Document


The Bank of New York Mellon Corporation

Financial Supplement

First Quarter 2024


Table of Contents




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

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

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

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

Note: Prior period results have been restated to reflect the adoption of new accounting guidance for our investments in renewable energy projects, effective Jan. 1, 2024. Prior period segment results have also been revised to reflect the realignment of similar products and services within our lines of business. Refer to Form 8-K dated March 26, 2024 for further information on these revisions.


THE BANK OF NEW YORK MELLON CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per common share amounts, or unless otherwise noted)																1Q24 vs.
	1Q24			4Q23			3Q23			2Q23			1Q23			4Q23		1Q23
Selected income statement data


Fee and other revenue	$	3,487		$	3,257		$	3,404		$	3,404		$	3,287		7	%	6	%
Net interest income	1,040			1,101			1,016			1,100			1,128			(6)		(8)
Total revenue	4,527			4,358			4,420			4,504			4,415			4		3
Provision for credit losses	27			84			3			5			27			N/M		N/M
Noninterest expense	3,176			3,995			3,089			3,111			3,100			(21)		2
Income before income taxes	1,324			279			1,328			1,388			1,288			375		3
Provision for income taxes	297			73			285			315			306			307		(3)
Net income	$	1,027		$	206		$	1,043		$	1,073		$	982		399	%	5	%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	953		$	162		$	958		$	1,036		$	911		488	%	5	%
Diluted earnings per common share	$	1.25		$	0.21		$	1.23		$	1.31		$	1.13		495	%	11	%
Average common shares and equivalents outstanding – diluted (in thousands)	762,268			772,102			781,781			790,725			807,718			(1)	%	(6)	%

Financial ratios (Returns are annualized)
Pre-tax operating margin	29		%	6		%	30		%	31		%	29		%
Return on common equity	10.7		%	1.8		%	10.6		%	11.7		%	10.4		%
Return on tangible common equity – Non-GAAP (a)	20.7		%	3.6		%	20.6		%	22.8		%	20.5		%
Non-U.S. revenue as a percentage of total revenue	34		%	36		%	36		%	36		%	34		%

Period end
Assets under custody and/or administration (“AUC/A”) (in trillions) (b)	$	48.8		$	47.8		$	45.7		$	46.9		$	46.6		2	%	5	%
Assets under management (“AUM”) (in trillions)	$	2.02		$	1.97		$	1.82		$	1.91		$	1.91		2	%	6	%
Full-time employees	52,100			53,400			53,600			53,200			51,600			(2)	%	1	%
Book value per common share	$	48.44		$	47.97		$	46.84		$	46.21		$	45.22
Tangible book value per common share – Non-GAAP (a)	$	25.44		$	25.25		$	24.52		$	24.03		$	23.38
Cash dividends per common share	$	0.42		$	0.42		$	0.42		$	0.37		$	0.37
Common dividend payout ratio	34		%	202		%	35		%	29		%	33		%
Closing stock price per common share	$	57.62		$	52.05		$	42.65		$	44.52		$	45.44
Market capitalization	$	43,089		$	39,524		$	32,801		$	34,671		$	35,858
Common shares outstanding (in thousands)	747,816			759,344			769,073			778,782			789,134

Capital ratios at period end (c)
Common Equity Tier 1 ("CET1") ratio	10.8		%	11.5		%	11.3		%	11.0		%	10.9		%
Tier 1 capital ratio	13.4		%	14.2		%	14.3		%	14.0		%	13.9		%
Total capital ratio	14.3		%	14.9		%	15.2		%	14.8		%	14.7		%
Tier 1 leverage ratio	5.9		%	6.0		%	6.1		%	5.7		%	5.8		%
Supplementary leverage ratio ("SLR")	7.0		%	7.3		%	7.2		%	7.0		%	6.8		%
(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 $1.7 trillion at March 31, 2024 and Dec. 31, 2023, $1.5 trillion at Sept. 30, 2023, $1.6 trillion at June 30, 2023 and $1.5 trillion at March 31, 2023.
(c) Regulatory capital ratios for March 31, 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 March 31, 2024, was the Standardized Approach, and for Dec. 31, 2023, Sept. 30, 2023, June 30, 2023 and March 31, 2023, was the Advanced Approaches.
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED INCOME STATEMENT

