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

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

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) – October 11, 2024
THE BANK OF NEW YORK MELLON CORPORATION
(Exact name of registrant as specified in its charter)
Delaware001-3565113-2614959
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(I.R.S. Employer
Identification No.)

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

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

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

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

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


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

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

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

Emerging growth company ☐

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


ITEM 2.02.    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On October 11, 2024, The Bank of New York Mellon Corporation (“BNY”) released information on its financial results for the third quarter ended September 30, 2024. Copies of the Earnings Release and the Financial Supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.


ITEM 7.01.    REGULATION FD DISCLOSURE.

On October 11, 2024, BNY will hold a conference call and webcast to discuss its financial results for the third quarter ended September 30, 2024 and outlook. A copy of the Financial Highlights presentation for the conference call and webcast is attached hereto as Exhibit 99.3.


ITEM 9.01.    FINANCIAL STATEMENTS AND EXHIBITS.


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

SIGNATURES

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

The Bank of New York Mellon Corporation
(Registrant)

Date: October 11, 2024By: /s/ Jean Weng
Name:
Title: 		Jean Weng
Secretary



3
bny_logoxrevxrgbx2x002002.jpg
3Q24
FINANCIALRESULTS


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

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

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

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

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

Capital distribution
•Returned $1,078 million of capital to common shareholders
•$353 million of dividends
•$725 million of share repurchases
•Total payout ratio of 103% year-to-date
$1.50
EPS
      $1.52 (a)
Adj. EPS
33%
Pre-tax margin
      33% (a)
Adj. Pre-tax margin
12.0%
ROE
      23.2% (a)
Adj. ROTCE
(a) For information on the Non-GAAP measures, see “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9.
Note: Above comparisons are 3Q24 vs. 3Q23, unless otherwise noted.
Investor Relations: Marius Merz (212) 298-1480
Media Relations: Garrett Marquis (949) 683-1503
BNY 3Q24 Financial Results
CONSOLIDATED FINANCIAL HIGHLIGHTS

(dollars in millions, except per share amounts and unless otherwise noted; not meaningful - N/M)3Q24 vs.
3Q242Q243Q232Q243Q23
Fee revenue$3,404 $3,398 $3,245 — %     5 %     
Investment and other revenue 196 169 159 N/MN/M
Total fee and other revenue3,600 3,567 3,404 1 6 
Net interest income1,048 1,030 1,016 2 3 
Total revenue4,648 4,597 4,420 1 5 
Provision for credit losses23 — 3 N/MN/M
Noninterest expense3,100 3,070 3,089 1 — 
Income before taxes1,525 1,527 1,328 — 15 
Provision for income taxes336 357 285 (6)18 
Net income$1,189 $1,170 $1,043 2 %     14 %     
Net income applicable to common shareholders of The Bank of New York Mellon Corporation$1,110 $1,143 $958 (3)%     16 %     
Operating leverage (a)
13  bps480  bps
Diluted earnings per common share$1.50 $1.52 $1.23 (1)%     22 %     
Average common shares and equivalents outstanding - diluted (in thousands)
742,080 751,596 781,781 
Pre-tax operating margin33 %33 %30 %
Metrics:
Average loans$69,205 $68,283 $63,962 1 %8 %     
Average deposits284,686 284,843 262,108 — 9 
AUC/A at period end (in trillions) (current period is preliminary)
52.1 49.5 45.7 5 14 
AUM at period end (in trillions) (current period is preliminary)
2.14 2.05 1.82 5 18 
Non-GAAP measures, excluding notable items: (b)
Adjusted total revenue$4,648 $4,597 $4,418 1 %5 %
Adjusted noninterest expense$3,075 $3,077 $3,043 —%1 %
Adjusted operating leverage (a)
117  bps416  bps
Adjusted diluted earnings per common share$1.52 $1.51 $1.27 1 %     20 %
Adjusted pre-tax operating margin33 %33 %31 %
(a)    Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense.
(b)    See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9 for additional information.
bps – basis points.


KEY DRIVERS (comparisons are 3Q24 vs. 3Q23, unless otherwise noted)
•Total revenue increased 5%, primarily reflecting:
•Fee revenue increased 5%, primarily reflecting higher market values, net new business and higher foreign exchange revenue.
•Investment and other revenue increased primarily reflecting a strategic equity investment loss recorded in 3Q23 and improved results from our seed capital investments.
•Net interest income increased 3%, primarily reflecting improved investment securities portfolio yields and balance sheet growth, partially offset by changes in deposit mix.
•Provision for credit losses was $23 million, primarily driven by reserve increases related to commercial real estate exposure.
•Noninterest expense was flat reflecting higher investments and employee merit increases, offset by efficiency savings and a reduction in the FDIC special assessment. Excluding notable items (a), noninterest expense increased 1%.
•Effective tax rate of 22.0%.

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

Capital and liquidity
•$353 million of dividends to common shareholders (b); $725 million of common share repurchases.
•Return on common equity (“ROE”) – 12.0%; Adjusted ROE – 12.2% (a).
•Return on tangible common equity (“ROTCE”) – 22.8% (a); Adjusted ROTCE - 23.2% (a).
•Common Equity Tier 1 (“CET1”) ratio – 11.9%.
•Tier 1 leverage ratio – 6.0%.
•Average liquidity coverage ratio (“LCR”) – 116%; Average net stable funding ratio (“NSFR”) – 132%.
•Total Loss Absorbing Capacity (“TLAC”) ratios exceed minimum requirements.
(a)    See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9 for additional information.
(b)    Including dividend-equivalents on share-based awards.
Note: Throughout this document, sequential growth rates are unannualized.
2
BNY 3Q24 Financial Results
SECURITIES SERVICES BUSINESS SEGMENT HIGHLIGHTS

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


KEY DRIVERS

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

(dollars in millions, unless otherwise noted; not meaningful - N/M)3Q24 vs.
3Q242Q243Q232Q243Q23
Investment services fees:
Pershing$475 $474 $478 — %(1)%
Treasury Services200 202 180 (1)11 
Clearance and Collateral Management354 338 305 5 16 
Total investment services fees1,029 1,014 963 1 7 
Foreign exchange revenue23 23 21 — 10 
Other fees (a)
58 58 49 — 18 
Total fee revenue1,110 1,095 1,033 1 7 
Investment and other revenue20 23 16 N/MN/M
Total fee and other revenue1,130 1,118 1,049 1 8 
Net interest income415 417 401 — 3 
Total revenue1,545 1,535 1,450 1 7 
Provision for credit losses7 (2)6 N/MN/M
Noninterest expense834 833 792 — 5 
Income before taxes$704 $704 $652 — %8 %
Total revenue by line of business:
Pershing$649 $663 $657 (2)%(1)%
Treasury Services424 426 397 — 7 
Clearance and Collateral Management472 446 396 6 19 
Total revenue by line of business$1,545 $1,535 $1,450 1 %7 %
Pre-tax operating margin46 %46 %45 %
Metrics:
Average loans$42,730 $41,893 $37,496 2 %14 %
Average deposits$88,856 $91,371 $84,000 (3)%6 %
AUC/A at period end (in trillions) (current period is preliminary) (b)
$14.3 $13.4 $13.1 7 %9 %
(a)    Other fees primarily include financing-related fees.
(b)    Consists of AUC/A from the Clearance and Collateral Management and Pershing lines of business.


KEY DRIVERS

•The drivers of the total revenue variances by line of business are indicated below.
•Pershing – The year-over-year decrease primarily reflects lost business in the prior year and lower net interest income, partially offset by higher market values. The sequential decrease primarily reflects an equity investment gain recorded in 2Q24.
•Treasury Services – The year-over-year increase primarily reflects net new business. Total revenue was flat sequentially reflecting net new business, offset by lower net interest income.
•Clearance and Collateral Management – The year-over-year increase primarily reflects higher collateral management fees, clearance volumes and net interest income. The sequential increase primarily reflects higher clearance volumes and net interest income.
•Noninterest expense increased year-over-year primarily reflecting higher investments and employee merit increases, partially offset by efficiency savings.
4
BNY 3Q24 Financial Results
INVESTMENT AND WEALTH MANAGEMENT BUSINESS SEGMENT HIGHLIGHTS

(dollars in millions, unless otherwise noted; not meaningful - N/M)3Q24 vs.
3Q242Q243Q232Q243Q23
Investment management fees$782 $754 $748 4 %5 %
Performance fees13 8 30 N/MN/M
Investment management and performance fees795 762 778 4 2 
Distribution and servicing fees68 69 62 (1)10 
Other fees (a)
(68)(64)(50)N/MN/M
Total fee revenue795 767 790 4 1 
Investment and other revenue (b)
9 11 1 N/MN/M
Total fee and other revenue (b)
804 778 791 3 2 
Net interest income45 43 39 5 15 
Total revenue849 821 830 3 2 
Provision for credit losses1 4 (9)N/MN/M
Noninterest expense672 668 675 1 — 
Income before taxes$176 $149 $164 18 %7 %
Total revenue by line of business:
Investment Management$569 $549 $565 4 %1 %
Wealth Management280 272 265 3 6 
Total revenue by line of business$849 $821 $830 3 %2 %
Pre-tax operating margin21 %18 %20 %
Adjusted pre-tax operating margin – Non-GAAP (c)
23 %20 %22 %
Metrics:
Average loans$13,648 $13,520 $13,519 1 %1 %
Average deposits$10,032 $11,005 $13,578 (9)%(26)%
AUM (in billions) (current period is preliminary) (d)
$2,144 $2,045 $1,821 5 %18 %
Wealth Management client assets (in billions) (current period is preliminary) (e)
$333 $308 $292 8 %14 %
(a)    Other fees primarily include investment services fees.
(b)    Investment and other revenue and total fee and other revenue are net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds.
(c)    Net of distribution and servicing expense. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9 for information on this Non-GAAP measure.
(d)    Represents assets managed in the Investment and Wealth Management business segment.
(e)    Includes AUM and AUC/A in the Wealth Management line of business.


KEY DRIVERS

•The drivers of the total revenue variances by line of business are indicated below.
•Investment Management – The year-over-year increase primarily reflects higher market values and improved seed capital results, partially offset by lower performance fees and the mix of AUM flows. The sequential increase primarily reflects higher market values, seed capital gains and the timing of performance fees.
•Wealth Management – The year-over-year increase primarily reflects higher market values and net interest income, partially offset by changes in product mix. The sequential increase primarily reflects higher market values.
•Noninterest expense was flat year-over-year reflecting efficiency savings, offset by employee merit increases and higher investments.
5
BNY 3Q24 Financial Results
OTHER SEGMENT

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

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


KEY DRIVERS

•Total revenue includes corporate treasury and other investment activity, including hedging activity which has an offsetting impact between fee and other revenue and net interest expense. The year-over-year decrease primarily reflects 3Q23 debt extinguishment gains. The sequential increase primarily reflects gains on real estate and other investments.

