to total assets ratio8.5 %8.3 %8.9 %
Average LCR (a)
115 %117 %117 %
Average NSFR (a)
132 %136 %135 %
Book value per common share$49.46 $48.44 $47.97 
Tangible book value per common share – Non-GAAP (b)
$26.19 $25.44 $25.25 
Common shares outstanding (in thousands)
737,957 747,816 759,344 
(a)    Regulatory capital and liquidity ratios for June 30, 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 June 30, 2024 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, 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 $18.7 billion and Tier 1 capital totaled $23.0 billion at June 30, 2024, both increasing compared with March 31, 2024, primarily reflecting capital generated through earnings, partially offset by capital returned through common stock repurchases and dividends. The CET1 ratio increased compared with March 31, 2024 reflecting the increase in capital and lower risk-weighted assets. The Tier 1 leverage ratio decreased compared with March 31, 2024 reflecting higher average assets, partially offset by the increase in capital.


NET INTEREST INCOME

Net interest income2Q24 vs.
(dollars in millions; not meaningful - N/M)2Q241Q242Q231Q242Q23
Net interest income$1,030 $1,040 $1,100 (1)%(6)%
Add: Tax equivalent adjustment1 — 1 N/MN/M
Net interest income, on a fully taxable equivalent (“FTE”) basis – Non-GAAP (a)
$1,031 $1,040 $1,101 (1)%(6)%
Net interest margin1.15 %1.19 %1.20 %(4) bps(5) bps
Net interest margin (FTE) – Non-GAAP (a)
1.15 %1.19 %1.20 %(4) bps(5) 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, partially offset by the benefit of reinvesting maturing fixed-rate securities in higher yielding alternatives.

7
BNY 2Q24 Financial Results
THE BANK OF NEW YORK MELLON CORPORATION
Condensed Consolidated Income Statement

(in millions)Quarter endedYear-to-date
June 30, 2024March 31, 2024June 30, 2023June 30, 2024June 30, 2023
Fee and other revenue
Investment services fees$2,359 $2,278 $2,252 $4,637 $4,371 
Investment management and performance fees761 776 762 1,537 1,538 
Foreign exchange revenue184 152 158 336 334 
Financing-related fees53 57 50 110 102 
Distribution and servicing fees41 42 35 83 68 
Total fee revenue3,398 3,305 3,257 6,703 6,413 
Investment and other revenue169 182 147 351 278 
Total fee and other revenue3,567 3,487 3,404 7,054 6,691 
Net interest income
Interest income6,392 6,096 5,224 12,488 9,166 
Interest expense5,362 5,056 4,124 10,418 6,938 
Net interest income1,030 1,040 1,100 2,070 2,228 
Total revenue4,597 4,527 4,504 9,124 8,919 
Provision for credit losses— 27 5 27 32 
Noninterest expense
Staff1,720 1,857 1,718 3,577 3,509 
Software and equipment476 475 450 951 879 
Professional, legal and other purchased services374 349 378 723 753 
Net occupancy134 124 121 258 240 
Sub-custodian and clearing134 119 119 253 237 
Distribution and servicing88 96 93 184 178 
Business development50 36 47 86 86 
Bank assessment charges(7)17 41 10 81 
Amortization of intangible assets13 12 14 25 28 
Other 88 91 130 179 220 
Total noninterest expense3,070 3,176 3,111 6,246 6,211 
Income
Income before taxes1,527 1,324 1,388 2,851 2,676 
Provision for income taxes 357 297 315 654 621 
Net income1,170 1,027 1,073 2,197 2,055 
Net (income) attributable to noncontrolling interests related to consolidated investment management funds(2)(2)(1)(4)(1)
Net income applicable to shareholders of The Bank of New York Mellon Corporation1,168 1,025 1,072 2,193 2,054 
Preferred stock dividends(25)(72)(36)(97)(107)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation$1,143 $953 $1,036 $2,096 $1,947 


Earnings per share applicable to the common shareholders of The Bank of New York Mellon CorporationQuarter endedYear-to-date
June 30, 2024March 31, 2024June 30, 2023June 30, 2024June 30, 2023
(in dollars)
Basic$1.53 $1.26 $1.32 $2.79 $2.45 
Diluted$1.52 $1.25 $1.31 $2.77 $2.44 

8
BNY 2Q24 Financial Results
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES

BNY 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 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.bny.com for additional reconciliations of Non-GAAP measures.

BNY has also included revenue measures excluding notable items, including 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.

Reconciliation of Non-GAAP measures, excluding notable items2Q24 vs.
(dollars in millions, except per share amounts)2Q241Q242Q231Q242Q23
Total revenue – GAAP$4,597 $4,527 $4,504 2 %2 %
Less: Disposal (losses) (a)
— — (1)
Adjusted total revenue – Non-GAAP$4,597 $4,527 $4,505 2 %2 %
Noninterest expense – GAAP$3,070 $3,176 $3,111 (3)%     (1)%     
Less: Severance (b)
29 36 26 
Litigation reserves (b)
2 2 36 
FDIC special assessment (b)
(38)— — 
Adjusted noninterest expense – Non-GAAP$3,077 $3,138 $3,049 (2)%     1 %
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP$1,143 $953 $1,036 20 %10 %
Less: Disposal (losses) (a)
— — — 
Severance (b)
(22)(27)(20)
Litigation reserves (b)
— (2)(36)
FDIC special assessment (b)
29 — — 
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation – Non-GAAP$1,136 $982 $1,092 16 %     4 %
Diluted earnings per common share – GAAP$1.52 $1.25 $1.31 22 %16 %
Less: Disposal (losses) (a)
— — — 
Severance (b)
(0.03)(0.04)(0.02)
Litigation reserves (b)
— — (0.05)
FDIC special assessment (b)
0.04 — — 
Total diluted earnings per common share impact of notable items0.01 (0.04)(0.07)
Adjusted diluted earnings per common share – Non-GAAP$1.51 $1.29 $1.38 17 %9 %
Operating leverage – GAAP (c)
489  bps338  bps
Adjusted operating leverage – Non-GAAP (c)
349  bps112  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.
(c)    Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense.
bps - basis points.
9
BNY 2Q24 Financial Results
Pre-tax operating margin reconciliation
(dollars in millions)2Q241Q242Q23
Income before taxes – GAAP$1,527 $1,324 $1,388 
Impact of notable items (a)
7 (38)(63)
Adjusted income before taxes, excluding notable items – Non-GAAP$1,520 $1,362 $1,451 
Total revenue – GAAP$4,597 $4,527 $4,504 
Impact of notable items (a)
— — (1)
Adjusted total revenue, excluding notable items – Non-GAAP$4,597 $4,527 $4,505 
Pre-tax operating margin – GAAP (b)
33 %29 %31 %
Adjusted pre-tax operating margin – Non-GAAP (b)
33 %30 %32 %
(a)    See page 9 for details of notable items and line items impacted.
(b)    Income before taxes divided by total revenue.


Return on common equity and return on tangible common equity reconciliation
(dollars in millions)2Q241Q242Q23
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP$1,143 $953 $1,036 
Add: Amortization of intangible assets13 12 14 
Less: Tax impact of amortization of intangible assets3 3 4 
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP$1,153 $962 $1,046 
Impact of notable items (a)
7 (29)(56)
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$1,146 $991 $1,102 
Average common shareholders’ equity$36,044 $35,905 $35,655 
Less: Average goodwill16,229 16,238 16,219 
 Average intangible assets2,834 2,848 2,888 
Add: Deferred tax liability – tax deductible goodwill1,213 1,209 1,193 
 Deferred tax liability – intangible assets 655 655 660 
Average tangible common shareholders’ equity – Non-GAAP$18,849 $18,683 $18,401 
Return on common equity – GAAP (b)
12.7 %10.7 %11.7 %
Adjusted return on common equity – Non-GAAP (b)
12.7 %11.0 %12.3 %
Return on tangible common equity – Non-GAAP (b)
24.6 %20.7 %22.8 %
Adjusted return on tangible common equity – Non-GAAP (b)
24.4 %21.3 %24.1 %
(a)    See page 9 for details of notable items and line items impacted.
(b)    Returns are annualized.


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 June 30, 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.
10
BNY 2Q24 Financial Results
ABOUT BNY

BNY 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 June 30, 2024, we oversee $49.5 trillion in assets under custody and/or administration and $2.0 trillion in assets under management.

