Form 8-K - Current report

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)


Delaware	001-35651	13-2614959
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

240 Greenwich Street

New York, New York 10286

(Address of principal executive offices) (Zip Code)

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

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 value	BK	New York Stock Exchange

6.244% Fixed-to-Floating Rate Normal Preferred Capital Securities of Mellon Capital IV	BK/P	New York Stock Exchange
(fully and unconditionally guaranteed by The Bank of New York Mellon Corporation)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 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
Number						Description

99.1						The Bank of New York Mellon Corporation Earnings Release dated July 18, 2023, announcing financial results for the second quarter of 2023.
						The quotation in Exhibit 99.1 (the “Excluded Section”) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (“Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of BNY Mellon under the Securities Act of 1933 or the Exchange Act. The information included in Exhibit 99.1, other than in the Excluded Section, shall be deemed “filed” for purposes of the Exchange Act.

99.2						The Bank of New York Mellon Corporation Financial Supplement dated July 18, 2023, for the second quarter of 2023.
						The information included in Exhibit 99.2 shall be deemed “filed” for purposes of the Exchange Act.

99.3						Second Quarter 2023 Financial Highlights Presentation dated July 18, 2023.
						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.

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


News Release

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.
	2Q23		1Q23		2Q22		1Q23		2Q22
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.
	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
Total fee and other revenue	3,354			3,235			3,430			4		(2)
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 taxes	1,338			1,236			1,095			8		22
Provision for income taxes	270			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	bps	473	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 margin	30		%	28		%	26		%

Metrics:
Average loans	$	63,459		$	63,261		$	69,036		—	%	(8)%
Average deposits	277,209			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.

(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.
	2Q23			1Q23			2Q22				1Q23		2Q22
Investment services fees:
Asset Servicing	$	991		$	948		$	995			5	%	—	%
Issuer Services	319			236			309				35		3
Total investment services fees	1,310			1,184			1,304				11		—
Foreign exchange revenue	124			139			155				(11)		(20)
Other fees (a)	54			55			54				(2)		—
Total fee revenue	1,488			1,378			1,513				8		(2)
Investment and other revenue	84			72			36				N/M		N/M
Total fee and other revenue	1,572			1,450			1,549				8		1
Net interest revenue	668			666			457				—		46
Total revenue	2,240			2,116			2,006				6		12
Provision for credit losses	16			—			13				N/M		N/M
Noninterest expense	1,582			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 Services	534			452			472				18		13
Total revenue by line of business	$	2,240		$	2,116		$	2,006			6	%	12	%

Pre-tax operating margin	29		%	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.

(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.
	2Q23			1Q23			2Q22			1Q23		2Q22
Investment services fees:
Pershing	$	496		$	499		$	479		(1)	%	4	%
Treasury Services	172			168			176			2		(2)
Clearance and Collateral Management	265			260			240			2		10
Total investment services fees	933			927			895			1		4
Foreign exchange revenue	21			18			22			17		(5)
Other fees (a)	55			54			46			2		20
Total fee revenue	1,009			999			963			1		5
Investment and other revenue	16			15			11			N/M		N/M
Total fee and other revenue	1,025			1,014			974			1		5
Net interest revenue	420			453			340			(7)		24
Total revenue	1,445			1,467			1,314			(1)		10
Provision for credit losses	7			—			4			N/M		N/M
Noninterest expense	781			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 Services	402			412			373			(2)		8
Clearance and Collateral Management	357			362			305			(1)		17
Total revenue by line of business	$	1,445		$	1,467		$	1,314		(1)	%	10	%