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

6
BNY 3Q24 Financial Results
CAPITAL AND LIQUIDITY

Capital and liquidity ratiosSept. 30, 2024June 30, 2024Dec. 31, 2023
Consolidated regulatory capital ratios: (a)
CET1 ratio11.9 %11.4 %11.5 %
Tier 1 capital ratio14.5 14.0 14.2 
Total capital ratio15.6 15.0 14.9 
Tier 1 leverage ratio (a)
6.0 5.8 6.0 
Supplementary leverage ratio (a)
7.0 6.8 7.3 
BNY shareholders’ equity to total assets ratio9.8 %9.5 %9.9 %
BNY common shareholders’ equity to total assets ratio8.8 %8.5 %8.9 %
Average LCR (a)
116 %115 %117 %
Average NSFR (a)
132 %132 %135 %
Book value per common share$51.78 $49.46 $47.97 
Tangible book value per common share – Non-GAAP (b)
$28.01 $26.19 $25.25 
Common shares outstanding (in thousands)
727,078 737,957 759,344 
(a)    Regulatory capital and liquidity ratios for Sept. 30, 2024 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for Sept. 30, 2024 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, for June 30, 2024 was the Standardized Approach, and for Dec. 31, 2023 was the Advanced Approaches.
(b)    Tangible book value per common share – Non-GAAP excludes goodwill and intangible assets, net of deferred tax liabilities. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9 for information on this Non-GAAP measure.


•CET1 capital totaled $19.7 billion and Tier 1 capital totaled $24.0 billion at Sept. 30, 2024, both increasing compared with June 30, 2024, primarily reflecting capital generated through earnings and improvements in accumulated other comprehensive income, partially offset by capital returned through common stock repurchases and dividends. The CET1 ratio increased compared with June 30, 2024 reflecting the increase in capital, partially offset by higher risk-weighted assets. The Tier 1 leverage ratio increased compared with June 30, 2024 reflecting the increase in capital, partially offset by higher average assets.


NET INTEREST INCOME

Net interest income3Q24 vs.
(dollars in millions; not meaningful - N/M)3Q242Q243Q232Q243Q23
Net interest income$1,048 $1,030 $1,016 2%3%
Add: Tax equivalent adjustment— 1 — N/MN/M
Net interest income, on a fully taxable equivalent (“FTE”) basis – Non-GAAP (a)
$1,048 $1,031 $1,016 2%3%
Net interest margin1.16 %1.15 %1.18 %1  bps(2) bps
Net interest margin (FTE) – Non-GAAP (a)
1.16 %1.15 %1.18 %1  bps(2) bps
(a)    Net interest income (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP include the tax equivalent adjustments on tax-exempt income. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9 for information on this Non-GAAP measure.
bps – basis points.


•Net interest income increased year-over-year primarily reflecting improved investment securities portfolio yields and balance sheet growth, partially offset by changes in deposit mix.

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

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

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


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

8
BNY 3Q24 Financial Results
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES

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

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

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

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

BNY has also included revenue measures excluding notable items, including disposal gains. Expense measures, excluding notable items, including severance expense, litigation reserves and the FDIC special assessment, are also presented. Litigation reserves represent accruals for loss contingencies that are both probable and reasonably estimable, but exclude standard business-related legal fees. Net income applicable to common shareholders of The Bank of New York Mellon Corporation, diluted earnings per share, operating leverage, return on common equity, return on tangible common equity and pre-tax operating margin, excluding the notable items mentioned above, are also provided. These measures are provided to permit investors to view the financial measures on a basis consistent with how management views the businesses.

Reconciliation of Non-GAAP measures, excluding notable items3Q24 vs.
(dollars in millions, except per share amounts)3Q242Q243Q232Q243Q23
Total revenue – GAAP$4,648 $4,597 $4,420 1 %5 %
Less: Disposal gain (a)
— — 2 
Adjusted total revenue – Non-GAAP$4,648 $4,597 $4,418 1 %5 %
Noninterest expense – GAAP$3,100 $3,070 $3,089 1 %     — %     
Less: Severance expense (b)
40 29 41 
Litigation reserves (b)
2 2 5 
FDIC special assessment (b)
(17)(38)— 
Adjusted noninterest expense – Non-GAAP$3,075 $3,077 $3,043 — %     1 %
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP$1,110 $1,143 $958 (3)%     16 %
Less: Disposal gain (a)
— — — 
Severance expense (b)
(31)(22)(32)
Litigation reserves (b)
(2)— (4)
FDIC special assessment (b)
13 29 — 
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation – Non-GAAP$1,130 $1,136 $994 (1)%     14 %
Diluted earnings per common share – GAAP$1.50 $1.52 $1.23 (1)%     22 %
Less: Disposal gain (a)
— — — 
Severance expense (b)
(0.04)(0.03)(0.04)
Litigation reserves (b)
— — (0.01)
FDIC special assessment (b)
0.02 0.04 — 
Total diluted earnings per common share impact of notable items(0.03)(c)0.01 (0.05)
Adjusted diluted earnings per common share – Non-GAAP$1.52 (c)$1.51 $1.27 (c)1 %     20 %
Operating leverage – GAAP (d)
13  bps480  bps
Adjusted operating leverage – Non-GAAP (d)
117  bps416  bps
(a)    Reflected in Investment and other revenue.
(b)    Severance expense is reflected in Staff expense, Litigation reserves in Other expense, and FDIC special assessment in Bank assessment charges, respectively.
(c)    Does not foot due to rounding.
(d)    Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense.
bps - basis points.
9
BNY 3Q24 Financial Results
Pre-tax operating margin reconciliation
(dollars in millions)3Q242Q243Q23
Income before taxes – GAAP$1,525 $1,527 $1,328 
Impact of notable items (a)
(25)7 (44)
Adjusted income before taxes, excluding notable items – Non-GAAP$1,550 $1,520 $1,372 
Total revenue – GAAP$4,648 $4,597 $4,420 
Impact of notable items (a)
— — 2 
Adjusted total revenue, excluding notable items – Non-GAAP$4,648 $4,597 $4,418 
Pre-tax operating margin – GAAP (b)
33 %33 %30 %
Adjusted pre-tax operating margin – Non-GAAP (b)
33 %33 %31 %
(a)    See page 9 for details of notable items and line items impacted.
(b)    Income before taxes divided by total revenue.


Return on common equity and return on tangible common equity reconciliation
(dollars in millions)3Q242Q243Q23
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP$1,110 $1,143 $958 
Add: Amortization of intangible assets12 13 15 
Less: Tax impact of amortization of intangible assets3 3 3 
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP$1,119 $1,153 $970 
Impact of notable items (a)
(20)7 (36)
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets and notable items – Non-GAAP$1,139 $1,146 $1,006 
Average common shareholders’ equity$36,772 $36,044 $35,873 
Less: Average goodwill16,281 16,229 16,237 
 Average intangible assets2,827 2,834 2,875 
Add: Deferred tax liability – tax deductible goodwill1,220 1,213 1,197 
 Deferred tax liability – intangible assets 656 655 657 
Average tangible common shareholders’ equity – Non-GAAP$19,540 $18,849 $18,615 
Return on common equity – GAAP (b)
12.0 %12.7 %10.6 %
Adjusted return on common equity – Non-GAAP (b)
12.2 %12.7 %11.0 %
Return on tangible common equity – Non-GAAP (b)
22.8 %24.6 %20.6 %
Adjusted return on tangible common equity – Non-GAAP (b)
23.2 %24.4 %21.4 %
(a)    See page 9 for details of notable items and line items impacted.
(b)    Returns are annualized.


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

A number of statements in this Earnings Release and in our Financial Supplement may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our strategic priorities, acquisition and related integration activity, financial performance and financial targets. Preliminary business metrics and regulatory capital ratios are subject to change, possibly materially, as we complete our Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2024. Forward-looking statements are not guarantees of future results or occurrences, are inherently uncertain and are based upon current beliefs and expectations of future events, many of which are, by their nature, difficult to predict, outside of our control and subject to change.

By identifying these statements for you in this manner, we are alerting you to the possibility that our actual results may differ, possibly materially, from the anticipated results expressed or implied in these forward-looking statements as a result of a number of important factors, including the risk factors and other uncertainties set forth in our Annual Report on Form 10-K for the year ended Dec. 31, 2023 and our other filings with the Securities and Exchange Commission, and, with respect to any planned acquisition, such transaction not closing in a timely manner or at all or the anticipated benefits of such transaction not being fully realized.

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


ABOUT BNY

BNY is a global financial services company that helps make money work for the world – managing it, moving it and keeping it safe. For 240 years BNY has partnered alongside clients, putting its expertise and platforms to work to help them achieve their ambitions. Today BNY helps over 90% of Fortune 100 companies and nearly all the top 100 banks globally to access the money they need. BNY supports governments in funding local projects and works with over 90% of the top 100 pension plans to safeguard investments for millions of individuals, and so much more. As of Sept. 30, 2024, BNY oversees $52.1 trillion in assets under custody and/or administration and $2.1 trillion in assets under management.

BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Headquartered in New York City, BNY employs over 50,000 people globally and has been named among Fortune’s World’s Most Admired Companies and Fast Company’s Best Workplaces for Innovators. Additional information is available on www.bny.com. Follow on LinkedIn or visit the BNY Newsroom for the latest company news.


CONFERENCE CALL INFORMATION

Robin Vince, President and Chief Executive Officer, and Dermot McDonogh, Chief Financial Officer, will host a conference call and simultaneous live audio webcast at 11:00 a.m. ET on Oct. 11, 2024. This conference call and audio webcast will include forward-looking statements and may include other material information.

Investors and analysts wishing to access the conference call and audio webcast may do so by dialing (800) 390-5696 (U.S.) or (720) 452-9082 (International), and using the passcode: 200200, or by logging onto www.bny.com/investorrelations. Earnings materials will be available at www.bny.com/investorrelations beginning at approximately 6:30 a.m. ET on Oct. 11, 2024. An archived version of the third quarter conference call and audio webcast will be available beginning on Oct. 11, 2024 at approximately 2:00 p.m. ET through Nov. 11, 2024 at www.bny.com/investorrelations.
11