BNY 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.bny.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 9:30 a.m. ET on July 12, 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.bny.com/investorrelations. Earnings materials will be available at www.bny.com/investorrelations beginning at approximately 6:30 a.m. ET on July 12, 2024. An archived version of the second quarter conference call and audio webcast will be available beginning on July 12, 2024 at approximately 2:00 p.m. ET through Aug. 12, 2024 at www.bny.com/investorrelations.
11


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The Bank of New York Mellon Corporation
Financial Supplement
Second Quarter 2024



Table of Contents
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Consolidated ResultsPage
Consolidated Financial Highlights
Condensed Consolidated Income Statement
Condensed Consolidated Balance Sheet
Fee and Other Revenue
Average Balances and Interest Rates
Capital and Liquidity
Business Segment Results
Securities Services Business Segment
Market and Wealth Services Business Segment
Investment and Wealth Management Business Segment
AUM by Product Type, Changes in AUM and Wealth Management Client Assets
Other Segment
Other
Securities Portfolio
Allowance for Credit Losses and Nonperforming Assets
Supplemental Information
Explanation of GAAP and Non-GAAP Financial Measures



THE BANK OF NEW YORK MELLON CORPORATION

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CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per common share amounts, or unless otherwise noted)2Q24 vs.YTD24 vs.
2Q241Q244Q233Q232Q231Q242Q23YTD24YTD23YTD23
Selected income statement data
Fee and other revenue$3,567 $3,487 $3,257 $3,404 $3,404 2 %5 %$7,054 $6,691 5 %
Net interest income1,030 1,040 1,101 1,016 1,100 (1)(6)2,070 2,228 (7)
Total revenue4,597 4,527 4,358 4,420 4,504 2 2 9,124 8,919 2 
Provision for credit losses— 27 84 3 5 N/MN/M27 32 N/M
Noninterest expense3,070 3,176 3,995 3,089 3,111 (3)(1)6,246 6,211 1 
Income before income taxes1,527 1,324 279 1,328 1,388 15 10 2,851 2,676 7 
Provision for income taxes357 297 73 285 315 20 13 654 621 5 
Net income$1,170 $1,027 $206 $1,043 $1,073 14 %9 %$2,197 $2,055 7 %
Net income applicable to common shareholders of The Bank of New York Mellon Corporation$1,143 $953 $162 $958 $1,036 20 %10 %$2,096 $1,947 8 %
Diluted earnings per common share$1.52 $1.25 $0.21 $1.23 $1.31 22 %16 %$2.77 $2.44 14 %
Average common shares and equivalents outstanding – diluted (in thousands)
751,596 762,268 772,102 781,781 790,725 (1)%(5)%756,870 799,157 (5)%
Financial ratios (Returns are annualized)
Pre-tax operating margin33 %29 %6 %30 %31 %31 %30 %
Return on common equity12.7 %10.7 %1.8 %10.6 %11.7 %11.7 %11.0 %
Return on tangible common equity – Non-GAAP (a)
24.6 %20.7 %3.6 %20.6 %22.8 %22.7 %21.7 %
Non-U.S. revenue as a percentage of total revenue 36 %34 %36 %36 %36 %35 %35 %
Period end
Assets under custody and/or administration (“AUC/A”) (in trillions) (b)
$49.5 $48.8 $47.8 $45.7 $46.9 1 %6 %
Assets under management (“AUM”) (in trillions)
$2.05 $2.02 $1.97 $1.82 $1.91 1 %7 %
Full-time employees (c)
52,000 52,100 53,400 53,600 53,200 — %(2)%
Book value per common share$49.46 $48.44 $47.97 $46.84 $46.21 
Tangible book value per common share – Non-GAAP (a)
$26.19 $25.44 $25.25 $24.52 $24.03 
Cash dividends per common share$0.42 $0.42 $0.42 $0.42 $0.37 
Common dividend payout ratio28 %34 %202 %35 %29 %
Closing stock price per common share$59.89 $57.62 $52.05 $42.65 $44.52 
Market capitalization$44,196 $43,089 $39,524 $32,801 $34,671 
Common shares outstanding (in thousands)
737,957 747,816 759,344 769,073 778,782 
Capital ratios at period end (d)
Common Equity Tier 1 ("CET1") ratio11.4 %10.8 %11.5 %11.3 %11.0 %
Tier 1 capital ratio14.1 %13.4 %14.2 %14.3 %14.0 %
Total capital ratio15.0 %14.3 %14.9 %15.2 %14.8 %
Tier 1 leverage ratio5.8 %5.9 %6.0 %6.1 %5.7 %
Supplementary leverage ratio ("SLR")6.8 %7.0 %7.3 %7.2 %7.0 %
(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 June 30, 2024, March 31, 2024 and Dec. 31, 2023, $1.5 trillion at Sept. 30, 2023 and $1.6 trillion at June 30, 2023.
(c) Beginning March 31, 2024, the number of full-time employees excludes interns.
(d) Regulatory capital ratios for June 30, 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 June 30, 2024 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, for March 31, 2024 was the Standardized Approach, and for Dec. 31, 2023, Sept. 30, 2023 and June 30, 2023, was the Advanced Approaches.
N/M – Not meaningful.
3


THE BANK OF NEW YORK MELLON CORPORATION
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CONDENSED CONSOLIDATED INCOME STATEMENT
(dollars in millions, except per share amounts; common shares in thousands)2Q24 vs.YTD24 vs.
2Q241Q244Q233Q232Q231Q242Q23YTD24YTD23YTD23
Revenue
Investment services fees$2,359 $2,278 $2,242 $2,230 $2,252 4 %5 %$4,637 $4,371 6 %
Investment management and performance fees761 776 743 777 762 (2)— 1,537 1,538 — 
Foreign exchange revenue184 152 143 154 158 21 16 336 334 1 
Financing-related fees53 57 45 45 50 (7)6 110 102 8 
Distribution and servicing fees41 42 41 39 35 (2)17 83 68 22 
Total fee revenue3,398 3,305 3,214 3,245 3,257 3 4 6,703 6,413 5 
Investment and other revenue169 182 43 159 147 N/MN/M351 278 N/M
Total fee and other revenue3,567 3,487 3,257 3,404 3,404 2 5 7,054 6,691 5 
Net interest income1,030 1,040 1,101 1,016 1,100 (1)(6)2,070 2,228 (7)
Total revenue4,597 4,527 4,358 4,420 4,504 2 2 9,124 8,919 2 
Provision for credit losses— 27 84 3 5 N/MN/M27 32 N/M
Noninterest expense
Staff1,720 1,857 1,831 1,755 1,718 (7)— 3,577 3,509 2 
Software and equipment476 475 486 452 450 — 6 951 879 8 
Professional, legal and other purchased services374 349 406 368 378 7 (1)723 753 (4)
Net occupancy 134 124 162 140 121 8 11 258 240 8 
Sub-custodian and clearing134 119 117 121 119 13 13 253 237 7 
Distribution and servicing88 96 88 87 93 (8)(5)184 178 3 
Business development50 36 61 36 47 39 6 86 86 — 
Bank assessment charges(7)17 670 37 41 N/MN/M10 81 N/M
Amortization of intangible assets13 12 14 15 14 8 (7)25 28 (11)
Other88 91 160 78 130 (3)(32)179 220 (19)
Total noninterest expense3,070 3,176 3,995 3,089 3,111 (3)(1)6,246 6,211 1 
Income before income taxes 1,527 1,324 279 1,328 1,388 15 10 2,851 2,676 7 
Provision for income taxes 357 297 73 285 315 20 13 654 621 5 
Net income 1,170 1,027 206 1,043 1,073 14 9 2,197 2,055 7 
Net (income) loss attributable to noncontrolling interests(2)(2)2 (3)(1)N/MN/M(4)(1)N/M
Preferred stock dividends(25)(72)(46)(82)(36)N/MN/M(97)(107)N/M
Net income applicable to common shareholders of The Bank of New York Mellon Corporation$1,143 $953 $162 $958 $1,036 20 %10 %$2,096 $1,947 8 %
Average common shares and equivalents outstanding: Basic746,904 756,937 767,146 777,813 787,718 (1)%(5)%751,961 795,512 (5)%
Diluted751,596 762,268 772,102 781,781 790,725 (1)%(5)%756,870 799,157 (5)%
Earnings per common share: Basic$1.53 $1.26 $0.21 $1.23 $1.32 21 %16 %$2.79 $2.45 14 %
Diluted$1.52 $1.25 $0.21 $1.23 $1.31 22 %16 %$2.77 $2.44 14 %
N/M – Not meaningful.
4


