0001390777false00013907772023-07-182023-07-180001390777exch:XNYSus-gaap:CommonStockMember2023-07-182023-07-180001390777exch:XNYSus-gaap:PreferredStockMember2023-07-182023-07-18

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 18, 2023
THE BANK OF NEW YORK MELLON CORPORATION
(Exact name of registrant as specified in its charter)
Delaware001-3565113-2614959
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(I.R.S. Employer
Identification No.)

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

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

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

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

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


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

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

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

Emerging growth company ☐

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


ITEM 2.02.    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On July 18, 2023, The Bank of New York Mellon Corporation (“BNY Mellon”) released information on its financial results for the second quarter ended June 30, 2023. 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 18, 2023, BNY Mellon will hold a conference call and webcast to discuss its financial results for the second quarter ended June 30, 2023 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 Mellon under the Securities Act of 1933 or the Exchange Act. The information included in Exhibit 99.1, other than in the Excluded Section, shall be deemed “filed” for purposes of the Exchange Act.
99.2 
The 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 Mellon under the Securities Act of 1933 or the Exchange Act.
104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
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 18, 2023
By: /s/ James J. Killerlane III
Name: James J. Killerlane III
Title: Secretary



3

News Release
bnym_logoxr.jpg

BNY MELLON REPORTS SECOND QUARTER 2023 EARNINGS OF
$1.0 BILLION OR $1.30 PER COMMON SHARE
Revenue up 5%
EPS up 26% (a)
ROE 12%
ROTCE 23%(b)
CET1 11.1%
Tier 1 leverage 5.7%
(a)    Excluding the net impact of notable items, primarily litigation and severance, EPS increased 20%. See (b) below.


NEW YORK, July 18, 2023 – The Bank of New York Mellon Corporation (“BNY Mellon”) (NYSE: BK) today reported:
2Q23 vs.
2Q231Q232Q221Q232Q22
Net income applicable to common shareholders (in millions)
$1,031 $905 $835 14 %23 %
Diluted earnings per common share (c)
$1.30 $1.12 $1.03 16 %26 %
(c)    Includes impact of notable items of $(0.07) per share in 2Q23, $(0.01) per share in 1Q23 and $(0.12) per share in 2Q22.

Second Quarter Results
Total revenue of $4.5 billion, increased 5%
•Net interest revenue increased 33%
•Fee revenue decreased 2%

Total noninterest expense of $3.1 billion, was flat, or
increased 1% excluding notable items (b)

AUC/A of $46.9 trillion, increased 9%
AUM of $1.9 trillion, decreased 2%

Securities Services
•Total revenue increased 12%
•Income before taxes increased 91%; or increased 52% excluding notable items (b)
•Pre-tax operating margin of 29%

Market and Wealth Services
•Total revenue increased 10%
•Income before taxes increased 8%
•Pre-tax operating margin of 46%

Investment and Wealth Management
•Total revenue decreased 10%
•Income before taxes decreased 38%
•Pre-tax operating margin of 16%; Adjusted pre-tax operating margin of 18% (b)

Capital
•Returned $745 million to common shareholders, including $448 million of common share repurchases
CEO Commentary
Robin Vince, President and Chief Executive Officer, commented, “BNY Mellon delivered good financial performance amid a very dynamic operating environment, and we continued taking actions to position the firm for higher underlying growth and enhanced operational efficiency over time.”

“The company reported earnings per share of $1.30, up 26% year-over-year, on $4.5 billion of revenue, up 5% year-over-year, and generated a return on tangible common equity of 23% in the second quarter. Our focus on revenue growth and expense discipline allowed us to drive meaningful positive operating leverage and improve our pre-tax margin to 30% while we continued making significant investments in our future,” Mr. Vince added.

“In the second quarter we saw particular strength in Clearance and Collateral Management and Depositary Receipts, and our recently launched solutions, such as Pershing’s innovative Wove advisory platform, give us confidence that revenues will build over time,” Mr. Vince further noted.

“Following the release of the Federal Reserve’s 2023 bank stress test last month, we increased our common dividend by 14% starting this quarter, and our overall approach to maintaining a high-quality, resilient balance sheet and returning capital to shareholders remains unchanged,” Mr. Vince concluded.
Media Relations: Garrett Marquis (949) 683-1503
Investor Relations: Marius Merz (212) 298-1480
(b) For information on this Non-GAAP measure, see “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9.
Note: Above comparisons are 2Q23 vs. 2Q22, unless otherwise noted.
BNY Mellon 2Q23 Earnings Release
CONSOLIDATED FINANCIAL HIGHLIGHTS

(in millions, except per share amounts and unless otherwise noted; not
meaningful - N/M)		2Q23 vs.
2Q231Q232Q221Q232Q22
Fee revenue$3,257 $3,156 $3,339 3 %(2)%
Investment and other revenue 97 79 91 N/MN/M
Total fee and other revenue3,354 3,235 3,430 4 (2)
Net interest revenue1,100 1,128 824 (2)33 
Total revenue4,454 4,363 4,254 2 5 
Provision for credit losses5 27 47 N/MN/M
Noninterest expense3,111 3,100 3,112 — — 
Income before taxes1,338 1,236 1,095 8 22 
Provision for income taxes270 260 231 4 17 
Net income$1,068 $976 $864 9 %24 %
Net income applicable to common shareholders of The Bank of New York Mellon Corporation$1,031 $905 $835 14 %23 %
Operating leverage (a)
173  bps473  bps
Diluted earnings per common share (b)
$1.30 $1.12 $1.03 16 %26 %
Average common shares and equivalents outstanding - diluted (in thousands)
790,725 807,718 813,590 
Pre-tax operating margin30 %28 %26 %
Metrics:
Average loans$63,459 $63,261 $69,036 — %(8)%
Average deposits277,209 274,000 311,017 1 (11)
AUC/A at period end (in trillions) (current period is preliminary)
46.9 46.6 43.0 1 9 
AUM (in trillions) (current period is preliminary)
1.91 1.91 1.94 — (2)
(a)    Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense.
(b)    Includes impact of notable items of $(0.07) per share in 2Q23, $(0.01) per share in 1Q23 and $(0.12) per share in 2Q22.
bps – basis points.


KEY DRIVERS (comparisons are 2Q23 vs. 2Q22, unless otherwise stated)
Total revenue increased 5%, primarily reflecting:
•Fee revenue decreased 2%, primarily reflecting lower foreign exchange revenue, the impact of the Alcentra divestiture and the mix of cumulative AUM net inflows, partially offset by the abatement of money market fee waivers.
•Net interest revenue increased 33%, primarily reflecting higher interest rates, partially offset by changes in balance sheet size and mix.
•Provision for credit losses was $5 million, primarily reflecting changes in the macroeconomic forecast driving increased reserves related to commercial real estate, which were partially offset by a reduction in reserves related to financial institutions.
•Noninterest expense was flat, or increased 1% excluding notable items (c), related to litigation and severance. The increase reflects higher investments and revenue-related expenses, as well as the impact of inflation, partially offset by the favorable impact of efficiency savings and the impact of the Alcentra divestiture.
•Effective tax rate of 20.2%.

Assets under custody and/or administration (“AUC/A”) and Assets under management (“AUM”)
•AUC/A increased 9%, primarily reflecting higher market values, client inflows and net new business.
•AUM decreased 2%, primarily reflecting lower market values driven by the year-over-year decrease in UK fixed income markets and the divestiture of Alcentra, partially offset by net inflows and the favorable impact of a weaker U.S. dollar.

Capital and liquidity
•$297 million of dividends to common shareholders (d).
•$448 million of common share repurchases.
•Return on common equity (“ROE”) – 12%; Return on tangible common equity (“ROTCE”) – 23% (c).
•Common Equity Tier 1 (“CET1”) ratio – 11.1%.
•Tier 1 leverage ratio – 5.7%.
•Average liquidity coverage ratio (“LCR”) – 120%; Average net stable funding ratio (“NSFR”) – 136%.
•Total Loss Absorbing Capacity (“TLAC”) ratios exceed minimum requirements.
(c)    See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9 for additional information.
(d)    Including dividend-equivalents on share-based awards.
Note: Throughout this document, sequential growth rates are unannualized.
Page - 2
BNY Mellon 2Q23 Earnings Release
SECURITIES SERVICES BUSINESS SEGMENT HIGHLIGHTS

(dollars in millions, unless otherwise noted; not meaningful - N/M)2Q23 vs.
2Q231Q232Q221Q232Q22
Investment services fees:
Asset Servicing$991 $948 $995 5 %— %
Issuer Services319 236 309 35 3 
Total investment services fees1,310 1,184 1,304 11 — 
Foreign exchange revenue124 139 155 (11)(20)
Other fees (a)
54 55 54 (2)— 
Total fee revenue1,488 1,378 1,513 8 (2)
Investment and other revenue84 72 36 N/MN/M
Total fee and other revenue1,572 1,450 1,549 8 1 
Net interest revenue668 666 457 — 46 
Total revenue2,240 2,116 2,006 6 12 
Provision for credit losses16 — 13 N/MN/M
Noninterest expense1,582 1,556 1,656 2 (4)
Income before taxes$642 $560 $337 15 %91 %
Total revenue by line of business:
Asset Servicing$1,706 $1,664 $1,534 3 %11 %
Issuer Services534 452 472 18 13 
Total revenue by line of business$2,240 $2,116 $2,006 6 %12 %
Pre-tax operating margin29 %26 %17 %(b)
Securities lending revenue (c)
$47 $48 $45 (2)%4 %
Metrics:
Average loans$11,283 $10,939 $11,386 3 %(1)%
Average deposits$172,863 $167,209 $191,191 3 %(10)%
AUC/A at period end (in trillions) (current period is preliminary) (d)
$33.2 $32.6 $31.0 2 %7 %
Market value of securities on loan at period end (in billions) (e)
$415 $441 $441 (6)%(6)%
(a)    Other fees primarily include financing-related fees.
(b)    Excluding higher litigation reserves, adjusted pre-tax operating margin was 21% (Non-GAAP). See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9 for information on this Non-GAAP measure.
(c)    Included in investment services fees reported in the Asset Servicing line of business.
(d)    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 $1.6 trillion at June 30, 2023 and $1.5 trillion at March 31, 2023 and June 30, 2022.
(e)    Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $66 billion at June 30, 2023, $69 billion at March 31, 2023 and $70 billion at June 30, 2022.