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



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



THE BANK OF NEW YORK MELLON CORPORATION

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CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per common share amounts, or unless otherwise noted)3Q24 vs.YTD24 vs.
3Q242Q241Q244Q233Q232Q243Q23YTD24YTD23YTD23
Selected income statement data
Fee and other revenue$3,600 $3,567 $3,487 $3,257 $3,404 1 %6 %$10,654 $10,095 6 %
Net interest income1,048 1,030 1,040 1,101 1,016 2 3 3,118 3,244 (4)
Total revenue4,648 4,597 4,527 4,358 4,420 1 5 13,772 13,339 3 
Provision for credit losses23 — 27 84 3 N/MN/M50 35 N/M
Noninterest expense3,100 3,070 3,176 3,995 3,089 1 — 9,346 9,300 — 
Income before income taxes1,525 1,527 1,324 279 1,328 — 15 4,376 4,004 9 
Provision for income taxes336 357 297 73 285 (6)18 990 906 9 
Net income$1,189 $1,170 $1,027 $206 $1,043 2 %14 %$3,386 $3,098 9 %
Net income applicable to common shareholders of The Bank of New York Mellon Corporation$1,110 $1,143 $953 $162 $958 (3)%16 %$3,206 $2,905 10 %
Diluted earnings per common share$1.50 $1.52 $1.25 $0.21 $1.23 (1)%22 %$4.26 $3.66 16 %
Average common shares and equivalents outstanding – diluted (in thousands)
742,080 751,596 762,268 772,102 781,781 (1)%(5)%752,555 793,364 (5)%
Financial ratios (Returns are annualized)
Pre-tax operating margin33 %33 %29 %6 %30 %32 %30 %
Return on common equity12.0 %12.7 %10.7 %1.8 %10.6 %11.8 %10.9 %
Return on tangible common equity – Non-GAAP (a)
22.8 %24.6 %20.7 %3.6 %20.6 %22.7 %21.3 %
Non-U.S. revenue as a percentage of total revenue 35 %36 %34 %36 %36 %35 %35 %
Period end
Assets under custody and/or administration (“AUC/A”) (in trillions) (b)
$52.1 $49.5 $48.8 $47.8 $45.7 5 %14 %
Assets under management (“AUM”) (in trillions)
$2.14 $2.05 $2.02 $1.97 $1.82 5 %18 %
Full-time employees (c)
52,600 52,000 52,100 53,400 53,600 1 %(2)%
Book value per common share$51.78 $49.46 $48.44 $47.97 $46.84 
Tangible book value per common share – Non-GAAP (a)
$28.01 $26.19 $25.44 $25.25 $24.52 
Cash dividends per common share$0.47 $0.42 $0.42 $0.42 $0.42 
Common dividend payout ratio32 %28 %34 %202 %35 %
Closing stock price per common share$71.86 $59.89 $57.62 $52.05 $42.65 
Market capitalization$52,248 $44,196 $43,089 $39,524 $32,801 
Common shares outstanding (in thousands)
727,078 737,957 747,816 759,344 769,073 
Capital ratios at period end (d)
Common Equity Tier 1 (“CET1”) ratio11.9 %11.4 %10.8 %11.5 %11.3 %
Tier 1 capital ratio14.5 %14.0 %13.4 %14.2 %14.3 %
Total capital ratio15.6 %15.0 %14.3 %14.9 %15.2 %
Tier 1 leverage ratio6.0 %5.8 %5.9 %6.0 %6.1 %
Supplementary leverage ratio (“SLR”)7.0 %6.8 %7.0 %7.3 %7.2 %
(a) Non-GAAP information, for all periods presented, excludes goodwill and intangible assets, net of deferred tax liabilities. See “Explanation of GAAP and Non-GAAP Financial Measures” beginning on page 18 for the reconciliation of Non-GAAP measures.
(b) Includes the AUC/A of CIBC Mellon Global Securities Services Company (“CIBC Mellon”), a joint venture with the Canadian Imperial Bank of Commerce, of $1.9 trillion at Sept. 30, 2024, $1.7 trillion at June 30, 2024, March 31, 2024 and Dec. 31, 2023 and $1.5 trillion at Sept. 30, 2023.
(c) Beginning March 31, 2024, the number of full-time employees excludes interns.
(d) Regulatory capital ratios for Sept. 30, 2024 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for Sept. 30, 2024 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, for June 30, 2024 and March 31, 2024 was the Standardized Approach, and for Dec. 31, 2023 and Sept. 30, 2023 was the Advanced Approaches.
3


THE BANK OF NEW YORK MELLON CORPORATION
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CONDENSED CONSOLIDATED INCOME STATEMENT
(dollars in millions, except per share amounts; common shares in thousands)3Q24 vs.YTD24 vs.
3Q242Q241Q244Q233Q232Q243Q23YTD24YTD23YTD23
Revenue
Investment services fees$2,344 $2,359 $2,278 $2,242 $2,230 (1)%5 %$6,981 $6,601 6 %
Investment management and performance fees794 761 776 743 777 4 2 2,331 2,315 1 
Foreign exchange revenue175 184 152 143 154 (5)14 511 488 5 
Financing-related fees53 53 57 45 45 — 18 163 147 11 
Distribution and servicing fees38 41 42 41 39 (7)(3)121 107 13 
Total fee revenue3,404 3,398 3,305 3,214 3,245 — 5 10,107 9,658 5 
Investment and other revenue196 169 182 43 159 N/MN/M547 437 N/M
Total fee and other revenue3,600 3,567 3,487 3,257 3,404 1 6 10,654 10,095 6 
Net interest income1,048 1,030 1,040 1,101 1,016 2 3 3,118 3,244 (4)
Total revenue4,648 4,597 4,527 4,358 4,420 1 5 13,772 13,339 3 
Provision for credit losses23 — 27 84 3 N/MN/M50 35 N/M
Noninterest expense
Staff1,736 1,720 1,857 1,831 1,755 1 (1)5,313 5,264 1 
Software and equipment491 476 475 486 452 3 9 1,442 1,331 8 
Professional, legal and other purchased services370 374 349 406 368 (1)1 1,093 1,121 (2)
Net occupancy 130 134 124 162 140 (3)(7)388 380 2 
Sub-custodian and clearing117 134 119 117 121 (13)(3)370 358 3 
Distribution and servicing90 88 96 88 87 2 3 274 265 3 
Business development48 50 36 61 36 (4)33 134 122 10 
Bank assessment charges10 (7)17 670 37 N/MN/M20 118 N/M
Amortization of intangible assets12 13 12 14 15 (8)(20)37 43 (14)
Other96 88 91 160 78 9 23 275 298 (8)
Total noninterest expense3,100 3,070 3,176 3,995 3,089 1 — 9,346 9,300 — 
Income before income taxes 1,525 1,527 1,324 279 1,328 — 15 4,376 4,004 9 
Provision for income taxes 336 357 297 73 285 (6)18 990 906 9 
Net income 1,189 1,170 1,027 206 1,043 2 14 3,386 3,098 9 
Net (income) loss attributable to noncontrolling interests(7)(2)(2)2 (3)N/MN/M(11)(4)N/M
Preferred stock dividends(72)(25)(72)(46)(82)N/MN/M(169)(189)N/M
Net income applicable to common shareholders of The Bank of New York Mellon Corporation$1,110 $1,143 $953 $162 $958 (3)%16 %$3,206 $2,905 10 %
Average common shares and equivalents outstanding: Basic736,547 746,904 756,937 767,146 777,813 (1)%(5)%747,766 789,609 (5)%
Diluted742,080 751,596 762,268 772,102 781,781 (1)%(5)%752,555 793,364 (5)%
Earnings per common share: Basic$1.51 $1.53 $1.26 $0.21 $1.23 (1)%23 %$4.29 $3.68 17 %
Diluted$1.50 $1.52 $1.25 $0.21 $1.23 (1)%22 %$4.26 $3.66 16 %
N/M – Not meaningful.
4


THE BANK OF NEW YORK MELLON CORPORATION
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CONDENSED CONSOLIDATED BALANCE SHEET
20242023
(dollars in millions)Sept. 30June 30March 31Dec. 31Sept. 30
Assets
Cash and due from banks$6,234 $5,311 $5,305 $4,922 $4,904 
Interest-bearing deposits with the Federal Reserve and other central banks102,231 116,139 119,197 111,550 107,419 
Interest-bearing deposits with banks9,354 11,488 10,636 12,139 12,999 
Federal funds sold and securities purchased under resale agreements36,164 29,723 29,661 28,900 26,299 
Securities141,876 136,850 138,909 126,395 128,225 
Trading assets12,459 9,609 10,078 10,058 10,699 
Loans69,451 70,642 73,615 66,879 66,290 
Allowance for loan losses(296)(286)(322)(303)(211)
Net loans
69,155 70,356 73,293 66,576 66,079 
Premises and equipment3,380 3,267 3,136 3,163 3,234 
Accrued interest receivable1,319 1,253 1,343 1,150 1,141 
Goodwill16,338 16,217 16,228 16,261 16,159 
Intangible assets2,824 2,826 2,839 2,854 2,859 
Other assets26,127 25,500 24,103 25,909 25,035 
Total assets
$427,461 $428,539 $434,728 $409,877 $405,052 
Liabilities
Deposits$296,438 $304,311 $309,020 $283,669 $277,467 
Federal funds purchased and securities sold under repurchase agreements14,574 15,701 15,112 14,507 14,771 
Trading liabilities4,553 3,372 3,100 6,226 7,358 
Payables to customers and broker-dealers19,741 17,569 19,392 18,395 17,441 
Commercial paper301 301 — — — 
Other borrowed funds401 280 306 479 728 
Accrued taxes and other expenses5,138 4,729 4,395 5,411 5,225 
Other liabilities10,726 10,208 10,245 9,028 11,834 
Long-term debt33,199 30,947 32,396 31,257 29,205 
Total liabilities
385,071 387,418 393,966 368,972 364,029 
Temporary equity
Redeemable noncontrolling interests107 92 82 85 109 
Permanent equity
Preferred stock4,343 4,343 4,343 4,343 4,838 
Common stock14 14 14 14 14 
Additional paid-in capital29,230 29,139 29,055 28,908 28,793 
Retained earnings41,756 40,999 40,178 39,549 39,714 
Accumulated other comprehensive loss, net of tax(3,867)(4,900)(4,876)(4,893)(5,805)
Less: Treasury stock, at cost
(29,484)(28,752)(28,145)(27,151)(26,696)
Total The Bank of New York Mellon Corporation shareholders’ equity41,992 40,843 40,569 40,770 40,858 
Nonredeemable noncontrolling interests of consolidated investment management funds
291 186 111 50 56 
Total permanent equity
42,283 41,029 40,680 40,820 40,914 
Total liabilities, temporary equity and permanent equity
$427,461 $428,539 $434,728 $409,877 $405,052 
5


THE BANK OF NEW YORK MELLON CORPORATION
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FEE AND OTHER REVENUE
3Q24 vs.YTD24 vs.
(dollars in millions)3Q242Q241Q244Q233Q232Q243Q23YTD24YTD23YTD23
Investment services fees$2,344 $2,359 $2,278 $2,242 $2,230 (1)%5 %$6,981 $6,601 6 %
Investment management and performance fees:
Investment management fees (a)
781 753 766 724 747 4 5 2,300 2,253 2 
Performance fees13 8 10 19 30 N/MN/M31 62 N/M
Total investment management and performance fees (b)
794 761 776 743 777 4 2 2,331 2,315 1 
Foreign exchange revenue175 184 152 143 154 (5)14 511 488 5 
Financing-related fees53 53 57 45 45 — 18 163 147 11 
Distribution and servicing fees38 41 42 41 39 (7)(3)121 107 13 
Total fee revenue3,404 3,398 3,305 3,214 3,245 — 5 10,107 9,658 5 
Investment and other revenue:
Income (loss) from consolidated investment management funds28 8 15 26 (11)N/MN/M51 4 N/M
Seed capital gains (losses) (c)
3 — 14 18 (4)N/MN/M17 11 N/M
Other trading revenue79 77 69 47 86 N/MN/M225 184 N/M
Renewable energy investment gains6 8 6 2 1 N/MN/M20 26 N/M
Corporate/bank-owned life insurance36 26 28 39 29 N/MN/M90 79 N/M
Other investments gains (losses) (d)
12 30 17 55 (9)N/MN/M59 (8)N/M
Disposal (losses) gains— — — (6)2 N/MN/M— — N/M
Expense reimbursements from joint venture32 30 27 28 29 N/MN/M89 89 N/M
Other income (loss)17 7 7 (118)55 N/MN/M31 72 N/M
Net securities (losses)(17)(17)(1)(48)(19)N/MN/M(35)(20)N/M
Total investment and other revenue196 169 182 43 159 N/MN/M547 437 N/M
Total fee and other revenue$3,600 $3,567 $3,487 $3,257 $3,404 1 %6 %$10,654 $10,095 6 %
(a) Excludes seed capital gains (losses) related to consolidated investment management funds.
(b) On a constant currency basis, investment management and performance fees increased 2% (Non-GAAP) compared with 3Q23. See “Explanation of GAAP and Non-GAAP Financial Measures” beginning on page 18 for the reconciliation of this Non-GAAP measure.
(c) Includes gains (losses) on investments in BNY funds which hedge deferred incentive awards.
(d) Includes strategic equity, private equity and other investments.
N/M – Not meaningful.