THE BANK OF NEW YORK MELLON CORPORATION
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CONDENSED CONSOLIDATED BALANCE SHEET
20242023
(in millions)June 30March 31Dec. 31Sept. 30June 30
Assets
Cash and due from banks$5,311 $5,305 $4,922 $4,904 $5,720 
Interest-bearing deposits with the Federal Reserve and other central banks116,139 119,197 111,550 107,419 118,908 
Interest-bearing deposits with banks11,488 10,636 12,139 12,999 12,316 
Federal funds sold and securities purchased under resale agreements29,723 29,661 28,900 26,299 35,378 
Securities136,850 138,909 126,395 128,225 134,233 
Trading assets9,609 10,078 10,058 10,699 10,562 
Loans70,642 73,615 66,879 66,290 64,469 
Allowance for loan losses(286)(322)(303)(211)(191)
Net loans
70,356 73,293 66,576 66,079 64,278 
Premises and equipment3,267 3,136 3,163 3,234 3,241 
Accrued interest receivable1,253 1,343 1,150 1,141 963 
Goodwill16,217 16,228 16,261 16,159 16,246 
Intangible assets2,826 2,839 2,854 2,859 2,881 
Other assets25,500 24,103 25,909 25,035 25,455 
Total assets
$428,539 $434,728 $409,877 $405,052 $430,181 
Liabilities
Deposits$304,311 $309,020 $283,669 $277,467 $292,045 
Federal funds purchased and securities sold under repurchase agreements15,701 15,112 14,507 14,771 21,285 
Trading liabilities3,372 3,100 6,226 7,358 6,319 
Payables to customers and broker-dealers17,569 19,392 18,395 17,441 21,084 
Commercial paper301 — — — — 
Other borrowed funds280 306 479 728 1,371 
Accrued taxes and other expenses4,729 4,395 5,411 5,225 4,986 
Other liabilities10,208 10,245 9,028 11,834 9,635 
Long-term debt30,947 32,396 31,257 29,205 32,463 
Total liabilities
387,418 393,966 368,972 364,029 389,188 
Temporary equity
Redeemable noncontrolling interests92 82 85 109 104 
Permanent equity
Preferred stock4,343 4,343 4,343 4,838 4,838 
Common stock14 14 14 14 14 
Additional paid-in capital29,139 29,055 28,908 28,793 28,726 
Retained earnings40,999 40,178 39,549 39,714 39,090 
Accumulated other comprehensive loss, net of tax(4,900)(4,876)(4,893)(5,805)(5,602)
Less: Treasury stock, at cost
(28,752)(28,145)(27,151)(26,696)(26,242)
Total The Bank of New York Mellon Corporation shareholders’ equity40,843 40,569 40,770 40,858 40,824 
Nonredeemable noncontrolling interests of consolidated investment management funds
186 111 50 56 65 
Total permanent equity
41,029 40,680 40,820 40,914 40,889 
Total liabilities, temporary equity and permanent equity
$428,539 $434,728 $409,877 $405,052 $430,181 
5


THE BANK OF NEW YORK MELLON CORPORATION
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FEE AND OTHER REVENUE
2Q24 vs.YTD24 vs.
(dollars in millions)2Q241Q244Q233Q232Q231Q242Q23YTD24YTD23YTD23
Investment services fees$2,359 $2,278 $2,242 $2,230 $2,252 4 %5 %$4,637 $4,371 6 %
Investment management and performance fees:
Investment management fees (a)
753 766 724 747 752 (2)— 1,519 1,506 1 
Performance fees8 10 19 30 10 N/MN/M18 32 N/M
Total investment management and performance fees (b)
761 776 743 777 762 (2)— 1,537 1,538 — 
Foreign exchange revenue184 152 143 154 158 21 16 336 334 1 
Financing-related fees53 57 45 45 50 (7)6 110 102 8 
Distribution and servicing fees41 42 41 39 35 (2)17 83 68 22 
Total fee revenue3,398 3,305 3,214 3,245 3,257 3 4 6,703 6,413 5 
Investment and other revenue:
Income (loss) from consolidated investment management funds8 15 26 (11)10 N/MN/M23 15 N/M
Seed capital gains (losses) (c)
— 14 18 (4)7 N/MN/M14 15 N/M
Other trading revenue77 69 47 86 53 N/MN/M146 98 N/M
Renewable energy investment gains8 6 2 1 5 N/MN/M14 25 N/M
Corporate/bank-owned life insurance26 28 39 29 23 N/MN/M54 50 N/M
Other investments gains (losses) (d)
30 17 55 (9)10 N/MN/M47 1 N/M
Disposal (losses) gains— — (6)2 (1)N/MN/M— (2)N/M
Expense reimbursements from joint venture30 27 28 29 31 N/MN/M57 60 N/M
Other income (loss)7 7 (118)55 9 N/MN/M14 17 N/M
Net securities (losses)(17)(1)(48)(19)— N/MN/M(18)(1)N/M
Total investment and other revenue169 182 43 159 147 N/MN/M351 278 N/M
Total fee and other revenue$3,567 $3,487 $3,257 $3,404 $3,404 2 %5 %$7,054 $6,691 5 %
(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 were flat compared with 2Q23. 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 funds which hedge deferred incentive awards.
(d) Includes strategic equity, private equity and other investments.
N/M – Not meaningful.

6


THE BANK OF NEW YORK MELLON CORPORATION
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AVERAGE BALANCES AND INTEREST RATES
2Q241Q244Q233Q232Q23
Average balanceAverage rateAverage balanceAverage rateAverage balanceAverage rateAverage balanceAverage rateAverage balanceAverage rate
(dollars in millions; average rates are annualized)
Assets
Interest-earning assets:
Interest-bearing deposits with the Federal Reserve and other central banks$102,257 4.65 %$102,795 4.69 %$107,291 4.72 %$98,767 4.57 %$114,578 4.29 %
Interest-bearing deposits with banks11,210 3.91 11,724 4.16 12,110 4.26 12,287 4.04 13,919 3.68 
Federal funds sold and securities purchased under resale agreements29,013 36.48 (a)27,019 36.22 (a)25,753 35.55 (a)26,915 30.47 (a)26,989 26.38 (a)
Loans68,283 6.58 65,844 6.48 65,677 6.43 63,962 6.39 63,459 6.05 
Securities:
U.S. government obligations28,347 3.82 27,242 3.70 28,641 3.40 32,224 3.08 34,147 2.90 
U.S. government agency obligations62,549 3.29 63,135 3.22 59,067 2.95 59,481 2.87 61,565 2.78 
Other securities (b)
46,828 4.04 43,528 4.01 39,415 4.03 39,874 3.93 40,989 3.59 
Total investment securities (b)
137,724 3.66 133,905 3.57 127,123 3.39 131,579 3.24 136,701 3.05 
Trading securities (b)
5,146 5.89 4,846 5.75 6,220 5.59 5,534 5.49 6,403 5.02 
Total securities (b)
142,870 3.74 138,751 3.65 133,343 3.49 137,113 3.33 143,104 3.14 
Total interest-earning assets (b)
$353,633 7.24 %$346,133 7.06 %$344,174 6.86 %$339,044 6.45 %$362,049 5.77 %
Noninterest-earning assets58,866 57,852 57,431 58,247 58,912 
Total assets$412,499 $403,985 $401,605 $397,291 $420,961 
Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits$235,878 3.85 %$228,897 3.84 %$220,408 3.79 %$209,641 3.62 %$215,057 3.24 %
Federal funds purchased and securities sold under repurchase agreements17,711 55.26 (a)16,133 55.91 (a)16,065 52.41 (a)21,512 36.07 (a)26,282 26.39 (a)
Trading liabilities1,689 5.43 1,649 5.11 2,857 4.83 3,959 4.80 3,893 4.46 
Other borrowed funds351 8.61 502 3.47 465 5.56 540 4.47 2,702 4.60 
Commercial paper954 5.54 8 5.42 5 5.40 7 4.13 5 5.11 
Payables to customers and broker-dealers12,066 5.35 12,420 4.74 12,586 4.67 13,515 4.30 14,801 3.85 
Long-term debt31,506 5.92 31,087 5.82 30,702 5.70 31,161 5.52 31,970 5.45 
Total interest-bearing liabilities$300,155 7.18 %$290,696 6.99 %$283,088 6.81 %$280,335 6.37 %$294,710 5.61 %
Total noninterest-bearing deposits48,965 49,949 52,667 52,467 62,152 
Other noninterest-bearing liabilities22,839 23,005 24,962 23,699 23,526 
Total The Bank of New York Mellon Corporation shareholders’ equity40,387 40,248 40,823 40,711 40,493 
Noncontrolling interests153 87 65 79 80 
Total liabilities and equity$412,499 $403,985 $401,605 $397,291 $420,961 
Net interest margin1.15 %1.19 %1.26 %1.18 %1.20 %
Net interest margin (FTE) – Non-GAAP (c)
1.15 %1.19 %1.26 %1.18 %1.20 %
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $163 billion for 2Q24, $151 billion for 1Q24, $141 billion for 4Q23, $126 billion for 3Q23 and $113 billion for 2Q23. 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 5.51% for 2Q24, 5.49% for 1Q24, 5.48% for 4Q23, 5.36% for 3Q23 and 5.10% for 2Q23. 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 5.41% for 2Q24, 5.38% for 1Q24, 5.35% for 4Q23, 5.26% for 3Q23 and 4.99% for 2Q23. 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.
7