Pre-tax operating margin	46		%	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.
	2Q23			1Q23			2Q22			1Q23		2Q22
Investment management fees	$	750		$	752		$	825		—	%	(9)	%
Performance fees	10			22			5			N/M		100
Investment management and performance fees	760			774			830			(2)		(8)
Distribution and servicing fees	58			55			51			5		14
Other fees (a)	(56)			(53)			(31)			N/M		N/M
Total fee revenue	762			776			850			(2)		(10)
Investment and other revenue (b)	12			6			(13)			N/M		N/M
Total fee and other revenue (b)	774			782			837			(1)		(8)
Net interest revenue	39			45			62			(13)		(37)
Total revenue	813			827			899			(2)		(10)
Provision for credit losses	7			—			—			N/M		N/M
Noninterest expense	677			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 Management	267			270			296			(1)		(10)
Total revenue by line of business	$	813		$	827		$	899		(2)	%	(10)	%

Pre-tax operating margin	16		%	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)	2Q23		1Q23		2Q22
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 expense	71		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 ratios	June 30, 2023			March 31, 2023			Dec. 31, 2022
Consolidated regulatory capital ratios: (a)
CET1 ratio	11.1		%	11.0		%	11.2		%
Tier 1 capital ratio	14.0			13.9			14.1
Total capital ratio	14.8			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 ratio	9.5		%	9.6		%	10.0		%
BNY Mellon common shareholders’ equity to total assets ratio	8.4		%	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 revenue										2Q23 vs.
(dollars in millions; not meaningful - N/M)	2Q23			1Q23			2Q22			1Q23		2Q22
Net interest revenue	$	1,100		$	1,128		$	824		(2)%		33%
Add: Tax equivalent adjustment	1			—			3			N/M		N/M
Net interest revenue, on a fully taxable equivalent (“FTE”) basis – Non-GAAP (a)	$	1,101		$	1,128		$	827		(2)%		33%

Net interest margin	1.20		%	1.29		%	0.89		%	(9)	bps	31	bps
Net interest margin (FTE) – Non-GAAP (a)	1.20		%	1.29		%	0.89		%	(9)	bps	31	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 ended						Year-to-date
	June 30, 2023		March 31, 2023		June 30, 2022		June 30, 2023		June 30, 2022

Fee and other revenue
Investment services fees	$	2,252	$	2,119	$	2,206	$	4,371	$	4,199
Investment management and performance fees	762		776		833		1,538		1,716
Foreign exchange revenue	158		176		222		334		429
Financing-related fees	50		52		44		102		89
Distribution and servicing fees	35		33		34		68		64
Total fee revenue	3,257		3,156		3,339		6,413		6,497
Investment and other revenue	97		79		91		176		161
Total fee and other revenue	3,354		3,235		3,430		6,589		6,658
Net interest revenue
Interest revenue	5,224		3,942		1,159		9,166		1,937
Interest expense	4,124		2,814		335		6,938		415
Net interest revenue	1,100		1,128		824		2,228		1,522
Total revenue	4,454		4,363		4,254		8,817		8,180
Provision for credit losses	5		27		47		32		49
Noninterest expense
Staff	1,718		1,791		1,623		3,509		3,325
Software and equipment	450		429		405		879		804
Professional, legal and other purchased services	378		375		379		753		749
Net occupancy	121		119		125		240		247
Sub-custodian and clearing	119		118		131		237		249
Distribution and servicing	93		85		90		178		169
Business development	47		39		43		86		73
Bank assessment charges	41		40		37		81		72

Amortization of intangible assets	14		14		17		28		34
Other	130		90		262		220		396
Total noninterest expense	3,111		3,100		3,112		6,211		6,118
Income
Income before taxes	1,338		1,236		1,095		2,574		2,013
Provision for income taxes	270		260		231		530		384
Net income	1,068		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 Corporation	1,067		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 Corporation	Quarter ended						Year-to-date
	June 30, 2023		March 31, 2023		June 30, 2022		June 30, 2023		June 30, 2022
(in dollars)	June 30, 2023		March 31, 2023		June 30, 2022		June 30, 2023		June 30, 2022
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 items						2Q23 vs.
(dollars in millions)	2Q23			2Q22		2Q22








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.