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 net interest revenue, partially offset by lower foreign exchange revenue. The sequential increase primarily reflects higher client activity, partially offset by lower foreign exchange revenue.
•Issuer Services – The year-over-year increase primarily reflects higher net interest revenue and Depositary Receipts revenue. The sequential increase primarily reflects higher Depositary Receipts revenue, partially offset by lower net interest revenue.
•Noninterest expense decreased year-over-year, primarily reflecting lower litigation reserves and the favorable impact of efficiency savings, partially offset by higher investments and the impact of inflation.
Page - 3
BNY Mellon 2Q23 Earnings Release
MARKET AND WEALTH SERVICES BUSINESS SEGMENT HIGHLIGHTS

(dollars in millions, unless otherwise noted; not meaningful - N/M)2Q23 vs.
2Q231Q232Q221Q232Q22
Investment services fees:
Pershing$496 $499 $479 (1)%4 %
Treasury Services172 168 176 2 (2)
Clearance and Collateral Management265 260 240 2 10 
Total investment services fees933 927 895 1 4 
Foreign exchange revenue21 18 22 17 (5)
Other fees (a)
55 54 46 2 20 
Total fee revenue1,009 999 963 1 5 
Investment and other revenue16 15 11 N/MN/M
Total fee and other revenue1,025 1,014 974 1 5 
Net interest revenue420 453 340 (7)24 
Total revenue1,445 1,467 1,314 (1)10 
Provision for credit losses7 — 4 N/MN/M
Noninterest expense781 769 702 2 11 
Income before taxes$657 $698 $608 (6)%8 %
Total revenue by line of business:
Pershing$686 $693 $636 (1)%8 %
Treasury Services402 412 373 (2)8 
Clearance and Collateral Management357 362 305 (1)17 
Total revenue by line of business$1,445 $1,467 $1,314 (1)%10 %
Pre-tax operating margin46 %48 %46 %
Metrics:
Average loans$36,432 $36,854 $42,391 (1)%(14)%
Average deposits$85,407 $86,040 $94,716 (1)%(10)%
AUC/A at period end (in trillions) (current period is preliminary) (b)
$13.4 $13.7 $11.8 (2)%14 %
(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 the abatement of money market fee waivers, higher net interest revenue and higher fees on sweep balances, partially offset by lower client activity. The sequential decrease primarily reflects lower net interest revenue.
•Treasury Services – The year-over-year increase primarily reflects higher net interest revenue. The sequential decrease primarily reflects lower net interest revenue.
•Clearance and Collateral Management – The year-over-year increase primarily reflects higher net interest revenue, U.S. government clearance volumes and U.S. collateral management balances. The sequential decrease primarily reflects lower net interest revenue.
•Noninterest expense increased year-over-year, primarily reflecting higher investments and higher revenue-related expense, as well as the impact of inflation, partially offset by the favorable impact of efficiency savings.
Page - 4
BNY Mellon 2Q23 Earnings Release
INVESTMENT AND WEALTH MANAGEMENT BUSINESS SEGMENT HIGHLIGHTS

(dollars in millions, unless otherwise noted; not meaningful - N/M)2Q23 vs.
2Q231Q232Q221Q232Q22
Investment management fees$750 $752 $825 — %(9)%
Performance fees10 22 5 N/M100 
Investment management and performance fees760 774 830 (2)(8)
Distribution and servicing fees58 55 51 5 14 
Other fees (a)
(56)(53)(31)N/MN/M
Total fee revenue762 776 850 (2)(10)
Investment and other revenue (b)
12 6 (13)N/MN/M
Total fee and other revenue (b)
774 782 837 (1)(8)
Net interest revenue39 45 62 (13)(37)
Total revenue813 827 899 (2)(10)
Provision for credit losses7 — — N/MN/M
Noninterest expense677 734 691 (8)(2)
Income before taxes$129 $93 $208 39 %(38)%
Total revenue by line of business:
Investment Management$546 $557 $603 (2)%(9)%
Wealth Management267 270 296 (1)(10)
Total revenue by line of business$813 $827 $899 (2)%(10)%
Pre-tax operating margin16 %11 %23 %
Adjusted pre-tax operating margin – Non-GAAP (c)
18 %13 %26 %
Metrics:
Average loans$13,995 $13,960 $14,087 — %(1)%
Average deposits$15,410 $16,144 $20,802 (5)%(26)%
AUM (in billions) (current period is preliminary) (d)
$1,906 $1,908 $1,937 — %(2)%
Wealth Management client assets (in billions) (current period is preliminary) (e)
$286 $279 $264 3 %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)    Excludes assets managed outside of 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 impact of the Alcentra divestiture and the mix of cumulative net inflows, partially offset by improved seed capital results and the abatement of money market fee waivers. The sequential decrease primarily reflects the timing of performance fees.
•Wealth Management – The year-over-year decrease primarily reflects lower net interest revenue and changes in product mix.
•Noninterest expense decreased year-over-year, primarily reflecting the impact of the Alcentra divestiture, partially offset by higher revenue-related expenses. The sequential decrease primarily reflects lower staff expense.
Page - 5
BNY Mellon 2Q23 Earnings Release
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)2Q231Q232Q22
Fee revenue$(2)$3 $13 
Investment and other revenue(16)(14)62 
Total fee and other revenue(18)(11)75 
Net interest (expense)(27)(36)(35)
Total revenue(45)(47)40 
Provision for credit losses(25)27 30 
Noninterest expense71 41 63 
(Loss) before taxes$(91)$(115)$(53)


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 in total revenue primarily reflects a strategic equity investment gain recorded in 2Q22.

•Provision for credit losses was a benefit of $25 million, primarily reflecting a reduction in reserves related to financial institutions.

•Noninterest expense increased sequentially, primarily driven by higher litigation reserves and severance expense.

Page - 6
BNY Mellon 2Q23 Earnings Release
CAPITAL AND LIQUIDITY

Capital and liquidity ratiosJune 30, 2023March 31, 2023Dec. 31, 2022
Consolidated regulatory capital ratios: (a)
CET1 ratio11.1 %11.0 %11.2 %
Tier 1 capital ratio14.0 13.9 14.1 
Total capital ratio14.8 14.7 14.9 
Tier 1 leverage ratio (a)
5.7 5.8 5.8 
Supplementary leverage ratio (a)
7.0 6.9 6.8 
BNY Mellon shareholders’ equity to total assets ratio9.5 %9.6 %10.0 %
BNY Mellon common shareholders’ equity to total assets ratio8.4 %8.4 %8.8 %
Average LCR (a)
120 %118 %118 %
Average NSFR (a)
136 %132 % N/A(b)
Book value per common share$46.35 $45.36 $44.40 
Tangible book value per common share – Non-GAAP (c)
$24.17 $23.52 $23.11 
Common shares outstanding (in thousands)
778,782 789,134 808,445 
(a)    Regulatory capital and liquidity ratios for June 30, 2023 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, 2023, March 31, 2023 and Dec. 31, 2022 was the Advanced Approaches.
(b)    The reporting requirement for the average NSFR became effective in 2Q23, inclusive of reporting the average 1Q23 ratio.
(c)    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 $18.1 billion and Tier 1 capital totaled $23.0 billion at June 30, 2023, both increasing compared with March 31, 2023. The increases primarily reflect capital generated through earnings, partially offset by common stock repurchase activity. The Tier 1 leverage ratio decreased compared with March 31, 2023, as an increase in capital was more than offset by an increase in average assets.


NET INTEREST REVENUE

Net interest revenue2Q23 vs.
(dollars in millions; not meaningful - N/M)2Q231Q232Q221Q232Q22
Net interest revenue$1,100 $1,128 $824 (2)%33%
Add: Tax equivalent adjustment1 — 3 N/MN/M
Net interest revenue, on a fully taxable equivalent (“FTE”) basis – Non-GAAP (a)
$1,101 $1,128 $827 (2)%33%
Net interest margin1.20 %1.29 %0.89 %(9) bps31  bps
Net interest margin (FTE) – Non-GAAP (a)
1.20 %1.29 %0.89 %(9) bps31  bps
(a)    Net interest revenue (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 revenue increased year-over-year primarily reflecting higher interest rates, partially offset by changes in balance sheet size and mix.

•The sequential decrease in net interest revenue primarily reflects a change in deposit mix, partially offset by higher interest rates.
Page - 7
BNY Mellon 2Q23 Earnings Release
THE BANK OF NEW YORK MELLON CORPORATION
Condensed Consolidated Income Statement

(in millions)Quarter endedYear-to-date
June 30, 2023March 31, 2023June 30, 2022June 30, 2023June 30, 2022
Fee and other revenue
Investment services fees$2,252 $2,119 $2,206 $4,371 $4,199 
Investment management and performance fees762 776 833 1,538 1,716 
Foreign exchange revenue158 176 222 334 429 
Financing-related fees50 52 44 102 89 
Distribution and servicing fees35 33 34 68 64 
Total fee revenue3,257 3,156 3,339 6,413 6,497 
Investment and other revenue97 79 91 176 161 
Total fee and other revenue3,354 3,235 3,430 6,589 6,658 
Net interest revenue
Interest revenue5,224 3,942 1,159 9,166 1,937 
Interest expense4,124 2,814 335 6,938 415 
Net interest revenue1,100 1,128 824 2,228 1,522 
Total revenue4,454 4,363 4,254 8,817 8,180 
Provision for credit losses5 27 47 32 49 
Noninterest expense
Staff1,718 1,791 1,623 3,509 3,325 
Software and equipment450 429 405 879 804 
Professional, legal and other purchased services378 375 379 753 749 
Net occupancy121 119 125 240 247 
Sub-custodian and clearing119 118 131 237 249 
Distribution and servicing93 85 90 178 169 
Business development47 39 43 86 73 
Bank assessment charges41 40 37 81 72 
Amortization of intangible assets14 14 17 28 34 
Other 130 90 262 220 396 
Total noninterest expense3,111 3,100 3,112 6,211 6,118 
Income
Income before taxes1,338 1,236 1,095 2,574 2,013 
Provision for income taxes 270 260 231 530 384 
Net income1,068 976 864 2,044 1,629 
Net (income) loss attributable to noncontrolling interests related to consolidated investment management funds(1)— 5 (1)13 
Net income applicable to shareholders of The Bank of New York Mellon Corporation1,067 976 869 2,043 1,642 
Preferred stock dividends(36)(71)(34)(107)(108)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation$1,031 $905 $835 $1,936 $1,534 


Earnings per share applicable to the common shareholders of The Bank of New York Mellon CorporationQuarter endedYear-to-date
June 30, 2023March 31, 2023June 30, 2022June 30, 2023June 30, 2022
(in dollars)
Basic$1.31 $1.13 $1.03 $2.43 $1.89 
Diluted$1.30 $1.12 $1.03 $2.42 $1.88 

Page - 8
BNY Mellon 2Q23 Earnings Release
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES

BNY Mellon has included in this Earnings Release certain Non-GAAP financial measures on a tangible basis as a supplement to GAAP information, which exclude goodwill and intangible assets, net of deferred tax liabilities. We believe that the return on tangible common equity – Non-GAAP is additional useful information for investors because it presents a measure of those assets that can generate income, and the tangible book value per common share – Non-GAAP is additional useful information because it presents the level of tangible assets in relation to shares of common stock outstanding.

Net interest revenue, on a fully taxable equivalent (“FTE”) basis – Non-GAAP and net interest margin (FTE) – Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income which allows for the comparison of amounts arising from both taxable and tax-exempt sources and is consistent with industry practice. The adjustment to an FTE basis has no impact on net income.

BNY Mellon has also included the adjusted pre-tax operating margin – Non-GAAP, which is the pre-tax operating margin for the Investment and Wealth Management business segment, net of distribution and servicing expense that was passed to third parties who distribute or service our managed funds. We believe that this measure is useful when evaluating the performance of the Investment and Wealth Management business segment relative to industry competitors.

For the reconciliations of these Non-GAAP measures, see “Explanation of GAAP and Non-GAAP Financial Measures” in the Financial Supplement available at www.bnymellon.com.