THE BANK OF NEW YORK MELLON CORPORATION
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CAPITAL AND LIQUIDITY
20242023
(dollars in millions)June 30March 31Dec. 31Sept. 30June 30
Consolidated regulatory capital ratios (a)
Standardized Approach:
CET1 capital$18,671 $18,383 $18,534 $18,156 $18,018 
Tier 1 capital23,006 22,723 22,863 22,985 22,848 
Total capital24,539 24,310 24,414 24,552 24,413 
Risk-weighted assets163,583 169,909 156,178 153,167 153,158 
CET1 ratio11.4 %10.8 %11.9 %11.9 %11.8 %
Tier 1 capital ratio14.1 13.4 14.6 15.0 14.9 
Total capital ratio15.0 14.3 15.6 16.0 15.9 
Advanced Approaches:
CET1 capital$18,671 $18,383 $18,534 $18,156 $18,018 
Tier 1 capital23,006 22,723 22,863 22,985 22,848 
Total capital24,206 23,940 24,085 24,305 24,151 
Risk-weighted assets161,830 165,663 161,528 160,262 163,335 
CET1 ratio11.5 %11.1 %11.5 %11.3 %11.0 %
Tier 1 capital ratio14.2 13.7 14.2 14.3 14.0 
Total capital ratio15.0 14.5 14.9 15.2 14.8 
Tier 1 leverage ratio (a):
Average assets for Tier 1 leverage ratio$394,672 $386,148 $383,705 $379,429 $402,993 
Tier 1 leverage ratio5.8 %5.9 %6.0 %6.1 %5.7 %
SLR (a):
Leverage exposure$336,933 $325,801 $313,555 $318,664 $326,002 
SLR6.8 %7.0 %7.3 %7.2 %7.0 %
Average liquidity coverage ratio (a)
115 %117 %117 %121 %120 %
Average net stable funding ratio (a)
132 %136 %135 %136 %136 %
(a) Regulatory capital and liquidity ratios for June 30, 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 June 30, 2024 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, for March 31, 2024 was the Standardized Approach, and for Dec. 31, 2023, Sept. 30, 2023 and June 30, 2023, was the Advanced Approaches.
8


THE BANK OF NEW YORK MELLON CORPORATION
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SECURITIES SERVICES BUSINESS SEGMENT
2Q24 vs.YTD24 vs.
(dollars in millions)2Q241Q244Q233Q232Q231Q242Q23YTD24YTD23YTD23
Revenue:
Investment services fees:
Asset Servicing$1,018 $1,013 $975 $976 $980 — %4 %$2,031 $1,921 6 %
Issuer Services322 261 285 281 319 23 1 583 555 5 
Total investment services fees1,340 1,274 1,260 1,257 1,299 5 3 2,614 2,476 6 
Foreign exchange revenue144 124 118 107 124 16 16 268 263 2 
Other fees (a)
56 59 54 52 54 (5)4 115 109 6 
Total fee revenue1,540 1,457 1,432 1,416 1,477 6 4 2,997 2,848 5 
Investment and other revenue104 99 112 65 84 N/MN/M203 156 N/M
Total fee and other revenue1,644 1,556 1,544 1,481 1,561 6 5 3,200 3,004 7 
Net interest income595 583 635 600 668 2 (11)1,178 1,334 (12)
Total revenue2,239 2,139 2,179 2,081 2,229 5 — 4,378 4,338 1 
Provision for credit losses(3)11 64 19 16 N/MN/M8 16 N/M
Noninterest expense (ex. amortization of intangible assets)1,547 1,530 1,645 1,590 1,560 1 (1)3,077 3,092 — 
Amortization of intangible assets7 7 8 8 7 — — 14 15 (7)
Total noninterest expense1,554 1,537 1,653 1,598 1,567 1 (1)3,091 3,107 (1)
Income before income taxes$688 $591 $462 $464 $646 16 %7 %$1,279 $1,215 5 %
Total revenue by line of business:
Asset Servicing$1,687 $1,668 $1,675 $1,585 $1,695 1 %— %$3,355 $3,352 — %
Issuer Services552 471 504 496 534 17 3 1,023 986 4 
Total revenue by line of business$2,239 $2,139 $2,179 $2,081 $2,229 5 %— %$4,378 $4,338 1 %
Financial ratios:
Pre-tax operating margin31 %28 %21 %22 %29 %29 %28 %
Memo: Securities lending revenue (b)
$46 $46 $48 $46 $47 — %(2)%$92 $95 (3)%
(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.
9


THE BANK OF NEW YORK MELLON CORPORATION
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SECURITIES SERVICES BUSINESS SEGMENT
2Q24 vs.YTD24 vs.
(dollars in millions, unless otherwise noted)2Q241Q244Q233Q232Q231Q242Q23YTD24YTD23YTD23
Selected balance sheet data:
Average loans$11,103 $11,204 $11,366 $11,236 $11,283 (1)%(2)%$11,154 $11,112 — %
Average assets (a)
$196,015 $191,544 $200,040 $190,964 $202,207 2 %(3)%$193,780 $199,399 (3)%
Average deposits$178,495 $174,687 $171,086 $162,509 $172,863 2 %3 %$176,591 $170,051 4 %
Selected metrics:
AUC/A at period end (in trillions) (b)(c)
$35.7 $35.4 $34.2 $32.3 $33.2 1 %8 %
Market value of securities on loan at period end (in billions) (d)
$481 $486 $450 $406 $415 (1)%16 %
Issuer Services
Total debt serviced at period end (in trillions) (e)
$14.1 $14.0 $14.0 $13.8 $13.8 1 %2 %
Number of sponsored Depositary Receipts programs at period end516 527 543 559 564 (2)%(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) June 30, 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 June 30, 2024, March 31, 2024 and Dec. 31, 2023, $1.5 trillion at Sept. 30, 2023 and $1.6 trillion at June 30, 2023.
(d) Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY acts as agent on behalf of CIBC Mellon clients, which totaled $66 billion at June 30, 2024, $64 billion at March 31,2024, $63 billion at Dec. 31, 2023 and Sept. 30, 2023 and $66 billion at June 30, 2023.
10


THE BANK OF NEW YORK MELLON CORPORATION
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MARKET AND WEALTH SERVICES BUSINESS SEGMENT
2Q24 vs.YTD24 vs.
(dollars in millions)2Q241Q244Q233Q232Q231Q242Q23YTD24YTD23YTD23
Revenue:
Investment services fees:
Pershing$474 $482 $472 $478 $466 (2)%2 %$956 $935 2 %
Treasury Services202 184 179 180 183 10 10 386 358 8 
Clearance and Collateral Management338 329 322 305 295 3 15 667 585 14 
Total investment services fees1,014 995 973 963 944 2 7 2,009 1,878 7 
Foreign exchange revenue23 24 21 21 21 (4)10 47 39 21 
Other fees (a)
58 58 50 49 52 — 12 116 103 13 
Total fee revenue1,095 1,077 1,044 1,033 1,017 2 8 2,172 2,020 8 
Investment and other revenue23 17 16 16 16 N/MN/M40 31 N/M
Total fee and other revenue1,118 1,094 1,060 1,049 1,033 2 8 2,212 2,051 8 
Net interest income417 423 436 401 420 (1)(1)840 873 (4)
Total revenue1,535 1,517 1,496 1,450 1,453 1 6 3,052 2,924 4 
Provision for credit losses(2)5 28 6 7 N/MN/M3 7 N/M
Noninterest expense (ex. amortization of intangible assets)832 833 836 790 792 — 5 1,665 1,573 6 
Amortization of intangible assets1 1 1 2 2 — (50)2 3 (33)
Total noninterest expense833 834 837 792 794 — 5 1,667 1,576 6 
Income before income taxes$704 $678 $631 $652 $652 4 %8 %$1,382 $1,341 3 %
Total revenue by line of business:
Pershing$663 $670 $669 $657 $641 (1)%3 %$1,333 $1,290 3 %
Treasury Services426 416 408 397 413 2 3 842 832 1 
Clearance and Collateral Management446 431 419 396 399 3 12 877 802 9 
Total revenue by line of business$1,535 $1,517 $1,496 $1,450 $1,453 1 %6 %$3,052 $2,924 4 %
Financial ratios:
Pre-tax operating margin46 %45 %42 %45 %45 %45 %46 %
(a) Other fees primarily include financing-related fees.
N/M – Not meaningful.