(dollars in millions, except per share amounts; common shares in thousands)											1Q24 vs.
	1Q24		4Q23		3Q23		2Q23		1Q23		4Q23		1Q23
Revenue
Investment services fees	$	2,278	$	2,242	$	2,230	$	2,252	$	2,119	2	%	8	%
Investment management and performance fees	776		743		777		762		776		4		—
Foreign exchange revenue	152		143		154		158		176		6		(14)
Financing-related fees	57		45		45		50		52		27		10
Distribution and servicing fees	42		41		39		35		33		2		27
Total fee revenue	3,305		3,214		3,245		3,257		3,156		3		5
Investment and other revenue	182		43		159		147		131		N/M		N/M
Total fee and other revenue	3,487		3,257		3,404		3,404		3,287		7		6
Net interest income	1,040		1,101		1,016		1,100		1,128		(6)		(8)
Total revenue	4,527		4,358		4,420		4,504		4,415		4		3
Provision for credit losses	27		84		3		5		27		N/M		N/M
Noninterest expense
Staff	1,857		1,831		1,755		1,718		1,791		1		4
Software and equipment	475		486		452		450		429		(2)		11
Professional, legal and other purchased services	349		406		368		378		375		(14)		(7)
Net occupancy	124		162		140		121		119		(23)		4
Sub-custodian and clearing	119		117		121		119		118		2		1
Distribution and servicing	96		88		87		93		85		9		13
Business development	36		61		36		47		39		(41)		(8)
Bank assessment charges	17		670		37		41		40		(97)		(58)

Amortization of intangible assets	12		14		15		14		14		(14)		(14)
Other	91		160		78		130		90		(43)		1
Total noninterest expense	3,176		3,995		3,089		3,111		3,100		(21)		2
Income before income taxes	1,324		279		1,328		1,388		1,288		375		3
Provision for income taxes	297		73		285		315		306		307		(3)
Net income	1,027		206		1,043		1,073		982		399		5
Net (income) loss attributable to noncontrolling interests	(2)		2		(3)		(1)		—		N/M		N/M
Preferred stock dividends	(72)		(46)		(82)		(36)		(71)		N/M		N/M
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	953	$	162	$	958	$	1,036	$	911	488	%	5	%

Average common shares and equivalents outstanding: Basic	756,937		767,146		777,813		787,718		803,340		(1)	%	(6)	%
Diluted	762,268		772,102		781,781		790,725		807,718		(1)	%	(6)	%

Earnings per common share: Basic	$	1.26	$	0.21	$	1.23	$	1.32	$	1.13	500	%	12	%
Diluted	$	1.25	$	0.21	$	1.23	$	1.31	$	1.13	495	%	11	%
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET

	2024		2023
(in millions)	March 31		Dec. 31		Sept. 30		June 30		March 31
Assets
Cash and due from banks	$	5,305	$	4,922	$	4,904	$	5,720	$	5,564
Interest-bearing deposits with the Federal Reserve and other central banks	119,197		111,550		107,419		118,908		117,042
Interest-bearing deposits with banks	10,636		12,139		12,999		12,316		15,114
Federal funds sold and securities purchased under resale agreements	29,661		28,900		26,299		35,378		26,894
Securities	138,909		126,395		128,225		134,233		138,678
Trading assets	10,078		10,058		10,699		10,562		9,024
Loans	73,615		66,879		66,290		64,469		62,323
Allowance for loan losses	(322)		(303)		(211)		(191)		(170)
Net loans	73,293		66,576		66,079		64,278		62,153
Premises and equipment	3,136		3,163		3,234		3,241		3,248
Accrued interest receivable	1,343		1,150		1,141		963		978
Goodwill	16,228		16,261		16,159		16,246		16,192
Intangible assets	2,839		2,854		2,859		2,881		2,890
Other assets	24,103		25,909		25,035		25,455		27,122
Total assets	$	434,728	$	409,877	$	405,052	$	430,181	$	424,899
Liabilities
Deposits	$	309,020	$	283,669	$	277,467	$	292,045	$	281,294
Federal funds purchased and securities sold under repurchase agreements	15,112		14,507		14,771		21,285		26,540
Trading liabilities	3,100		6,226		7,358		6,319		5,705
Payables to customers and broker-dealers	19,392		18,395		17,441		21,084		22,598

