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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) – January 12, 2024
THE BANK OF NEW YORK MELLON CORPORATION
(Exact name of registrant as specified in its charter)
Delaware001-3565113-2614959
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)

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

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

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

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

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


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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 under the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

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



ITEM 2.02.    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On January 12, 2024, The Bank of New York Mellon Corporation (“BNY Mellon”) released information on its financial results for the fourth quarter ended December 31, 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 January 12, 2024, BNY Mellon will hold a conference call and webcast to discuss its financial results for the fourth quarter ended December 31, 2023 and outlook. A copy of the Financial Highlights presentation for the conference call and webcast is attached hereto as Exhibit 99.3.


ITEM 9.01.    FINANCIAL STATEMENTS AND EXHIBITS.


    (d)    EXHIBITS.
Exhibit
NumberDescription
99.1 
The quotation in Exhibit 99.1 (the “Excluded Section”) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (“Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of BNY Mellon under the Securities Act of 1933 or the Exchange Act. The information included in Exhibit 99.1, other than in the Excluded Section, shall be deemed “filed” for purposes of the Exchange Act.
99.2 
The information included in Exhibit 99.2 shall be deemed “filed” for purposes of the Exchange Act.
99.3 
The information included in Exhibit 99.3 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of BNY Mellon under the Securities Act of 1933 or the Exchange Act.
104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
2


SIGNATURES

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

The Bank of New York Mellon Corporation
(Registrant)

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



3
bnym_logoxreva.jpg
4Q23
FINANCIALRESULTS


BNY Mellon Reports Fourth Quarter 2023
Earnings Per Common Share of $0.33, or $1.28 as Adjusted (a)
Full-Year 2023 Earnings Per Common Share of $4.00, or $5.05 as Adjusted (a)
NEW YORK, January 12, 2024 – The Bank of New York Mellon Corporation (“BNY Mellon”) (NYSE: BK) today has reported financial results for the fourth quarter 2023.
CEO COMMENTARY
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The fourth quarter marked the close to a year in which we clarified our strategic priorities and laid a foundation for a multi-year transformation. In 2023 we started to show early evidence that we can deliver stronger financial performance. We exceeded the financial outlook that we communicated at the beginning of last year and today we are announcing further improved financial targets for each of our business segments and the firm overall in the medium-term.
Our 2023 financial results also once again highlight BNY Mellon’s characteristic resilience and our ability to perform in challenging operating environments. Against a complex backdrop of macro-economic uncertainty, evolving monetary policies and geopolitical tensions, our earnings per share for the full-year 2023 increased year-over-year by 38% on a reported basis and by 10% on an adjusted basis. Pre-tax margin and ROTCE improved on the back of significant operating leverage generation, and we further strengthened our regulatory capital and liquidity ratios, all while returning $3.9 billion of capital, or 123% of earnings,
to common shareholders in 2023.
We are entering 2024, the year of our 240th anniversary, on a strong footing and with great momentum. Our priorities are clear, and we are moving with speed to be more for our clients, run our company better, and power our culture in 2024 and beyond.
quotation-markx01002.jpg
Robin Vince, President and Chief Executive Officer
KEY FINANCIAL INFORMATION
(in millions, except per share amounts and unless otherwise noted)4Q23 vs.
4Q233Q234Q22
Selected income statement data:
Total fee revenue$3,214 (1)%— %
Investment and other revenue(4)N/MN/M
Net interest revenue1,101 
Total revenue4,311 (1)10 
Provision for credit losses84 N/MN/M
Noninterest expense3,868 25 20 
Net income applicable to common shareholders256 (73)%(50)%
Diluted EPS$0.33 (73)%(47)%
Selected metrics:
AUC/A (in trillions)
$47.8 %%
AUM (in trillions)
$2.0 %%
Financial ratios:4Q233Q234Q22
Pre-tax operating margin8 %29 %17 %
ROE2.8 %10.5 %5.7 %
ROTCE (a)
5.6 %20.5 %11.5 %
Capital ratios:
Tier 1 leverage ratio6.0 %6.1 %5.8 %
CET1 ratio11.6 %11.4 %11.2 %
HIGHLIGHTS
Results
Total revenue of $4.3 billion, increased 10%; or
2% excluding notable items (a)
Noninterest expense of $3.9 billion, increased 20%; or 4% excluding notable items (a)
Diluted EPS of $0.33, decreased 47%; or
2% excluding notable items (a)

4Q23 Notable items
Results include $752 million of noninterest expense related to the FDIC special assessment, severance and litigation reserves and a $150 million reduction in investment and other revenue primarily related to a fair value adjustment of a contingent consideration receivable related to a prior year divestiture

Profitability
Pre-tax operating margin of 8%; or 28% excluding notable items (a)
ROTCE of 5.6% (a); or 20.9% excluding notable items (a)

Balance sheet
Average deposits of $273 billion, decreased 4% year-over-year and increased 4% sequentially
Tier 1 leverage ratio of 6.0%, increased 25 bps year-over-year and decreased 8 bps sequentially

Capital distribution
Returned $778 million of capital to common shareholders
$328 million of dividends
$450 million of share repurchases
Total payout ratio of 123% for full-year 2023
$0.33
EPS
      $1.28 (a)
Adj. EPS
8%
Pre-tax margin
      28% (a)
Adj. Pre-tax margin
 2.8%
ROE
      20.9% (a)
Adj. ROTCE
(a) For information on the Non-GAAP measures, see “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11.
Note: Above comparisons are 4Q23 vs. 4Q22, unless otherwise noted.
Investor Relations: Marius Merz (212) 298-1480
Media Relations: Garrett Marquis (949) 683-1503

