0001390777false00013907772024-10-112024-10-110001390777exch:XNYSus-gaap:CommonStockMember2024-10-112024-10-110001390777exch:XNYSus-gaap:PreferredStockMember2024-10-112024-10-11

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) – October 11, 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 October 11, 2024, The Bank of New York Mellon Corporation (“BNY”) released information on its financial results for the third quarter ended September 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 October 11, 2024, BNY will hold a conference call and webcast to discuss its financial results for the third quarter ended September 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: October 11, 2024By: /s/ Jean Weng
Name:
Title: 		Jean Weng
Secretary



3
bny_logoxrevxrgbx2x002002.jpg
3Q24
FINANCIALRESULTS


BNY Reports Third Quarter 2024
Earnings Per Common Share of $1.50, or $1.52 as Adjusted (a)

NEW YORK, October 11, 2024 – The Bank of New York Mellon Corporation (“BNY”) (NYSE: BK) today has reported financial results for the third quarter of 2024.
CEO COMMENTARY
quotation-markxleft_3q24.jpg
BNY reported strong third quarter results, reflecting growth across our three business segments and consistent execution against our strategic priorities, with assets under custody and/or administration exceeding $50 trillion for the first time.

The company reported earnings per share of $1.50, up 22% year-over-year. Excluding the impact of notable items, earnings per share were $1.52, up 20% year-over-year, and we generated a return on tangible common equity of 23% in the third quarter.
Our actions to run our company better, including our ongoing transition to a platforms operating model, are starting to deliver progress toward our medium-term financial targets and additional capacity to reinvest for growth through new and enhanced client solutions. In the third quarter, this focus on being more for our clients included the announcement of the planned acquisition of Archer, that will deliver an enterprise solution to clients in the fast-growing managed account ecosystem, and the introduction of Alts Bridge to broaden investor access to Alternatives.
Powering our one-BNY culture is essential to continued execution, and I want to thank our employees for their hard work. The combination of our talented team, our portfolio of leading businesses working together, and the strength of our balance sheet, gives us a great foundation to deliver more to our clients and drive sustainable, long-term shareholder value.
quotation-markxright_3q24.jpg
– Robin Vince, President and Chief Executive Officer
KEY FINANCIAL INFORMATION
(dollars in millions, except per share amounts and unless otherwise noted)3Q24 vs.
3Q242Q243Q23
Selected income statement data:
Total fee revenue$3,404 — %5 %
Investment and other revenue196 N/MN/M
Net interest income1,048 2 3 
Total revenue$4,648 1 %5 %
Provision for credit losses23 N/MN/M
Noninterest expense$3,100 1 %— %
Net income applicable to common shareholders$1,110 (3)%16 %
Diluted EPS$1.50 (1)%22 %
Selected metrics:
AUC/A (in trillions)
$52.1 5 %14 %
AUM (in trillions)
$2.1 5 %18 %
Financial ratios:3Q242Q243Q23
Pre-tax operating margin33 %33 %30 %
ROE12.0 %12.7 %10.6 %
ROTCE (a)
22.8 %24.6 %20.6 %
Capital ratios:
Tier 1 leverage ratio6.0 %5.8 %6.1 %
CET1 ratio11.9 %11.4 %11.3 %
HIGHLIGHTS
Results
•Total revenue of $4.6 billion, increased 5%
•Noninterest expense of $3.1 billion, was flat; or increased 1% excluding notable items (a)
•Diluted EPS of $1.50, increased 22%; or 20% excluding notable items (a)

Profitability
•Pre-tax operating margin of 33%; and 33% excluding notable items (a)
•ROTCE of 22.8% (a); or 23.2% excluding notable items (a)

Balance sheet
•Average deposits of $285 billion, increased 9% year-over-year and were flat sequentially
•Tier 1 leverage ratio of 6.0%, decreased 4 bps year-over-year and increased 19 bps sequentially

Capital distribution
•Returned $1,078 million of capital to common shareholders
•$353 million of dividends
•$725 million of share repurchases
•Total payout ratio of 103% year-to-date
$1.50
EPS
      $1.52 (a)
Adj. EPS
33%
Pre-tax margin
      33% (a)
Adj. Pre-tax margin
12.0%
ROE
      23.2% (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 3Q24 vs. 3Q23, unless otherwise noted.
Investor Relations: Marius Merz (212) 298-1480
Media Relations: Garrett Marquis (949) 683-1503
BNY 3Q24 Financial Results
CONSOLIDATED FINANCIAL HIGHLIGHTS