Other borrowed funds	306		479		728		1,371		2,538
Accrued taxes and other expenses	4,395		5,411		5,225		4,986		4,548
Other liabilities	10,245		9,028		11,834		9,635		10,500
Long-term debt	32,396		31,257		29,205		32,463		30,489
Total liabilities	393,966		368,972		364,029		389,188		384,212
Temporary equity
Redeemable noncontrolling interests	82		85		109		104		96
Permanent equity
Preferred stock	4,343		4,343		4,838		4,838		4,838
Common stock	14		14		14		14		14
Additional paid-in capital	29,055		28,908		28,793		28,726		28,650
Retained earnings	40,178		39,549		39,714		39,090		38,350
Accumulated other comprehensive loss, net of tax	(4,876)		(4,893)		(5,805)		(5,602)		(5,543)
Less: Treasury stock, at cost	(28,145)		(27,151)		(26,696)		(26,242)		(25,790)
Total The Bank of New York Mellon Corporation shareholders’ equity	40,569		40,770		40,858		40,824		40,519
Nonredeemable noncontrolling interests of consolidated investment management funds	111		50		56		65		72
Total permanent equity	40,680		40,820		40,914		40,889		40,591
Total liabilities, temporary equity and permanent equity	$	434,728	$	409,877	$	405,052	$	430,181	$	424,899


THE BANK OF NEW YORK MELLON CORPORATION
FEE AND OTHER REVENUE

											1Q24 vs.
(dollars in millions)	1Q24		4Q23		3Q23		2Q23		1Q23		4Q23		1Q23
Investment services fees	$	2,278	$	2,242	$	2,230	$	2,252	$	2,119	2	%	8	%
Investment management and performance fees:
Investment management fees (a)	766		724		747		752		754		6		2
Performance fees	10		19		30		10		22		N/M		N/M
Total investment management and performance fees (b)	776		743		777		762		776		4		—
Foreign exchange revenue	152		143		154		158		176		6		(14)
Financing-related fees	57		45		45		50		52		27		10
Distribution and servicing fees	42		41		39		35		33		2		27
Total fee revenue	3,305		3,214		3,245		3,257		3,156		3		5
Investment and other revenue:
Income (loss) from consolidated investment management funds	15		26		(11)		10		5		N/M		N/M
Seed capital gains (losses) (c)	14		18		(4)		7		8		N/M		N/M
Other trading revenue	69		47		86		53		45		N/M		N/M
Renewable energy investment gains	6		2		1		5		20		N/M		N/M
Corporate/bank-owned life insurance	28		39		29		23		27		N/M		N/M
Other investments gains (losses) (d)	17		55		(9)		10		(9)		N/M		N/M
Disposal (losses) gains	—		(6)		2		(1)		(1)		N/M		N/M
Expense reimbursements from joint venture	27		28		29		31		29		N/M		N/M
Other income (loss)	7		(118)		55		9		8		N/M		N/M
Net securities (losses)	(1)		(48)		(19)		—		(1)		N/M		N/M
Total investment and other revenue	182		43		159		147		131		N/M		N/M
Total fee and other revenue	$	3,487	$	3,257	$	3,404	$	3,404	$	3,287	7	%	6	%
(a) Excludes seed capital gains (losses) related to consolidated investment management funds.
(b) On a constant currency basis (Non-GAAP), investment management and performance fees decreased 1% compared with 1Q23. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of this Non-GAAP measure.
(c) Includes gains (losses) on investments in BNY Mellon funds which hedge deferred incentive awards.
(d) Includes strategic equity, private equity and other investments.
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
AVERAGE BALANCES AND INTEREST RATES
	1Q24					4Q23					3Q23					2Q23					1Q23
	Average balance		Average rate			Average balance		Average rate			Average balance		Average rate			Average balance		Average rate			Average balance		Average rate
(dollars in millions; average rates are annualized)
Assets
Interest-earning assets:
Interest-bearing deposits with the Federal Reserve and other central banks	$	102,795	4.69	%		$	107,291	4.72	%		$	98,767	4.57	%		$	114,578	4.29	%		$	94,899	3.59	%
Interest-bearing deposits with banks	11,724		4.16			12,110		4.26			12,287		4.04			13,919		3.68			16,225		3.51
Federal funds sold and securities purchased under resale agreements	27,019		36.22		(a)	25,753		35.55		(a)	26,915		30.47		(a)	26,989		26.38		(a)	24,631		16.32		(a)
Loans	65,844		6.48			65,677		6.43			63,962		6.39			63,459		6.05			63,261		5.54
Securities:
U.S. government obligations	27,242		3.70			28,641		3.40			32,224		3.08			34,147		2.90			38,852		2.89
U.S. government agency obligations	63,135		3.22			59,067		2.95			59,481		2.87			61,565		2.78			62,280		2.60