6


THE BANK OF NEW YORK MELLON CORPORATION
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AVERAGE BALANCES AND INTEREST RATES
3Q242Q241Q244Q233Q23
Average balanceAverage rateAverage balanceAverage rateAverage balanceAverage rateAverage balanceAverage rateAverage balanceAverage rate
(dollars in millions; average rates are annualized)
Assets
Interest-earning assets:
Interest-bearing deposits with the Federal Reserve and other central banks$100,611 4.62 %$102,257 4.65 %$102,795 4.69 %$107,291 4.72 %$98,767 4.57 %
Interest-bearing deposits with banks10,559 4.15 11,210 3.91 11,724 4.16 12,110 4.26 12,287 4.04 
Federal funds sold and securities purchased under resale agreements31,183 36.65 (a)29,013 36.48 (a)27,019 36.22 (a)25,753 35.55 (a)26,915 30.47 (a)
Loans69,205 6.57 68,283 6.58 65,844 6.48 65,677 6.43 63,962 6.39 
Securities:
U.S. government obligations28,490 3.71 28,347 3.82 27,242 3.70 28,641 3.40 32,224 3.08 
U.S. government agency obligations62,572 3.26 62,549 3.29 63,135 3.22 59,067 2.95 59,481 2.87 
Other securities48,647 4.00 46,828 4.04 43,528 4.01 39,415 4.03 39,874 3.93 
Total investment securities139,709 3.61 137,724 3.66 133,905 3.57 127,123 3.39 131,579 3.24 
Trading securities (b)
5,667 5.33 5,146 5.89 4,846 5.75 6,220 5.59 5,534 5.49 
Total securities (b)
145,376 3.68 142,870 3.74 138,751 3.65 133,343 3.49 137,113 3.33 
Total interest-earning assets (b)
$356,934 7.40 %$353,633 7.24 %$346,133 7.06 %$344,174 6.86 %$339,044 6.45 %
Noninterest-earning assets59,463 58,866 57,852 57,431 58,247 
Total assets$416,397 $412,499 $403,985 $401,605 $397,291 
Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits$236,724 3.82 %$235,878 3.85 %$228,897 3.84 %$220,408 3.79 %$209,641 3.62 %
Federal funds purchased and securities sold under repurchase agreements16,584 62.85 (a)17,711 55.26 (a)16,133 55.91 (a)16,065 52.41 (a)21,512 36.07 (a)
Trading liabilities1,844 4.83 1,689 5.43 1,649 5.11 2,857 4.83 3,959 4.80 
Other borrowed funds418 3.15 351 8.61 502 3.47 465 5.56 540 4.47 
Commercial paper1,474 5.50 954 5.54 8 5.42 5 5.40 7 4.13 
Payables to customers and broker-dealers12,737 5.29 12,066 5.35 12,420 4.74 12,586 4.67 13,515 4.30 
Long-term debt33,154 5.93 31,506 5.92 31,087 5.82 30,702 5.70 31,161 5.52 
Total interest-bearing liabilities$302,935 7.36 %$300,155 7.18 %$290,696 6.99 %$283,088 6.81 %$280,335 6.37 %
Total noninterest-bearing deposits47,962 48,965 49,949 52,667 52,467 
Other noninterest-bearing liabilities24,122 22,839 23,005 24,962 23,699 
Total The Bank of New York Mellon Corporation shareholders’ equity41,115 40,387 40,248 40,823 40,711 
Noncontrolling interests263 153 87 65 79 
Total liabilities and equity$416,397 $412,499 $403,985 $401,605 $397,291 
Net interest margin1.16 %1.15 %1.19 %1.26 %1.18 %
Net interest margin (FTE) – Non-GAAP (c)
1.16 %1.15 %1.19 %1.26 %1.18 %
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $179 billion for 3Q24, $163 billion for 2Q24, $151 billion for 1Q24, $141 billion for 4Q23 and $126 billion for 3Q23. 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 5.43% for 3Q24, 5.51% for 2Q24, 5.49% for 1Q24, 5.48% for 4Q23 and 5.36% for 3Q23. On a Non-GAAP basis, excluding the impact of offsetting, the rate on federal funds purchased and securities sold under repurchase agreements would have been 5.32% for 3Q24, 5.41% for 2Q24, 5.38% for 1Q24, 5.35% for 4Q23 and 5.26% for 3Q23. We believe providing the rates excluding the impact of netting is useful to investors as it is more reflective of the actual rates earned and paid.
(b) Average rates were calculated on an FTE basis, at tax rates of approximately 21%.
(c) See “Explanation of GAAP and Non-GAAP Financial Measures” beginning on page 18 for the reconciliation of this Non-GAAP measure.
7


THE BANK OF NEW YORK MELLON CORPORATION
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CAPITAL AND LIQUIDITY
20242023
(dollars in millions)Sept. 30June 30March 31Dec. 31Sept. 30
Consolidated regulatory capital ratios (a)
Standardized Approach:
CET1 capital$19,687 $18,671 $18,383 $18,534 $18,156 
Tier 1 capital23,972 23,006 22,723 22,863 22,985 
Total capital25,865 24,538 24,310 24,414 24,552 
Risk-weighted assets165,457 164,094 169,909 156,178 153,167 
CET1 ratio11.9 %11.4 %10.8 %11.9 %11.9 %
Tier 1 capital ratio14.5 14.0 13.4 14.6 15.0 
Total capital ratio15.6 15.0 14.3 15.6 16.0 
Advanced Approaches:
CET1 capital$19,687 $18,671 $18,383 $18,534 $18,156 
Tier 1 capital23,972 23,006 22,723 22,863 22,985 
Total capital25,535 24,201 23,940 24,085 24,305 
Risk-weighted assets163,602 161,778 165,663 161,528 160,262 
CET1 ratio12.0 %11.5 %11.1 %11.5 %11.3 %
Tier 1 capital ratio14.7 14.2 13.7 14.2 14.3 
Total capital ratio15.6 15.0 14.5 14.9 15.2 
Tier 1 leverage ratio (a):
Average assets for Tier 1 leverage ratio$398,381 $394,672 $386,148 $383,705 $379,429 
Tier 1 leverage ratio6.0 %5.8 %5.9 %6.0 %6.1 %
SLR (a):
Leverage exposure$344,831 $336,971 $325,801 $313,555 $318,664 
SLR7.0 %6.8 %7.0 %7.3 %7.2 %
Average liquidity coverage ratio (a)
116 %115 %117 %117 %121 %
Average net stable funding ratio (a)
132 %132 %136 %135 %136 %
(a) Regulatory capital and liquidity ratios for Sept. 30, 2024 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for Sept. 30, 2024, was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, for June 30, 2024 and March 31, 2024 was the Standardized Approach, and for Dec. 31, 2023 and Sept. 30, 2023, was the Advanced Approaches.
8


THE BANK OF NEW YORK MELLON CORPORATION
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SECURITIES SERVICES BUSINESS SEGMENT
3Q24 vs.YTD24 vs.
(dollars in millions)3Q242Q241Q244Q233Q232Q243Q23YTD24YTD23YTD23
Revenue:
Investment services fees:
Asset Servicing$1,021 $1,018 $1,013 $975 $976 — %5 %$3,052 $2,897 5 %
Issuer Services285 322 261 285 281 (11)1 868 836 4 
Total investment services fees1,306 1,340 1,274 1,260 1,257 (3)4 3,920 3,733 5 
Foreign exchange revenue137 144 124 118 107 (5)28 405 370 9 
Other fees (a)
57 56 59 54 52 2 10 172 161 7 
Total fee revenue1,500 1,540 1,457 1,432 1,416 (3)6 4,497 4,264 5 
Investment and other revenue105 104 99 112 65 N/MN/M308 221 N/M
Total fee and other revenue1,605 1,644 1,556 1,544 1,481 (2)8 4,805 4,485 7 
Net interest income609 595 583 635 600 2 2 1,787 1,934 (8)
Total revenue2,214 2,239 2,139 2,179 2,081 (1)6 6,592 6,419 3 
Provision for credit losses15 (3)11 64 19 N/MN/M23 35 N/M
Noninterest expense (ex. amortization of intangible assets)1,550 1,547 1,530 1,645 1,590 — (3)4,627 4,682 (1)
Amortization of intangible assets7 7 7 8 8 — (13)21 23 (9)
Total noninterest expense1,557 1,554 1,537 1,653 1,598 — (3)4,648 4,705 (1)
Income before income taxes$642 $688 $591 $462 $464 (7)%38 %$1,921 $1,679 14 %
Total revenue by line of business:
Asset Servicing$1,720 $1,687 $1,668 $1,675 $1,585 2 %9 %$5,075 $4,937 3 %
Issuer Services494 552 471 504 496 (11)— 1,517 1,482 2 
Total revenue by line of business$2,214 $2,239 $2,139 $2,179 $2,081 (1)%6 %$6,592 $6,419 3 %
Financial ratios:
Pre-tax operating margin29 %31 %28 %21 %22 %29 %26 %
Memo: Securities lending revenue (b)
$47 $46 $46 $48 $46 2 %2 %$139 $141 (1)%
(a) Other fees primarily include financing-related fees.
(b) Included in investment services fees reported in the Asset Servicing line of business.
N/M – Not meaningful.
9


THE BANK OF NEW YORK MELLON CORPORATION
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SECURITIES SERVICES BUSINESS SEGMENT
3Q24 vs.YTD24 vs.
(dollars in millions, unless otherwise noted)3Q242Q241Q244Q233Q232Q243Q23YTD24YTD23YTD23
Selected balance sheet data:
Average loans$11,077 $11,103 $11,204 $11,366 $11,236 — %(1)%$11,128 $11,154 — %
Average assets (a)
$199,057 $196,015 $191,544 $200,040 $190,964 2 %4 %$195,552 $196,556 (1)%
Average deposits$180,500 $178,495 $174,687 $171,086 $162,509 1 %11 %$177,904 $167,510 6 %
Selected metrics:
AUC/A at period end (in trillions) (b)(c)
$37.5 $35.7 $35.4 $34.2 $32.3 5 %16 %
Market value of securities on loan at period end (in billions) (d)
$484 $481 $486 $450 $406 1 %19 %
Issuer Services
Total debt serviced at period end (in trillions)
$14.3 $14.1 $14.0 $14.0 $13.8 1 %4 %
Number of sponsored Depositary Receipts programs at period end507 516 527 543 559 (2)%(9)%
(a) In business segments where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.
(b) Sept. 30, 2024 information is preliminary.
(c) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Issuer Services line of business. Includes the AUC/A of CIBC Mellon of $1.9 trillion at Sept. 30, 2024, $1.7 trillion at June 30, 2024, March 31, 2024 and Dec. 31, 2023 and $1.5 trillion at Sept. 30, 2023.
(d) Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY acts as agent on behalf of CIBC Mellon clients, which totaled $67 billion at Sept. 30, 2024, $66 billion at June 30, 2024, $64 billion at March 31,2024 and $63 billion at Dec. 31, 2023 and Sept. 30, 2023.
10