BNY Mellon has presented total noninterest expense, income before taxes and diluted earnings per common share measures excluding litigation reserves, severance and a disposal loss. Litigation reserves represent accruals for loss contingencies that are both probable and reasonably estimable, but exclude standard business-related legal fees. 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 items2Q23 vs.
(dollars in millions)2Q232Q222Q22
Noninterest expense – GAAP$3,111 $3,112 — %
Impact of notable items (a)
62 103 
Adjusted noninterest expense – Non-GAAP$3,049 $3,009 1 %
Income before taxes – GAAP$1,338 $1,095 22 %
Impact of notable items (b)
(63)(103)
Adjusted income before taxes – Non-GAAP$1,401 $1,198 17 %
Diluted earnings per common share$1.30 $1.03 26 %
Impact of notable items (b)
(0.07)(0.12)
Adjusted diluted earnings per commons share – Non-GAAP$1.38 (c)$1.15 20 %
(a)    Notable items in 2Q23 reflect litigation reserves and severance. Notable items in 2Q22 reflect litigation reserves.
(b)    Notable items in 2Q23 reflect litigation reserves, severance and a disposal loss (reflected in investment and other revenue). Notable items in 2Q22 reflect litigation reserves.
(c)    Does not foot due to rounding.

Page - 9
BNY Mellon 2Q23 Earnings Release
BNY Mellon has also presented the pre-tax operating margin excluding litigation reserves, severance and a disposal loss for the Securities Services business segment. These measures are provided to permit investor to view the financial measures on a basis consistent with how management views the business.

Reconciliation of Non-GAAP measures, excluding notable items - Securities Services2Q23 vs.
(dollars in millions)2Q232Q222Q22
Income before taxes – GAAP$642 $337 91 %
Impact of notable items (a)
(10)(92)
Adjusted income before taxes – Non-GAAP$652 $429 52 %
Pre-tax operating margin – GAAP (b)
17 %
Adjusted pre-tax operating margin – Non-GAAP (b)
21 %
(a)    Notable items in 2Q23 reflect severance, litigation reserves and a disposal loss. Notable items in 2Q22 reflect litigation reserves.
(b)    Income before income taxes divided by total revenue.


CAUTIONARY STATEMENT

A number of statements (i) in this Earnings Release, (ii) in our Financial Supplement, (iii) in our presentations and (iv) in the responses to questions on our conference call discussing our quarterly results and other public events may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our capital plans including repurchases, strategic priorities, financial goals, organic growth, performance, organizational quality and efficiency, investments, including in technology and product development, capabilities, resiliency, risk profile, revenue, net interest revenue, fees, expenses, cost discipline, sustainable growth, currency fluctuations, innovation in products and services, client experience, company management, human capital management (including related ambitions, objectives, aims and goals), deposits, interest rates and yield curves, securities portfolio, taxes, business opportunities, divestments, volatility, preliminary business metrics and regulatory capital ratios and statements regarding our aspirations, as well as our overall plans, strategies, goals, objectives, expectations, outlooks, estimates, intentions, targets, opportunities, focus and initiatives. These 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,” “ambition,” “objective,” “aim,” “future,” “potentially,” “outlook” and words of similar meaning may signify forward-looking statements. These statements and other forward-looking statements contained in other public disclosures of BNY Mellon which make reference to the cautionary factors described in this Earnings Release are based upon current beliefs and expectations and are subject to significant risks and uncertainties (some of which are beyond BNY Mellon’s control). Actual results may differ materially from those expressed or implied as a result of a number of factors, including, but not limited to, the risk factors and other uncertainties set forth in BNY Mellon’s Annual Report on Form 10-K for the year ended Dec. 31, 2022 and BNY Mellon’s other filings with the Securities and Exchange Commission. Statements about the effects of the current and near-term market and macroeconomic outlook on BNY Mellon, including on its business, operations, financial performance and prospects, may constitute forward-looking statements. Preliminary business metrics and regulatory capital ratios are subject to change, possibly materially, as BNY Mellon completes its Quarterly Report on Form 10-Q for the quarter ended June 30, 2023. You should not place undue reliance on any forward-looking statement. All forward-looking statements in this Earnings Release speak only as of July 18, 2023, and BNY Mellon undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events.

Page - 10
BNY Mellon 2Q23 Earnings Release
ABOUT BNY MELLON

Established in 1784, BNY Mellon is America’s oldest bank and the first company listed on the New York Stock Exchange (NYSE: BK). Today, BNY Mellon powers capital markets around the world through comprehensive solutions that help clients manage and service their financial assets throughout the investment life cycle. BNY Mellon had $46.9 trillion in assets under custody and/or administration and $1.9 trillion in assets under management as of June 30, 2023. BNY Mellon has been named among Fortune’s World’s Most Admired Companies and Fast Company’s Best Workplaces for Innovators. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Additional information is available on www.bnymellon.com. Follow us on LinkedIn or visit our Newsroom for the latest company news.

CONFERENCE CALL INFORMATION

Robin Vince, President and Chief Executive Officer, and Dermot McDonogh, Chief Financial Officer, will host a conference call and simultaneous live audio webcast at 10:30 a.m. ET on July 18, 2023. This conference call and audio webcast will include forward-looking statements and may include other material information.

Investors and analysts wishing to access the conference call and audio webcast may do so by dialing (800) 390-5696 (U.S.) or (720) 452-9082 (International), and using the passcode: 200200, or by logging onto www.bnymellon.com/investorrelations. Earnings materials will be available at www.bnymellon.com/investorrelations beginning at approximately 6:30 a.m. ET on July 18, 2023. An archived version of the second quarter conference call and audio webcast will be available beginning on July 18, 2023 at approximately 2:00 p.m. ET through August 18, 2023 at www.bnymellon.com/investorrelations.
Page - 11


bnym_logoxs.jpg

The Bank of New York Mellon Corporation
Financial Supplement
Second Quarter 2023



Table of Contents
bnym_logo3s.jpg
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

bnym_logo3s.jpg
CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per common share amounts, or unless otherwise noted)2Q23 vs.YTD23 vs.
2Q231Q234Q223Q222Q221Q232Q22YTD23YTD22YTD22
Selected income statement data
Fee and other revenue$3,354 $3,235 $2,862 $3,353 $3,430 4 %(2)%$6,589 $6,658 (1)%
Net interest revenue1,100 1,128 1,056 926 824 (2)33 2,228 1,522 46 
Total revenue4,454 4,363 3,918 4,279 4,254 2 5 8,817 8,180 8 
Provision for credit losses5 27 20 (30)47 N/MN/M32 49 N/M
Noninterest expense3,111 3,100 3,213 3,679 3,112 — — 6,211 6,118 2 
Income before income taxes1,338 1,236 685 630 1,095 8 22 2,574 2,013 28 
Provision for income taxes270 260 142 242 231 4 17 530 384 38 
Net income$1,068 $976 $543 $388 $864 9 %24 %$2,044 $1,629 25 %
Net income applicable to common shareholders of
The Bank of New York Mellon Corporation
$1,031 $905 $509 $319 $835 14 %23 %$1,936 $1,534 26 %
Diluted earnings per common share$1.30 $1.12 $0.62 $0.39 $1.03 16 %26 %$2.42 $1.88 29 %
Average common shares and equivalents outstanding – diluted (in thousands)
790,725 807,718 815,846 814,516 813,590 (2)%(3)%799,157 813,894 (2)%
Financial ratios (Returns are annualized)
Pre-tax operating margin30 %28 %17 %15 %26 %29 %25 %
Return on common equity11.6 %10.3 %5.7 %3.5 %9.3 %10.9 %8.4 %
Return on tangible common equity – Non-GAAP (a)
22.6 %20.2 %11.5 %7.5 %19.2 %21.4 %17.2 %
Non-U.S. revenue as a percentage of total revenue 37 %35 %39 %35 %36 %36 %35 %
Period end
Assets under custody and/or administration (“AUC/A”) (in trillions) (b)
$46.9 $46.6 $44.3 $42.2 $43.0 1 %9 %
Assets under management (“AUM”) (in trillions)
$1.91 $1.91 $1.84 $1.78 $1.94 — %(2)%
Full-time employees53,200 51,600 51,700 51,100 50,800 3 %5 %
Book value per common share$46.35 $45.36 $44.40 $43.18 $44.73 
Tangible book value per common share – Non-GAAP (a)
$24.17 $23.52 $23.11 $21.55 $22.02 
Cash dividends per common share$0.37 $0.37 $0.37 $0.37 $0.34 
Common dividend payout ratio29 %34 %60 %95 %33 %
Closing stock price per common share$44.52 $45.44 $45.52 $38.52 $41.71 
Market capitalization$34,671 $35,858 $36,800 $31,135 $33,706 
Common shares outstanding (in thousands)
778,782 789,134 808,445 808,280 808,103 
Capital ratios at period end (c)
Common Equity Tier 1 ("CET1") ratio11.1 %11.0 %11.2 %10.0 %10.0 %
Tier 1 capital ratio14.0 %13.9 %14.1 %12.8 %12.8 %
Total capital ratio14.8 %14.7 %14.9 %13.7 %13.6 %
Tier 1 leverage ratio5.7 %5.8 %5.8 %5.4 %5.2 %
Supplementary leverage ratio ("SLR")7.0 %6.9 %6.8 %6.3 %6.2 %
(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 $1.6 trillion at June 30, 2023, $1.5 trillion at March 31, 2023 and Dec. 31, 2022, $1.4 trillion at Sep. 30, 2022 and $1.5 trillion at June 30, 2022.
(c) Regulatory capital ratios for June 30, 2023 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, 2023, March 31, 2023 and Dec. 31, 2022 was the Advanced Approaches, for Sept. 30, 2022 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, and for June 30, 2022 was the Advanced Approaches.
N/M – Not meaningful.
3


THE BANK OF NEW YORK MELLON CORPORATION
bnym_logo3s.jpg
CONDENSED CONSOLIDATED INCOME STATEMENT
(dollars in millions, except per share amounts; common shares in thousands)2Q23 vs.YTD23 vs.
2Q231Q234Q223Q222Q221Q232Q22YTD23YTD22YTD22
Revenue
Investment services fees$2,252 $2,119 $2,173 $2,157 $2,206 6 %2 %$4,371 $4,199 4 %
Investment management and performance fees762 776 783 800 833 (2)(9)1,538 1,716 (10)
Foreign exchange revenue158 176 190 203 222 (10)(29)334 429 (22)
Financing-related fees50 52 43 43 44 (4)14 102 89 15 
Distribution and servicing fees35 33 33 33 34 6 3 68 64 6 
Total fee revenue3,257 3,156 3,222 3,236 3,339 3 (2)6,413 6,497 (1)
Investment and other revenue97 79 (360)117 91 N/MN/M176 161 N/M
Total fee and other revenue3,354 3,235 2,862 3,353 3,430 4 (2)6,589 6,658 (1)
Net interest revenue1,100 1,128 1,056 926 824 (2)33 2,228 1,522 46 
Total revenue4,454 4,363 3,918 4,279 4,254 2 5 8,817 8,180 8 
Provision for credit losses5 27 20 (30)47 N/MN/M32 49 N/M
Noninterest expense
Staff1,718 1,791 1,802 1,673 1,623 (4)6 3,509 3,325 6 
Software and equipment450 429 432 421 405 5 11 879 804 9 
Professional, legal and other purchased services378 375 415 363 379 1 — 753 749 1 
Net occupancy 121 119 143 124 125 2 (3)240 247 (3)
Sub-custodian and clearing119 118 112 124 131 1 (9)237 249 (5)
Distribution and servicing93 85 86 88 90 9 3 178 169 5 
Business development47 39 45 34 43 21 9 86 73 18 
Bank assessment charges41 40 19 35 37 3 11 81 72 13 
Goodwill impairment— — — 680 — N/MN/M— — N/M
Amortization of intangible assets14 14 16 17 17 — (18)28 34 (18)
Other130 90 143 120 262 44 (50)220 396 (44)
Total noninterest expense3,111 3,100 3,213 3,679 3,112 — — 6,211 6,118 2 
Income before income taxes 1,338 1,236 685 630 1,095 8 22 2,574 2,013 28 
Provision for income taxes 270 260 142 242 231 4 17 530 384 38 
Net income 1,068 976 543 388 864 9 24 2,044 1,629 25 
Net (income) loss attributable to noncontrolling interests(1)— — — 5 N/MN/M(1)13 N/M
Preferred stock dividends(36)(71)(34)(69)(34)N/MN/M(107)(108)N/M
Net income applicable to common shareholders of
The Bank of New York Mellon Corporation		$1,031 $905 $509 $319 $835 14 %23 %$1,936 $1,534 26 %
Average common shares and equivalents outstanding: Basic787,718 803,340 811,669 811,304 810,903 (2)%(3)%795,512 810,233 (2)%
Diluted790,725 807,718 815,846 814,516 813,590 (2)%(3)%799,157 813,894 (2)%
Earnings per common share: Basic$1.31 $1.13 $0.63 $0.39 $1.03 16 %27 %$2.43 $1.89 29 %
Diluted$1.30 $1.12 $0.62 $0.39 $1.03 16 %26 %$2.42 $1.88 29 %
N/M – Not meaningful.
4