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 Services						2Q23 vs.
(dollars in millions)	2Q23		2Q22			2Q22




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


The Bank of New York Mellon Corporation

Financial Supplement

Second Quarter 2023


Table of Contents




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

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

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

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


THE BANK OF NEW YORK MELLON CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per common share amounts, or unless otherwise noted)																2Q23 vs.										YTD23 vs.
	2Q23			1Q23			4Q22			3Q22			2Q22			1Q23		2Q22		YTD23			YTD22			YTD22
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 revenue	1,100			1,128			1,056			926			824			(2)		33		2,228			1,522			46
Total revenue	4,454			4,363			3,918			4,279			4,254			2		5		8,817			8,180			8
Provision for credit losses	5			27			20			(30)			47			N/M		N/M		32			49			N/M
Noninterest expense	3,111			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 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 margin	30		%	28		%	17		%	15		%	26		%					29		%	25		%
Return on common equity	11.6		%	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 employees	53,200			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 ratio	29		%	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") ratio	11.1		%	11.0		%	11.2		%	10.0		%	10.0		%
Tier 1 capital ratio	14.0		%	13.9		%	14.1		%	12.8		%	12.8		%
Total capital ratio	14.8		%	14.7		%	14.9		%	13.7		%	13.6		%
Tier 1 leverage ratio	5.7		%	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.


THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED INCOME STATEMENT

(dollars in millions, except per share amounts; common shares in thousands)											2Q23 vs.								YTD23 vs.
	2Q23		1Q23		4Q22		3Q22		2Q22		1Q23		2Q22		YTD23		YTD22		YTD22
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 fees	762		776		783		800		833		(2)		(9)		1,538		1,716		(10)
Foreign exchange revenue	158		176		190		203		222		(10)		(29)		334		429		(22)
Financing-related fees	50		52		43		43		44		(4)		14		102		89		15
Distribution and servicing fees	35		33		33		33		34		6		3		68		64		6
Total fee revenue	3,257		3,156		3,222		3,236		3,339		3		(2)		6,413		6,497		(1)
Investment and other revenue	97		79		(360)		117		91		N/M		N/M		176		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)
Net interest revenue	1,100		1,128		1,056		926		824		(2)		33		2,228		1,522		46
Total revenue	4,454		4,363		3,918		4,279		4,254		2		5		8,817		8,180		8
Provision for credit losses	5		27		20		(30)		47		N/M		N/M		32		49		N/M
Noninterest expense
Staff	1,718		1,791		1,802		1,673		1,623		(4)		6		3,509		3,325		6
Software and equipment	450		429		432		421		405		5		11		879		804		9
Professional, legal and other purchased services	378		375		415		363		379		1		—		753		749		1
Net occupancy	121		119		143		124		125		2		(3)		240		247		(3)
Sub-custodian and clearing	119		118		112		124		131		1		(9)		237		249		(5)
Distribution and servicing	93		85		86		88		90		9		3		178		169		5
Business development	47		39		45		34		43		21		9		86		73		18
Bank assessment charges	41		40		19		35		37		3		11		81		72		13
Goodwill impairment	—		—		—		680		—		N/M		N/M		—		—		N/M
Amortization of intangible assets	14		14		16		17		17		—		(18)		28		34		(18)
Other	130		90		143		120		262		44		(50)		220		396		(44)
Total noninterest expense	3,111		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/M		N/M		(1)		13		N/M
Preferred stock dividends	(36)		(71)		(34)		(69)		(34)		N/M		N/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: Basic	787,718		803,340		811,669		811,304		810,903		(2)	%	(3)	%	795,512		810,233		(2)	%
Diluted	790,725		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.


THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET

	2023				2022
(in millions)	June 30		March 31		Dec. 31		Sept. 30		June 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 banks	118,908		117,042		91,655		107,427		125,372
Interest-bearing deposits with banks	12,316		15,114		17,169		13,890		16,639
Federal funds sold and securities purchased under resale agreements	35,378		26,894		24,298		23,483		22,940
Securities	134,233		138,678		142,816		144,181		150,844
Trading assets	10,562		9,024		9,908		12,650		10,759
Loans	64,469		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 equipment	3,241		3,248		3,256		3,311		3,354
Accrued interest receivable	963		978		858		723		548
Goodwill	16,246		16,192		16,150		16,412		17,271
Intangible assets	2,881		2,890		2,901		2,902		2,934
Other assets	25,656		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 agreements	21,285		26,540		12,335		11,339		11,434
Trading liabilities	6,319		5,705		5,385		7,494		5,595
Payables to customers and broker-dealers	21,084		22,598		23,435		23,741		25,769

Other borrowed funds	1,371		2,538		397		357		520
Accrued taxes and other expenses	5,160		4,732		5,410		5,316		5,011
Other liabilities	9,553		10,414		8,543		10,001		9,724
Long-term debt	32,463		30,489		30,458		27,820		27,610
Total liabilities	389,280		384,310		364,933		388,057		411,476
Temporary equity
Redeemable noncontrolling interests	104		96		109		152		154
Permanent equity
Preferred stock	4,838		4,838		4,838		4,838		4,838
Common stock	14		14		14		14		14
Additional paid-in capital	28,726		28,650		28,508		28,374		28,316
Retained earnings	39,199		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’ equity	40,933		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


THE BANK OF NEW YORK MELLON CORPORATION
FEE AND OTHER REVENUE

											2Q23 vs.								YTD23 vs.
(dollars in millions)	2Q23		1Q23		4Q22		3Q22		2Q22		1Q23		2Q22		YTD23		YTD22		YTD22
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 fees	10		22		26		10		5		N/M		100		32		39		(18)
Total investment management and performance fees (b)	762		776		783		800		833		(2)		(9)		1,538		1,716		(10)
Foreign exchange revenue	158		176		190		203		222		(10)		(29)		334		429		(22)
Financing-related fees	50		52		43		43		44		(4)		14		102		89		15
Distribution and servicing fees	35		33		33		33		34		6		3		68		64		6
Total fee revenue	3,257		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 funds	10		5		9		(7)		(24)		N/M		N/M		15		(44)		N/M
Seed capital gains (losses) (c)	7		8		6		(11)		(24)		N/M		N/M		15		(32)		N/M
Other trading revenue	53		45		34		65		45		N/M		N/M		98		50		N/M
Renewable energy investment (losses)	(45)		(32)		(32)		(44)		(44)		N/M		N/M		(77)		(88)		N/M
Corporate/bank-owned life insurance	23		27		35		32		28		N/M		N/M		50		61		N/M
Other investments gains (losses) (d)	10		(9)		7		13		78		N/M		N/M		1		139		N/M
Disposal (losses) gains	(1)		(1)		(11)		37		—		N/M		N/M		(2)		—		N/M
Expense reimbursements from joint venture	31		29		28		27		26		N/M		N/M		60		53		N/M
Other income	9		8		12		4		6		N/M		N/M		17		18		N/M
Net securities (losses) gains	—		(1)		(448)		1		—		N/M		N/M		(1)		4		N/M
Total investment and other revenue	97		79		(360)		117		91		N/M		N/M		176		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.