11


THE BANK OF NEW YORK MELLON CORPORATION
bny_logoxposxrgba.jpg
MARKET AND WEALTH SERVICES BUSINESS SEGMENT
2Q24 vs.YTD24 vs.
(dollars in millions, unless otherwise noted)2Q241Q244Q233Q232Q231Q242Q23YTD24YTD23YTD23
Selected balance sheet data:
Average loans$41,893 $39,271 $39,200 $37,496 $36,432 7 %15 %$40,582 $36,642 11 %
Average assets (a)
$124,790 $123,552 $132,357 $129,665 $131,519 1 %(5)%$124,171 $131,761 (6)%
Average deposits$91,371 $89,539 $87,695 $84,000 $85,407 2 %7 %$90,455 $85,721 6 %
Selected metrics:
AUC/A at period end (in trillions) (b)(c)
$13.4 $13.1 $13.3 $13.1 $13.4 2 %— %
Pershing
AUC/A at period end (in trillions) (b)
$2.6 $2.6 $2.5 $2.4 $2.4 — %8 %
Net new assets (U.S. platform) (in billions) (d)
$(23)$(2)$(4)$23 $(34)N/MN/M
Daily average revenue trades ("DARTs") (U.S. platform) (in thousands)
280 290 229 223 223 (3)%26 %
Average active clearing accounts (in thousands)
8,057 7,991 8,012 7,979 7,946 1 %1 %
Treasury Services
Average daily U.S. dollar payment volumes241,253 237,124 243,005 233,620 233,931 2 %3 %
Clearance and Collateral Management
Average tri-party collateral management balances (in billions)
$5,298 $5,157 $5,248 $5,706 $6,044 3 %(12)%
(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) June 30, 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.
12


THE BANK OF NEW YORK MELLON CORPORATION
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INVESTMENT AND WEALTH MANAGEMENT BUSINESS SEGMENT
2Q24 vs.YTD24 vs.
(dollars in millions)2Q241Q244Q233Q232Q231Q242Q23YTD24YTD23YTD23
Revenue:
Investment management fees$754 $768 $725 $748 $753 (2)%— %$1,522 $1,508 1 %
Performance fees8 10 19 30 10 N/MN/M18 32 N/M
Investment management and performance fees (a)
762 778 744 778 763 (2)— 1,540 1,540 — 
Distribution and servicing fees69 70 66 62 58 (1)19 139 113 23 
Other fees (b)
(64)(60)(55)(50)(56)N/MN/M(124)(109)N/M
Total fee revenue767 788 755 790 765 (3)— 1,555 1,544 1 
Investment and other revenue (c)
11 17 (121)1 12 N/MN/M28 18 N/M
Total fee and other revenue (c)
778 805 634 791 777 (3)— 1,583 1,562 1 
Net interest income43 41 45 39 39 5 10 84 84 — 
Total revenue 821 846 679 830 816 (3)1 1,667 1,646 1 
Provision for credit losses4 (1)(2)(9)7 N/MN/M3 7 N/M
Noninterest expense (ex. amortization of intangible assets)663 736 680 670 674 (10)(2)1,399 1,406 — 
Amortization of intangible assets5 4 5 5 5 25—9 10 (10)
Total noninterest expense668 740 685 675 679 (10)(2)1,408 1,416 (1)
Income (loss) before income taxes$149 $107 $(4)$164 $130 39 %15 %$256 $223 15 %
Total revenue by line of business:
Investment Management$549 $576 $415 $565 $553 (5)%(1)%$1,125 $1,117 1 %
Wealth Management272 270 264 265 263 1 3 542 529 2 
Total revenue by line of business$821 $846 $679 $830 $816 (3)%1 %$1,667 $1,646 1 %
Financial ratios:
Pre-tax operating margin18 %13 %(1)%20 %16 %15 %14 %
Adjusted pre-tax operating margin – Non-GAAP (d)
20 %14 %(1)%22 %18 %17 %15 %
Selected balance sheet data:
Average loans$13,520 $13,553 $13,405 $13,519 $13,995 — %(3)%$13,536 $13,977 (3)%
Average assets (e)
$26,031 $26,272 $26,341 $26,654 $27,399 (1)%(5)%$26,151 $27,882 (6)%
Average deposits$11,005 $11,364 $12,039 $13,578 $15,410 (3)%(29)%$11,185 $15,775 (29)%
(a) On a constant currency basis, investment management and performance fees were flat (Non-GAAP) compared with 2Q23. 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.
13


THE BANK OF NEW YORK MELLON CORPORATION
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AUM BY PRODUCT TYPE, CHANGES IN AUM AND WEALTH MANAGEMENT CLIENT ASSETS
2Q24 vs.YTD24 vs.
(dollars in billions)2Q241Q244Q233Q232Q231Q242Q23YTD24YTD23YTD23
AUM by product type (a)(b):
Equity$167 $168 $145 $133 $145 (1)%15 %
Fixed income221 219 205 190 203 1 9 
Index485 474 459 425 440 2 10 
Liability-driven investments598 573 605 534 579 4 3 
Multi-asset and alternative investments173 174 170 156 162 (1)7 
Cash401 407 390 383 377 (1)6 
Total AUM$2,045 $2,015 $1,974 $1,821 $1,906 1 %7 %
Changes in AUM (a)(b):
Beginning balance of AUM$2,015 $1,974 $1,821 $1,906 $1,908 $1,974 $1,836 
Net inflows (outflows):
Long-term strategies:
Equity(4)(4)(2)(3)(3)(8)(7)
Fixed income4 12 3 (7)(4)16 — 
Liability-driven investments4 13 4 1 (3)17 7 
Multi-asset and alternative investments(2)(5)(1)(4)(1)(7)(4)
Total long-term active strategies inflows (outflows)2 16 4 (13)(11)18 (4)
Index(4)(15)(10)(2)2 (19)— 
Total long-term strategies (outflows) inflows(2)1 (6)(15)(9)(1)(4)
Short-term strategies:
Cash(7)16 7 7 (9)9 (9)
Total net (outflows) inflows(9)17 1 (8)(18)8 (13)
Net market impact40 16 122 (50)(3)56 49 
Net currency impact(1)(10)30 (27)19 (11)34 
Other— 18 (c)— — — 18 (c)— 
Ending balance of AUM$2,045 $2,015 $1,974 $1,821 $1,906 1 %7 %$2,045 $1,906 7 %
Wealth Management client assets (a)(d)
$308 $309 $312 $292 $286 — %8 %
(a) June 30, 2024 information is preliminary.
(b) Represents assets managed in 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.
14


THE BANK OF NEW YORK MELLON CORPORATION
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OTHER SEGMENT
(in millions)2Q241Q244Q233Q232Q23YTD24YTD23
Revenue:
Fee revenue$(4)$(17)$(17)$6 $(2)$(21)$1 
Investment and other revenue29 47 38 74 34 76 72 
Total fee and other revenue25 30 21 80 32 55 73 
Net interest (expense)(25)(7)(15)(24)(27)(32)(63)
Total revenue— 23 6 56 5 23 10 
Provision for credit losses1 12 (6)(13)(25)13 2 
Noninterest expense15 65 820 24 71 80 112 
(Loss) income before income taxes$(16)$(54)$(808)$45 $(41)$(70)$(104)
Selected balance sheet data:
Average loans and leases$1,767 $1,816 $1,706 $1,711 $1,749 $1,791 $1,630 
Average assets $65,663 $62,617 $42,867 $50,008 $59,836 $64,140 $55,115 
15