THE BANK OF NEW YORK MELLON CORPORATION
bnym_logo3s.jpg
CONDENSED CONSOLIDATED BALANCE SHEET
20232022
(in millions)June 30March 31Dec. 31Sept. 30June 30
Assets
Cash and due from banks$5,720 $5,564 $5,030 $4,707 $5,185 
Interest-bearing deposits with the Federal Reserve and other central banks118,908 117,042 91,655 107,427 125,372 
Interest-bearing deposits with banks12,316 15,114 17,169 13,890 16,639 
Federal funds sold and securities purchased under resale agreements35,378 26,894 24,298 23,483 22,940 
Securities134,233 138,678 142,816 144,181 150,844 
Trading assets10,562 9,024 9,908 12,650 10,759 
Loans64,469 62,323 66,063 69,829 69,347 
Allowance for loan losses(191)(170)(176)(164)(181)
Net loans
64,278 62,153 65,887 69,665 69,166 
Premises and equipment3,241 3,248 3,256 3,311 3,354 
Accrued interest receivable963 978 858 723 548 
Goodwill16,246 16,192 16,150 16,412 17,271 
Intangible assets2,881 2,890 2,901 2,902 2,934 
Other assets25,656 27,335 25,855 28,602 27,609 
Total assets
$430,382 $425,112 $405,783 $427,953 $452,621 
Liabilities
Deposits$292,045 $281,294 $278,970 $301,989 $325,813 
Federal funds purchased and securities sold under repurchase agreements21,285 26,540 12,335 11,339 11,434 
Trading liabilities6,319 5,705 5,385 7,494 5,595 
Payables to customers and broker-dealers21,084 22,598 23,435 23,741 25,769 
Other borrowed funds1,371 2,538 397 357 520 
Accrued taxes and other expenses5,160 4,732 5,410 5,316 5,011 
Other liabilities9,553 10,414 8,543 10,001 9,724 
Long-term debt32,463 30,489 30,458 27,820 27,610 
Total liabilities
389,280 384,310 364,933 388,057 411,476 
Temporary equity
Redeemable noncontrolling interests104 96 109 152 154 
Permanent equity
Preferred stock4,838 4,838 4,838 4,838 4,838 
Common stock14 14 14 14 14 
Additional paid-in capital28,726 28,650 28,508 28,374 28,316 
Retained earnings39,199 38,465 37,864 37,660 37,644 
Accumulated other comprehensive loss, net of tax(5,602)(5,543)(5,966)(6,627)(5,307)
Less: Treasury stock, at cost
(26,242)(25,790)(24,524)(24,522)(24,521)
Total The Bank of New York Mellon Corporation shareholders’ equity40,933 40,634 40,734 39,737 40,984 
Nonredeemable noncontrolling interests of consolidated investment management funds
65 72 7 7 7 
Total permanent equity
40,998 40,706 40,741 39,744 40,991 
Total liabilities, temporary equity and permanent equity
$430,382 $425,112 $405,783 $427,953 $452,621 
5


THE BANK OF NEW YORK MELLON CORPORATION
bnym_logo3s.jpg
FEE AND OTHER REVENUE
2Q23 vs.YTD23 vs.
(dollars in millions)2Q231Q234Q223Q222Q221Q232Q22YTD23YTD22YTD22
Investment services fees$2,252 $2,119 $2,173 $2,157 $2,206 6 %2 %$4,371 $4,199 4 %
Investment management and performance fees:
Investment management fees (a)
752 754 757 790 828 — (9)1,506 1,677 (10)
Performance fees10 22 26 10 5 N/M100 32 39 (18)
Total investment management and performance fees (b)
762 776 783 800 833 (2)(9)1,538 1,716 (10)
Foreign exchange revenue158 176 190 203 222 (10)(29)334 429 (22)
Financing-related fees50 52 43 43 44 (4)14 102 89 15 
Distribution and servicing fees35 33 33 33 34 6 3 68 64 6 
Total fee revenue3,257 3,156 3,222 3,236 3,339 3 (2)6,413 6,497 (1)
Investment and other revenue:
Income (loss) from consolidated investment management funds10 5 9 (7)(24)N/MN/M15 (44)N/M
Seed capital gains (losses) (c)
7 8 6 (11)(24)N/MN/M15 (32)N/M
Other trading revenue53 45 34 65 45 N/MN/M98 50 N/M
Renewable energy investment (losses)(45)(32)(32)(44)(44)N/MN/M(77)(88)N/M
Corporate/bank-owned life insurance23 27 35 32 28 N/MN/M50 61 N/M
Other investments gains (losses) (d)
10 (9)7 13 78 N/MN/M1 139 N/M
Disposal (losses) gains(1)(1)(11)37 — N/MN/M(2)— N/M
Expense reimbursements from joint venture31 29 28 27 26 N/MN/M60 53 N/M
Other income9 8 12 4 6 N/MN/M17 18 N/M
Net securities (losses) gains— (1)(448)1 — N/MN/M(1)4 N/M
Total investment and other revenue97 79 (360)117 91 N/MN/M176 161 N/M
Total fee and other revenue$3,354 $3,235 $2,862 $3,353 $3,430 4 %(2)%$6,589 $6,658 (1)%
(a) Excludes seed capital gains (losses) related to consolidated investment management funds.
(b) On a constant currency basis (Non-GAAP), investment management and performance fees decreased 8% compared with 2Q22. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of this Non-GAAP measure.
(c) Includes gains (losses) on investments in BNY Mellon funds which hedge deferred incentive awards.
(d) Includes strategic equity, private equity and other investments.
N/M – Not meaningful.

6


THE BANK OF NEW YORK MELLON CORPORATION
bnym_logo3s.jpg
AVERAGE BALANCES AND INTEREST RATES
2Q231Q234Q223Q222Q22
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$114,578 4.29 %$94,899 3.59 %$94,868 2.60 %$91,836 1.23 %$102,844 0.38 %
Interest-bearing deposits with banks13,919 3.68 16,225 3.51 15,750 2.70 16,298 1.62 18,097 0.74 
Federal funds sold and securities purchased under resale agreements26,989 26.38 (a)24,631 16.32 (a)25,657 11.22 (a)22,971 5.55 (a)24,212 1.91 (a)
Loans63,459 6.05 63,261 5.54 67,364 4.65 68,082 3.39 69,036 2.15 
Securities:
U.S. government obligations34,147 2.90 38,852 2.89 39,382 2.46 40,829 1.75 41,267 1.07 
U.S. government agency obligations61,565 2.78 62,280 2.60 61,426 2.30 62,819 1.91 64,939 1.59 
State and political subdivisions (b)
13 4.45 23 7.07 1,178 2.77 1,982 2.39 2,065 2.13 
Other securities (b)
40,976 3.59 42,429 3.21 41,732 2.66 42,642 1.90 43,635 1.31 
Total investment securities (b)
136,701 3.05 143,584 2.86 143,718 2.45 148,272 1.87 151,906 1.37 
Trading securities (b)
6,403 5.02 5,778 4.97 5,630 4.51 4,603 3.06 4,687 1.91 
Total securities (b)
143,104 3.14 149,362 2.94 149,348 2.53 152,875 1.91 156,593 1.39 
Total interest-earning assets (b)
$362,049 5.77 %$348,378 4.56 %$352,987 3.59 %$352,062 2.24 %$370,782 1.25 %
Noninterest-earning assets59,125 59,123 61,532 63,608 66,841 
Total assets$421,174 $407,501 $414,519 $415,670 $437,623 
Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits$215,057 3.24 %$204,114 2.71 %$207,875 2.00 %$203,659 0.95 %$219,124 0.16 %
Federal funds purchased and securities sold under repurchase agreements26,282 26.39 (a)18,316 19.75 (a)13,985 16.88 (a)12,297 8.05 (a)12,610 2.47 (a)
Trading liabilities3,893 4.46 3,025 4.05 3,572 3.45 3,550 2.52 3,231 1.25 
Other borrowed funds2,702 4.60 711 1.75 619 1.69 504 1.15 437 2.14 
Commercial paper5 5.11 — — 6 3.87 5 2.34 5 1.61 
Payables to customers and broker-dealers14,801 3.85 16,954 3.08 17,147 2.27 18,030 1.07 16,592 0.21 
Long-term debt31,970 5.45 30,246 5.22 29,508 4.90 28,449 3.43 26,195 2.22 
Total interest-bearing liabilities$294,710 5.61 %$273,366 4.17 %$272,712 3.11 %$266,494 1.57 %$278,194 0.48 %
Total noninterest-bearing deposits62,152 69,886 75,862 84,804 91,893 
Other noninterest-bearing liabilities23,625 23,789 25,810 23,547 26,354 
Total The Bank of New York Mellon Corporation shareholders’ equity40,607 40,442 40,097 40,780 41,037 
Noncontrolling interests80 18 38 45 145 
Total liabilities and equity$421,174 $407,501 $414,519 $415,670 $437,623 
Net interest margin1.20 %1.29 %1.19 %1.05 %0.89 %
Net interest margin (FTE) – Non-GAAP (c)
1.20 %1.29 %1.19 %1.05 %0.89 %
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $113 billion for 2Q23, $62 billion for 1Q23, $51 billion for 4Q22, $35 billion for 3Q22 and $33 billion for 2Q22. 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 5.10% for 2Q23, 4.62% for 1Q23, 3.76% for 4Q22, 2.21% for 3Q22 and 0.80% for 2Q22. 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 4.99% for 2Q23, 4.49% for 1Q23, 3.63% for 4Q22, 2.11% for 3Q22 and 0.68% for 2Q22. 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
bnym_logo3s.jpg
CAPITAL AND LIQUIDITY
20232022
(dollars in millions)June 30March 31Dec. 31Sept. 30June 30
Consolidated regulatory capital ratios (a)
Standardized Approach:
CET1 capital$18,127 $17,876 $18,032 $16,726 $17,067 
Tier 1 capital22,956 22,710 22,856 21,495 21,824 
Total capital24,521 24,276 24,384 23,008 23,366 
Risk-weighted assets154,443 157,399 159,096 167,457 169,710 
CET1 ratio11.7 %11.4 %11.3 %10.0 %10.1 %
Tier 1 capital ratio14.9 14.4 14.4 12.8 12.9 
Total capital ratio15.9 15.4 15.3 13.7 13.8 
Advanced Approaches:
CET1 capital$18,127 $17,876 $18,032 $16,726 $17,067 
Tier 1 capital22,956 22,710 22,856 21,495 21,824 
Total capital24,257 24,005 24,143 22,762 23,112 
Risk-weighted assets163,649 162,905 161,672 165,893 169,919 
CET1 ratio11.1 %11.0 %11.2 %10.1 %10.0 %
Tier 1 capital ratio14.0 13.9 14.1 13.0 12.8 
Total capital ratio14.8 14.7 14.9 13.7 13.6 
Tier 1 leverage ratio (a):
Average assets for Tier 1 leverage ratio$403,205 $389,581 $396,643 $397,428 $418,467 
Tier 1 leverage ratio5.7 %5.8 %5.8 %5.4 %5.2 %
SLR (a):
Leverage exposure$326,429 $330,501 $336,049 $340,055 $351,552 
SLR7.0 %6.9 %6.8 %6.3 %6.2 %
Average liquidity coverage ratio (a)
120 %118 %118 %116 %111 %
Average net stable funding ratio (a)
136 %132 %N/A(b)N/A(b)N/A(b)
(a) Regulatory capital and liquidity ratios for June 30, 2023 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, 2023, March 31, 2023 and Dec. 31, 2022 was the Advanced Approaches, for Sept. 30, 2022 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, and for June 30, 2022 was the Advanced Approaches.
(b) The reporting requirement for the average net stable funding ratio became effective in 2Q23, inclusive of reporting the average 1Q23 ratio.
8