BNY Mellon 4Q23 Financial Results
CONSOLIDATED FINANCIAL HIGHLIGHTS

(in millions, except per share amounts and unless otherwise noted; not meaningful - N/M)4Q23 vs.
4Q233Q234Q223Q234Q22
Fee revenue$3,214 $3,245 $3,222 (1)%      %
Investment and other revenue (4)113 (360)N/MN/M
Total fee and other revenue3,210 3,358 2,862 (4)12 
Net interest revenue1,101 1,016 1,056 8 4 
Total revenue4,311 4,374 3,918 (1)10 
Provision for credit losses84 20 N/MN/M
Noninterest expense3,868 3,089 3,213 25 20 
Income before taxes359 1,282 685 (72)(48)
Provision for income taxes59 241 142 (76)(58)
Net income$300 $1,041 $543 (71)%     (45)%     
Net income applicable to common shareholders of The Bank of New York Mellon Corporation$256 $956 $509 (73)%     (50)%     
Operating leverage (a)
(2,666) bps(1,036) bps
Diluted earnings per common share$0.33 $1.22 $0.62 (73)%     (47)%     
Average common shares and equivalents outstanding - diluted (in thousands)
772,102 781,781 815,846 
Pre-tax operating margin8 %29 %17 %
Metrics:
Average loans$65,677 $63,962 $67,364 3 %(3)%     
Average deposits273,075 262,108 283,737 4 (4)
AUC/A at period end (in trillions) (current period is preliminary)
47.8 45.7 44.3 5 8 
AUM (in trillions) (current period is preliminary)
1.97 1.82 1.84 8 8 
Non-GAAP measures, excluding notable items: (b)
Adjusted total revenue$4,461 $4,372 $4,378 2 %2 %
Adjusted noninterest expense$3,116 $3,043 $3,000 2 %4 %
Adjusted operating leverage (a)
(36) bps(197) bps
Adjusted diluted earnings per common share$1.28 $1.27 $1.30 1 %(2 %)
Adjusted pre-tax operating margin28 %30 %31 %
(a)    Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense.
(b)    See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11 for additional information.
bps basis points.


KEY DRIVERS (comparisons are 4Q23 vs. 4Q22, unless otherwise noted)
Total revenue increased 10%, primarily reflecting:
Fee revenue was flat, primarily reflecting lower foreign exchange volatility and volumes and the mix of AUM flows, partially offset by higher market values and the favorable impact of a weaker U.S. dollar.
Investment and other revenue increased primarily reflecting the 4Q22 net loss from repositioning the securities portfolio, partially offset by the 4Q23 reduction in the fair value of a contingent consideration receivable related to a prior year divestiture.
Net interest revenue increased 4%, primarily reflecting higher interest rates, partially offset by changes in balance sheet size and mix.
Provision for credit losses was $84 million, primarily driven by reserve increases related to commercial real estate exposure.
Noninterest expense increased 20%, primarily related to the FDIC special assessment. Excluding notable items (a), noninterest expense increased 4% primarily reflecting higher investments and the unfavorable impact of a weaker U.S. dollar, as well as inflation, partially offset by efficiency savings.
Effective tax rate of 16.4%.

Assets under custody and/or administration (“AUC/A”) and Assets under management (“AUM”)
AUC/A increased 8%, primarily reflecting higher market values.
AUM increased 8%, primarily reflecting higher market values and the favorable impact of a weaker U.S. dollar, partially offset by cumulative net outflows.

Capital and liquidity
$328 million of dividends to common shareholders (b); $450 million of common share repurchases.
Return on common equity (“ROE”) – 2.8%; Adjusted ROE – 10.9% (a).
Return on tangible common equity (“ROTCE”) – 5.6% (a); Adjusted ROTCE – 20.9% (a).
Common Equity Tier 1 (“CET1”) ratio – 11.6%.
Tier 1 leverage ratio – 6.0%.
Average liquidity coverage ratio (“LCR”) – 117%; Average net stable funding ratio (“NSFR”) – 135%.
Total Loss Absorbing Capacity (“TLAC”) ratios exceed minimum requirements.
(a)    See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11 for additional information.
(b)    Including dividend-equivalents on share-based awards.
Note: Throughout this document, sequential growth rates are unannualized.
2

BNY Mellon 4Q23 Financial Results
FULL-YEAR CONSOLIDATED FINANCIAL HIGHLIGHTS

(in millions, except per share amounts and unless otherwise noted; not meaningful - N/M)2023 vs.
202320222022
Fee revenue$12,872 $12,955 (1)%     
Investment and other revenue 285 (82)N/M
Total fee and other revenue13,157 12,873 2 
Net interest revenue4,345 3,504 24 
Total revenue17,502 16,377 7 
Provision for credit losses119 39 N/M
Noninterest expense13,168 13,010 1 
Income before taxes4,215 3,328 27 
Provision for income taxes830 768 8 
Net income$3,385 $2,560 32 %
Net income applicable to common shareholders of The Bank of New York Mellon Corporation$3,148 $2,362 33 %
Operating leverage (a)
566  bps
Diluted earnings per common share$4.00 $2.90 38 %
Average common shares and equivalents outstanding - diluted (in thousands)
787,798 814,795 
Pre-tax operating margin24 %20 %
Non-GAAP measures, excluding notable items: (b)
Adjusted total revenue$17,652 $16,888 5 %
Adjusted noninterest expense$12,302 $11,981 3 %
Adjusted operating leverage (a)
184  bps
Adjusted diluted earnings per common share$5.05 $4.59 10 %
Adjusted pre-tax operating margin30 %29 %
(a)    Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense.
(b)    See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11.
bps basis points.