THE BANK OF NEW YORK MELLON CORPORATION
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MARKET AND WEALTH SERVICES BUSINESS SEGMENT
3Q24 vs.YTD24 vs.
(dollars in millions)3Q242Q241Q244Q233Q232Q243Q23YTD24YTD23YTD23
Revenue:
Investment services fees:
Pershing$475 $474 $482 $472 $478 — %(1)%$1,431 $1,413 1 %
Treasury Services200 202 184 179 180 (1)11 586 538 9 
Clearance and Collateral Management354 338 329 322 305 5 16 1,021 890 15 
Total investment services fees1,029 1,014 995 973 963 1 7 3,038 2,841 7 
Foreign exchange revenue23 23 24 21 21 — 10 70 60 17 
Other fees (a)
58 58 58 50 49 — 18 174 152 14 
Total fee revenue1,110 1,095 1,077 1,044 1,033 1 7 3,282 3,053 8 
Investment and other revenue20 23 17 16 16 N/MN/M60 47 N/M
Total fee and other revenue1,130 1,118 1,094 1,060 1,049 1 8 3,342 3,100 8 
Net interest income415 417 423 436 401 — 3 1,255 1,274 (1)
Total revenue1,545 1,535 1,517 1,496 1,450 1 7 4,597 4,374 5 
Provision for credit losses7 (2)5 28 6 N/MN/M10 13 N/M
Noninterest expense (ex. amortization of intangible assets)833 832 833 836 790 — 5 2,498 2,363 6 
Amortization of intangible assets1 1 1 1 2 — (50)3 5 (40)
Total noninterest expense834 833 834 837 792 — 5 2,501 2,368 6 
Income before income taxes$704 $704 $678 $631 $652 — %8 %$2,086 $1,993 5 %
Total revenue by line of business:
Pershing$649 $663 $670 $669 $657 (2)%(1)%$1,982 $1,947 2 %
Treasury Services424 426 416 408 397 — 7 1,266 1,229 3 
Clearance and Collateral Management472 446 431 419 396 6 19 1,349 1,198 13 
Total revenue by line of business$1,545 $1,535 $1,517 $1,496 $1,450 1 %7 %$4,597 $4,374 5 %
Financial ratios:
Pre-tax operating margin46 %46 %45 %42 %45 %45 %46 %
(a) Other fees primarily include financing-related fees.
N/M – Not meaningful.

11


THE BANK OF NEW YORK MELLON CORPORATION
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MARKET AND WEALTH SERVICES BUSINESS SEGMENT
3Q24 vs.YTD24 vs.
(dollars in millions, unless otherwise noted)3Q242Q241Q244Q233Q232Q243Q23YTD24YTD23YTD23
Selected balance sheet data:
Average loans$42,730 $41,893 $39,271 $39,200 $37,496 2 %14 %$41,303 $36,930 12 %
Average assets (a)
$122,526 $124,790 $123,552 $132,357 $129,665 (2)%(6)%$123,619 $131,055 (6)%
Average deposits$88,856 $91,371 $89,539 $87,695 $84,000 (3)%6 %$89,918 $85,141 6 %
Selected metrics:
AUC/A at period end (in trillions) (b)(c)
$14.3 $13.4 $13.1 $13.3 $13.1 7 %9 %
Pershing
AUC/A at period end (in trillions) (b)
$2.7 $2.6 $2.6 $2.5 $2.4 4 %13 %
Net new assets (U.S. platform) (in billions) (d)
$(22)$(23)$(2)$(4)$23 N/MN/M
Daily average revenue trades (“DARTs”) (U.S. platform) (in thousands)
251 280 290 229 223 (10)%13 %
Average active clearing accounts (in thousands)
8,085 8,057 7,991 8,012 7,979 — %1 %
Treasury Services
Average daily U.S. dollar payment volumes242,243 241,253 237,124 243,005 233,620 — %4 %
Clearance and Collateral Management
Average tri-party collateral management balances (in billions)
$5,511 $5,298 $5,157 $5,248 $5,706 4 %(3)%
(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) Sept. 30, 2024 information is preliminary.
(c) Consists of AUC/A from the Clearance and Collateral Management and Pershing lines of business.
(d) Net new assets represent net flows of assets (e.g., net cash deposits and net securities transfers, including dividends and interest) in customer accounts in Pershing LLC, a U.S. broker-dealer.
N/M – Not meaningful.
12


THE BANK OF NEW YORK MELLON CORPORATION
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INVESTMENT AND WEALTH MANAGEMENT BUSINESS SEGMENT
3Q24 vs.YTD24 vs.
(dollars in millions)3Q242Q241Q244Q233Q232Q243Q23YTD24YTD23YTD23
Revenue:
Investment management fees$782 $754 $768 $725 $748 4 %5 %$2,304 $2,256 2 %
Performance fees13 8 10 19 30 N/MN/M31 62 N/M
Investment management and performance fees (a)
795 762 778 744 778 4 2 2,335 2,318 1 
Distribution and servicing fees68 69 70 66 62 (1)10 207 175 18 
Other fees (b)
(68)(64)(60)(55)(50)N/MN/M(192)(159)N/M
Total fee revenue795 767 788 755 790 4 1 2,350 2,334 1 
Investment and other revenue (c)
9 11 17 (121)1 N/MN/M37 19 N/M
Total fee and other revenue (c)
804 778 805 634 791 3 2 2,387 2,353 1 
Net interest income45 43 41 45 39 5 15 129 123 5 
Total revenue 849 821 846 679 830 3 2 2,516 2,476 2 
Provision for credit losses1 4 (1)(2)(9)N/MN/M4 (2)N/M
Noninterest expense (ex. amortization of intangible assets)668 663 736 680 670 1 — 2,067 2,076 — 
Amortization of intangible assets4 5 4 5 5 (20)(20)13 15 (13)
Total noninterest expense672 668 740 685 675 1 — 2,080 2,091 (1)
Income (loss) before income taxes$176 $149 $107 $(4)$164 18 %7 %$432 $387 12 %
Total revenue by line of business:
Investment Management$569 $549 $576 $415 $565 4 %1 %$1,694 $1,682 1 %
Wealth Management280 272 270 264 265 3 6 822 794 4 
Total revenue by line of business$849 $821 $846 $679 $830 3 %2 %$2,516 $2,476 2 %
Financial ratios:
Pre-tax operating margin21 %18 %13 %(1)%20 %17 %16 %
Adjusted pre-tax operating margin – Non-GAAP (d)
23 %20 %14 %(1)%22 %19 %18 %
Selected balance sheet data:
Average loans$13,648 $13,520 $13,553 $13,405 $13,519 1 %1 %$13,574 $13,823 (2)%
Average assets (e)
$26,525 $26,031 $26,272 $26,341 $26,654 2 %— %$26,277 $27,106 (3)%
Average deposits$10,032 $11,005 $11,364 $12,039 $13,578 (9)%(26)%$10,798 $15,035 (28)%
(a) On a constant currency basis, investment management and performance fees increased 2% (Non-GAAP) compared with 3Q23. See “Explanation of GAAP and Non-GAAP Financial Measures” beginning on page 18 for the reconciliation of this Non-GAAP measure.
(b) Other fees primarily include investment services fees.
(c) Investment and other revenue and total fee and other revenue are net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds.
(d) Net of distribution and servicing expense. See “Explanation of GAAP and Non-GAAP Financial Measures” beginning on page 18 for the reconciliation of this Non-GAAP measure.
(e) In business segments where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.
N/M – Not meaningful.
13


THE BANK OF NEW YORK MELLON CORPORATION
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AUM BY PRODUCT TYPE, CHANGES IN AUM AND WEALTH MANAGEMENT CLIENT ASSETS
3Q24 vs.YTD24 vs.
(dollars in billions)3Q242Q241Q244Q233Q232Q243Q23YTD24YTD23YTD23
AUM by product type (a)(b):
Equity$173 $167 $168 $145 $133 4 %30 %
Fixed income235 221 219 205 190 6 24 
Index498 485 474 459 425 3 17 
Liability-driven investments637 598 573 605 534 7 19 
Multi-asset and alternative investments175 173 174 170 156 1 12 
Cash426 401 407 390 383 6 11 
Total AUM$2,144 $2,045 $2,015 $1,974 $1,821 5 %18 %
Changes in AUM (a)(b):
Beginning balance of AUM$2,045 $2,015 $1,974 $1,821 $1,906 $1,974 $1,836 
Net inflows (outflows):
Long-term strategies:
Equity(2)(4)(4)(2)(3)(10)(10)
Fixed income4 4 12 3 (7)20 (7)
Liability-driven investments(4)4 13 4 1 13 8 
Multi-asset and alternative investments(6)(2)(5)(1)(4)(13)(8)
Total long-term active strategies (outflows) inflows(8)2 16 4 (13)10 (17)
Index(16)(4)(15)(10)(2)(35)(2)
Total long-term strategies (outflows) inflows(24)(2)1 (6)(15)(25)(19)
Short-term strategies:
Cash24 (7)16 7 7 33 (2)
Total net (outflows) inflows— (9)17 1 (8)8 (21)
Net market impact58 40 16 122 (50)114 (1)
Net currency impact41 (1)(10)30 (27)30 7 
Other— — 18 (c)— — 18 (c)— 
Ending balance of AUM$2,144 $2,045 $2,015 $1,974 $1,821 5 %18 %$2,144 $1,821 18 %
Wealth Management client assets (a)(d)
$333 $308 $309 $312 $292 8 %14 %
(a) Sept. 30, 2024 information is preliminary.
(b) Represents assets managed in the Investment and Wealth Management business segment.
(c) Reflects the realignment of similar products and services within our lines of business. Refer to Form 8-K dated March 26, 2024 for further information.
(d) Includes AUM and AUC/A in the Wealth Management line of business.
14


THE BANK OF NEW YORK MELLON CORPORATION
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OTHER SEGMENT
(dollars in millions)3Q242Q241Q244Q233Q23YTD24YTD23
Revenue:
Fee revenue$(1)$(4)$(17)$(17)$6 $(22)$7 
Investment and other revenue55 29 47 38 74 131 146 
Total fee and other revenue54 25 30 21 80 109 153 
Net interest (expense)(21)(25)(7)(15)(24)(53)(87)
Total revenue33 — 23 6 56 56 66 
Provision for credit losses— 1 12 (6)(13)13 (11)
Noninterest expense37 15 65 820 24 117 136 
(Loss) income before income taxes$(4)$(16)$(54)$(808)$45 $(74)$(59)
Selected balance sheet data:
Average loans and leases$1,750 $1,767 $1,816 $1,706 $1,711 $1,777 $1,656 
Average assets $68,289 $65,663 $62,617 $42,867 $50,008 $65,532 $53,756 
15