THE BANK OF NEW YORK MELLON CORPORATION
bnym_logo3s.jpg
SECURITIES SERVICES BUSINESS SEGMENT
2Q23 vs.YTD23 vs.
(dollars in millions)2Q231Q234Q223Q222Q221Q232Q22YTD23YTD22YTD22
Revenue:
Investment services fees:
Asset Servicing$991 $948 $971 $953 $995 5 %— %$1,939 $1,994 (3)%
Issuer Services319 236 271 288 309 35 3 555 450 23 
Total investment services fees1,310 1,184 1,242 1,241 1,304 11 — 2,494 2,444 2 
Foreign exchange revenue124 139 149 132 155 (11)(20)263 303 (13)
Other fees (a)
54 55 55 52 54 (2)— 109 95 15 
Total fee revenue1,488 1,378 1,446 1,425 1,513 8 (2)2,866 2,842 1 
Investment and other revenue84 72 70 111 36 N/MN/M156 110 N/M
Total fee and other revenue1,572 1,450 1,516 1,536 1,549 8 1 3,022 2,952 2 
Net interest revenue668 666 656 538 457 — 46 1,334 834 60 
Total revenue2,240 2,116 2,172 2,074 2,006 6 12 4,356 3,786 15 
Provision for credit losses16 — 11 (6)13 N/MN/M16 3 N/M
Noninterest expense (ex. amortization of intangible assets)1,575 1,548 1,568 1,549 1,647 2 (4)3,123 3,149 (1)
Amortization of intangible assets7 8 8 8 9 (13)(22)15 17 (12)
Total noninterest expense1,582 1,556 1,576 1,557 1,656 2 (4)3,138 3,166 (1)
Income before income taxes$642 $560 $585 $523 $337 15 %91 %$1,202 $617 95 %
Total revenue by line of business:
Asset Servicing$1,706 $1,664 $1,681 $1,596 $1,534 3 %11 %$3,370 $3,046 11 %
Issuer Services534 452 491 478 472 18 13 986 740 33 
Total revenue by line of business$2,240 $2,116 $2,172 $2,074 $2,006 6 %12 %$4,356 $3,786 15 %
Financial ratios:
Pre-tax operating margin29 %26 %27 %25 %17 %28 %16 %
Memo: Securities lending revenue (b)
$47 $48 $50 $48 $45 (2)%4 %$95 $84 13 %
(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
bnym_logo3s.jpg
SECURITIES SERVICES BUSINESS SEGMENT
2Q23 vs.YTD23 vs.
(dollars in millions, unless otherwise noted)2Q231Q234Q223Q222Q221Q232Q22YTD23YTD22YTD22
Selected balance sheet data:
Average loans$11,283 $10,939 $11,850 $11,573 $11,386 3 %(1)%$11,112 $10,772 3 %
Average assets (a)
$202,207 $196,560 $206,810 $203,063 $219,797 3 %(8)%$199,399 $220,340 (10)%
Average deposits$172,863 $167,209 $176,541 $176,328 $191,191 3 %(10)%$170,051 $191,671 (11)%
Selected metrics:
AUC/A at period end (in trillions) (b)(c)
$33.2 $32.6 $31.4 $30.0 $31.0 2 %7 %
Market value of securities on loan at period end (in billions) (d)
$415 $441 $449 $435 $441 (6)%(6)%
(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, 2023 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 $1.6 trillion at June 30, 2023, $1.5 trillion at March 31, 2023 and Dec. 31, 2022, $1.4 trillion at Sept. 30, 2022 and $1.5 trillion at June 30, 2022.
(d) Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $66 billion at June 30, 2023, $69 billion at March 31, 2023, $68 billion at Dec. 31, 2022, $75 billion at Sept. 30, 2022 and $70 billion at June 30, 2022.
10


THE BANK OF NEW YORK MELLON CORPORATION
bnym_logo3s.jpg
MARKET AND WEALTH SERVICES BUSINESS SEGMENT
2Q23 vs.YTD23 vs.
(dollars in millions)2Q231Q234Q223Q222Q221Q232Q22YTD23YTD22YTD22
Revenue:
Investment services fees:
Pershing$496 $499 $502 $494 $479 (1)%4 %$995 $912 9 %
Treasury Services172 168 170 173 176 2 (2)340 346 (2)
Clearance and Collateral Management265 260 249 239 240 2 10 525 483 9 
Total investment services fees933 927 921 906 895 1 4 1,860 1,741 7 
Foreign exchange revenue21 18 20 20 22 17 (5)39 48 (19)
Other fees (a)
55 54 47 49 46 2 20 109 80 36 
Total fee revenue1,009 999 988 975 963 1 5 2,008 1,869 7 
Investment and other revenue16 15 15 14 11 N/MN/M31 11 N/M
Total fee and other revenue1,025 1,014 1,003 989 974 1 5 2,039 1,880 8 
Net interest revenue420 453 396 378 340 (7)24 873 636 37 
Total revenue1,445 1,467 1,399 1,367 1,314 (1)10 2,912 2,516 16 
Provision for credit losses7 — 6 (1)4 N/MN/M7 2 N/M
Noninterest expense (ex. amortization of intangible assets)779 768 783 735 700 1 11 1,547 1,406 10 
Amortization of intangible assets2 1 2 2 2 100 — 3 4 (25)
Total noninterest expense781 769 785 737 702 2 11 1,550 1,410 10 
Income before income taxes$657 $698 $608 $631 $608 (6)%8 %$1,355 $1,104 23 %
Total revenue by line of business:
Pershing$686 $693 $673 $658 $636 (1)%8 %$1,379 $1,206 14 %
Treasury Services402 412 382 390 373 (2)8 814 711 14 
Clearance and Collateral Management357 362 344 319 305 (1)17 719 599 20 
Total revenue by line of business$1,445 $1,467 $1,399 $1,367 $1,314 (1)%10 %$2,912 $2,516 16 %
Financial ratios:
Pre-tax operating margin46 %48 %43 %46 %46 %47 %44 %
(a) Other fees primarily include financing-related fees.
N/M – Not meaningful.

11


THE BANK OF NEW YORK MELLON CORPORATION
bnym_logo3s.jpg
MARKET AND WEALTH SERVICES BUSINESS SEGMENT
2Q23 vs.YTD23 vs.
(dollars in millions, unless otherwise noted)2Q231Q234Q223Q222Q221Q232Q22YTD23YTD22YTD22
Selected balance sheet data:
Average loans$36,432 $36,854 $39,843 $40,882 $42,391 (1)%(14)%$36,642 $42,253 (13)%
Average assets (a)
$131,657 $132,143 $132,306 $138,204 $141,952 — %(7)%$131,899 $141,570 (7)%
Average deposits$85,407 $86,040 $86,083 $90,612 $94,716 (1)%(10)%$85,721 $95,207 (10)%
Selected metrics:
AUC/A at period end (in trillions) (b)(c)
$13.4 $13.7 $12.7 $12.0 $11.8 (2)%14 %
Pershing
AUC/A at period end (in trillions) (b)
$2.4 $2.4 $2.3 $2.1 $2.2 — %9 %
Net new assets (U.S. platform) (in billions) (d)
$(34)$37 $42 $45 $16 N/MN/M
Average active clearing accounts (in thousands)
7,946 7,849 7,603 7,466 7,432 1 %7 %
Treasury Services
Average daily U.S. dollar payment volumes233,931 236,322 246,189 234,468 237,763 (1)%(2)%
Clearance and Collateral Management
Average tri-party collateral management balances (in billions)
$6,044 $5,626 $5,451 $5,457 $5,207 7 %16 %
(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, 2023 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
bnym_logo3s.jpg
INVESTMENT AND WEALTH MANAGEMENT BUSINESS SEGMENT
2Q23 vs.YTD23 vs.
(dollars in millions)2Q231Q234Q223Q222Q221Q232Q22YTD23YTD22YTD22
Revenue:
Investment management fees$750 $752 $754 $788 $825 — %(9)%$1,502 $1,673 (10)%
Performance fees10 22 26 10 5 N/M10032 39 (18)
Investment management and performance fees (a)
760 774 780 798 830 (2)(8)1,534 1,712 (10)
Distribution and servicing fees58 55 54 55 51 5 14 113 83 36 
Other fees (b)
(56)(53)(58)(45)(31)N/MN/M(109)(30)N/M
Total fee revenue762 776 776 808 850 (2)(10)1,538 1,765 (13)
Investment and other revenue (c)
12 6 (3)(3)(13)N/MN/M18 (21)N/M
Total fee and other revenue (c)
774 782 773 805 837 (1)(8)1,556 1,744 (11)
Net interest revenue39 45 52 57 62 (13)(37)84 119 (29)
Total revenue 813 827 825 862 899 (2)(10)1,640 1,863 (12)
Provision for credit losses7 — 1 3 — N/MN/M7 (3)N/M
Noninterest expense (ex. goodwill impairment and amortization of intangible assets)672 729 693 669 685 (8)(2)1,401 1,433 (2)
Goodwill impairment— — — 680 — N/MN/M— — N/M
Amortization of intangible assets5 5 6 7 6 —(17)10 13 (23)
Total noninterest expense677 734 699 1,356 691 (8)(2)1,411 1,446 (2)
Income (loss) before income taxes$129 $93 $125 $(497)$208 39 %(38)%$222 $420 (47)%
Total revenue by line of business:
Investment Management$546 $557 $550 $579 $603 (2)%(9)%$1,103 $1,261 (13)%
Wealth Management267 270 275 283 296 (1)(10)537 602 (11)
Total revenue by line of business$813 $827 $825 $862 $899 (2)%(10)%$1,640 $1,863 (12)%
Financial ratios:
Pre-tax operating margin16 %11 %15 %(57)%23 %14 %23 %
Adjusted pre-tax operating margin – Non-GAAP (d)
18 %13 %17 %(64)%26 %15 %25 %
Selected balance sheet data:
Average loans$13,995 $13,960 $14,404 $14,482 $14,087 — %(1)%$13,977 $13,660 2 %
Average assets (e)
$27,260 $28,232 $28,488 $29,996 $33,668 (3)%(19)%$27,744 $34,643 (20)%
Average deposits$15,410 $16,144 $16,416 $17,225 $20,802 (5)%(26)%$15,775 $21,647 (27)%
(a) On a constant currency basis, investment management and performance fees decreased 8% (Non-GAAP) compared with 2Q22. 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
bnym_logo3s.jpg
AUM BY PRODUCT TYPE, CHANGES IN AUM AND WEALTH MANAGEMENT CLIENT ASSETS
2Q23 vs.YTD23 vs.
(dollars in billions)2Q231Q234Q223Q222Q221Q232Q22YTD23YTD22YTD22
AUM by product type (a)(b):
Equity$145 $142 $135 $125 $139 2 %4 %
Fixed income203 207 198 205 226 (2)(10)
Index440 408 395 366 387 8 14 
Liability-driven investments579 604 570 546 641 (4)(10)
Multi-asset and alternative investments162 161 153 181 188 1 (14)
Cash377 386 385 353 356 (2)6 
Total AUM$1,906 $1,908 $1,836 $1,776 $1,937 — %(2)%
Changes in AUM (a)(b):
Beginning balance of AUM$1,908 $1,836 $1,776 $1,937 $2,266 $1,836 $2,434 
Net inflows (outflows):
Long-term strategies:
Equity(3)(4)(5)(5)(4)(7)(8)
Fixed income(4)4 (12)(3)(1)— (6)
Liability-driven investments(3)10 19 30 12 7 29 
Multi-asset and alternative investments(1)(3)(4)2 (5)(4)(9)
Total long-term active strategies (outflows) inflows(11)7 (2)24 2 (4)6 
Index2 (2)(4)(1)12 — 7 
Total long-term strategies (outflows) inflows(9)5 (6)23 14 (4)13 
Short-term strategies:
Cash(9)— 27 (2)(26)(9)(37)
Total net (outflows) inflows(18)5 21 21 (12)(13)(24)
Net market impact(3)52 18 (118)(241)49 (371)
Net currency impact19 15 53 (64)(76)34 (102)
Divestiture— — (32)— — — — 
Ending balance of AUM$1,906 $1,908 $1,836 $1,776 $1,937 — %(2)%$1,906 $1,937 (2)%
Wealth Management client assets (a)(c)
$286 $279 $269 $256 $264 3 %8 %
(a) June 30, 2023 information is preliminary.
(b) Excludes assets managed outside of the Investment and Wealth Management business segment.
(c) Includes AUM and AUC/A in the Wealth Management line of business.
14