THE BANK OF NEW YORK MELLON CORPORATION
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SECURITIES PORTFOLIO
(dollars in millions)March 31, 20242Q24
change in
unrealized
gain (loss)		June 30, 2024
Fair value
as a % of amortized
cost (a)
Unrealized
gain (loss)
% Floating
rate (b)
Ratings (c)
Amortized
cost (a)
Fair valueAAA/
AA-		A+/
A-		BBB+/
BBB-		BB+ and
lower		Not
rated
 Fair value
Agency RMBS$41,642 $(74)$45,135 $40,898 91 %$(4,237)23 %100 %— %— %— %— %
U.S. Treasury29,896 45 29,415 28,633 97 (782)58 100 — — — — 
Non-U.S. government (d)
26,498 18 27,431 26,866 98 (565)35 93 3 3 1 — 
Agency commercial MBS11,083 13 11,551 10,983 95 (568)41 100 — — — — 
CLOs7,248 6 7,338 7,354 100 16 100 100 — — — — 
Foreign covered bonds
7,259 11 7,484 7,334 98 (150)46 100 — — — — 
U.S. government agencies
6,607 11 6,819 6,406 94 (413)32 100 — — — — 
Non-agency commercial MBS
3,009 7 3,096 2,893 93 (203)49 100 — — — — 
Non-agency RMBS1,727 (3)1,822 1,670 92 (152)42 86 2 — 6 6 
Other asset-backed securities
899 8 892 823 92 (69)13 100 — — — — 
Other debt securities11 — 12 11 91 (1)— — — — — 100 
Total securities$135,879 (e)$42 $140,995 $133,871 (e)(f)95 %$(7,124)(e)(g)40 %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 $2,161 million at March 31, 2024 and $2,163 million at June 30, 2024.
(f) The fair value of available-for-sale securities totaled $92,584 million at June 30, 2024, net of hedges, or 69% of the fair value of the securities portfolio, net of hedges. The fair value of the held-to-maturity securities totaled $41,287 million at June 30, 2024, or 31% of the fair value of the securities portfolio, net of hedges.
(g) At June 30, 2024, includes pre-tax net unrealized losses of $1,982 million related to available-for-sale securities, net of hedges, and $5,142 million related to held-to-maturity securities. The after-tax unrealized losses, net of hedges, related to available-for-sale securities was $1,496 million and the after-tax equivalent related to held-to-maturity securities was $3,921 million.
Note: The amortizable purchase premium (net of discount) relating to securities was $344 million at June 30, 2024 and the amortization of that net purchase premium was $9 million in 2Q24.
16


THE BANK OF NEW YORK MELLON CORPORATION
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ALLOWANCE FOR CREDIT LOSSES AND NONPERFORMING ASSETS
20242023
(dollars in millions)June 30March 31Dec. 31Sept. 30June 30
Allowance for credit losses – beginning of period:
Allowance for loan losses$322 $303 $211 $191 $170 
Allowance for lending-related commitments81 87 85 91 83 
Allowance for other financial instruments (a)
37 24 29 41 67 
Allowance for credit losses – beginning of period$440 $414 $325 $323 $320 
Net (charge-offs) recoveries:
Charge-offs(44)(1)— (1)(4)
Recoveries— — 5 — 2 
Total net (charge-offs) recoveries (44)(1)5 (1)(2)
Provision for credit losses (b)
— 27 84 3 5 
Allowance for credit losses – end of period$396 $440 $414 $325 $323 
Allowance for credit losses – end of period:
Allowance for loan losses$286 $322 $303 $211 $191 
Allowance for lending-related commitments73 81 87 85 91 
Allowance for other financial instruments (a)
37 37 24 29 41 
Allowance for credit losses – end of period$396 $440 $414 $325 $323 
Allowance for loan losses as a percentage of total loans0.40 %0.44 %0.45 %0.32 %0.30 %
Nonperforming assets$227 $278 $237 $48 $88 
(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.
17


THE BANK OF NEW YORK MELLON CORPORATION
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EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
BNY 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 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)2Q241Q244Q233Q232Q23YTD24YTD23
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP$1,143 $953 $162 $958 $1,036 $2,096 $1,947 
Add: Amortization of intangible assets13 12 14 15 14 25 28 
Less: Tax impact of amortization of intangible assets3 3 4 3 4 6 7 
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP$1,153 $962 $172 $970 $1,046 $2,115 $1,968 
Average common shareholders’ equity$36,044 $35,905 $36,050 $35,873 $35,655 $35,975 $35,569 
Less: Average goodwill16,229 16,238 16,199 16,237 16,219 16,234 16,190 
 Average intangible assets2,834 2,848 2,858 2,875 2,888 2,841 2,894 
Add: Deferred tax liability – tax deductible goodwill1,213 1,209 1,205 1,197 1,193 1,213 1,193 
 Deferred tax liability – intangible assets655 655 657 657 660 655 660 
Average tangible common shareholders’ equity – Non-GAAP$18,849 $18,683 $18,855 $18,615 $18,401 $18,768 $18,338 
Return on common equity – GAAP 12.7 %10.7 %1.8 %10.6 %11.7 %11.7 %11.0 %
Return on tangible common equity – Non-GAAP24.6 %20.7 %3.6 %20.6 %22.8 %22.7 %21.7 %
18


THE BANK OF NEW YORK MELLON CORPORATION
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EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Book value and tangible book value per common share reconciliation20242023
(dollars in millions, except common shares and unless otherwise noted)June 30March 31Dec. 31Sept. 30June 30
BNY shareholders’ equity at period end – GAAP$40,843 $40,569 $40,770 $40,858 $40,824 
Less: Preferred stock4,343 4,343 4,343 4,838 4,838 
     BNY common shareholders’ equity at period end – GAAP36,500 36,226 36,427 36,020 35,986 
Less: Goodwill16,217 16,228 16,261 16,159 16,246 
Intangible assets2,826 2,839 2,854 2,859 2,881 
Add: Deferred tax liability – tax deductible goodwill1,213 1,209 1,205 1,197 1,193 
Deferred tax liability – intangible assets655 655 657 657 660 
BNY tangible common shareholders’ equity at period end – Non-GAAP$19,325 $19,023 $19,174 $18,856 $18,712 
Period-end common shares outstanding (in thousands)
737,957 747,816 759,344 769,073 778,782 
Book value per common share – GAAP$49.46 $48.44 $47.97 $46.84 $46.21 
Tangible book value per common share – Non-GAAP$26.19 $25.44 $25.25 $24.52 $24.03 
Net interest margin reconciliation
(dollars in millions)2Q241Q244Q233Q232Q23
Net interest income – GAAP$1,030 $1,040 $1,101 $1,016 $1,100 
Add: Tax equivalent adjustment1 — 1 — 1 
Net interest income (FTE) – Non-GAAP$1,031 $1,040 $1,102 $1,016 $1,101 
Average interest-earning assets$353,633 $346,133 $344,174 $339,044 $362,049 
Net interest margin – GAAP (a)
1.15 %1.19 %1.26 %1.18 %1.20 %
Net interest margin (FTE) – Non-GAAP (a)
1.15 %1.19 %1.26 %1.18 %1.20 %
(a) Net interest margin is annualized.
19


THE BANK OF NEW YORK MELLON CORPORATION
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EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Pre-tax operating margin reconciliation - Investment and Wealth Management business segment
(dollars in millions)2Q241Q244Q233Q232Q23YTD24YTD23
Income (loss) before income taxes – GAAP$149 $107 $(4)$164 $130 $256 $223 
Total revenue – GAAP$821 $846 $679 $830 $816 $1,667 $1,646 
Less: Distribution and servicing expense88 96 89 87 93 184 179 
Adjusted total revenue, net of distribution and servicing expense – Non-GAAP$733 $750 $590 $743 $723 $1,483 $1,467 
Pre-tax operating margin – GAAP (a)
18 %13 %(1)%20 %16 %15 %14 %
Adjusted pre-tax operating margin, net of distribution and servicing expense – Non-GAAP (a)
20 %14 %(1)%22 %18 %17 %15 %
(a) Income before income taxes divided by total revenue.
Constant currency reconciliations2Q24 vs.
(dollars in millions)2Q242Q232Q23
Consolidated:
Investment management and performance fees – GAAP$761 $762 — %
Impact of changes in foreign currency exchange rates— (1)
Adjusted investment management and performance fees – Non-GAAP$761 $761 — %
Investment and Wealth Management business segment:
Investment management and performance fees – GAAP$762 $763 — %
Impact of changes in foreign currency exchange rates— (1)
Adjusted investment management and performance fees – Non-GAAP$762 $762 — %
20

2Q 24 FINANCIAL July 12, 2024 HIGHLIGHTS

 
2 +16% Revenue Growth: Pre-tax Margin: EPS Growth: • Revenue Growth: Revenue of $4.6bn up 2% YoY – Investment services fees up 5% YoY – Investment management and performance fees flat YoY – Foreign exchange revenue up 16% YoY – Net interest income down 6% YoY • Expense Discipline: Expense of $3.1bn down 1% YoY; up 1%(b) excluding notable items • Balance Sheet Strength: – Average total deposits of $285bn up 3% YoY and up 2% QoQ – Tier 1 leverage ratio of 5.8% and CET1 ratio of 11.4% – LCR of 115% and NSFR of 132% • Profitability: – ROE of 12.7% and ROTCE(a) of 24.6% • Capital Returns: Returned $923mm to common shareholders, including $322mm of dividends and $601mm of share repurchases – 107% total payout ratio year-to-date – Increased quarterly dividend by 12% to $0.47 per common share in 3Q24 2% 33% 2Q24 Financial Highlights ROTCE(a): 24.6% Tier 1 Leverage: 5.8% Expense Growth: 1% (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 2Q24 vs. 2Q23, unless otherwise noted.