THE BANK OF NEW YORK MELLON CORPORATION
AVERAGE BALANCES AND INTEREST RATES
	2Q23					1Q23					4Q22					3Q22					2Q22
	Average balance		Average rate			Average balance		Average rate			Average balance		Average rate			Average balance		Average rate			Average balance		Average rate
(dollars in millions; average rates are annualized)
Assets
Interest-earning assets:
Interest-bearing deposits with the Federal Reserve and other central banks	$	114,578	4.29	%		$	94,899	3.59	%		$	94,868	2.60	%		$	91,836	1.23	%		$	102,844	0.38	%
Interest-bearing deposits with banks	13,919		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 agreements	26,989		26.38		(a)	24,631		16.32		(a)	25,657		11.22		(a)	22,971		5.55		(a)	24,212		1.91		(a)
Loans	63,459		6.05			63,261		5.54			67,364		4.65			68,082		3.39			69,036		2.15
Securities:
U.S. government obligations	34,147		2.90			38,852		2.89			39,382		2.46			40,829		1.75			41,267		1.07
U.S. government agency obligations	61,565		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 assets	59,125					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 agreements	26,282		26.39		(a)	18,316		19.75		(a)	13,985		16.88		(a)	12,297		8.05		(a)	12,610		2.47		(a)
Trading liabilities	3,893		4.46			3,025		4.05			3,572		3.45			3,550		2.52			3,231		1.25
Other borrowed funds	2,702		4.60			711		1.75			619		1.69			504		1.15			437		2.14
Commercial paper	5		5.11			—		—			6		3.87			5		2.34			5		1.61
Payables to customers and broker-dealers	14,801		3.85			16,954		3.08			17,147		2.27			18,030		1.07			16,592		0.21
Long-term debt	31,970		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 deposits	62,152					69,886					75,862					84,804					91,893
Other noninterest-bearing liabilities	23,625					23,789					25,810					23,547					26,354
Total The Bank of New York Mellon Corporation shareholders’ equity	40,607					40,442					40,097					40,780					41,037
Noncontrolling interests	80					18					38					45					145
Total liabilities and equity	$	421,174				$	407,501				$	414,519				$	415,670				$	437,623
Net interest margin			1.20	%				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.


THE BANK OF NEW YORK MELLON CORPORATION
CAPITAL AND LIQUIDITY

	2023						2022
(dollars in millions)	June 30			March 31			Dec. 31				Sept. 30				June 30
Consolidated regulatory capital ratios (a)
Standardized Approach:
CET1 capital	$	18,127		$	17,876		$	18,032			$	16,726			$	17,067
Tier 1 capital	22,956			22,710			22,856				21,495				21,824
Total capital	24,521			24,276			24,384				23,008				23,366
Risk-weighted assets	154,443			157,399			159,096				167,457				169,710

CET1 ratio	11.7		%	11.4		%	11.3		%		10.0		%		10.1		%
Tier 1 capital ratio	14.9			14.4			14.4				12.8				12.9
Total capital ratio	15.9			15.4			15.3				13.7				13.8

Advanced Approaches:
CET1 capital	$	18,127		$	17,876		$	18,032			$	16,726			$	17,067
Tier 1 capital	22,956			22,710			22,856				21,495				21,824
Total capital	24,257			24,005			24,143				22,762				23,112
Risk-weighted assets	163,649			162,905			161,672				165,893				169,919

CET1 ratio	11.1		%	11.0		%	11.2		%		10.1		%		10.0		%
Tier 1 capital ratio	14.0			13.9			14.1				13.0				12.8
Total capital ratio	14.8			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 ratio	5.7		%	5.8		%	5.8		%		5.4		%		5.2		%

SLR (a):
Leverage exposure	$	326,429		$	330,501		$	336,049			$	340,055			$	351,552
SLR	7.0		%	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.


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES SERVICES BUSINESS SEGMENT

																2Q23 vs.										YTD23 vs.
(dollars in millions)	2Q23			1Q23			4Q22			3Q22			2Q22			1Q23		2Q22		YTD23			YTD22			YTD22
Revenue:
Investment services fees:
Asset Servicing	$	991		$	948		$	971		$	953		$	995		5	%	—	%	$	1,939		$	1,994		(3)	%
Issuer Services	319			236			271			288			309			35		3		555			450			23
Total investment services fees	1,310			1,184			1,242			1,241			1,304			11		—		2,494			2,444			2
Foreign exchange revenue	124			139			149			132			155			(11)		(20)		263			303			(13)
Other fees (a)	54			55			55			52			54			(2)		—		109			95			15
Total fee revenue	1,488			1,378			1,446			1,425			1,513			8		(2)		2,866			2,842			1
Investment and other revenue	84			72			70			111			36			N/M		N/M		156			110			N/M
Total fee and other revenue	1,572			1,450			1,516			1,536			1,549			8		1		3,022			2,952			2
Net interest revenue	668			666			656			538			457			—		46		1,334			834			60
Total revenue	2,240			2,116			2,172			2,074			2,006			6		12		4,356			3,786			15
Provision for credit losses	16			—			11			(6)			13			N/M		N/M		16			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 assets	7			8			8			8			9			(13)		(22)		15			17			(12)
Total noninterest expense	1,582			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 Services	534			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 margin	29		%	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.