(dollars in millions, except per share amounts and unless otherwise noted; not meaningful - N/M)3Q24 vs.
3Q242Q243Q232Q243Q23
Fee revenue$3,404 $3,398 $3,245 — %     5 %     
Investment and other revenue 196 169 159 N/MN/M
Total fee and other revenue3,600 3,567 3,404 1 6 
Net interest income1,048 1,030 1,016 2 3 
Total revenue4,648 4,597 4,420 1 5 
Provision for credit losses23 — 3 N/MN/M
Noninterest expense3,100 3,070 3,089 1 — 
Income before taxes1,525 1,527 1,328 — 15 
Provision for income taxes336 357 285 (6)18 
Net income$1,189 $1,170 $1,043 2 %     14 %     
Net income applicable to common shareholders of The Bank of New York Mellon Corporation$1,110 $1,143 $958 (3)%     16 %     
Operating leverage (a)
13  bps480  bps
Diluted earnings per common share$1.50 $1.52 $1.23 (1)%     22 %     
Average common shares and equivalents outstanding - diluted (in thousands)
742,080 751,596 781,781 
Pre-tax operating margin33 %33 %30 %
Metrics:
Average loans$69,205 $68,283 $63,962 1 %8 %     
Average deposits284,686 284,843 262,108 — 9 
AUC/A at period end (in trillions) (current period is preliminary)
52.1 49.5 45.7 5 14 
AUM at period end (in trillions) (current period is preliminary)
2.14 2.05 1.82 5 18 
Non-GAAP measures, excluding notable items: (b)
Adjusted total revenue$4,648 $4,597 $4,418 1 %5 %
Adjusted noninterest expense$3,075 $3,077 $3,043 —%1 %
Adjusted operating leverage (a)
117  bps416  bps
Adjusted diluted earnings per common share$1.52 $1.51 $1.27 1 %     20 %
Adjusted pre-tax operating margin33 %33 %31 %
(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 3Q24 vs. 3Q23, unless otherwise noted)
•Total revenue increased 5%, primarily reflecting:
•Fee revenue increased 5%, primarily reflecting higher market values, net new business and higher foreign exchange revenue.
•Investment and other revenue increased primarily reflecting a strategic equity investment loss recorded in 3Q23 and improved results from our seed capital investments.
•Net interest income increased 3%, primarily reflecting improved investment securities portfolio yields and balance sheet growth, partially offset by changes in deposit mix.
•Provision for credit losses was $23 million, primarily driven by reserve increases related to commercial real estate exposure.
•Noninterest expense was flat reflecting higher investments and employee merit increases, offset by efficiency savings and a reduction in the FDIC special assessment. Excluding notable items (a), noninterest expense increased 1%.
•Effective tax rate of 22.0%.

Assets under custody and/or administration (“AUC/A”) and Assets under management (“AUM”)
•AUC/A increased 14%, primarily reflecting higher market values, client inflows and net new business.
•AUM increased 18%, primarily reflecting higher market values and the favorable impact of a weaker U.S. dollar.

Capital and liquidity
•$353 million of dividends to common shareholders (b); $725 million of common share repurchases.
•Return on common equity (“ROE”) – 12.0%; Adjusted ROE – 12.2% (a).
•Return on tangible common equity (“ROTCE”) – 22.8% (a); Adjusted ROTCE - 23.2% (a).
•Common Equity Tier 1 (“CET1”) ratio – 11.9%.
•Tier 1 leverage ratio – 6.0%.
•Average liquidity coverage ratio (“LCR”) – 116%; 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 3Q24 Financial Results
SECURITIES SERVICES BUSINESS SEGMENT HIGHLIGHTS