THE BANK OF NEW YORK MELLON CORPORATION
bnym_logo3s.jpg
OTHER SEGMENT
(in millions)2Q231Q234Q223Q222Q22YTD23YTD22
Revenue:
Fee revenue$(2)$3 $12 $28 $13 $1 $21 
Investment and other revenue(16)(14)(442)(5)62 (30)74 
Total fee and other revenue(18)(11)(430)23 75 (29)95 
Net interest (expense)(27)(36)(48)(47)(35)(63)(67)
Total revenue(45)(47)(478)(24)40 (92)28 
Provision for credit losses(25)27 2 (26)30 2 47 
Noninterest expense71 41 153 29 63 112 96 
(Loss) before income taxes$(91)$(115)$(633)$(27)$(53)$(206)$(115)
Selected balance sheet data:
Average loans and leases$1,749 $1,508 $1,267 $1,145 $1,172 $1,630 $1,244 
Average assets $60,050 $50,566 $46,915 $44,407 $42,206 $55,333 $42,371 
15


THE BANK OF NEW YORK MELLON CORPORATION
bnym_logo3s.jpg
SECURITIES PORTFOLIO
(dollars in millions)March 31, 20232Q23
change in
unrealized
gain (loss)		June 30, 2023
Fair value
as a % of amortized
cost (a)
Unrealized
gain (loss)
% Floating
rate (b)
Ratings (c)
Amortized
cost (a)
Fair valueAAA/
AA-		A+/
A-		BBB+/
BBB-		BB+ and
lower		Not
rated
 Fair value
Agency RMBS$39,519 $(358)$42,582 $38,052 89 %$(4,530)16 %100 %— %— %— %— %
U.S. Treasury35,505 (111)35,086 33,818 96 (1,268)50 100 — — — — 
Agency commercial MBS11,824 (42)12,188 11,441 94 (747)43 100 — — — — 
Sovereign debt/sovereign guaranteed11,783 (76)11,217 10,662 95 (555)25 89 6 4 1 — 
Supranational8,595 (43)9,025 8,742 97 (283)60 100 — — — — 
CLOs6,664 28 6,853 6,765 99 (88)100 100 — — — — 
U.S. government agencies
6,655 (23)7,262 6,745 93 (517)42 100 — — — — 
Foreign covered bonds
5,991 (6)6,382 6,133 96 (249)58 100 — — — — 
Non-agency commercial MBS
3,069 (9)3,329 3,031 91 (298)55 100 — — — — 
Foreign government agencies
2,415 (14)2,500 2,380 95 (120)36 95 5 — — — 
Non-agency RMBS1,986 (3)2,058 1,895 92 (163)48 85 3 — 6 6 
Other asset-backed securities
1,145 (3)1,153 1,043 90 (110)14 100 — — — — 
State and political subdivisions
11 1 12 11 88 (1)— 1 2 3 — 94 
Other1 — 1 1 100 — — — — — — 100 
Total securities$135,163 (d)$(659)$139,648 $130,719 (d)(e)94 %$(8,929)(d)(f)40 %99 %1 %— %— %— %
(a) Amortized cost reflects historical impairments, and is net of allowance for credit losses.
(b) Includes the impact of hedges.
(c) Represents ratings by S&P, or the equivalent.
(d) Includes net unrealized gains on derivatives hedging securities available-for-sale (including terminated hedges) of $1,979 million at March 31, 2023 and $2,406 million at June 30, 2023.
(e) The fair value of available-for-sale securities totaled $83,477 million at June 30, 2023, net of hedges, or 64% of the fair value of the securities portfolio, net of hedges. The fair value of the held-to-maturity securities totaled $47,242 million at June 30, 2023, or 36% of the fair value of the securities portfolio, net of hedges.
(f) At June 30, 2023, includes pre-tax net unrealized losses of $3,009 million related to available-for-sale securities, net of hedges, and $5,920 million related to held-to-maturity securities. The after-tax unrealized losses, net of hedges, related to available-for-sale securities was $2,269 million and the after-tax equivalent related to held-to-maturity securities was $4,513 million.
Note: The amortizable purchase premium (net of discount) relating to securities was $1,028 million at June 30, 2023 and the amortization of that net purchase premium was $42 million in 2Q23.
16


THE BANK OF NEW YORK MELLON CORPORATION
bnym_logo3s.jpg
ALLOWANCE FOR CREDIT LOSSES AND NONPERFORMING ASSETS
20232022
(dollars in millions)June 30March 31Dec. 31Sept. 30June 30
Allowance for credit losses – beginning of period:
Allowance for loan losses$170 $176 $164 $181 $171 
Allowance for lending-related commitments83 78 72 62 53 
Allowance for other financial instruments (a)
67 38 44 67 39 
Allowance for credit losses – beginning of period$320 $292 $280 $310 $263 
Net (charge-offs) recoveries:
Charge-offs(4)— (9)(1)(1)
Recoveries2 1 1 1 1 
Total net (charge-offs) recoveries(2)1 (8)— — 
Provision for credit losses (b)
5 27 20 (30)47 
Allowance for credit losses – end of period$323 $320 $292 $280 $310 
Allowance for credit losses – end of period:
Allowance for loan losses$191 $170 $176 $164 $181 
Allowance for lending-related commitments91 83 78 72 62 
Allowance for other financial instruments (a)
41 67 38 44 67 
Allowance for credit losses – end of period$323 $320 $292 $280 $310 
Allowance for loan losses as a percentage of total loans0.30 %0.27 %0.27 %0.23 %0.26 %
Nonperforming assets$88 $105 $109 $107 $114 
(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
bnym_logo3s.jpg
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
BNY Mellon has included in this Financial Supplement certain Non-GAAP financial measures on a tangible basis as a supplement to GAAP information, which exclude goodwill and intangible assets, net of deferred tax liabilities. We believe that the return on tangible common equity – Non-GAAP is additional useful information for investors because it presents a measure of those assets that can generate income, and the tangible book value per common share – Non-GAAP is additional useful information because it presents the level of tangible assets in relation to shares of common stock outstanding.
Net interest revenue, on a fully taxable equivalent ("FTE") basis – Non-GAAP and net interest margin (FTE) – Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income which allows for the comparison of amounts arising from both taxable and tax-exempt sources and is consistent with industry practice. The adjustment to an FTE basis has no impact on net income.
BNY Mellon has also included the adjusted pre-tax operating margin – Non-GAAP, which is the pre-tax operating margin for the Investment and Wealth Management business segment, net of distribution and servicing expense that was passed to third parties who distribute or service our managed funds. We believe that this measure is useful when evaluating the performance of the Investment and Wealth Management business segment relative to industry competitors.
The presentation of the growth rates of investment management and performance fees on a constant currency basis permits investors to assess the significance of changes in foreign currency exchange rates. Growth rates on a constant currency basis were determined by applying the current period foreign currency exchange rates to the prior period revenue. We believe that this presentation, as a supplement to GAAP information, gives investors a clearer picture of the related revenue results without the variability caused by fluctuations in foreign currency exchange rates.
Notes:
Return on common and tangible common equity ratios are annualized.
Return on common equity and tangible common equity reconciliation
(dollars in millions)2Q231Q234Q223Q222Q22YTD23YTD22
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP$1,031 $905 $509 $319 $835 $1,936 $1,534 
Add: Amortization of intangible assets14 14 16 17 17 28 34 
Less: Tax impact of amortization of intangible assets4 3 4 4 4 7 8 
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP$1,041 $916 $521 $332 $848 $1,957 $1,560 
Average common shareholders’ equity$35,769 $35,604 $35,259 $35,942 $36,199 $35,687 $36,778 
Less: Average goodwill16,219 16,160 16,229 17,189 17,347 16,190 17,418 
 Average intangible assets2,888 2,899 2,905 2,922 2,949 2,894 2,964 
Add: Deferred tax liability – tax deductible goodwill1,193 1,187 1,181 1,175 1,187 1,193 1,187 
 Deferred tax liability – intangible assets660 660 660 660 668 660 668 
Average tangible common shareholders’ equity – Non-GAAP$18,515 $18,392 $17,966 $17,666 $17,758 $18,456 $18,251 
Return on common equity – GAAP 11.6 %10.3 %5.7 %3.5 %9.3 %10.9 %8.4 %
Return on tangible common equity – Non-GAAP22.6 %20.2 %11.5 %7.5 %19.2 %21.4 %17.2 %
18