KEY DRIVERS (comparisons are 2023 vs. 2022, unless otherwise noted)
Total revenue increased 7%, primarily reflecting:
Fee revenue decreased 1%, primarily reflecting lower foreign exchange volatility, the mix of AUM flows and the impact of a prior year divestiture, partially offset by the abatement of money market fee waivers, net new business and the 1Q22 accelerated amortization of deferred costs for depositary receipts services related to Russia.
Investment and other revenue increased primarily reflecting the 4Q22 net loss from repositioning the securities portfolio, partially offset by the 4Q23 reduction in the fair value of a contingent consideration receivable related to a prior year divestiture.
Net interest revenue increased 24%, primarily reflecting higher interest rates, partially offset by changes in balance sheet size and mix.
Provision for credit losses was $119 million, primarily driven by reserve increases related to commercial real estate exposure and changes in the macroeconomic forecast.
Noninterest expense increased 1%, primarily reflecting the 4Q23 FDIC special assessment, higher investments and revenue-related expenses, as well as inflation, partially offset by the impacts of the 3Q22 goodwill impairment in the Investment Management reporting unit, efficiency savings and a prior year divestiture. Excluding notable items, noninterest expense increased 3% (a).
Effective tax rate of 19.7%.

Capital and liquidity
Returned $3.9 billion to common shareholders, including dividends of $1.3 billion (including dividend equivalents on share-based awards) and $2.6 billion of share repurchases.
ROE – 8.8%; Adjusted ROE – 11.1% (a).
ROTCE – 17.1% (a); Adjusted ROTCE – 21.6% (a).




(a)    See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11 for additional information.
3

BNY Mellon 4Q23 Financial Results
SECURITIES SERVICES BUSINESS SEGMENT HIGHLIGHTS

(dollars in millions, unless otherwise noted; not meaningful - N/M)4Q23 vs.
4Q233Q234Q223Q234Q22
Investment services fees:
Asset Servicing$975 $984 $971 (1)% %
Issuer Services285 281 271 1 5 
Total investment services fees1,260 1,265 1,242  1 
Foreign exchange revenue118 107 149 10 (21)
Other fees (a)
54 52 55 4 (2)
Total fee revenue1,432 1,424 1,446 1 (1)
Investment and other revenue112 65 70 N/MN/M
Total fee and other revenue1,544 1,489 1,516 4 2 
Net interest revenue635 600 656 6 (3)
Total revenue2,179 2,089 2,172 4  
Provision for credit losses64 19 11 N/MN/M
Noninterest expense1,653 1,585 1,576 4 5 
Income before taxes$462 $485 $585 (5)%(21)%
Total revenue by line of business:
Asset Servicing$1,675 $1,593 $1,681 5 % %
Issuer Services504 496 491 2 3 
Total revenue by line of business$2,179 $2,089 $2,172 4 % %
Pre-tax operating margin21 %23 %27 %
Securities lending revenue (b)
$48 $46 $50 4 %(4)%
Metrics:
Average loans$11,366 $11,236 $11,850 1 %(4)%
Average deposits$171,086 $162,509 $176,541 5 %(3)%
AUC/A at period end (in trillions) (current period is preliminary) (c)
$34.2 $32.3 $31.4 6 %9 %
Market value of securities on loan at period end (in billions) (d)
$450 $406 $449 11 % %
(a)    Other fees primarily include financing-related fees.
(b)    Included in investment services fees reported in the Asset Servicing line of business.
(c)    Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Issuer Services line of business. Includes the AUC/A of CIBC Mellon Global Securities Services Company (“CIBC Mellon”), a joint venture with the Canadian Imperial Bank of Commerce, of $1.7 trillion at Dec. 31, 2023 and $1.5 trillion at Sept. 30, 2023 and Dec. 31, 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 $63 billion at Dec. 31, 2023, $63 billion at Sept. 30, 2023 and $68 billion at Dec. 31, 2022.


KEY DRIVERS

The drivers of the total revenue variances by line of business are indicated below.
Asset Servicing – Year-over-year was flat, primarily reflecting lower foreign exchange revenue and net interest revenue, partially offset by a strategic equity investment gain and higher market values. The sequential increase primarily reflects improved strategic equity investment results and higher net interest revenue.
Issuer Services – The year-over-year increase primarily reflects net new business and higher client activity. The sequential increase primarily reflects higher net interest revenue.
Noninterest expense increased year-over-year, primarily reflecting higher investments and higher revenue-related expenses, as well as inflation, partially offset by efficiency savings.
4

BNY Mellon 4Q23 Financial Results
MARKET AND WEALTH SERVICES BUSINESS SEGMENT HIGHLIGHTS