THE BANK OF NEW YORK MELLON CORPORATION
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SECURITIES PORTFOLIO
(dollars in millions)June 30, 20243Q24
change in
unrealized
gain (loss)		Sept. 30, 2024
Fair value
as a % of amortized
cost (a)
Unrealized
gain (loss)
% Floating
rate (b)
Ratings (c)
Amortized
cost (a)
Fair valueAAA/
AA-		A+/
A-		BBB+/
BBB-		BB+ and
lower		Not
rated
 Fair value
Agency RMBS$40,898 $1,310 $45,706 $42,779 94 %$(2,927)25 %100 %— %— %— %— %
U.S. Treasury28,633 340 30,095 29,653 99 (442)61 100 — — — — 
Non-U.S. government (d)
26,866 283 29,619 29,337 99 (282)37 94 3 3 — — 
Agency commercial MBS10,983 187 11,191 10,810 97 (381)41 100 — — — — 
CLOs7,354 (2)7,808 7,822 100 14 100 100 — — — — 
Foreign covered bonds
7,334 92 7,745 7,687 99 (58)47 100 — — — — 
U.S. government agencies
6,406 133 6,528 6,248 96 (280)29 100 — — — — 
Non-agency commercial MBS
2,893 54 2,918 2,769 95 (149)48 100 — — — — 
Non-agency RMBS1,670 15 1,735 1,598 92 (137)42 98 2 — — — 
Other asset-backed securities
823 30 686 647 94 (39)16 100 — — — — 
Other debt securities11 (1)12 10 89 (2)— — — — — 100 
Total securities$133,871 (e)$2,441 $144,043 $139,360 (e)(f)97 %$(4,683)(e)(g)43 %98 %1 %1 %— %— %
(a) Amortized cost reflects historical impairments, and is net of allowance for credit losses.
(b) Includes the impact of hedges.
(c) Represents ratings by S&P, or the equivalent.
(d) Includes supranational securities.
(e) Includes net unrealized gains on derivatives hedging securities available-for-sale (including terminated hedges) of $2,163 million at June 30, 2024 and $1,141 million at Sept. 30, 2024.
(f) The fair value of available-for-sale securities totaled $98,070 million at Sept. 30, 2024, net of hedges, or 70% of the fair value of the securities portfolio, net of hedges. The fair value of the held-to-maturity securities totaled $41,290 million at Sept. 30, 2024, or 30% of the fair value of the securities portfolio, net of hedges.
(g) At Sept. 30, 2024, includes pre-tax net unrealized losses of $1,026 million related to available-for-sale securities, net of hedges, and $3,657 million related to held-to-maturity securities. The after-tax unrealized losses, net of hedges, related to available-for-sale securities was $774 million and the after-tax equivalent related to held-to-maturity securities was $2,789 million.
Note: At Sept. 30, 2024, the amortizable purchase premium (net of discount) relating to securities was $253 million, and the accumulated basis adjustments on discontinued hedges of securities, which
          will also be accreted to net interest income over the remaining life of the security, was $727 million. Including the basis adjustments on discontinued hedges, the net accretion was $44 million in
          3Q24.
16


THE BANK OF NEW YORK MELLON CORPORATION
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ALLOWANCE FOR CREDIT LOSSES AND NONPERFORMING ASSETS
20242023
(dollars in millions)Sept. 30June 30March 31Dec. 31Sept. 30
Allowance for credit losses – beginning of period:
Allowance for loan losses$286 $322 $303 $211 $191 
Allowance for lending-related commitments73 81 87 85 91 
Allowance for other financial instruments (a)
37 37 24 29 41 
Allowance for credit losses – beginning of period$396 $440 $414 $325 $323 
Net (charge-offs) recoveries:
Charge-offs(18)(44)(1)— (1)
Recoveries— — — 5 — 
Total net (charge-offs) recoveries (18)(44)(1)5 (1)
Provision for credit losses (b)
23 — 27 84 3 
Allowance for credit losses – end of period$401 $396 $440 $414 $325 
Allowance for credit losses – end of period:
Allowance for loan losses$296 $286 $322 $303 $211 
Allowance for lending-related commitments75 73 81 87 85 
Allowance for other financial instruments (a)
30 37 37 24 29 
Allowance for credit losses – end of period$401 $396 $440 $414 $325 
Allowance for loan losses as a percentage of total loans0.43 %0.40 %0.44 %0.45 %0.32 %
Nonperforming assets$211 $227 $278 $237 $48 
(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 instruments within the scope of ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments.
17


THE BANK OF NEW YORK MELLON CORPORATION
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EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
BNY has included in this Financial Supplement certain Non-GAAP financial measures on a tangible basis as a supplement to GAAP information, which exclude goodwill and intangible assets, net of deferred tax liabilities. We believe that the return on tangible common equity – Non-GAAP is additional useful information for investors because it presents a measure of those assets that can generate income, and the tangible book value per common share – Non-GAAP is additional useful information because it presents the level of tangible assets in relation to shares of common stock outstanding.
Net interest income, on a fully taxable equivalent (“FTE”) basis – Non-GAAP and net interest margin (FTE) – Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income which allows for the comparison of amounts arising from both taxable and tax-exempt sources and is consistent with industry practice. The adjustment to an FTE basis has no impact on net income.
BNY has also included the adjusted pre-tax operating margin – Non-GAAP, which is the pre-tax operating margin for the Investment and Wealth Management business segment, net of distribution and servicing expense that was passed to third parties who distribute or service our managed funds. We believe that this measure is useful when evaluating the performance of the Investment and Wealth Management business segment relative to industry competitors.
The presentation of the growth rates of investment management and performance fees on a constant currency basis permits investors to assess the significance of changes in foreign currency exchange rates. Growth rates on a constant currency basis were determined by applying the current period foreign currency exchange rates to the prior period revenue. We believe that this presentation, as a supplement to GAAP information, gives investors a clearer picture of the related revenue results without the variability caused by fluctuations in foreign currency exchange rates.
Notes:
Return on common and tangible common equity ratios are annualized.
Return on common equity and tangible common equity reconciliation
(dollars in millions)3Q242Q241Q244Q233Q23YTD24YTD23
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP$1,110 $1,143 $953 $162 $958 $3,206 $2,905 
Add: Amortization of intangible assets12 13 12 14 15 37 43 
Less: Tax impact of amortization of intangible assets3 3 3 4 3 9 10 
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP$1,119 $1,153 $962 $172 $970 $3,234 $2,938 
Average common shareholders’ equity$36,772 $36,044 $35,905 $36,050 $35,873 $36,242 $35,672 
Less: Average goodwill16,281 16,229 16,238 16,199 16,237 16,250 16,206 
 Average intangible assets2,827 2,834 2,848 2,858 2,875 2,836 2,887 
Add: Deferred tax liability – tax deductible goodwill1,220 1,213 1,209 1,205 1,197 1,220 1,197 
 Deferred tax liability – intangible assets656 655 655 657 657 656 657 
Average tangible common shareholders’ equity – Non-GAAP$19,540 $18,849 $18,683 $18,855 $18,615 $19,032 $18,433 
Return on common equity – GAAP 12.0 %12.7 %10.7 %1.8 %10.6 %11.8 %10.9 %
Return on tangible common equity – Non-GAAP22.8 %24.6 %20.7 %3.6 %20.6 %22.7 %21.3 %
18


THE BANK OF NEW YORK MELLON CORPORATION
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EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Book value and tangible book value per common share reconciliation20242023
(dollars in millions, except common shares and unless otherwise noted)Sept. 30June 30March 31Dec. 31Sept. 30
BNY shareholders’ equity at period end – GAAP$41,992 $40,843 $40,569 $40,770 $40,858 
Less: Preferred stock4,343 4,343 4,343 4,343 4,838 
BNY common shareholders’ equity at period end – GAAP37,649 36,500 36,226 36,427 36,020 
Less: Goodwill16,338 16,217 16,228 16,261 16,159 
Intangible assets2,824 2,826 2,839 2,854 2,859 
Add: Deferred tax liability – tax deductible goodwill1,220 1,213 1,209 1,205 1,197 
Deferred tax liability – intangible assets656 655 655 657 657 
BNY tangible common shareholders’ equity at period end – Non-GAAP$20,363 $19,325 $19,023 $19,174 $18,856 
Period-end common shares outstanding (in thousands)
727,078 737,957 747,816 759,344 769,073 
Book value per common share – GAAP$51.78 $49.46 $48.44 $47.97 $46.84 
Tangible book value per common share – Non-GAAP$28.01 $26.19 $25.44 $25.25 $24.52 
Net interest margin reconciliation
(dollars in millions)3Q242Q241Q244Q233Q23
Net interest income – GAAP$1,048 $1,030 $1,040 $1,101 $1,016 
Add: Tax equivalent adjustment— 1 — 1 — 
Net interest income (FTE) – Non-GAAP$1,048 $1,031 $1,040 $1,102 $1,016 
Average interest-earning assets$356,934 $353,633 $346,133 $344,174 $339,044 
Net interest margin – GAAP (a)
1.16 %1.15 %1.19 %1.26 %1.18 %
Net interest margin (FTE) – Non-GAAP (a)
1.16 %1.15 %1.19 %1.26 %1.18 %
(a) Net interest margin is annualized.
19


THE BANK OF NEW YORK MELLON CORPORATION
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EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Pre-tax operating margin reconciliation - Investment and Wealth Management business segment
(dollars in millions)3Q242Q241Q244Q233Q23YTD24YTD23
Income (loss) before income taxes – GAAP$176 $149 $107 $(4)$164 $432 $387 
Total revenue – GAAP$849 $821 $846 $679 $830 $2,516 $2,476 
Less: Distribution and servicing expense91 88 96 89 87 275 266 
Adjusted total revenue, net of distribution and servicing expense – Non-GAAP$758 $733 $750 $590 $743 $2,241 $2,210 
Pre-tax operating margin – GAAP (a)
21 %18 %13 %(1)%20 %17 %16 %
Adjusted pre-tax operating margin, net of distribution and servicing expense – Non-GAAP (a)
23 %20 %14 %(1)%22 %19 %18 %
(a) Income before income taxes divided by total revenue.
Constant currency reconciliations3Q24 vs.
(dollars in millions)3Q243Q233Q23
Consolidated:
Investment management and performance fees – GAAP$794 $777 2 %
Impact of changes in foreign currency exchange rates— 5 
Adjusted investment management and performance fees – Non-GAAP$794 $782 2 %
Investment and Wealth Management business segment:
Investment management and performance fees – GAAP$795 $778 2 %
Impact of changes in foreign currency exchange rates— 5 
Adjusted investment management and performance fees – Non-GAAP$795 $783 2 %
20

3Q 24 FINANCIAL October 11, 2024 HIGHLIGHTS

 
2 • Revenue Growth: Revenue of $4.6bn up 5% YoY – Investment services fees up 5% YoY – Investment management and performance fees up 2% YoY – Foreign exchange revenue up 14% YoY – Net interest income up 3% YoY • Expense Discipline: Expense of $3.1bn flat YoY; up 1%(b) excluding notable items • Balance Sheet Strength: – Average total deposits of $285bn up 9% YoY and flat QoQ – Tier 1 leverage ratio of 6.0% and CET1 ratio of 11.9% – LCR of 116% and NSFR of 132% • Profitability: – ROE of 12.0% and ROTCE(a) of 22.8% • Capital Returns: Returned $1,078mm to common shareholders, including $353mm of dividends and $725mm of share repurchases – 103% total payout ratio year-to-date 3Q24 Financial Highlights (a) Represents a non-GAAP measure. See page 13 in the Appendix for the corresponding reconciliation of the non-GAAP measure of ROTCE. (b) Represents a non-GAAP measure. See page 12 in the Appendix for the corresponding reconciliation of the non-GAAP measure of expense excluding notable items. Note: Above comparisons are 3Q24 vs. 3Q23, unless otherwise noted. +22% Revenue Growth: Pre-tax Margin: EPS Growth: 5% 33% ROTCE(a): 22.8% Tier 1 Leverage: 6.0% Expense Growth: 0%