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES SERVICES BUSINESS SEGMENT

											2Q23 vs.								YTD23 vs.
(dollars in millions, unless otherwise noted)	2Q23		1Q23		4Q22		3Q22		2Q22		1Q23		2Q22		YTD23		YTD22		YTD22
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.


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

																2Q23 vs.										YTD23 vs.
(dollars in millions)	2Q23			1Q23			4Q22			3Q22			2Q22			1Q23		2Q22		YTD23			YTD22			YTD22
Revenue:
Investment services fees:
Pershing	$	496		$	499		$	502		$	494		$	479		(1)	%	4	%	$	995		$	912		9	%
Treasury Services	172			168			170			173			176			2		(2)		340			346			(2)
Clearance and Collateral Management	265			260			249			239			240			2		10		525			483			9
Total investment services fees	933			927			921			906			895			1		4		1,860			1,741			7
Foreign exchange revenue	21			18			20			20			22			17		(5)		39			48			(19)
Other fees (a)	55			54			47			49			46			2		20		109			80			36
Total fee revenue	1,009			999			988			975			963			1		5		2,008			1,869			7
Investment and other revenue	16			15			15			14			11			N/M		N/M		31			11			N/M
Total fee and other revenue	1,025			1,014			1,003			989			974			1		5		2,039			1,880			8
Net interest revenue	420			453			396			378			340			(7)		24		873			636			37
Total revenue	1,445			1,467			1,399			1,367			1,314			(1)		10		2,912			2,516			16
Provision for credit losses	7			—			6			(1)			4			N/M		N/M		7			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 assets	2			1			2			2			2			100		—		3			4			(25)
Total noninterest expense	781			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 Services	402			412			382			390			373			(2)		8		814			711			14
Clearance and Collateral Management	357			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 margin	46		%	48		%	43		%	46		%	46		%					47		%	44		%
(a) Other fees primarily include financing-related fees.
N/M – Not meaningful.


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

											2Q23 vs.								YTD23 vs.
(dollars in millions, unless otherwise noted)	2Q23		1Q23		4Q22		3Q22		2Q22		1Q23		2Q22		YTD23		YTD22		YTD22
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/M		N/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 volumes	233,931		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.


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

																2Q23 vs.										YTD23 vs.
(dollars in millions)	2Q23			1Q23			4Q22			3Q22			2Q22			1Q23		2Q22		YTD23			YTD22			YTD22
Revenue:
Investment management fees	$	750		$	752		$	754		$	788		$	825		—	%	(9)	%	$	1,502		$	1,673		(10)	%
Performance fees	10			22			26			10			5			N/M		100		32			39			(18)
Investment management and performance fees (a)	760			774			780			798			830			(2)		(8)		1,534			1,712			(10)
Distribution and servicing fees	58			55			54			55			51			5		14		113			83			36
Other fees (b)	(56)			(53)			(58)			(45)			(31)			N/M		N/M		(109)			(30)			N/M
Total fee revenue	762			776			776			808			850			(2)		(10)		1,538			1,765			(13)
Investment and other revenue (c)	12			6			(3)			(3)			(13)			N/M		N/M		18			(21)			N/M
Total fee and other revenue (c)	774			782			773			805			837			(1)		(8)		1,556			1,744			(11)
Net interest revenue	39			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 losses	7			—			1			3			—			N/M		N/M		7			(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/M		N/M		—			—			N/M
Amortization of intangible assets	5			5			6			7			6			—		(17)		10			13			(23)
Total noninterest expense	677			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 Management	267			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 margin	16		%	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.