(dollars in millions, unless otherwise noted; not meaningful - N/M)4Q23 vs.
4Q233Q234Q223Q234Q22
Investment services fees:
Pershing$506 $506 $502  %1 %
Treasury Services179 172 170 4 5 
Clearance and Collateral Management288 277 249 4 16 
Total investment services fees973 955 921 2 6 
Foreign exchange revenue21 21 20  5 
Other fees (a)
52 51 47 2 11 
Total fee revenue1,046 1,027 988 2 6 
Investment and other revenue16 16 15 N/MN/M
Total fee and other revenue1,062 1,043 1,003 2 6 
Net interest revenue437 402 396 9 10 
Total revenue1,499 1,445 1,399 4 7 
Provision for credit losses28 N/MN/M
Noninterest expense839 808 785 4 7 
Income before taxes$632 $631 $608  %4 %
Total revenue by line of business:
Pershing$711 $699 $673 2 %6 %
Treasury Services408 389 382 5 7 
Clearance and Collateral Management380 357 344 6 10 
Total revenue by line of business$1,499 $1,445 $1,399 4 %7 %
Pre-tax operating margin42 %44 %43 %
Metrics:
Average loans$39,200 $37,496 $39,843 5 %(2)%
Average deposits$87,695 $84,000 $86,083 4 %2 %
AUC/A at period end (in trillions) (current period is preliminary) (b)
$13.3 $13.1 $12.7 2 %5 %
(a)    Other fees primarily include financing-related fees.
(b)    Consists of AUC/A from the Clearance and Collateral Management and Pershing lines of business.


KEY DRIVERS

The drivers of the total revenue variances by line of business are indicated below.
Pershing – The year-over-year increase primarily reflects higher net interest revenue, higher market values and higher client activity, partially offset by lost business. The sequential increase primarily reflects higher net interest revenue.
Treasury Services – The year-over-year and sequential increases primarily reflect higher net interest revenue.
Clearance and Collateral Management – The year-over-year increase primarily reflects higher clearance volumes and collateral management balances. The sequential increase primarily reflects higher net interest revenue, higher clearance volumes and collateral management balances.
Noninterest expense increased year-over-year, primarily reflecting higher investments and inflation, partially offset by efficiency savings.
5

BNY Mellon 4Q23 Financial Results
INVESTMENT AND WEALTH MANAGEMENT BUSINESS SEGMENT HIGHLIGHTS

(dollars in millions, unless otherwise noted; not meaningful - N/M)4Q23 vs.
4Q233Q234Q223Q234Q22
Investment management fees$723 $746 $754 (3)%(4)%
Performance fees19 30 26 N/MN/M
Investment management and performance fees742 776 780 (4)(5)
Distribution and servicing fees66 62 54 6 22 
Other fees (a)
(55)(50)(58)N/MN/M
Total fee revenue753 788 776 (4)(3)
Investment and other revenue (b)
(121)(3)N/MN/M
Total fee and other revenue (b)
632 789 773 (20)(18)
Net interest revenue44 38 52 16 (15)
Total revenue676 827 825 (18)(18)
Provision for credit losses(2)(9)N/MN/M
Noninterest expense683 672 699 2 (2)
(Loss) income before taxes (c)
$(5)$164 $125 (103)%(104)%
Total revenue by line of business:
Investment Management$408 $557 $550 (27)%(26)%
Wealth Management268 270 275 (1)(3)
Total revenue by line of business$676 $827 $825 (18)%(18)%
Pre-tax operating margin(1)%20 %15 %
Adjusted pre-tax operating margin – Non-GAAP (d)
(1)%(e)22 %17 %
Metrics:
Average loans$13,405 $13,519 $14,404 (1)%(7)%
Average deposits$12,039 $13,578 $16,416 (11)%(27)%
AUM (in billions) (current period is preliminary) (f)
$1,974 $1,821 $1,836 8 %8 %
Wealth Management client assets (in billions) (current period is preliminary) (g)
$312 $292 $269 7 %16 %
(a)    Other fees primarily include investment services fees.
(b)    Investment and other revenue and total fee and other revenue are net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds.
(c)    Excluding notable items, income before taxes decreased 11% (Non-GAAP) compared with 3Q23 and increased 1% (Non-GAAP) compared with 4Q22. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11 for information on these Non-GAAP measures.
(d)    Net of distribution and servicing expense. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11 for information on this Non-GAAP measure.
(e)    Excluding notable items and net of distribution and servicing expense, the adjusted pre-tax operating margin was 21% (Non-GAAP) for 4Q23. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11 for information on this Non-GAAP measure.
(f)    Excludes assets managed outside of the Investment and Wealth Management business segment.
(g)    Includes AUM and AUC/A in the Wealth Management line of business.


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 4Q23 reduction in the fair value of a contingent consideration receivable and the impact of the prior year divestiture, as well as the mix of AUM flows, partially offset by higher market values, seed capital gains and the favorable impact of a weaker U.S. dollar. The sequential decrease primarily reflects the reduction in the fair value of a contingent consideration receivable related to a prior year divestiture and the timing of performance fees, partially offset by seed capital gains.
Wealth Management – The year-over-year decrease primarily reflects changes in product mix, partially offset by higher market values.
Noninterest expense decreased year-over-year, primarily reflecting efficiency savings and the impact of a prior year divestiture, partially offset by higher investments and the unfavorable impact of a weaker U.S. dollar, as well as inflation.
6

BNY Mellon 4Q23 Financial Results
OTHER SEGMENT

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

(in millions)4Q233Q234Q22
Fee revenue$(17)$$12 
Investment and other revenue(9)28 (442)
Total fee and other revenue(26)34 (430)
Net interest (expense)(15)(24)(48)
Total revenue(41)10 (478)
Provision for credit losses(6)(13)
Noninterest expense693 24 153 
(Loss) before taxes$(728)$(1)$(633)


KEY DRIVERS

Total revenue includes corporate treasury and other investment activity, including hedging activity which has an offsetting impact between fee and other revenue and net interest expense. Total revenue increased year-over-year primarily reflecting the net loss from repositioning the securities portfolio recorded in 4Q22. Total revenue decreased sequentially primarily reflecting net securities losses in 4Q23 and debt extinguishment gains in 3Q23.