 
3 2Q24 vs. $mm, except per share data or unless otherwise noted 2Q24 1Q24 2Q23 1Q24 2Q23 Income Statement Investment services fees $2,359 $2,278 $2,252 4% 5% Investment management and performance fees 761 776 762 (2) — Foreign exchange revenue 184 152 158 21 16 Other fee revenue 94 99 85 (5) 11 Total fee revenue $3,398 $3,305 $3,257 3% 4% Investment and other revenue 169 182 147 N/M N/M Net interest income 1,030 1,040 1,100 (1) (6) Total revenue $4,597 $4,527 $4,504 2% 2% Provision for credit losses — 27 5 N/M N/M Noninterest expense 3,070 3,176 3,111 (3) (1) Income before income taxes $1,527 $1,324 $1,388 15% 10%   Net income applicable to common shareholders $1,143 $953 $1,036 20% 10% Avg. common shares and equivalents outstanding (mm) - diluted 752 762 791 (1)% (5)% EPS $1.52 $1.25 $1.31 22% 16%   Key Performance Indicators Operating leverage(a) 489 bps 338 bps Pre-tax margin 33% 29% 31% ROE 12.7% 10.7% 11.7% ROTCE(b) 24.6% 20.7% 22.8% Non-GAAP measures, excluding notable items(c) Adjusted total revenue $4,597 $4,527 $4,505 2% 2% Adjusted noninterest expense 3,077 3,138 3,049 (2) 1 Adjusted EPS 1.51 1.29 1.38 17 9 Adjusted operating leverage 349 bps 112 bps Adjusted pre-tax margin 33% 30% 32% Adjusted ROTCE 24.4% 21.3% 24.1%   2Q24 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     2Q24   1Q24   2Q23   Consolidated regulatory capital ratios(a)   Tier 1 capital ($mm) $23,006 $22,723 $22,848 Average assets for Tier 1 leverage ratio ($mm) 394,672 386,148 402,993 Tier 1 leverage ratio 5.8% 5.9% 5.7% Common Equity Tier 1 ("CET1") capital ($mm) $18,671 $18,383 $18,018 Risk-weighted assets ($mm) 163,583 169,909 163,335 CET1 ratio 11.4% 10.8% 11.0% Supplementary leverage ratio ("SLR") 6.8% 7.0% 7.0%                 Consolidated regulatory liquidity ratios(a)   Liquidity coverage ratio ("LCR") 115% 117% 120% Net stable funding ratio ("NSFR") 132% 136% 136%                 Capital returns Cash dividends per common share $0.42 $0.42 $0.37 Common stock dividends ($mm) $322 $324 $297 Common stock repurchases ($mm) 601 988 448 Total capital return ($mm) $923 $1,312 $745 Total payout ratio 81% 138% 72% Profitability ROE 12.7% 10.7% 11.7% ROTCE(b) 24.6% 20.7% 22.8% Adjusted ROTCE(c) 24.4% 21.3% 24.1%   Capital and Liquidity Capital • Tier 1 leverage ratio of 5.8%, down 6 bps QoQ – Tier 1 capital of $23.0bn increased $283mm QoQ, primarily reflecting capital generated through earnings, partially offset by capital returned through common stock repurchases and dividends – Average assets for Tier 1 leverage ratio of $395bn increased $9bn QoQ • CET1 ratio of 11.4%, up 59 bps QoQ – CET1 capital of $18.7bn increased $288mm QoQ, primarily reflecting capital generated through earnings, partially offset by capital returned through common stock repurchases and dividends – RWA of $163.6bn decreased by $6.3bn QoQ Liquidity • LCR of 115%, down 2%-pts QoQ • NSFR of 132%, down 3%-pts 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 1,100 1,016 1,101 1,040 1,030 2Q23 3Q23 4Q23 1Q24 2Q24 2Q24 vs.   2Q24   1Q24   2Q23   Total assets $412 2% (2)% Total interest-earning assets $354 2% (2)% Cash and reverse repo 142 1 (8) Loans 68 4 8 Investment securities 138 3 1 Noninterest-bearing $49 (2)% (21)% Interest-bearing 236 3 10 Total deposits $285 2% 3%                Net Interest Income and Balance Sheet Trends Net Interest Income ($mm) 1.20% 1.18% 1.26% 1.19% 1.15% 2Q23 3Q23 4Q23 1Q24 2Q24 Net Interest Margin Balance Sheet Trends ($bn, average) • Net interest income of $1,030mm down 6% YoY and down 1% QoQ – QoQ decrease primarily driven by changes in balance sheet mix, partially offset by the benefit of reinvesting maturing fixed-rate securities in higher yielding alternatives • Net interest margin of 1.15% down 5 bps YoY and down 4 bps QoQ – QoQ decrease primarily driven by changes in balance sheet mix • Avg. total deposits of $285bn up 3% YoY and up 2% QoQ

 
6 2Q24 vs. $mm, unless otherwise noted 2Q24 1Q24 2Q23 Asset Servicing $1,018 —% 4% Issuer Services 322 23 1 Total investment services fees $1,340 5% 3% Foreign exchange revenue 144 16 16 Other fees 56 (5) 4 Investment and other revenue 104 N/M N/M Net interest income 595 2 (11) Total revenue $2,239 5% —% Provision for credit losses (3) N/M N/M Noninterest expense 1,554 1 (1) Income before income taxes $688 16% 7%                 $bn, unless otherwise noted 2Q24 1Q24 2Q23 Pre-tax margin 31% 28% 29% AUC/A (trn)(a)(b) $35.7 $35.4 $33.2 Deposits (average) $178 $175 $173 Issuer Services Total debt serviced (trn) $14.1 $14.0 $13.8 Number of sponsored Depositary Receipts programs 516 527 564                 Securities Services Select Income Statement Data • Total revenue of $2,239mm flat YoY – Investment services fees up 3% YoY > Asset Servicing up 4% YoY, primarily reflecting higher market values and net new business > Issuer Services up 1% YoY, primarily reflecting higher Corporate Trust fees, partially offset by lower Depositary Receipts fees – Foreign exchange revenue up 16% YoY – Net interest income down 11% YoY • Noninterest expense of $1,554mm down 1% YoY, primarily reflecting efficiency savings, partially offset by higher investments, employee merit increases and higher revenue-related expenses • Income before income taxes of $688mm up 7% YoY Key Performance Indicators Select Income Statement Data Note: See page 11 in the Appendix for corresponding footnotes. N/M – not meaningful.