(dollars in millions, unless otherwise noted; not meaningful - N/M)3Q24 vs.
3Q242Q243Q232Q243Q23
Investment services fees:
Asset Servicing$1,021 $1,018 $976 — %5 %
Issuer Services285 322 281 (11)1 
Total investment services fees1,306 1,340 1,257 (3)4 
Foreign exchange revenue137 144 107 (5)28 
Other fees (a)
57 56 52 2 10 
Total fee revenue1,500 1,540 1,416 (3)6 
Investment and other revenue105 104 65 N/MN/M
Total fee and other revenue1,605 1,644 1,481 (2)8 
Net interest income609 595 600 2 2 
Total revenue2,214 2,239 2,081 (1)6 
Provision for credit losses15 (3)19 N/MN/M
Noninterest expense1,557 1,554 1,598 — (3)
Income before taxes$642 $688 $464 (7)%38 %
Total revenue by line of business:
Asset Servicing$1,720 $1,687 $1,585 2 %9 %
Issuer Services494 552 496 (11)— 
Total revenue by line of business$2,214 $2,239 $2,081 (1)%6 %
Pre-tax operating margin29 %31 %22 %
Securities lending revenue (b)
$47 $46 $46 2 %2 %
Metrics:
Average loans$11,077 $11,103 $11,236 — %(1)%
Average deposits$180,500 $178,495 $162,509 1 %11 %
AUC/A at period end (in trillions) (current period is preliminary) (c)
$37.5 $35.7 $32.3 5 %16 %
Market value of securities on loan at period end (in billions) (d)
$484 $481 $406 1 %19 %
(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 $1.9 trillion at Sept. 30, 2024, $1.7 trillion at June 30, 2024 and $1.5 trillion at Sept. 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 $67 billion at Sept. 30, 2024, $66 billion at June 30, 2024 and $63 billion at Sept. 30, 2023.


KEY DRIVERS

•The drivers of the total revenue variances by line of business are indicated below.
•Asset Servicing – The year-over-year increase primarily reflects higher market values and client activity, a strategic equity investment loss recorded in 3Q23, net new business and higher net interest income. The sequential increase primarily reflects higher net interest income and market values.
•Issuer Services – Total revenue was flat year-over-year reflecting higher Corporate Trust fees, offset by lower Depositary Receipts revenue. The sequential decrease primarily reflects lower Depositary Receipts revenue and net interest income.
•Noninterest expense decreased year-over-year primarily reflecting efficiency savings and lower severance expense, partially offset by higher investments and employee merit increases.
3
BNY 3Q24 Financial Results
MARKET AND WEALTH SERVICES BUSINESS SEGMENT HIGHLIGHTS

(dollars in millions, unless otherwise noted; not meaningful - N/M)3Q24 vs.
3Q242Q243Q232Q243Q23
Investment services fees:
Pershing$475 $474 $478 — %(1)%
Treasury Services200 202 180 (1)11 
Clearance and Collateral Management354 338 305 5 16 
Total investment services fees1,029 1,014 963 1 7 
Foreign exchange revenue23 23 21 — 10 
Other fees (a)
58 58 49 — 18 
Total fee revenue1,110 1,095 1,033 1 7 
Investment and other revenue20 23 16 N/MN/M
Total fee and other revenue1,130 1,118 1,049 1 8 
Net interest income415 417 401 — 3 
Total revenue1,545 1,535 1,450 1 7 
Provision for credit losses7 (2)6 N/MN/M
Noninterest expense834 833 792 — 5 
Income before taxes$704 $704 $652 — %8 %
Total revenue by line of business:
Pershing$649 $663 $657 (2)%(1)%
Treasury Services424 426 397 — 7 
Clearance and Collateral Management472 446 396 6 19 
Total revenue by line of business$1,545 $1,535 $1,450 1 %7 %
Pre-tax operating margin46 %46 %45 %
Metrics:
Average loans$42,730 $41,893 $37,496 2 %14 %
Average deposits$88,856 $91,371 $84,000 (3)%6 %
AUC/A at period end (in trillions) (current period is preliminary) (b)
$14.3 $13.4 $13.1 7 %9 %
(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 decrease primarily reflects lost business in the prior year and lower net interest income, partially offset by higher market values. The sequential decrease primarily reflects an equity investment gain recorded in 2Q24.
•Treasury Services – The year-over-year increase primarily reflects net new business. Total revenue was flat sequentially reflecting net new business, offset by lower net interest income.
•Clearance and Collateral Management – The year-over-year increase primarily reflects higher collateral management fees, clearance volumes and net interest income. The sequential increase primarily reflects higher clearance volumes and net interest income.
•Noninterest expense increased year-over-year primarily reflecting higher investments and employee merit increases, partially offset by efficiency savings.
4
BNY 3Q24 Financial Results
INVESTMENT AND WEALTH MANAGEMENT BUSINESS SEGMENT HIGHLIGHTS