 
3 3Q24 vs. $mm, except per share data or unless otherwise noted 3Q24 2Q24 3Q23 2Q24 3Q23 Income Statement Investment services fees $2,344 $2,359 $2,230 (1)% 5% Investment management and performance fees 794 761 777 4 2 Foreign exchange revenue 175 184 154 (5) 14 Other fee revenue 91 94 84 (3) 8 Total fee revenue $3,404 $3,398 $3,245 —% 5% Investment and other revenue 196 169 159 N/M N/M Net interest income 1,048 1,030 1,016 2 3 Total revenue $4,648 $4,597 $4,420 1% 5% Provision for credit losses 23 — 3 N/M N/M Noninterest expense 3,100 3,070 3,089 1 — Income before income taxes $1,525 $1,527 $1,328 —% 15%   Net income applicable to common shareholders $1,110 $1,143 $958 (3)% 16% Avg. common shares and equivalents outstanding (mm) - diluted 742 752 782 (1)% (5)% EPS $1.50 $1.52 $1.23 (1)% 22%   Key Performance Indicators Operating leverage(a) 13 bps 480 bps Pre-tax margin 33% 33% 30% ROE 12.0% 12.7% 10.6% ROTCE(b) 22.8% 24.6% 20.6% Non-GAAP measures, excluding notable items(c) Adjusted total revenue $4,648 $4,597 $4,418 1% 5% Adjusted noninterest expense 3,075 3,077 3,043 — 1 Adjusted EPS 1.52 1.51 1.27 1 20 Adjusted operating leverage 117 bps 416 bps Adjusted pre-tax margin 33% 33% 31% Adjusted ROTCE 23.2% 24.4% 21.4%   3Q24 Financial Results (a) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense. (b) Represents a non-GAAP measure. See page 13 in the Appendix for the corresponding reconciliation of the non-GAAP measure of ROTCE. (c) Each of the below line items represents a non-GAAP measure. See pages 12 and 13 in the Appendix for the corresponding reconciliations of these non-GAAP measures excluding notable items. N/M – not meaningful.

 
4     3Q24 2Q24 3Q23   Consolidated regulatory capital ratios(a)   Tier 1 capital ($mm) $23,972 $23,006 $22,985 Average assets for Tier 1 leverage ratio ($mm) 398,381 394,672 379,429 Tier 1 leverage ratio 6.0% 5.8% 6.1% Common Equity Tier 1 ("CET1") capital ($mm) $19,687 $18,671 $18,156 Risk-weighted assets ($mm) 165,457 164,094 160,262 CET1 ratio 11.9% 11.4% 11.3% Supplementary leverage ratio ("SLR") 7.0% 6.8% 7.2%                 Consolidated regulatory liquidity ratios(a)   Liquidity coverage ratio ("LCR") 116% 115% 121% Net stable funding ratio ("NSFR") 132% 132% 136%                 Capital returns Cash dividends per common share $0.47 $0.42 $0.42 Common stock dividends ($mm) $353 $322 $333 Common stock repurchases ($mm) 725 601 450 Total capital return ($mm) $1,078 $923 $783 Total payout ratio 97% 81% 82% Profitability ROE 12.0% 12.7% 10.6% ROTCE(b) 22.8% 24.6% 20.6% Adjusted ROTCE(c) 23.2% 24.4% 21.4%   Capital and Liquidity CAPITAL • Tier 1 leverage ratio of 6.0%, up 19 bps QoQ – Tier 1 capital of $24.0bn increased $966mm QoQ, primarily reflecting capital generated through earnings and improvements in accumulated other comprehensive income, partially offset by capital returned through common stock repurchases and dividends – Average assets for Tier 1 leverage ratio of $398.4bn increased $3.7bn QoQ • CET1 ratio of 11.9% up 52 bps QoQ – CET1 capital of $19.7bn increased $1,016mm QoQ, primarily reflecting capital generated through earnings and improvements in accumulated other comprehensive income, partially offset by capital returned through common stock repurchases and dividends – RWA of $165.5bn increased by $1.4bn QoQ LIQUIDITY • LCR of 116%, up 1%-pt QoQ • NSFR of 132%, flat QoQ (a) Note: See page 11 in the Appendix for corresponding footnotes. (b) Represents a non-GAAP measure. See page 13 in the Appendix for the corresponding reconciliation of the non-GAAP measure of ROTCE. (c) Represents a non-GAAP measure. See page 13 in the Appendix for the corresponding reconciliations of the non-GAAP measure of ROTCE excluding notable items.

 
5 1,016 1,101 1,040 1,030 1,048 3Q23 4Q23 1Q24 2Q24 3Q24 3Q24 vs.   3Q24   2Q24   3Q23   Total assets $416 1% 5% Total interest-earning assets $357 1% 5% Cash and reverse repo 142 — 3 Loans 69 1 8 Investment securities 140 1 6 Noninterest-bearing $48 (2)% (9)% Interest-bearing 237 — 13 Total deposits $285 —% 9%                Net Interest Income and Balance Sheet Trends Net Interest Income ($mm) 1.18% 1.26% 1.19% 1.15% 1.16% 3Q23 4Q23 1Q24 2Q24 3Q24 Net Interest Margin Balance Sheet Trends ($bn, average) • Net interest income of $1,048mm up 3% YoY and up 2% QoQ – QoQ increase primarily reflecting higher sponsored member cleared repo activity • Net interest margin of 1.16% down 2 bps YoY and up 1 bp QoQ • Avg. total deposits of $285bn up 9% YoY and flat QoQ

 
6 3Q24 vs. $mm, unless otherwise noted 3Q24 2Q24 3Q23 Asset Servicing $1,021 —% 5% Issuer Services 285 (11) 1 Total investment services fees $1,306 (3)% 4% Foreign exchange revenue 137 (5) 28 Other fees(a) 57 2 10 Investment and other revenue 105 N/M N/M Net interest income 609 2 2 Total revenue $2,214 (1)% 6% Provision for credit losses 15 N/M N/M Noninterest expense 1,557 — (3) Income before income taxes $642 (7)% 38%                 $bn, unless otherwise noted 3Q24 2Q24 3Q23 Pre-tax margin 29% 31% 22% AUC/A (trn)(b)(c) $37.5 $35.7 $32.3 Deposits (average) $181 $178 $163 Issuer Services Total debt serviced (trn) $14.3 $14.1 $13.8 Number of sponsored Depositary Receipts programs 507 516 559                 Securities Services Select Income Statement Data • Total revenue of $2,214mm up 6% YoY – Investment services fees up 4% YoY > Asset Servicing up 5% YoY, primarily reflecting higher market values > Issuer Services up 1% YoY, primarily reflecting higher Corporate Trust fees, partially offset by lower Depositary Receipts fees – Foreign exchange revenue up 28% YoY – Net interest income up 2% YoY • Noninterest expense of $1,557mm down 3% YoY, primarily reflecting efficiency savings and lower severance expense, partially offset by higher investments and employee merit increases • Income before income taxes of $642mm up 38% YoY Note: See page 11 in the Appendix for corresponding footnotes. N/M – not meaningful. Select Income Statement Data Key Performance Indicators

 
7 3Q24 vs. $mm, unless otherwise noted 3Q24 2Q24 3Q23 Pershing $475 —% (1)% Treasury Services 200 (1) 11 Clearance and Collateral Management 354 5 16 Total investment services fees $1,029 1% 7% Foreign exchange revenue 23 — 10 Other fees(a) 58 — 18 Investment and other revenue 20 N/M N/M Net interest income 415 — 3 Total revenue $1,545 1% 7% Provision for credit losses 7 N/M N/M Noninterest expense 834 — 5 Income before income taxes $704 —% 8%                 $bn, unless otherwise noted 3Q24 2Q24 3Q23 Pre-tax margin 46% 46% 45% AUC/A (trn)(b)(c) $14.3 $13.4 $13.1 Deposits (average) $89 $91 $84 Pershing AUC/A (trn)(b) $2.7 $2.6 $2.4 Net new assets (U.S. platform)(d) (22) (23) 23 Daily average revenue trades (DARTs) (U.S. platform) ('000) 251 280 223 Average active clearing accounts ('000) 8,085 8,057 7,979 Treasury Services U.S. dollar payment volumes (daily average) 242,243 241,253 233,620 Clearance and Collateral Management Tri-party collateral management balances (average) $5,511 $5,298 $5,706                 Market and Wealth Services Select Income Statement Data Key Performance Indicators Select Income Statement Data • Total revenue of $1,545mm up 7% YoY – Investment services fees up 7% YoY > Pershing down 1% YoY, primarily reflecting lost business in the prior year, partially offset by higher market values > Treasury Services up 11% YoY, primarily reflecting net new business > Clearance and Collateral Management up 16% YoY, primarily reflecting higher collateral management fees and clearance volumes – Foreign exchange revenue up 10% YoY – Net interest income up 3% YoY • Noninterest expense of $834mm up 5% YoY, primarily reflecting higher investments and employee merit increases, partially offset by efficiency savings • Income before income taxes of $704mm up 8% YoY Note: See page 11 in the Appendix for corresponding footnotes. N/M – not meaningful.

 
8 3Q24 vs. $mm, unless otherwise noted 3Q24 2Q24 3Q23 Investment management fees $782 4% 5% Performance fees 13 N/M N/M Distribution and servicing fees 68 (1) 10 Other fees(a) (68) N/M N/M Investment and other revenue(b) 9 N/M N/M Net interest income 45 5 15 Total revenue $849 3% 2% Provision for credit losses 1 N/M N/M Noninterest expense 672 1 — Income before income taxes $176 18% 7% Total revenue by line of business: Investment Management $569 4% 1% Wealth Management 280 3 6 Total revenue $849 3% 2%                 $bn, unless otherwise noted 3Q24 2Q24 3Q23 Pre-tax margin 21% 18% 20% Deposits $10 $11 $14 Assets under management ("AUM")(c) $2,144 $2,045 $1,821 Long-term active strategies net flows $(8) $2 $(13) Index net flows (16) (4) (2) Short-term strategies net flows 24 (7) 7 Total net flows $— (9) (8) Wealth Management Client assets(d) $333 $308 $292                 Investment and Wealth Management Select Income Statement Data Key Performance Indicators Select Income Statement Data • Total revenue of $849mm up 2% YoY – Investment Management up 1% YoY, primarily reflecting higher market values and improved seed capital results, partially offset by lower performance fees and the mix of AUM flows – Wealth Management up 6% YoY, primarily reflecting higher market values and net interest income, partially offset by changes in product mix • Noninterest expense of $672mm flat YoY, primarily reflecting efficiency savings, offset by employee merit increases and higher investments • Income before income taxes of $176mm up 7% YoY • AUM of $2.1trn up 18% YoY, primarily reflecting higher market values and the favorable impact of a weaker U.S. dollar • Wealth Management client assets of $333bn up 14% YoY, primarily reflecting higher market values and cumulative net inflows Note: See page 11 in the Appendix for corresponding footnotes. N/M – not meaningful.