THE BANK OF NEW YORK MELLON CORPORATION
bnym_logo3s.jpg
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Book value and tangible book value per common share reconciliation20232022
(dollars in millions, except common shares and unless otherwise noted)June 30March 31Dec. 31Sept. 30June 30
BNY Mellon shareholders’ equity at period end – GAAP$40,933 $40,634 $40,734 $39,737 $40,984 
Less: Preferred stock4,838 4,838 4,838 4,838 4,838 
BNY Mellon common shareholders’ equity at period end – GAAP36,095 35,796 35,896 34,899 36,146 
Less: Goodwill16,246 16,192 16,150 16,412 17,271 
Intangible assets2,881 2,890 2,901 2,902 2,934 
Add: Deferred tax liability – tax deductible goodwill1,193 1,187 1,181 1,175 1,187 
Deferred tax liability – intangible assets660 660 660 660 668 
BNY Mellon tangible common shareholders’ equity at period end – Non-GAAP$18,821 $18,561 $18,686 $17,420 $17,796 
Period-end common shares outstanding (in thousands)
778,782 789,134 808,445 808,280 808,103 
Book value per common share – GAAP$46.35 $45.36 $44.40 $43.18 $44.73 
Tangible book value per common share – Non-GAAP$24.17 $23.52 $23.11 $21.55 $22.02 
Net interest margin reconciliation
(dollars in millions)2Q231Q234Q223Q222Q22
Net interest revenue – GAAP$1,100 $1,128 $1,056 $926 $824 
Add: Tax equivalent adjustment1 — 2 3 3 
Net interest revenue (FTE) – Non-GAAP$1,101 $1,128 $1,058 $929 $827 
Average interest-earning assets$362,049 $348,378 $352,987 $352,062 $370,782 
Net interest margin – GAAP (a)
1.20 %1.29 %1.19 %1.05 %0.89 %
Net interest margin (FTE) – Non-GAAP (a)
1.20 %1.29 %1.19 %1.05 %0.89 %
(a) Net interest margin is annualized.
19


THE BANK OF NEW YORK MELLON CORPORATION
bnym_logo3s.jpg
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Pre-tax operating margin reconciliation - Investment and Wealth Management business segment
(dollars in millions)2Q231Q234Q223Q222Q22YTD23YTD22
Income (loss) before income taxes – GAAP$129 $93 $125 $(497)$208 $222 $420 
Total revenue – GAAP$813 $827 $825 $862 $899 $1,640 $1,863 
Less: Distribution and servicing expense93 86 87 88 91 179 170 
Adjusted total revenue, net of distribution and servicing expense – Non-GAAP$720 $741 $738 $774 $808 $1,461 $1,693 
Pre-tax operating margin – GAAP (a)
16 %11 %15 %(57)%23 %14 %23 %
Adjusted pre-tax operating margin, net of distribution and servicing expense – Non-GAAP (a)
18 %13 %17 %(64)%26 %15 %25 %
(a) Income before income taxes divided by total revenue.
Constant currency reconciliations2Q23 vs.
(dollars in millions)2Q232Q222Q22
Consolidated:
Investment management and performance fees – GAAP$762 $833 (9)%
Impact of changes in foreign currency exchange rates— (2)
Adjusted investment management and performance fees – Non-GAAP$762 $831 (8)%
Investment and Wealth Management business segment:
Investment management and performance fees – GAAP$760 $830 (8)%
Impact of changes in foreign currency exchange rates— (2)
Adjusted investment management and performance fees – Non-GAAP$760 $828 (8)%
20

2Q23 Financial Highlights J U L Y 1 8 , 2 0 2 3

 
2 ROE: 11.6% ROTCE: 22.6% 2Q23 Financial Highlights Revenue Pre-tax income Pre-tax margin Returns Capital ratios T1L: 5.7% CET1: 11.1% • Revenue up 5% YoY – Fee revenue down 2% YoY – Net interest revenue up 33% YoY • Expense flat YoY • Provision for credit losses was $5mm • Average loans flat QoQ • Average deposits up 1% QoQ • Returned $0.7bn to common shareholders, including $0.4bn of common share repurchases – Increased quarterly dividend by 14% to $0.42 per common share in 3Q23 EPS (a) $4.5bn 30% $1.30 $1.3bn (a) Represents a non-GAAP measure. See page 13 in the Appendix for the corresponding reconciliation of the non-GAAP measure of ROTCE.

 
3 2Q23 vs. $mm, except per share data or unless otherwise noted 2Q23 1Q23 2Q22 1Q23 2Q22 Fee revenue $3,257 $3,156 $3,339 3% (2)% Investment and other revenue 97 79 91 N/M N/M Net interest revenue 1,100 1,128 824 (2)% 33% Total revenue $4,454 $4,363 $4,254 2% 5% Provision for credit losses 5 27 47 N/M N/M Noninterest expense 3,111 3,100 3,112 —% —% Income before income taxes $1,338 $1,236 $1,095 8% 22% Net income applicable to common shareholders $1,031 $905 $835 14% 23% EPS $1.30 $1.12 $1.03 16% 26% Avg. common shares and equivalents outstanding (mm) – diluted 791 808 814 (2)% (3)% Operating leverage(a) 173 bps 473 bps Pre-tax margin 30% 28% 26% ROE 11.6% 10.3% 9.3% ROTCE(b) 22.6% 20.2% 19.2% Increase / (decrease) Revenue Expense EPS 2Q23 (1) 62 $(0.07) Impact of litigation reserves, severance and a disposal loss 1Q23 (1) 5 $(0.01) Impact of litigation reserves and a disposal loss 2Q22 — 103 $(0.12) Impact of litigation reserves (a) Note: See page 12 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. N/M – not meaningful. 2Q23 Financial Results Notable items impacting the quarter

 
4 2Q23 1Q23 2Q22 Consolidated regulatory capital ratios:(a) Tier 1 leverage ratio 5.7% 5.8% 5.2% Supplementary leverage ratio ("SLR") 7.0 6.9 6.2 Common Equity Tier 1 ratio – Advanced Approaches 11.1 11.0 10.0 Common Equity Tier 1 ratio – Standardized Approach 11.7 11.4 10.1 Consolidated regulatory liquidity ratios:(a) Liquidity coverage ratio ("LCR") 120% 118% 111% Net stable funding ratio ("NSFR") 136% 132% N/A(b) Cash dividends per common share $0.37 $0.37 $0.34 Common stock dividends ($mm) $297 $304 $279 Common stock repurchases ($mm) 448 1,256 3 Book value per common share $46.35 $45.36 $44.73 Tangible book value per common share(c) 24.17 23.52 22.02 Common shares outstanding (mm) 779 789 808 Capital and Liquidity Note: See page 12 in the Appendix for corresponding footnotes. N/A – not applicable.

 
5 2Q23 vs. $bn, avg. 2Q23 1Q23 2Q22 Deposits: Noninterest-bearing $62 (11)% (32)% Interest-bearing 215 5% (2)% Total deposits $277 1% (11)% Interest-earning assets: Cash and reverse repo 155 15% 7% Loans 63 —% (8)% Investment securities: HQLA 112 (6) % (9) % Non-HQLA 24 — % (13) % Total investment securities 137 (5) % (10) % Total interest-earning assets $362 4% (2)% Net Interest Revenue and Balance Sheet Trends N e t I n t e r e s t R e v e n u e ( $ m m ) (2)% +33% • Avg. deposits of $277bn up 1% QoQ • Avg. interest-earning assets of $362bn up 4% QoQ 824 1,128 1,100 2Q22 1Q23 2Q23 • Net interest revenue of $1,100mm down 2% QoQ, primarily reflects a change in deposit mix, partially offset by higher interest rates

 
6 2Q23 vs. $mm, unless otherwise noted 2Q23 1Q23 2Q22 Staff $1,718 (4)% 6% Software and equipment 450 5% 11% Professional, legal and other purchased services 378 1% —% Net occupancy 121 2% (3)% Sub-custodian and clearing 119 1% (9)% Distribution and servicing 93 9% 3% Business development 47 21% 9% Bank assessment charges 41 3% 11% Amortization of intangible assets 14 —% (18)% Other 130 44% (50)% Total noninterest expense $3,111 —% —% Noninterest Expense • Noninterest expense flat YoY, primarily reflecting higher investments and revenue-related expenses, as well as the impact of inflation, partially offset by the favorable impact of efficiency savings and the impact of the Alcentra divestiture

 
7 2Q23 vs. $mm, unless otherwise noted 2Q23 1Q23 2Q22 Total revenue by line of business: Asset Servicing $1,706 3% 11% Issuer Services 534 18% 13% Total revenue $2,240 6% 12% Provision for credit losses 16 N/M N/M Noninterest expense 1,582 2% (4)% Income before income taxes $642 15% 91% Fee revenue 1,488 8% (2)% Net interest revenue 668 —% 46% Foreign exchange revenue 124 (11)% (20)% Securities lending revenue(a) 47 (2)% 4% Financial ratios, balance sheet data and metrics: Pre-tax margin 29% 218 bps 1,182 bps AUC/A ($trn, period end)(b)(c) $33.2 2% 7% Deposits ($bn, avg.) $173 3% (10)% Market value of securities on loan ($bn, period end)(d) $415 (6)% (6)% • Total revenue of $2,240mm up 12% YoY – Asset Servicing up 11% YoY, primarily reflecting higher net interest revenue, partially offset by lower foreign exchange revenue – Issuer Services up 13% YoY, primarily reflecting higher net interest revenue and Depositary Receipts revenue • Noninterest expense of $1,582mm down 4% YoY, primarily reflecting lower litigation reserves and the favorable impact of efficiency savings, partially offset by higher investments and the impact of inflation • Income before income taxes of $642mm up 91% YoY Securities Services Note: See page 12 in the Appendix for the corresponding footnotes. N/M – not meaningful.

 
8 2Q23 vs. $mm, unless otherwise noted 2Q23 1Q23 2Q22 Total revenue by line of business: Pershing $686 (1)% 8% Treasury Services 402 (2)% 8% Clearance and Collateral Management 357 (1)% 17% Total revenue $1,445 (1)% 10% Provision for credit losses 7 N/M N/M Noninterest expense 781 2% 11% Income before income taxes $657 (6)% 8% Fee revenue 1,009 1% 5% Net interest revenue 420 (7)% 24% Financial ratios, balance sheet data and metrics: Pre-tax margin 46% (199) bps (68) bps AUC/A ($trn, end of period)(a)(b) $13.4 (2)% 14% Deposits ($bn, avg.) $85 (1)% (10)% Pershing: Net new assets (U.S. platform) ($bn)(c) $(34) N/M N/M Avg. active clearing accounts ('000) 7,946 1% 7% Treasury Services: Avg. daily U.S. dollar payment volumes ('000) 234 (1)% (2)% Clearance and Collateral Management: Avg. tri-party collateral management balances ($bn) $6,044 7% 16% Market and Wealth Services Note: See page 12 in the Appendix for the corresponding footnotes. N/M – not meaningful. • Total revenue of $1,445mm up 10% YoY – Pershing up 8% YoY, primarily reflecting the abatement of money market fee waivers, higher net interest revenue and higher fees on sweep balances, partially offset by lower client activity – Treasury Services up 8% YoY, primarily reflecting higher net interest revenue – Clearance and Collateral Management up 17% YoY, primarily reflecting higher net interest revenue, U.S. government clearance volumes and U.S. collateral management balances • Noninterest expense of $781mm up 11% YoY, primarily reflecting higher investments and higher revenue-related expense, as well as the impact of inflation, partially offset by the favorable impact of efficiency savings • Income before income taxes of $657mm up 8% YoY