(dollars in millions, unless otherwise noted; not meaningful - N/M)3Q24 vs.
3Q242Q243Q232Q243Q23
Investment management fees$782 $754 $748 4 %5 %
Performance fees13 8 30 N/MN/M
Investment management and performance fees795 762 778 4 2 
Distribution and servicing fees68 69 62 (1)10 
Other fees (a)
(68)(64)(50)N/MN/M
Total fee revenue795 767 790 4 1 
Investment and other revenue (b)
9 11 1 N/MN/M
Total fee and other revenue (b)
804 778 791 3 2 
Net interest income45 43 39 5 15 
Total revenue849 821 830 3 2 
Provision for credit losses1 4 (9)N/MN/M
Noninterest expense672 668 675 1 — 
Income before taxes$176 $149 $164 18 %7 %
Total revenue by line of business:
Investment Management$569 $549 $565 4 %1 %
Wealth Management280 272 265 3 6 
Total revenue by line of business$849 $821 $830 3 %2 %
Pre-tax operating margin21 %18 %20 %
Adjusted pre-tax operating margin – Non-GAAP (c)
23 %20 %22 %
Metrics:
Average loans$13,648 $13,520 $13,519 1 %1 %
Average deposits$10,032 $11,005 $13,578 (9)%(26)%
AUM (in billions) (current period is preliminary) (d)
$2,144 $2,045 $1,821 5 %18 %
Wealth Management client assets (in billions) (current period is preliminary) (e)
$333 $308 $292 8 %14 %
(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 increase primarily reflects higher market values and improved seed capital results, partially offset by lower performance fees and the mix of AUM flows. The sequential increase primarily reflects higher market values, seed capital gains and the timing of performance fees.
•Wealth Management – The year-over-year increase primarily reflects higher market values and net interest income, partially offset by changes in product mix. The sequential increase primarily reflects higher market values.
•Noninterest expense was flat year-over-year reflecting efficiency savings, offset by employee merit increases and higher investments.
5
BNY 3Q24 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.

(dollars in millions)3Q242Q243Q23
Fee revenue$(1)$(4)$6 
Investment and other revenue55 29 74 
Total fee and other revenue54 25 80 
Net interest (expense)(21)(25)(24)
Total revenue33 — 56 
Provision for credit losses— 1 (13)
Noninterest expense37 15 24 
(Loss) income before taxes$(4)$(16)$45 


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. The year-over-year decrease primarily reflects 3Q23 debt extinguishment gains. The sequential increase primarily reflects gains on real estate and other investments.

•Noninterest expense increased year-over-year primarily driven by higher staff expense, partially offset by a reduction in the FDIC special assessment. The sequential increase in noninterest expense primarily reflects the impact of the adjustments to the FDIC special assessment recorded in 3Q24 and 2Q24.

6
BNY 3Q24 Financial Results
CAPITAL AND LIQUIDITY

Capital and liquidity ratiosSept. 30, 2024June 30, 2024Dec. 31, 2023
Consolidated regulatory capital ratios: (a)
CET1 ratio11.9 %11.4 %11.5 %
Tier 1 capital ratio14.5 14.0 14.2 
Total capital ratio15.6 15.0 14.9 
Tier 1 leverage ratio (a)
6.0 5.8 6.0 
Supplementary leverage ratio (a)
7.0 6.8 7.3 
BNY shareholders’ equity to total assets ratio9.8 %9.5 %9.9 %
BNY common shareholders’ equity to total assets ratio8.8 %8.5 %8.9 %
Average LCR (a)
116 %115 %117 %
Average NSFR (a)
132 %132 %135 %
Book value per common share$51.78 $49.46 $47.97 
Tangible book value per common share – Non-GAAP (b)
$28.01 $26.19 $25.25 
Common shares outstanding (in thousands)
727,078 737,957 759,344 
(a)    Regulatory capital and liquidity ratios for Sept. 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 Sept. 30, 2024 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, for June 30, 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 $19.7 billion and Tier 1 capital totaled $24.0 billion at Sept. 30, 2024, both increasing compared with June 30, 2024, primarily reflecting capital generated through earnings and improvements in accumulated other comprehensive income, partially offset by capital returned through common stock repurchases and dividends. The CET1 ratio increased compared with June 30, 2024 reflecting the increase in capital, partially offset by higher risk-weighted assets. The Tier 1 leverage ratio increased compared with June 30, 2024 reflecting the increase in capital, partially offset by higher average assets.