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

											2Q23 vs.								YTD23 vs.
(dollars in billions)	2Q23		1Q23		4Q22		3Q22		2Q22		1Q23		2Q22		YTD23		YTD22		YTD22
AUM by product type (a)(b):
Equity	$	145	$	142	$	135	$	125	$	139	2	%	4	%
Fixed income	203		207		198		205		226		(2)		(10)
Index	440		408		395		366		387		8		14
Liability-driven investments	579		604		570		546		641		(4)		(10)
Multi-asset and alternative investments	162		161		153		181		188		1		(14)
Cash	377		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
Index	2		(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 impact	19		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.


THE BANK OF NEW YORK MELLON CORPORATION
OTHER SEGMENT

(in millions)	2Q23		1Q23		4Q22		3Q22		2Q22		YTD23		YTD22
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 expense	71		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


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES PORTFOLIO

(dollars in millions)	March 31, 2023			2Q23 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 value										AAA/ 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. Treasury	35,505			(111)		35,086		33,818			96		(1,268)			50		100		—		—		—		—
Agency commercial MBS	11,824			(42)		12,188		11,441			94		(747)			43		100		—		—		—		—
Sovereign debt/sovereign guaranteed	11,783			(76)		11,217		10,662			95		(555)			25		89		6		4		1		—
Supranational	8,595			(43)		9,025		8,742			97		(283)			60		100		—		—		—		—
CLOs	6,664			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 RMBS	1,986			(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

Other	1			—		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.


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

	2023						2022
(dollars in millions)	June 30			March 31			Dec. 31			Sept. 30			June 30
Allowance for credit losses – beginning of period:
Allowance for loan losses	$	170		$	176		$	164		$	181		$	171
Allowance for lending-related commitments	83			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)
Recoveries	2			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 commitments	91			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 loans	0.30		%	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.


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

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

Net interest 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)	2Q23			1Q23			4Q22			3Q22			2Q22			YTD23			YTD22
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 assets	14			14			16			17			17			28			34
Less: Tax impact of amortization of intangible assets	4			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 goodwill	16,219			16,160			16,229			17,189			17,347			16,190			17,418
Average intangible assets	2,888			2,899			2,905			2,922			2,949			2,894			2,964
Add: Deferred tax liability – tax deductible goodwill	1,193			1,187			1,181			1,175			1,187			1,193			1,187
Deferred tax liability – intangible assets	660			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-GAAP	22.6		%	20.2		%	11.5		%	7.5		%	19.2		%	21.4		%	17.2		%


THE BANK OF NEW YORK MELLON CORPORATION
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Book value and tangible book value per common share reconciliation	2023						2022
(dollars in millions, except common shares and unless otherwise noted)	June 30			March 31			Dec. 31			Sept. 30			June 30
BNY Mellon shareholders’ equity at period end – GAAP	$	40,933		$	40,634		$	40,734		$	39,737		$	40,984
Less: Preferred stock	4,838			4,838			4,838			4,838			4,838
BNY Mellon common shareholders’ equity at period end – GAAP	36,095			35,796			35,896			34,899			36,146
Less: Goodwill	16,246			16,192			16,150			16,412			17,271
Intangible assets	2,881			2,890			2,901			2,902			2,934
Add: Deferred tax liability – tax deductible goodwill	1,193			1,187			1,181			1,175			1,187
Deferred tax liability – intangible assets	660			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)	2Q23			1Q23			4Q22			3Q22			2Q22
Net interest revenue – GAAP	$	1,100		$	1,128		$	1,056		$	926		$	824
Add: Tax equivalent adjustment	1			—			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.


THE BANK OF NEW YORK MELLON CORPORATION
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Pre-tax operating margin reconciliation - Investment and Wealth Management business segment
(dollars in millions)	2Q23			1Q23			4Q22			3Q22			2Q22			YTD23			YTD22
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 expense	93			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 reconciliations							2Q23 vs.
(dollars in millions)	2Q23			2Q22			2Q22
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)		%

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

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