 
9 2Q23 vs. $mm, unless otherwise noted 2Q23 1Q23 2Q22 Total revenue by line of business: Investment Management $546 (2)% (9)% Wealth Management 267 (1)% (10)% Total revenue $813 (2)% (10)% Provision for credit losses 7 N/M N/M Noninterest expense 677 (8)% (2)% Income before income taxes $129 39% (38)% Fee revenue 762 (2)% (10)% Net interest revenue 39 (13)% (37)% Financial ratios, balance sheet data and metrics: Pre-tax margin 16% 464 bps (711) bps Adjusted pre-tax operating margin – Non-GAAP(a) 18% 539 bps (764) bps AUM ($bn, end of period)(b) $1,906 —% (2)% Loans ($bn, avg.) $14 —% (1)% Deposits ($bn, avg.) $15 (5)% (26)% Wealth Management: Client assets ($bn, end of period)(c) $286 3% 8% • Total revenue of $813mm down 10% YoY – Investment Management down 9% YoY, primarily reflecting the impact of the Alcentra divestiture and the mix of cumulative net inflows, partially offset by improved seed capital results and the abatement of money market fee waivers – Wealth Management revenue down 10% YoY, primarily reflecting lower net interest revenue and changes in product mix • Noninterest expense of $677mm down 2% YoY, primarily reflecting the impact of the Alcentra divestiture, partially offset by higher revenue-related expenses • Income before income taxes of $129mm down 38% YoY • AUM of $1.9trn down 2% YoY, primarily reflecting lower market values driven by the year-over-year decrease in UK fixed income markets and the divestiture of Alcentra, partially offset by net inflows and the favorable impact of a weaker U.S. dollar • Wealth Management client assets of $286bn up 8% YoY, primarily driven by higher market values and net inflows Investment and Wealth Management (a) Adjusted pre-tax operating margin is net of distribution and servicing expense. Represents a non-GAAP measure. See page 14 in the Appendix for corresponding reconciliation of the non-GAAP measure of adjusted pre-tax operating margin. Note: See page 12 in the Appendix for the corresponding footnotes (b) and (c). N/M – not meaningful.

 
10 • Total revenue includes corporate treasury and other investment activity, including hedging activity which has an offsetting impact between fee and other revenue and net interest expense – YoY decrease in total revenue primarily reflects a strategic equity investment gain recorded in 2Q22 • Provision for credit losses was a benefit of $25mm, primarily reflecting a reduction in reserves related to financial institutions • Noninterest expense increased QoQ, primarily driven by higher litigation reserves and severance expense $mm, unless otherwise noted 2Q23 1Q23 2Q22 Fee revenue $(2) $3 $13 Investment and other revenue (16) (14) 62 Net interest (expense) (27) (36) (35) Total revenue $(45) $(47) $40 Provision for credit losses (25) 27 30 Noninterest expense 71 41 63 (Loss) before income taxes $(91) $(115) $(53) Other Segment

 
Appendix

 
12 Page 3 – 2Q23 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, 2023 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, 2023, March 31, 2023 and June 30, 2022 was the Advanced Approaches. (b) The reporting requirement for the average NSFR became effective in 2Q23, inclusive of reporting the average 1Q23 ratio. (c) Tangible book value per common share — Non-GAAP excludes goodwill and intangible assets, net of deferred tax liabilities. See page 13 for corresponding reconciliation of this non-GAAP measure. Page 7 – Securities Services (a) Included in investment services fees reported in the Asset Servicing line of business. (b) June 30, 2023 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 Global Securities Services Company (“CIBC Mellon”), a joint venture with the Canadian Imperial Bank of Commerce, of $1.6 trillion at June 30, 2023 and $1.5 trillion at March 31, 2023 and June 30, 2022. (d) Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $66 billion at June 30, 2023, $69 billion at March 31, 2023 and $70 billion at June 30, 2022. Page 8 – Market and Wealth Services (a) June 30, 2023 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 9 – Investment and Wealth Management (b) June 30, 2023 information is preliminary. Excludes assets managed outside of the Investment and Wealth Management business segment. (c) June 30, 2023 information is preliminary. Includes AUM and AUC/A in the Wealth Management line of business. Footnotes

 
13 2023 2022 $mm, expect common shares and unless otherwise noted June 30 March 31 June 30 BNY Mellon shareholders’ equity at period end — GAAP $ 40,933 $ 40,634 $ 40,984 Less: Preferred stock 4,838 4,838 4,838 BNY Mellon common shareholders’ equity at period end — GAAP 36,095 35,796 36,146 Less: Goodwill 16,246 16,192 17,271 Intangible assets 2,881 2,890 2,934 Add: Deferred tax liability — tax deductible goodwill 1,193 1,187 1,187 Deferred tax liability — intangible assets 660 660 668 BNY Mellon tangible common shareholders’ equity at period end — Non-GAAP $ 18,821 $ 18,561 $ 17,796 Period-end common shares outstanding (in thousands) 778,782 789,134 808,103 Book value per common share — GAAP $ 46.35 $ 45.36 $ 44.73 Tangible book value per common share — Non-GAAP $ 24.17 $ 23.52 $ 22.02 $mm 2Q23 1Q23 2Q22 Net income applicable to common shareholders of The Bank of New York Mellon Corporation — GAAP $ 1,031 $ 905 $ 835 Add: Amortization of intangible assets 14 14 17 Less: Tax impact of amortization of intangible assets 4 3 4 Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets — Non-GAAP $ 1,041 $ 916 $ 848 Average common shareholders’ equity $ 35,769 $ 35,604 $ 36,199 Less: Average goodwill 16,219 16,160 17,347 Average intangible assets 2,888 2,899 2,949 Add: Deferred tax liability — tax deductible goodwill 1,193 1,187 1,187 Deferred tax liability — intangible assets 660 660 668 Average tangible common shareholders’ equity — Non-GAAP $ 18,515 $ 18,392 $ 17,758 Return on common equity(a) — GAAP 11.6% 10.3% 9.3% Return on tangible common equity(a) — Non-GAAP 22.6% 20.2% 19.2% Return on Common Equity and Tangible Common Equity Reconciliation Book Value and Tangible Book Value Per Common Share Reconciliation (a) Quarterly returns are annualized.

 
14 (a) Income before income taxes divided by total revenue. (b) Notable items in 2Q23 reflect litigation reserves and severance. Notable items in 2Q22 reflect litigation reserves. (c) Notable items in 2Q23 reflect litigation reserves, severance and a disposal loss (reflected in investment and other revenue). Notable items in 2Q22 reflect litigation reserves. (d) Does not foot due to rounding. $mm 2Q23 1Q23 2Q22 Income before income taxes — GAAP $ 129 $ 93 $ 208 Total revenue — GAAP $ 813 $ 827 $ 899 Less: Distribution and servicing expense 93 86 91 Adjusted total revenue, net of distribution and servicing expense — Non-GAAP $ 720 $ 741 $ 808 Pre-tax operating margin — GAAP(a) 16% 11% 23% Adjusted pre-tax operating margin, net of distribution and servicing expense — Non-GAAP(a) 18% 13% 26% Pre-tax Operating Margin Reconciliation – Investment and Wealth Management Segment Noninterest Expense Reconciliation – Impact of Notable Items 2Q23 vs. 2Q23 2Q22 2Q22 Diluted earnings per common share — GAAP $ 1.30 $ 1.03 26% Impact of notable items(c) (0.07) (0.12) Diluted earnings per common share, ex-notables — Non-GAAP $ 1.38 $ 1.15 20% 2Q23 vs. 2Q23 2Q22 2Q22 Noninterest expense — GAAP $ 3,111 $ 3,112 — % Impact of notable items(b) 62 103 Adjusted noninterest expense, ex-notables — Non-GAAP $ 3,049 $ 3,009 1% Diluted Earnings per Share Reconciliation – Impact of Notable Items (d)

 
15 (a) Noninterest expense in 2022 increased by 13% year-over-year and by 8% excluding the impact of notable items and currency translation. (b) Notable items in 2022 include the 3Q22 goodwill impairment, the 4Q22 net loss from repositioning the securities portfolio, severance expense, litigation reserves, the 1Q22 accelerated amortization of deferred costs for depositary receipts services related to Russia and net gains on disposals (reflected in investment and other revenue). Notable items in 2021 include the impact of litigation reserves and severance expense. 2022 vs. 2022 2021 2021 Noninterest expense — GAAP $ 13,010 $ 11,514 13% Notable items(b) 1,029 129 Impact of changes in foreign currency exchange rates — (292) Noninterest expense, ex. notables and currency adjustment — Non-GAAP $ 11,981 $ 11,093 8% Noninterest Expense Reconciliation – Impact of Notable Items and Impact of Changes in Foreign Currency Exchange Rates (a)

 
16 A number of statements in The Bank of New York Mellon Corporation’s (the “Corporation”) presentations, the accompanying slides and the responses to your questions may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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,” “ambition,” “objective,” “aim,” “future,” “potentially,” “outlook” and words of similar meaning may signify forward-looking statements. These statements relate to, among other things, the Corporation’s expectations regarding: capital plans including repurchases, strategic priorities, financial goals, organic growth, performance, organizational quality and efficiency, investments, including in technology and product development, capabilities, resiliency, risk profile, revenue, net interest revenue, fees, expenses, cost discipline, sustainable growth, currency fluctuations, innovation in products and services, client experience, company management, human capital management (including related ambitions, objectives, aims and goals), deposits, interest rates and yield curves, securities portfolio, taxes, business opportunities, divestments, volatility, preliminary business metrics and regulatory capital ratios and statements regarding the Corporation’s aspirations, as well as the Corporation’s overall plans, strategies, goals, objectives, expectations, outlooks, estimates, intentions, targets, opportunities, focus and initiatives. These forward-looking statements are based on assumptions that involve risks and uncertainties and that are subject to change based on various important factors (some of which are beyond the Corporation’s control). Actual outcomes may differ materially from those expressed or implied as a result of a number of factors, including, but not limited to, those discussed in “Risk Factors” in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”) and in other filings of the Corporation with the Securities and Exchange Commission (the “SEC”). Statements about the effects of the current and near-term market and macroeconomic outlook on the Corporation, including on its business, operations, financial performance and prospects, may constitute forward-looking statements. The timing, manner and amount of repurchases is 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. Preliminary business metrics and regulatory capital ratios are subject to change, possibly materially, as the Corporation completes its Quarterly Report on Form 10-Q for the quarter ended June 30, 2023. You should not place undue reliance on any forward-looking statement. All forward-looking statements speak only as of July 18, 2023, and the Corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events. For additional information regarding the Corporation, please refer to the Corporation's SEC filings available at www.bnymellon.com/investorrelations. Non-GAAP Measures: In this presentation we discuss certain non-GAAP measures in detailing the Corporation’s 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 the Corporation’s management monitors financial performance. Additional disclosures relating to non-GAAP measures are contained in the Corporation’s reports filed with the SEC, including the 2022 Annual Report, the second quarter 2023 earnings release and the second quarter 2023 financial supplement, and are available at www.bnymellon.com/investorrelations. Cautionary Statement

 
v3.23.2
Document and Entity Information
Jul. 18, 2023
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Jul. 18, 2023
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)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Bank of New York Mellon Charts.
Bank of New York Mellon (NYSE:BK)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Bank of New York Mellon Charts.