NET INTEREST INCOME

Net interest income3Q24 vs.
(dollars in millions; not meaningful - N/M)3Q242Q243Q232Q243Q23
Net interest income$1,048 $1,030 $1,016 2%3%
Add: Tax equivalent adjustment— 1 — N/MN/M
Net interest income, on a fully taxable equivalent (“FTE”) basis – Non-GAAP (a)
$1,048 $1,031 $1,016 2%3%
Net interest margin1.16 %1.15 %1.18 %1  bps(2) bps
Net interest margin (FTE) – Non-GAAP (a)
1.16 %1.15 %1.18 %1  bps(2) 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 increased year-over-year primarily reflecting improved investment securities portfolio yields and balance sheet growth, partially offset by changes in deposit mix.

•The sequential increase in net interest income primarily reflects higher sponsored member cleared repo activity.

7
BNY 3Q24 Financial Results
THE BANK OF NEW YORK MELLON CORPORATION
Condensed Consolidated Income Statement

(dollars in millions)Quarter endedYear-to-date
Sept. 30, 2024June 30, 2024Sept. 30, 2023Sept. 30, 2024Sept. 30, 2023
Fee and other revenue
Investment services fees$2,344 $2,359 $2,230 $6,981 $6,601 
Investment management and performance fees794 761 777 2,331 2,315 
Foreign exchange revenue175 184 154 511 488 
Financing-related fees53 53 45 163 147 
Distribution and servicing fees38 41 39 121 107 
Total fee revenue3,404 3,398 3,245 10,107 9,658 
Investment and other revenue196 169 159 547 437 
Total fee and other revenue3,600 3,567 3,404 10,654 10,095 
Net interest income
Interest income6,652 6,392 5,519 19,140 14,685 
Interest expense5,604 5,362 4,503 16,022 11,441 
Net interest income1,048 1,030 1,016 3,118 3,244 
Total revenue4,648 4,597 4,420 13,772 13,339 
Provision for credit losses23 — 3 50 35 
Noninterest expense
Staff1,736 1,720 1,755 5,313 5,264 
Software and equipment491 476 452 1,442 1,331 
Professional, legal and other purchased services370 374 368 1,093 1,121 
Net occupancy130 134 140 388 380 
Sub-custodian and clearing117 134 121 370 358 
Distribution and servicing90 88 87 274 265 
Business development48 50 36 134 122 
Bank assessment charges10 (7)37 20 118 
Amortization of intangible assets12 13 15 37 43 
Other 96 88 78 275 298 
Total noninterest expense3,100 3,070 3,089 9,346 9,300 
Income
Income before taxes1,525 1,527 1,328 4,376 4,004 
Provision for income taxes 336 357 285 990 906 
Net income1,189 1,170 1,043 3,386 3,098 
Net (income) attributable to noncontrolling interests related to consolidated investment management funds(7)(2)(3)(11)(4)
Net income applicable to shareholders of The Bank of New York Mellon Corporation1,182 1,168 1,040 3,375 3,094 
Preferred stock dividends(72)(25)(82)(169)(189)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation$1,110 $1,143 $958 $3,206 $2,905 


Earnings per share applicable to the common shareholders of The Bank of New York Mellon CorporationQuarter endedYear-to-date
Sept. 30, 2024June 30, 2024Sept. 30, 2023Sept. 30, 2024Sept. 30, 2023
(in dollars)
Basic$1.51 $1.53 $1.23 $4.29 $3.68 
Diluted$1.50 $1.52 $1.23 $4.26 $3.66 