Noninterest expense increased year-over-year primarily driven by the FDIC special assessment. The sequential increase in noninterest expense primarily reflects the FDIC special assessment, higher severance expense and litigation reserves.

7

BNY Mellon 4Q23 Financial Results
NOTABLE ITEMS BY BUSINESS SEGMENT

Notable items by business segment (a)
4Q234Q22
(in millions)Securities
Services
Market and Wealth ServicesInvestment and Wealth ManagementOtherTotalSecurities
Services
Market and Wealth ServicesInvestment and Wealth ManagementOtherTotal
Fee and other revenue$(6)$ $(144)$ $(150)$— $— $(11)$(449)$(460)
Noninterest expense29 29 12 682 752 28 41 14 130 213 
(Loss) before taxes$(35)$(29)$(156)$(682)$(902)$(28)$(41)$(25)$(579)$(673)
(a)    See pages 12 and 13 for details of notable items and line items impacted.


Notable items by business segment (a)
3Q23
(in millions)Securities
Services
Market and Wealth ServicesInvestment and Wealth ManagementOtherTotal
Fee and other revenue$$— $— $— $
Noninterest expense22 14 46 
(Loss) before taxes$(20)$(5)$(5)$(14)$(44)
(a)    See pages 12 and 13 for details of notable items and line items impacted.


Notable items by business segment (a)
20232022
(in millions)Securities
Services
Market and Wealth ServicesInvestment and Wealth ManagementOtherTotalSecurities
Services
Market and Wealth ServicesInvestment and Wealth ManagementOtherTotal
Fee and other revenue$(6)$ $(144)$ $(150)$(45)$— $(17)$(449)$(511)
Noninterest expense61 39 20 746 866 141 49 692 147 1,029 
(Loss) before taxes$(67)$(39)$(164)$(746)$(1,016)$(186)$(49)$(709)$(596)$(1,540)
(a)    See pages 12 and 13 for details of notable items and line items impacted.
8

BNY Mellon 4Q23 Financial Results
CAPITAL AND LIQUIDITY

Capital and liquidity ratiosDec. 31, 2023Sept. 30, 2023Dec. 31, 2022
Consolidated regulatory capital ratios: (a)
CET1 ratio11.6 %11.4 %11.2 %
Tier 1 capital ratio14.3 14.4 14.1 
Total capital ratio15.0 15.2 14.9 
Tier 1 leverage ratio (a)
6.0 6.1 5.8 
Supplementary leverage ratio (a)
7.4 7.2 6.8 
BNY Mellon shareholders’ equity to total assets ratio10.0 %10.1 %10.0 %
BNY Mellon common shareholders’ equity to total assets ratio8.9 %8.9 %8.8 %
Average LCR (a)
117 %121 %118 %
Average NSFR (a)
135 %136 % N/A(b)
Book value per common share$48.24 $46.98 $44.40 
Tangible book value per common share – Non-GAAP (c)
$25.52 $24.66 $23.11 
Common shares outstanding (in thousands)
759,344 769,073 808,445 
(a)    Regulatory capital and liquidity ratios for Dec. 31, 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 the periods presented, was the Advanced Approaches.
(b)    The reporting requirement for the average NSFR became effective in 2Q23.
(c)    Tangible book value per common shareNon-GAAP excludes goodwill and intangible assets, net of deferred tax liabilities. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11 for information on this Non-GAAP measure.


CET1 capital totaled $18.7 billion at Dec. 31, 2023, and increased compared with Sept. 30, 2023, primarily reflecting a net increase in accumulated other comprehensive income and capital generated through earnings, partially offset by capital deployed through common stock repurchases and dividends. Tier 1 capital totaled $23.1 billion at Dec. 31, 2023, and decreased slightly compared with Sept. 30, 2023, reflecting the redemption of preferred stock. The Tier 1 leverage ratio decreased compared with Sept. 30, 2023, primarily reflecting higher average assets.


NET INTEREST REVENUE

Net interest revenue4Q23 vs.
(dollars in millions; not meaningful - N/M)4Q233Q234Q223Q234Q22
Net interest revenue$1,101 $1,016 $1,056 8%4%
Add: Tax equivalent adjustment1 — N/MN/M
Net interest revenue, on a fully taxable equivalent (“FTE”) basis – Non-GAAP (a)
$1,102 $1,016 $1,058 8%4%
Net interest margin1.26 %1.18 %1.19 %8  bps7  bps
Net interest margin (FTE) – Non-GAAP (a)
1.26 %1.18 %1.19 %8  bps7  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 11 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 increase in net interest revenue primarily reflects the higher balance sheet size and mix.
9

BNY Mellon 4Q23 Financial Results
THE BANK OF NEW YORK MELLON CORPORATION
Condensed Consolidated Income Statement