 
9 $mm, unless otherwise noted 3Q24 2Q24 3Q23 Fee revenue $(1) $(4) $6 Investment and other revenue 55 29 74 Net interest (expense) (21) (25) (24) Total revenue $33 $— $56 Provision for credit losses — 1 (13) Noninterest expense 37 15 24 (Loss) income before income taxes $(4) $(16) $45                 Other Segment Select Income Statement Data Select Income Statement Data • Total revenue includes corporate treasury and other investment activity, including hedging activity which has an offsetting impact between fee and other revenue and net interest expense – YoY decrease primarily reflects 3Q23 debt extinguishment gains • Noninterest expense increased YoY, primarily reflecting higher staff expense, partially offset by a reduction in the FDIC special assessment

 
APPENDIX

 
11 Footnotes Page 4 – Capital and Liquidity (a) Regulatory capital and liquidity ratios for September 30, 2024 are preliminary. For our CET1 ratio, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for September 30, 2024 was the Standardized Approach, for June 30, 2024 was the Standardized Approach and for September 30, 2023 was the Advanced Approaches. Page 6 – Securities Services (a) Other fees primarily include financing-related fees. (b) September 30, 2024 information is preliminary. (c) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Issuer Services line of business. Includes the AUC/A of CIBC Mellon Global Securities Services Company (“CIBC Mellon”), a joint venture with the Canadian Imperial Bank of Commerce, of $1.9 trillion at September 30, 2024, $1.7 trillion at June 30, 2024 and $1.5 trillion at September 30, 2023. Page 7 – Market and Wealth Services (a) Other fees primarily include financing-related fees. (b) September 30, 2024 information is preliminary. (c) Consists of AUC/A from the Clearance and Collateral Management and Pershing lines of business. (d) Net new assets represent net flows of assets (e.g., net cash deposits and net securities transfers, including dividends and interest) in customer accounts in Pershing LLC, a U.S. broker-dealer. Page 8 – Investment and Wealth Management (a) Other fees primarily include investment services fees. (b) Investment and other revenue is net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds. (c) September 30, 2024 information is preliminary. Represents assets managed in the Investment and Wealth Management business segment. (d) September 30, 2024 information is preliminary. Includes AUM and AUC/A in the Wealth Management line of business.

 
12 Select Income Statement Data Reconciliation of Non-GAAP Measures – Impact of Notable Items 3Q24 vs.  $mm, except per share amounts 3Q24 2Q24 3Q23 2Q24 3Q23 Total revenue – GAAP $4,648 $4,597 $4,420 1% 5% Less: Disposal gain(a) — — 2 Adjusted total revenue, ex-notables — Non-GAAP $4,648 $4,597 $4,418 1% 5% Noninterest expense – GAAP $3,100 $3,070 $3,089 1% —% Less: Severance expense(b) 40 29 41 Litigation reserves(b) 2 2 5 FDIC special assessment(b) (17) (38) — Adjusted noninterest expense, ex-notables — Non-GAAP $3,075 $3,077 $3,043 —% 1% Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP $1,110 $1,143 $958 (3)% 16% Less: Disposal gain(a) — — — Severance expense(b) (31) (22) (32) Litigation reserves(b) (2) — (4) FDIC special assessment(b) 13 29 — Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation — Non-GAAP $1,130 $1,136 $994 (1)% 14% Diluted earnings per share – GAAP $1.50 $1.52 $1.23 (1)% 22% Less: Disposal gain(a) — — — Severance expense(b) (0.04) (0.03) (0.04) Litigation reserves(b) — — (0.01) FDIC special assessment(b) 0.02 0.04 — Adjusted diluted earnings per share — Non-GAAP $1.52 $1.51 $1.27 1% 20% Operating leverage – GAAP(c) 13 bps 480 bps Adjusted operating leverage — Non-GAAP(c) 117 bps 416 bps Pre-tax operating margin – GAAP(d) 33% 33% 30% Adjusted pre-tax operating margin — Non-GAAP(d) 33% 33% 31% (a) Reflected in Investment and other revenue. (b) Severance expense is reflected in Staff expense, Litigation reserves in Other expense, and FDIC special assessment in Bank assessment charges, respectively. (c) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense. (d) Income before taxes divided by total revenue. (e) Does not foot due to rounding.

 
13  $mm 3Q24 2Q24 3Q23 Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP $1,110 $1,143 $958 Add: Amortization of intangible assets 12 13 15 Less: Tax impact of amortization of intangible assets 3 3 3 Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets — Non-GAAP $1,119 $1,153 $970 Less: Disposal gain(a) — — — Severance expense(b) (31) (22) (32) Litigation reserves(b) (2) — (4) FDIC special assessment(b) 13 29 — Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets and notable items — Non-GAAP $1,139 $1,146 $1,006 Average common shareholders’ equity $36,772 $36,044 $35,873 Less: Average goodwill 16,281 16,229 16,237 Average intangible assets 2,827 2,834 2,875 Add: Deferred tax liability – tax deductible goodwill 1,220 1,213 1,197 Deferred tax liability – intangible assets 656 655 657 Average tangible common shareholders’ equity – Non-GAAP $19,540 $18,849 $18,615 Return on common equity(c) – GAAP 12.0% 12.7% 10.6% Adjusted return on common equity(c) – Non-GAAP 12.2% 12.7% 11.0% Return on tangible common equity(c) – Non-GAAP 22.8% 24.6% 20.6% Adjusted return on tangible common equity(c) – Non-GAAP 23.2% 24.4% 21.4%            Return on Common Equity and Tangible Common Equity Reconciliation (a) Reflected in Investment and other revenue. (b) Severance expense is reflected in Staff expense, Litigation reserves in Other expense, and FDIC special assessment in Bank assessment charges, respectively. (c) Returns are annualized.

 
14 A number of statements in our presentations, the accompanying slides and the responses to questions on our conference call discussing our quarterly results may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about The Bank of New York Mellon Corporation’s (the “Corporation,” “we,” “us,” or “our”) capital plans including dividends and repurchases, total payout ratio, financial performance, fee revenue, net interest income, expenses, cost discipline, efficiency savings, operating leverage, pre-tax margin, capital ratios, organic growth, pipeline, deposits, interest rates and yield curves, securities portfolio, taxes, investments, including in technology and product development, innovation in products and services, artificial intelligence, client experience, strategic priorities and initiatives, acquisition, related integration and divestiture activity, transition to a platforms operating model, capabilities, resiliency, risk profile, human capital management and the effects of the current and near-term market and macroeconomic outlook on us, including on our business, operations, financial performance and prospects. Preliminary business metrics and regulatory capital ratios are subject to change, possibly materially as we complete our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. Forward-looking statements may be expressed in a variety of ways, including the use of future or present tense language. Words such as “estimate,” “forecast,” “project,” “anticipate,” “likely,” “target,” “expect,” “intend,” “continue,” “seek,” “believe,” “plan,” “goal,” “could,” “should,” “would,” “may,” “might,” “will,” “strategy,” “synergies,” “opportunities,” “trends,” “momentum,” “ambition,” “aspiration,” “objective,” “aim,” “future,” “potentially,” “outlook” and words of similar meaning may signify forward-looking statements. These statements are not guarantees of future results or occurrences, are inherently uncertain and are based upon current beliefs and expectations of future events, many of which are, by their nature, difficult to predict, outside of our control and subject to change. By identifying these statements for you in this manner, we are alerting you to the possibility that our actual results may differ, possibly materially, from the anticipated results expressed or implied in these forward-looking statements as a result of a number of important factors. These factors include: changing levels of inflation and interest rates and the corresponding impacts on macroeconomic conditions, client behavior and our funding costs; liquidity and interest rate volatility; potential recessions or slowing of growth in the US, Europe and other regions; the impacts of continued hostilities in the Middle East; our ability to execute against our strategic initiatives; potential increased regulatory requirements and costs; and the risk factors and other uncertainties set forth in our Annual Report on Form 10-K for the year ended Dec. 31, 2023 (the “2023 Annual Report”) and our other filings with the Securities and Exchange Commission (the “SEC”). Forward-looking statements about the timing, profitability, benefits and other prospective aspects of business and expense initiatives, our financial outlook and our medium-term financial targets, and how they can be achieved, are based on our current expectations regarding our ability to execute against our strategic initiatives, as well as our balance sheet size and composition, and may change, possibly materially, from what is currently expected. Statements about our outlook on fee revenue are subject to various factors, including market levels, client activity, our ability to win and onboard new business, lost business, pricing pressure and our ability to launch new products to, and expand relationships with, existing clients. Statements about our outlook on net interest income are subject to various factors, including interest rates, continued quantitative tightening, re-investment yields and the size, mix and duration of our balance sheet size, including with respect to deposits, loan balances and the securities portfolio. Statements about our outlook on expenses are subject to various factors, including investments, revenue-related expenses, efficiency savings, merit increases, inflation and currency fluctuations. Statements about our target Tier 1 leverage ratio and CET1 ratio are subject to various factors, including capital requirements, interest rates, capital levels, risk-weighted assets and the size of our balance sheet, including deposit levels. Statements about Pershing X’s projected revenue are subject to various factors, including pricing, pipeline, demand from existing clients, the number of services and apps purchased, investments and inflation. Statements about the timing, manner and amount of any future common stock dividends or repurchases, as well as our outlook on total payout ratio, are subject to various factors, including our capital position, capital deployment opportunities, prevailing market conditions, legal and regulatory considerations and our outlook for the economic environment. Statements about our future effective tax rate are subject to various factors including, changes in the tax rates applicable to us, changes in our earnings mix, our profitability, the assumptions we have made in forecasting our expected tax rate, the interpretation or application of existing tax statutes and regulations, as well as any corporate tax legislation that may be enacted or any guidance that may be issued by the U.S. Internal Revenue Service. You should not place undue reliance on any forward-looking statement. All forward-looking statements speak only as of the date on which they were made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events. Non-GAAP Measures. In this presentation, the accompanying slides and our responses to questions, we may discuss certain non-GAAP measures in detailing our performance, which exclude certain items or otherwise include components that differ from GAAP. We believe these measures are useful to the investment community in analyzing the financial results and trends of ongoing operations. We believe they facilitate comparisons with prior periods and reflect the principal basis on which our management monitors financial performance. Additional disclosures relating to non-GAAP measures are contained in our reports filed with the SEC, including the 2023 Annual Report, the third quarter 2024 earnings release and the third quarter 2024 financial supplement, which are available at www.bny.com/investorrelations. Forward-Looking Non-GAAP Financial Measures. From time to time we may discuss forward-looking non-GAAP financial measures, such as forward-looking estimates or targets for expenses excluding notable items and for return on tangible common equity. We are unable to provide a reconciliation of forward- looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant to future results. Cautionary Statement

 

 
v3.24.3
Document and Entity Information
Oct. 11, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Oct. 11, 2024
Entity Registrant Name THE BANK OF NEW YORK MELLON CORPORATION
Entity Incorporation, State or Country Code DE
Entity File Number 001-35651
Entity Tax Identification Number 13-2614959
Entity Address, Address Line One 240 Greenwich Street
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10286
City Area Code 212
Local Phone Number 495-1784
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001390777
Amendment Flag false
New York Stock Exchange | Common Stock, $0.01 par value  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol BK
Security Exchange Name NYSE
New York Stock Exchange | 6.244% Fixed-to-Floating Rate Normal Preferred Capital Securities of Mellon Capital IV  
Entity Information [Line Items]  
Title of 12(b) Security 6.244% Fixed-to-Floating Rate Normal Preferred Capital Securities of Mellon Capital IV
Trading Symbol BK/P
Security Exchange Name NYSE
Bank of New York Mellon (NYSE:BK)
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