8
BNY 3Q24 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 gains. Expense measures, excluding notable items, including severance expense, litigation reserves and the FDIC special assessment, 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 items3Q24 vs.
(dollars in millions, except per share amounts)3Q242Q243Q232Q243Q23
Total revenue – GAAP$4,648 $4,597 $4,420 1 %5 %
Less: Disposal gain (a)
— — 2 
Adjusted total revenue – Non-GAAP$4,648 $4,597 $4,418 1 %5 %
Noninterest expense – GAAP$3,100 $3,070 $3,089 1 %     — %     
Less: Severance expense (b)
40 29 41 
Litigation reserves (b)
2 2 5 
FDIC special assessment (b)
(17)(38)— 
Adjusted noninterest expense – Non-GAAP$3,075 $3,077 $3,043 — %     1 %
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP$1,110 $1,143 $958 (3)%     16 %
Less: Disposal gain (a)
— — — 
Severance expense (b)
(31)(22)(32)
Litigation reserves (b)
(2)— (4)
FDIC special assessment (b)
13 29 — 
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation – Non-GAAP$1,130 $1,136 $994 (1)%     14 %
Diluted earnings per common share – GAAP$1.50 $1.52 $1.23 (1)%     22 %
Less: Disposal gain (a)
— — — 
Severance expense (b)
(0.04)(0.03)(0.04)
Litigation reserves (b)
— — (0.01)
FDIC special assessment (b)
0.02 0.04 — 
Total diluted earnings per common share impact of notable items(0.03)(c)0.01 (0.05)
Adjusted diluted earnings per common share – Non-GAAP$1.52 (c)$1.51 $1.27 (c)1 %     20 %
Operating leverage – GAAP (d)
13  bps480  bps
Adjusted operating leverage – Non-GAAP (d)
117  bps416  bps
(a)    Reflected in Investment and other revenue.
(b)    Severance expense is reflected in Staff expense, Litigation reserves in Other expense, and FDIC special assessment in Bank assessment charges, respectively.
(c)    Does not foot due to rounding.
(d)    Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense.
bps - basis points.
9
BNY 3Q24 Financial Results
Pre-tax operating margin reconciliation
(dollars in millions)3Q242Q243Q23
Income before taxes – GAAP$1,525 $1,527 $1,328 
Impact of notable items (a)
(25)7 (44)
Adjusted income before taxes, excluding notable items – Non-GAAP$1,550 $1,520 $1,372 
Total revenue – GAAP$4,648 $4,597 $4,420 
Impact of notable items (a)
— — 2 
Adjusted total revenue, excluding notable items – Non-GAAP$4,648 $4,597 $4,418 
Pre-tax operating margin – GAAP (b)
33 %33 %30 %
Adjusted pre-tax operating margin – Non-GAAP (b)
33 %33 %31 %
(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)3Q242Q243Q23
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP$1,110 $1,143 $958 
Add: Amortization of intangible assets12 13 15 
Less: Tax impact of amortization of intangible assets3 3 3 
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP$1,119 $1,153 $970 
Impact of notable items (a)
(20)7 (36)
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$1,139 $1,146 $1,006 
Average common shareholders’ equity$36,772 $36,044 $35,873 
Less: Average goodwill16,281 16,229 16,237 
 Average intangible assets2,827 2,834 2,875 
Add: Deferred tax liability – tax deductible goodwill1,220 1,213 1,197 
 Deferred tax liability – intangible assets 656 655 657 
Average tangible common shareholders’ equity – Non-GAAP$19,540 $18,849 $18,615 
Return on common equity – GAAP (b)
12.0 %12.7 %10.6 %
Adjusted return on common equity – Non-GAAP (b)
12.2 %12.7 %11.0 %
Return on tangible common equity – Non-GAAP (b)
22.8 %24.6 %20.6 %
Adjusted return on tangible common equity – Non-GAAP (b)
23.2 %24.4 %21.4 %
(a)    See page 9 for details of notable items and line items impacted.
(b)    Returns are annualized.


10
BNY 3Q24 Financial Results
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

A number of statements in this Earnings Release and in our Financial Supplement may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our strategic priorities, acquisition and related integration activity, 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 Sept. 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, and, with respect to any planned acquisition, such transaction not closing in a timely manner or at all or the anticipated benefits of such transaction not being fully realized.

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.


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 BNY has partnered alongside clients, putting its expertise and platforms to work to help them achieve their ambitions. Today BNY helps over 90% of Fortune 100 companies and nearly all the top 100 banks globally to access the money they need. BNY supports governments in funding local projects and works with over 90% of the top 100 pension plans to safeguard investments for millions of individuals, and so much more. As of Sept. 30, 2024, BNY oversees $52.1 trillion in assets under custody and/or administration and $2.1 trillion in assets under management.

BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Headquartered in New York City, BNY employs over 50,000 people globally and has 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 on LinkedIn or visit the BNY Newsroom for the latest company news.