(in millions)Quarter endedYear ended
Dec. 31, 2023Sept. 30, 2023Dec. 31, 2022Dec. 31, 2023Dec. 31, 2022
Fee and other revenue
Investment services fees$2,242 $2,230 $2,173 $8,843 $8,529 
Investment management and performance fees743 777 783 3,058 3,299 
Foreign exchange revenue143 154 190 631 822 
Financing-related fees45 45 43 192 175 
Distribution and servicing fees41 39 33 148 130 
Total fee revenue3,214 3,245 3,222 12,872 12,955 
Investment and other revenue(4)113 (360)285 (82)
Total fee and other revenue3,210 3,358 2,862 13,157 12,873 
Net interest revenue
Interest revenue5,963 5,519 3,197 20,648 7,118 
Interest expense4,862 4,503 2,141 16,303 3,614 
Net interest revenue1,101 1,016 1,056 4,345 3,504 
Total revenue4,311 4,374 3,918 17,502 16,377 
Provision for credit losses84 20 119 39 
Noninterest expense
Staff1,831 1,755 1,802 7,095 6,800 
Software and equipment486 452 432 1,817 1,657 
Professional, legal and other purchased services406 368 415 1,527 1,527 
Net occupancy162 140 143 542 514 
Sub-custodian and clearing117 121 112 475 485 
Distribution and servicing88 87 86 353 343 
Business development61 36 45 183 152 
Bank assessment charges543 37 19 661 126 
Goodwill impairment — —  680 
Amortization of intangible assets14 15 16 57 67 
Other 160 78 143 458 659 
Total noninterest expense3,868 3,089 3,213 13,168 13,010 
Income
Income before taxes359 1,282 685 4,215 3,328 
Provision for income taxes 59 241 142 830 768 
Net income300 1,041 543 3,385 2,560 
Net (income) loss attributable to noncontrolling interests related to consolidated investment management funds2 (3)— (2)13 
Net income applicable to shareholders of The Bank of New York Mellon Corporation302 1,038 543 3,383 2,573 
Preferred stock dividends(46)(82)(34)(235)(211)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation$256 $956 $509 $3,148 $2,362 


Earnings per share applicable to the common shareholders of The Bank of New York Mellon CorporationQuarter endedYear ended
Dec. 31, 2023Sept. 30, 2023Dec. 31, 2022Dec. 31, 2023Dec. 31, 2022
(in dollars)
Basic$0.33 $1.23 $0.63 $4.01 $2.91 
Diluted$0.33 $1.22 $0.62 $4.00 $2.90 

10

BNY Mellon 4Q23 Financial Results
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES

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

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

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

BNY Mellon has also included revenue measures excluding notable items, including a net loss from repositioning the securities portfolio, the reduction in the fair value of a contingent consideration receivable related to a prior year divestiture, disposal gains and losses and the revenue reduction related to Russia, primarily accelerated amortization of deferred costs for depositary receipts services. Expense measures, excluding notable items, including goodwill impairment, FDIC special assessment, severance expense and litigation reserves, are also presented. Litigation reserves represent accruals for loss contingencies that are both probable and reasonably estimable, but exclude standard business-related legal fees. Net income applicable to common shareholders of The Bank of New York Mellon Corporation, diluted earnings per share, operating leverage, return on common equity, return on tangible common equity and pre-tax operating margin, excluding the notable items mentioned above, are also provided. These measures are provided to permit investors to view the financial measures on a basis consistent with how management views the businesses.
11

BNY Mellon 4Q23 Financial Results
Reconciliation of Non-GAAP measures, excluding notable items4Q23 vs.
(dollars in millions)4Q233Q234Q223Q234Q22
Total revenue – GAAP$4,311 $4,374 $3,918 (1)%     10 %
Less: Reduction in the fair value of a contingent consideration receivable related to a prior year divestiture (a)
(144)— — 
Disposal gain (loss) (a)
(6)(11)
Net loss from repositioning the securities portfolio (a)
 — (449)
Adjusted total revenue – Non-GAAP$4,461 $4,372 $4,378 2 %2 %
Noninterest expense – GAAP$3,868 $3,089 $3,213 25 %20 %
Less: Severance (b)
200 41 184 
Litigation reserves (b)
47 29 
FDIC special assessment (b)
505 — — 
Adjusted noninterest expense – Non-GAAP$3,116 $3,043 $3,000 2 %4 %
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP$256 $956 $509 (73)%     (50)%     
Less: Reduction in the fair value of a contingent consideration receivable related to a prior year divestiture (a)
(144)— — 
Disposal gain (loss) (a)
(5)— (41)
Net loss from repositioning the securities portfolio (a)
 — (342)
Severance (b)
(153)(32)(141)
Litigation reserves (b)
(47)(4)(24)
FDIC special assessment (b)
(385)— — 
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation – Non-GAAP$990 $992 $1,057  %(6)%     
Diluted earnings per common share$0.33 $1.22 $0.62 (73)%     (47)%     
Less: Reduction in the fair value of a contingent consideration receivable related to a prior year divestiture (a)
(0.19)— — 
Disposal gain (loss) (a)
(0.01)— (0.05)
Net loss from repositioning the securities portfolio (a)
 — (0.42)
Severance (b)
(0.20)(0.04)(0.17)
Litigation reserves (b)
(0.06)(0.01)(0.03)
FDIC special assessment (b)
(0.50)— — 
Total diluted earnings per common share impact of notable items(0.95)(c)(0.05)(0.67)
Adjusted diluted earnings per common share – Non-GAAP$1.28 $1.27 $1.30 (c)1 %(2)%     
Operating leverage – GAAP (d)
(2,666) bps(1,036) bps
Adjusted operating leverage – Non-GAAP (d)
(36) bps(197) bps
(a)    Reflected in Investment and other revenue.
(b)    Severance is reflected in Staff expense, Litigation reserves in Other expense, and FDIC special assessment in Bank assessment charges, respectively.
(c)    Does not foot due to rounding.
(d)    Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense.
bps - basis points.
12