Other securities (b)	43,528		4.01			39,415		4.03			39,874		3.93			40,989		3.59			42,452		3.21
Total investment securities (b)	133,905		3.57			127,123		3.39			131,579		3.24			136,701		3.05			143,584		2.86
Trading securities (b)	4,846		5.75			6,220		5.59			5,534		5.49			6,403		5.02			5,778		4.97
Total securities (b)	138,751		3.65			133,343		3.49			137,113		3.33			143,104		3.14			149,362		2.94
Total interest-earning assets (b)	$	346,133	7.06	%		$	344,174	6.86	%		$	339,044	6.45	%		$	362,049	5.77	%		$	348,378	4.56	%
Noninterest-earning assets	57,852					57,431					58,247					58,912					58,900
Total assets	$	403,985				$	401,605				$	397,291				$	420,961				$	407,278

Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits	$	228,897	3.84	%		$	220,408	3.79	%		$	209,641	3.62	%		$	215,057	3.24	%		$	204,114	2.71	%
Federal funds purchased and securities sold under repurchase agreements	16,133		55.91		(a)	16,065		52.41		(a)	21,512		36.07		(a)	26,282		26.39		(a)	18,316		19.75		(a)
Trading liabilities	1,649		5.11			2,857		4.83			3,959		4.80			3,893		4.46			3,025		4.05
Other borrowed funds	502		3.47			465		5.56			540		4.47			2,702		4.60			711		1.75
Commercial paper	8		5.42			5		5.40			7		4.13			5		5.11			—		—
Payables to customers and broker-dealers	12,420		4.74			12,586		4.67			13,515		4.30			14,801		3.85			16,954		3.08
Long-term debt	31,087		5.82			30,702		5.70			31,161		5.52			31,970		5.45			30,246		5.22
Total interest-bearing liabilities	$	290,696	6.99	%		$	283,088	6.81	%		$	280,335	6.37	%		$	294,710	5.61	%		$	273,366	4.17	%
Total noninterest-bearing deposits	49,949					52,667					52,467					62,152					69,886
Other noninterest-bearing liabilities	23,005					24,962					23,699					23,526					23,687
Total The Bank of New York Mellon Corporation shareholders’ equity	40,248					40,823					40,711					40,493					40,321
Noncontrolling interests	87					65					79					80					18
Total liabilities and equity	$	403,985				$	401,605				$	397,291				$	420,961				$	407,278
Net interest margin			1.19	%				1.26	%				1.18	%				1.20	%				1.29	%
Net interest margin (FTE) – Non-GAAP (c)			1.19	%				1.26	%				1.18	%				1.20	%				1.29	%
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $151 billion for 1Q24, $141 billion for 4Q23, $126 billion for 3Q23, $113 billion for 2Q23 and $62 billion for 1Q23. 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 5.49% for 1Q24, 5.48% for 4Q23, 5.36% for 3Q23, 5.10% for 2Q23 and 4.62% for 1Q23. 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 5.38% for 1Q24, 5.35% for 4Q23, 5.26% for 3Q23, 4.99% for 2Q23 and 4.49% for 1Q23. We believe providing the rates excluding the impact of netting is useful to investors as it is more reflective of the actual rates earned and paid.
(b) Average rates were calculated on an FTE basis, at tax rates of approximately 21%.
(c) See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of this Non-GAAP measure.


THE BANK OF NEW YORK MELLON CORPORATION
CAPITAL AND LIQUIDITY

	2024			2023
(dollars in millions)	March 31			Dec. 31			Sept. 30			June 30			March 31
Consolidated regulatory capital ratios (a)
Standardized Approach:
CET1 capital	$	18,382		$	18,534		$	18,156		$	18,018		$	17,761
Tier 1 capital	22,722			22,863			22,985			22,848			22,595
Total capital	24,309			24,414			24,552			24,413			24,161
Risk-weighted assets	169,851			156,178			153,167			153,158			157,186

CET1 ratio	10.8		%	11.9		%	11.9		%	11.8		%	11.3		%
Tier 1 capital ratio	13.4			14.6			15.0			14.9			14.4
Total capital ratio	14.3			15.6			16.0			15.9			15.4

Advanced Approaches:
CET1 capital	$	18,382		$	18,534		$	18,156		$	18,018		$	17,761
Tier 1 capital	22,722			22,863			22,985			22,848			22,595
Total capital	23,977			24,085			24,305			24,151			23,890
Risk-weighted assets	165,180			161,528			160,262			163,335			162,692