 
7 2Q24 vs. $mm, unless otherwise noted 2Q24 1Q24 2Q23 Pershing $474 (2)% 2% Treasury Services 202 10 10 Clearance and Collateral Management 338 3 15 Total investment services fees $1,014 2% 7% Foreign exchange revenue 23 (4) 10 Other fees 58 — 12 Investment and other revenue 23 N/M N/M Net interest income 417 (1) (1) Total revenue $1,535 1% 6% Provision for credit losses (2) N/M N/M Noninterest expense 833 — 5 Income before income taxes $704 4% 8%                 $bn, unless otherwise noted 2Q24 1Q24 2Q23 Pre-tax margin 46% 45% 45% AUC/A (trn)(a)(b) $13.4 $13.1 $13.4 Deposits (average) $91 $90 $85 Pershing AUC/A (trn)(a) $2.6 $2.6 $2.4 Net new assets (U.S. platform)(c) (23) (2) (34) Daily average revenue trades (DARTs) (U.S. platform) ('000) 280 290 223 Average active clearing accounts ('000) 8,057 7,991 7,946 Treasury Services U.S. dollar payment volumes (daily average) 241,253 237,124 233,931 Clearance and Collateral Management Tri-party collateral management balances (average) $5,298 $5,157 $6,044                 Market and Wealth Services Select Income Statement Data Key Performance Indicators Select Income Statement Data • Total revenue of $1,535mm up 6% YoY – Investment services fees up 7% YoY > Pershing up 2% YoY, primarily reflecting higher market values and client activity, partially offset by lost business in the prior year > Treasury Services up 10% YoY, primarily reflecting net new business and higher client activity > Clearance and Collateral Management up 15% YoY, primarily reflecting higher collateral management fees and clearance volumes – Foreign exchange revenue up 10% YoY – Net interest income down 1% YoY • Noninterest expense of $833mm up 5% YoY, primarily reflecting higher investments, employee merit increases and higher revenue-related expenses, partially offset by efficiency savings • Income before income taxes of $704mm up 8% YoY Note: See page 11 in the Appendix for corresponding footnotes. N/M – not meaningful.

 
8 2Q24 vs. $mm, unless otherwise noted 2Q24 1Q24 2Q23 Investment management fees $754 (2)% —% Performance fees 8 N/M N/M Distribution and servicing fees 69 (1) 19 Other fees(a) (64) N/M N/M Investment and other revenue(b) 11 N/M N/M Net interest income 43 5 10 Total revenue $821 (3)% 1% Provision for credit losses 4 N/M N/M Noninterest expense 668 (10) (2) Income (loss) before income taxes $149 39% 15% Total revenue by line of business: Investment Management $549 (5)% (1)% Wealth Management 272 1 3 Total revenue $821 (3)% 1%                 $bn, unless otherwise noted 2Q24 1Q24 2Q23 Pre-tax margin 18% 13% 16% Deposits $11 $11 $15 Assets under management ("AUM")(c) $2,045 $2,015 $1,906 Long-term active strategies net flows $2 $16 $(11) Index net flows (4) (15) 2 Short-term strategies net flows (7) 16 (9) Total net flows $(9) 17 (18) Wealth Management Client assets(d) $308 $309 $286                 Investment and Wealth Management Select Income Statement Data Key Performance Indicators Select Income Statement Data • Total revenue of $821mm up 1% YoY – Investment Management down 1% YoY, primarily reflecting the mix of AUM flows and lower equity investment income and seed capital gains, partially offset by higher market values – Wealth Management up 3% YoY, primarily reflecting higher market values, partially offset by changes in product mix • Noninterest expense of $668mm down 2% YoY, primarily reflecting efficiency savings and lower revenue-related expenses, partially offset by employee merit increases and higher investments • Income before income taxes of $149mm up 15% YoY • AUM of $2.0trn up 7% YoY, primarily reflecting higher market values • Wealth Management client assets of $308bn up 8% YoY, primarily reflecting higher market values and cumulative net inflows Note: See page 11 in the Appendix for corresponding footnotes. N/M – not meaningful.

 
9 $mm, unless otherwise noted 2Q24 1Q24 2Q23 Fee revenue $(4) $(17) $(2) Investment and other revenue 29 47 34 Net interest (expense) (25) (7) (27) Total revenue $— $23 $5 Provision for credit losses 1 12 (25) Noninterest expense 15 65 71 (Loss) before income taxes $(16) $(54) $(41)                 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 – QoQ decrease primarily reflects net securities losses in 2Q24 • Noninterest expense decreased YoY, primarily driven by a reduction in the FDIC special assessment and lower litigation reserves

 
APPENDIX

 
11 Footnotes Page 3 – 2Q24 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 June 30, 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 June 30, 2024 was the Standardized Approach, for March 31, 2024 was the Standardized Approach and for June 30, 2023 was the Advanced Approaches. Page 6 – Securities Services (a) June 30, 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 June 30, 2024, $1.7 trillion at March 31, 2024 and $1.6 trillion at June 30, 2023. Page 7 – Market and Wealth Services (a) June 30, 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) Other fees primarily include investment services fees. (b) Investment and other revenue is net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds. (c) June 30, 2024 information is preliminary. Represents assets managed in the Investment and Wealth Management business segment. (d) June 30, 2024 information is preliminary. Includes AUM and AUC/A in the Wealth Management line of business.

 
12 Select Income Statement Data Reconciliation of Non-GAAP Measures – Impact of Notable Items 2Q24 vs.  $mm, except per share amounts 2Q24 1Q24 2Q23 1Q24 2Q23 Total revenue – GAAP $4,597 $4,527 $4,504 2% 2% Less: Disposal (losses)(a) — — (1) Adjusted total revenue, ex-notables — Non-GAAP $4,597 $4,527 $4,505 2% 2% Noninterest expense – GAAP $3,070 $3,176 $3,111 (3)% (1)% Less: Severance(b) 29 36 26 Litigation reserves(b) 2 2 36 FDIC special assessment(b) (38) — — Adjusted noninterest expense, ex-notables — Non-GAAP $3,077 $3,138 $3,049 (2)% 1% Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP $1,143 $953 $1,036 20% 10% Less: Disposal (losses)(a) — — — Severance(b) (22) (27) (20) Litigation reserves(b) — (2) (36) FDIC special assessment(b) 29 — — Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation — Non- GAAP $1,136 $982 $1,092 16% 4% Diluted earnings per share – GAAP $1.52 $1.25 $1.31 22% 16% Less: Disposal (losses)(a) — — — Severance(b) (0.03) (0.04) (0.02) Litigation reserves(b) — — (0.05) FDIC special assessment(b) 0.04 — — Adjusted diluted earnings per share — Non-GAAP $1.51 $1.29 $1.38 17% 9% Operating leverage – GAAP(c) 489 bps 338 bps Adjusted operating leverage — Non-GAAP(c) 349 bps 112 bps Pre-tax operating margin – GAAP 33% 29% 31% Adjusted pre-tax operating margin — Non-GAAP 33% 30% 32% (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) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense.

 
13  $mm 2Q24 1Q24 2Q23 Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP $1,143 $953 $1,036 Add: Amortization of intangible assets 13 12 14 Less: Tax impact of amortization of intangible assets 3 3 4 Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets — Non-GAAP $1,153 $962 $1,046 Less: Disposal (losses) — — — Severance (22) (27) (20) Litigation reserves — (2) (36) FDIC special assessment 29 — — 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 $1,146 $991 $1,102 Average common shareholders’ equity $36,044 $35,905 $35,655 Less: Average goodwill 16,229 16,238 16,219 Average intangible assets 2,834 2,848 2,888 Add: Deferred tax liability – tax deductible goodwill 1,213 1,209 1,193 Deferred tax liability – intangible assets 655 655 660 Average tangible common shareholders’ equity – Non-GAAP $18,849 $18,683 $18,401 Return on common equity(a) – GAAP 12.7% 10.7% 11.7% Adjusted return on common equity(a) – Non-GAAP 12.7% 11.0% 12.3% Return on tangible common equity(a) – Non-GAAP 24.6% 20.7% 22.8% Adjusted return on tangible common equity(a) – Non-GAAP 24.4% 21.3% 24.1% Return on Common Equity and Tangible Common Equity Reconciliation (a) Returns are annualized.

 
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 income, 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 June 30, 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; 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 income 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 Pershing X’s projected revenue are subject to various factors, including pricing, pipeline, demand from existing clients, the number of services and apps purchased, investments and inflation. 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 second quarter 2024 earnings release and the second quarter 2024 financial supplement, which are available at www.bny.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

 

 
v3.24.2
Document and Entity Information
Jul. 12, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Jul. 12, 2024
Entity Registrant Name THE BANK OF NEW YORK MELLON CORPORATION
Entity Incorporation, State or Country Code DE
Entity File Number 001-35651
Entity Tax Identification Number 13-2614959
Entity Address, Address Line One 240 Greenwich Street
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10286
City Area Code 212
Local Phone Number 495-1784
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001390777
Amendment Flag false
New York Stock Exchange | Common Stock, $0.01 par value  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol BK
Security Exchange Name NYSE
New York Stock Exchange | 6.244% Fixed-to-Floating Rate Normal Preferred Capital Securities of Mellon Capital IV  
Entity Information [Line Items]  
Title of 12(b) Security 6.244% Fixed-to-Floating Rate Normal Preferred Capital Securities of Mellon Capital IV
Trading Symbol BK/P
Security Exchange Name NYSE
Bank of New York Mellon (NYSE:BK)
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