BNY Mellon 4Q23 Financial Results
Reconciliation of Non-GAAP measures, excluding notable items2023 vs.
(dollars in millions)202320222022
Total revenue – GAAP$17,502 $16,377 7 %
Less: Reduction in the fair value of a contingent consideration receivable related to a prior year divestiture (a)
(144)— 
Disposal (loss) gain (a)
(6)26 
Revenue reduction related to Russia, primarily accelerated amortization of deferred costs for depositary receipts services (b)
 (88)
Net loss from repositioning the securities portfolio (a)
 (449)
Adjusted total revenue – Non-GAAP$17,652 $16,888 5 %
Total noninterest expense – GAAP$13,168 $13,010 1 %
Less: Severance (c)
267 215 
Litigation reserves (c)
94 134 
FDIC special assessment (c)
505 — 
Goodwill impairment 680 
Adjusted total noninterest expense – Non-GAAP$12,302 $11,981 3 %
Net income applicable to common shareholders of The Bank of New York Mellon
Corporation – GAAP
$3,148 $2,362 33 %
Less: Reduction in the fair value of a contingent consideration receivable related to a prior year divestiture (a)
(144)— 
Disposal (loss) gain (a)
(5)(12)
Revenue reduction related to Russia, primarily accelerated amortization of deferred costs for depositary receipts services (b)
 (67)
Net loss from repositioning the securities portfolio (a)
 (343)
Severance (c)
(205)(166)
Litigation reserves (c)
(91)(125)
FDIC special assessment (c)
(385)— 
Goodwill impairment (665)
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation – Non-GAAP$3,978 $3,740 6 %
Diluted earnings per share – GAAP$4.00 $2.90 38 %
Less: Reduction in the fair value of a contingent consideration receivable related to a prior year divestiture (a)
(0.18)— 
Disposal (loss) gain (a)
(0.01)(0.01)
Revenue reduction related to Russia, primarily accelerated amortization of deferred costs for depositary receipts services (b)
 (0.08)
Net loss from repositioning the securities portfolio (a)
 (0.42)
Severance (c)
(0.26)(0.20)
Litigation reserves (c)
(0.12)(0.15)
FDIC special assessment (c)
(0.49)— 
Goodwill impairment (0.82)
Total diluted earnings per common share impact of notable items$(1.05)(d)$(1.69)(d)
Adjusted diluted earnings per common share – Non-GAAP$5.05 $4.59 10 %
Operating leverage – GAAP (e)
566  bps
Adjusted operating leverage – Non-GAAP (e)
184  bps
(a)    Reflected in Investment and other revenue.
(b)    Primarily reflected in Investment services fees.
(c)    Severance is reflected in Staff expense, Litigation reserves in Other expense, and FDIC special assessment in Bank assessment charges, respectively.
(d)    Does not foot due to rounding.
(e)    Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense.
bps – basis points
13

BNY Mellon 4Q23 Financial Results
Return on common equity and return on tangible common equity reconciliation
(dollars in millions)4Q233Q234Q2220232022
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP$256 $956 $509 $3,148 $2,362 
Add: Amortization of intangible assets14 15 16 57 67 
Less: Tax impact of amortization of intangible assets4 14 16 
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP$266 $968 $521 $3,191 $2,413 
Impact of notable items (a)
(734)(36)(548)(830)(1,378)
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets and notable items – Non-GAAP$1,000 $1,004 $1,069 $4,021 $3,791 
Average common shareholders’ equity$36,158 $35,983 $35,259 $35,880 $36,175 
Less: Average goodwill16,199 16,237 16,229 16,204 17,060 
 Average intangible assets2,858 2,875 2,905 2,880 2,939 
Add: Deferred tax liability – tax deductible goodwill1,205 1,197 1,181 1,205 1,181 
 Deferred tax liability – intangible assets 657 657 660 657 660 
Average tangible common shareholders’ equity – Non-GAAP$18,963 $18,725 $17,966 $18,658 $18,017 
Return on common equity – GAAP (b)
2.8 %10.5 %5.7 %8.8 %6.5 %
Adjusted return on common equity – Non-GAAP (b)
10.9 %10.9 %11.9 %11.1 %10.3 %
Return on tangible common equity – Non-GAAP (b)
5.6 %20.5 %11.5 %17.1 %13.4 %
Adjusted return on tangible common equity – Non-GAAP (b)
20.9 %21.2 %23.6 %21.6 %21.0 %
(a)    See pages 12 and 13 for details of notable items and line items impacted.
(b)    Quarterly returns are annualized.


Pre-tax operating margin reconciliation
(dollars in millions)4Q233Q234Q2220232022
Income before taxes – GAAP$359 $1,282 $685 $4,215 $3,328 
Impact of notable items (a)
(902)(44)(673)(1,016)(1,540)
Adjusted income before taxes, excluding notable items – Non-GAAP$1,261 $1,326 $1,358 $5,231 $4,868 
Total revenue – GAAP$4,311 $4,374 $3,918 $17,502 $16,377 
Impact of notable items (a)
(150)(460)(150)(511)
Adjusted total revenue, excluding notable items – Non-GAAP$4,461 $4,372 $4,378 $17,652 $16,888 
Pre-tax operating margin – GAAP (b)
8 %29 %17 %24 %20 %
Adjusted pre-tax operating margin – Non-GAAP (b)
28 %30 %31 %30 %29 %
(a)    See pages 12 and 13 for details of notable items and line items impacted.
(b)    Income before taxes divided by total revenue.