CONFERENCE CALL INFORMATION

Robin Vince, President and Chief Executive Officer, and Dermot McDonogh, Chief Financial Officer, will host a conference call and simultaneous live audio webcast at 11:00 a.m. ET on Oct. 11, 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 Oct. 11, 2024. An archived version of the third quarter conference call and audio webcast will be available beginning on Oct. 11, 2024 at approximately 2:00 p.m. ET through Nov. 11, 2024 at www.bny.com/investorrelations.
11


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The Bank of New York Mellon Corporation
Financial Supplement
Third 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)3Q24 vs.YTD24 vs.
3Q242Q241Q244Q233Q232Q243Q23YTD24YTD23YTD23
Selected income statement data
Fee and other revenue$3,600 $3,567 $3,487 $3,257 $3,404 1 %6 %$10,654 $10,095 6 %
Net interest income1,048 1,030 1,040 1,101 1,016 2 3 3,118 3,244 (4)
Total revenue4,648 4,597 4,527 4,358 4,420 1 5 13,772 13,339 3 
Provision for credit losses23 — 27 84 3 N/MN/M50 35 N/M
Noninterest expense3,100 3,070 3,176 3,995 3,089 1 — 9,346 9,300 — 
Income before income taxes1,525 1,527 1,324 279 1,328 — 15 4,376 4,004 9 
Provision for income taxes336 357 297 73 285 (6)18 990 906 9 
Net income$1,189 $1,170 $1,027 $206 $1,043 2 %14 %$3,386 $3,098 9 %
Net income applicable to common shareholders of The Bank of New York Mellon Corporation$1,110 $1,143 $953 $162 $958 (3)%16 %$3,206 $2,905 10 %
Diluted earnings per common share$1.50 $1.52 $1.25 $0.21 $1.23 (1)%22 %$4.26 $3.66 16 %
Average common shares and equivalents outstanding – diluted (in thousands)
742,080 751,596 762,268 772,102 781,781 (1)%(5)%752,555 793,364 (5)%
Financial ratios (Returns are annualized)
Pre-tax operating margin33 %33 %29 %6 %30 %32 %30 %
Return on common equity12.0 %12.7 %10.7 %1.8 %10.6 %11.8 %10.9 %
Return on tangible common equity – Non-GAAP (a)
22.8 %24.6 %20.7 %3.6 %20.6 %22.7 %21.3 %
Non-U.S. revenue as a percentage of total revenue 35 %36 %34 %36 %36 %35 %35 %
Period end
Assets under custody and/or administration (“AUC/A”) (in trillions) (b)
$52.1 $49.5 $48.8 $47.8 $45.7 5 %14 %
Assets under management (“AUM”) (in trillions)
$2.14 $2.05 $2.02 $1.97 $1.82 5 %18 %
Full-time employees (c)
52,600 52,000 52,100 53,400 53,600 1 %(2)%
Book value per common share$51.78 $49.46 $48.44 $47.97 $46.84 
Tangible book value per common share – Non-GAAP (a)
$28.01 $26.19 $25.44 $25.25 $24.52 
Cash dividends per common share$0.47 $0.42 $0.42 $0.42 $0.42 
Common dividend payout ratio32 %28 %34 %202 %35 %
Closing stock price per common share$71.86 $59.89 $57.62 $52.05 $42.65 
Market capitalization$52,248 $44,196 $43,089 $39,524 $32,801 
Common shares outstanding (in thousands)
727,078 737,957 747,816 759,344 769,073 
Capital ratios at period end (d)
Common Equity Tier 1 (“CET1”) ratio11.9 %11.4 %10.8 %11.5 %11.3 %
Tier 1 capital ratio14.5 %14.0 %13.4 %14.2 %14.3 %
Total capital ratio15.6 %15.0 %14.3 %14.9 %15.2 %
Tier 1 leverage ratio6.0 %5.8 %5.9 %6.0 %6.1 %
Supplementary leverage ratio (“SLR”)7.0 %6.8 %7.0 %7.3 %7.2 %
(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 $1.9 trillion at Sept. 30, 2024, $1.7 trillion at June 30, 2024, March 31, 2024 and Dec. 31, 2023 and $1.5 trillion at Sept. 30, 2023.
(c) Beginning March 31, 2024, the number of full-time employees excludes interns.