14

BNY Mellon 4Q23 Financial Results
Reconciliation of Non-GAAP measures, excluding notable items - Investment and Wealth Management4Q23 vs.
(dollars in millions)4Q233Q234Q223Q234Q22
(Loss) income before taxes – GAAP$(5)$164 $125 (103)%(104)%
Impact of notable items (a)
(156)(5)(25)
Adjusted income before taxes – Non-GAAP$151 $169 $150 (11)%1 %
Total revenue – GAAP$676 $827 $825 (18)%(18)%
Less: Distribution and servicing expense89 87 87 
Adjusted total revenue, net of distribution and servicing expense – Non-GAAP$587 $740 $738 (21)%(20 %)
Impact of notable items (a)
(144)
Adjusted total revenue, excluding notable items and net of distribution and servicing expense – Non-GAAP$731 
Pre-tax operating margin – GAAP (b)
(1)%
Adjusted pre-tax operating margin, net of distribution and servicing expense (b)
(1)%
Adjusted pre-tax operating margin, net of distribution and servicing expense and excluding notable items – Non-GAAP (b)
21 %
(a)    Notable items in 4Q23 include the reduction in the fair value of a contingent consideration receivable related to a prior year divestiture (reflected in investment and other revenue) and severance expense. Notable items in 3Q23 include severance expense. Notable items in 4Q22 include severance expense and a disposal loss (reflected in investment and other revenue).
(b)    Income before taxes divided by total revenue.


CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

A number of statements in this Earnings Release and in our Financial Supplement may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our strategic priorities, financial performance and financial targets. Preliminary business metrics and regulatory capital ratios are subject to change, possibly materially, as we complete our Annual Report on Form 10-K for the year ended Dec. 31, 2023. Forward-looking statements are not guarantees of future results or occurrences, are inherently uncertain and are based upon current beliefs and expectations of future events, many of which are, by their nature, difficult to predict, outside of our control and subject to change.

By identifying these statements for you in this manner, we are alerting you to the possibility that our actual results may differ, possibly materially, from the anticipated results expressed or implied in these forward-looking statements as a result of a number of important factors, including the risk factors and other uncertainties set forth in our Annual Report on Form 10-K for the year ended Dec. 31, 2022 and our other filings with the Securities and Exchange Commission.

You should not place undue reliance on any forward-looking statement. All forward-looking statements speak only as of the date on which they were made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.


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 $47.8 trillion in assets under custody and/or administration and $2.0 trillion in assets under management as of Dec. 31, 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 1:00 p.m. ET on Jan. 12, 2024. This conference call and audio webcast will include forward-looking statements and may include other material information.

Investors and analysts wishing to access the conference call and audio webcast may do so by dialing (800) 390-5696 (U.S.) or (720) 452-9082 (International), and using the passcode: 200200, or by logging onto www.bnymellon.com/investorrelations. Earnings materials will be available at www.bnymellon.com/investorrelations beginning at approximately 6:30 a.m. ET on Jan. 12, 2024. An archived version of the fourth quarter conference call and audio webcast will be available beginning on Jan. 12, 2024 at approximately 5:00 p.m. ET through Feb. 12, 2024 at www.bnymellon.com/investorrelations.
15


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




Table of Contents
bnym_logox3a.jpg
Consolidated ResultsPage
Consolidated Financial Highlights
Condensed Consolidated Income Statement
Condensed Consolidated Balance Sheet
Fee and Other Revenue
Average Balances and Interest Rates
Capital and Liquidity
Business Segment Results
Securities Services Business Segment
Market and Wealth Services Business Segment
Investment and Wealth Management Business Segment
AUM by Product Type, Changes in AUM and Wealth Management Client Assets
Other Segment
Other
Securities Portfolio
Allowance for Credit Losses and Nonperforming Assets
Supplemental Information
Explanation of GAAP and Non-GAAP Financial Measures




THE BANK OF NEW YORK MELLON CORPORATION

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CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per common share amounts, or unless otherwise noted)4Q23 vs.FY23 vs.
4Q233Q232Q231Q234Q223Q234Q22FY23FY22FY22
Selected income statement data
Fee and other revenue$3,210 $3,358 $3,354 $3,235 $2,862 (4)%12 %$13,157 $12,873 %
Net interest revenue1,101 1,016 1,100 1,128 1,056 4,345 3,504 24 
Total revenue4,311 4,374 4,454 4,363 3,918 (1)10 17,502 16,377 7 
Provision for credit losses84 3 5 27 20 N/MN/M119 39 N/M
Noninterest expense3,868 3,089 3,111 3,100 3,213 25 20 13,168 13,010 1 
Income before income taxes359 1,282 1,338 1,236 685 (72)(48)4,215 3,328 27 
Provision for income taxes59 241 270 260 142 (76)(58)830 768 
Net income$300 $1,041 $1,068 $976 $543 (71)%(45)%$3,385 $2,560 32 %
Net income applicable to common shareholders of
The Bank of New York Mellon Corporation
$256 $956 $1,031 $905 $509 (73)%(50)%$3,148 $2,362 33 %
Diluted earnings per common share$0.33 $1.22 $1.30 $1.12 $0.62 (73)%(47)%$4.00 $2.90 38 %
Average common shares and equivalents outstanding – diluted (in thousands)
772,102 781,781 790,725 807,718 815,846 (1)%(5)%787,798 814,795 (3)%
Financial ratios (Returns are annualized)
Pre-tax operating margin%29 %30 %28 %17 %24 %20 %
Return on common equity2.8 %10.5 %11.6 %10.3 %5.7 %8.8 %6.5 %
Return on tangible common equity – Non-GAAP (a)
5.6 %20.5 %22.6 %20.2 %11.5 %17.1 %13.4 %
Non-U.S. revenue as a percentage of total revenue 36 %36 %37