(d) Regulatory capital ratios for Sept. 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 Sept. 30, 2024 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, for June 30, 2024 and March 31, 2024 was the Standardized Approach, and for Dec. 31, 2023 and Sept. 30, 2023 was the Advanced Approaches.
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)3Q24 vs.YTD24 vs.
3Q242Q241Q244Q233Q232Q243Q23YTD24YTD23YTD23
Revenue
Investment services fees$2,344 $2,359 $2,278 $2,242 $2,230 (1)%5 %$6,981 $6,601 6 %
Investment management and performance fees794 761 776 743 777 4 2 2,331 2,315 1 
Foreign exchange revenue175 184 152 143 154 (5)14 511 488 5 
Financing-related fees53 53 57 45 45 — 18 163 147 11 
Distribution and servicing fees38 41 42 41 39 (7)(3)121 107 13 
Total fee revenue3,404 3,398 3,305 3,214 3,245 — 5 10,107 9,658 5 
Investment and other revenue196 169 182 43 159 N/MN/M547 437 N/M
Total fee and other revenue3,600 3,567 3,487 3,257 3,404 1 6 10,654 10,095 6 
Net interest income1,048 1,030 1,040 1,101 1,016 2 3 3,118 3,244 (4)
Total revenue4,648 4,597 4,527 4,358 4,420 1 5 13,772 13,339 3 
Provision for credit losses23 — 27 84 3 N/MN/M50 35 N/M
Noninterest expense
Staff1,736 1,720 1,857 1,831 1,755 1 (1)5,313 5,264 1 
Software and equipment491 476 475 486 452 3 9 1,442 1,331 8 
Professional, legal and other purchased services370 374 349 406 368 (1)1 1,093 1,121 (2)
Net occupancy 130 134 124 162 140 (3)(7)388 380 2 
Sub-custodian and clearing117 134 119 117 121 (13)(3)370 358 3 
Distribution and servicing90 88 96 88 87 2 3 274 265 3 
Business development48 50 36 61 36 (4)33 134 122 10 
Bank assessment charges10 (7)17 670 37 N/MN/M20 118 N/M
Amortization of intangible assets12 13 12 14 15 (8)(20)37 43 (14)
Other96 88 91 160 78 9 23 275 298 (8)
Total noninterest expense3,100 3,070 3,176 3,995 3,089 1 — 9,346 9,300 — 
Income before income taxes 1,525 1,527 1,324 279 1,328 — 15 4,376 4,004 9 
Provision for income taxes 336 357 297 73 285 (6)18 990 906 9 
Net income 1,189 1,170 1,027 206 1,043 2 14 3,386 3,098 9 
Net (income) loss attributable to noncontrolling interests(7)(2)(2)2 (3)N/MN/M(11)(4)N/M
Preferred stock dividends(72)(25)(72)(46)(82)N/MN/M(169)(189)N/M
Net income applicable to common shareholders of The Bank of New York Mellon Corporation$1,110 $1,143 $953 $162 $958 (3)%16 %$3,206 $2,905 10 %
Average common shares and equivalents outstanding: Basic736,547 746,904 756,937 767,146 777,813 (1)%(5)%747,766 789,609 (5)%
Diluted742,080 751,596 762,268 772,102 781,781 (1)%(5)%752,555 793,364 (5)%
Earnings per common share: Basic$1.51 $1.53 $1.26 $0.21 $1.23 (1)%23 %$4.29 $3.68 17 %
Diluted$1.50 $1.52 $1.25 $0.21 $1.23 (1)%22 %$4.26 $3.66 16 %
N/M – Not meaningful.
4


THE BANK OF NEW YORK MELLON CORPORATION
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CONDENSED CONSOLIDATED BALANCE SHEET
20242023
(dollars in millions)Sept. 30June 30March 31Dec. 31Sept. 30
Assets
Cash and due from banks$6,234 $5,311 $5,305 $4,922 $4,904 
Interest-bearing deposits with the Federal Reserve and other central banks102,231 116,139 119,197 111,550 107,419 
Interest-bearing deposits with banks9,354 11,488 10,636 12,139 12,999 
Federal funds sold and securities purchased under resale agreements36,164 29,723 29,661 28,900 26,299 
Securities141,876 136,850 138,909 126,395 128,225 
Trading assets12,459 9,609 10,078 10,058 10,699