CET1 ratio	11.1		%	11.5		%	11.3		%	11.0		%	10.9		%
Tier 1 capital ratio	13.8			14.2			14.3			14.0			13.9
Total capital ratio	14.5			14.9			15.2			14.8			14.7

Tier 1 leverage ratio (a):
Average assets for Tier 1 leverage ratio	$	386,146		$	383,705		$	379,429		$	402,993		$	389,358
Tier 1 leverage ratio	5.9		%	6.0		%	6.1		%	5.7		%	5.8		%

SLR (a):
Leverage exposure	$	325,656		$	313,555		$	318,664		$	326,002		$	330,278
SLR	7.0		%	7.3		%	7.2		%	7.0		%	6.8		%

Average liquidity coverage ratio (a)	117		%	117		%	121		%	120		%	118		%
Average net stable funding ratio (a)	136		%	135		%	136		%	136		%	132		%
(a) Regulatory capital and liquidity ratios for March 31, 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 March 31, 2024, was the Standardized Approach, and for Dec. 31, 2023, Sept. 30, 2023, June 30, 2023 and March 31, 2023, was the Advanced Approaches.


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES SERVICES BUSINESS SEGMENT

																1Q24 vs.
(dollars in millions)	1Q24			4Q23			3Q23			2Q23			1Q23			4Q23		1Q23
Revenue:
Investment services fees:
Asset Servicing	$	1,013		$	975		$	976		$	980		$	941		4	%	8	%
Issuer Services	261			285			281			319			236			(8)		11
Total investment services fees	1,274			1,260			1,257			1,299			1,177			1		8
Foreign exchange revenue	124			118			107			124			139			5		(11)
Other fees (a)	59			54			52			54			55			9		7
Total fee revenue	1,457			1,432			1,416			1,477			1,371			2		6
Investment and other revenue	99			112			65			84			72			N/M		N/M
Total fee and other revenue	1,556			1,544			1,481			1,561			1,443			1		8
Net interest income	583			635			600			668			666			(8)		(12)
Total revenue	2,139			2,179			2,081			2,229			2,109			(2)		1
Provision for credit losses	11			64			19			16			—			N/M		N/M
Noninterest expense (ex. amortization of intangible assets)	1,530			1,645			1,590			1,560			1,532			(7)		—
Amortization of intangible assets	7			8			8			7			8			(13)		(13)
Total noninterest expense	1,537			1,653			1,598			1,567			1,540			(7)		—
Income before income taxes	$	591		$	462		$	464		$	646		$	569		28	%	4	%


Total revenue by line of business:
Asset Servicing	$	1,668		$	1,675		$	1,585		$	1,695		$	1,657		—	%	1	%
Issuer Services	471			504			496			534			452			(7)		4
Total revenue by line of business	$	2,139		$	2,179		$	2,081		$	2,229		$	2,109		(2)	%	1	%

Financial ratios:
Pre-tax operating margin	28		%	21		%	22		%	29		%	27		%

Memo: Securities lending revenue (b)	$	46		$	48		$	46		$	47		$	48		(4)	%	(4)	%
(a) Other fees primarily include financing-related fees.
(b) Included in investment services fees reported in the Asset Servicing line of business.
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES SERVICES BUSINESS SEGMENT

											1Q24 vs.
(dollars in millions, unless otherwise noted)	1Q24		4Q23		3Q23		2Q23		1Q23		4Q23		1Q23
Selected balance sheet data:
Average loans	$	11,204	$	11,366	$	11,236	$	11,283	$	10,939	(1)	%	2	%
Average assets (a)	$	191,544	$	200,040	$	190,964	$	202,207	$	196,560	(4)	%	(3)	%
Average deposits	$	174,687	$	171,086	$	162,509	$	172,863	$	167,209	2	%	4	%

Selected metrics:
AUC/A at period end (in trillions) (b)(c)	$	35.4	$	34.2	$	32.3	$	33.2	$	32.6	4	%	9	%
Market value of securities on loan at period end (in billions) (d)	$	486	$	450	$	406	$	415	$	441	8	%	10	%

Issuer Services
Total debt serviced at period end (in trillions) (e)	$	14.0	$	14.0	$	13.8	$	13.8	$	13.6	—	%	3	%
Number of sponsored Depositary Receipts programs at period end	527		543		559		564		577		(3)	%	(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) March 31, 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 $1.7 trillion at March 31,2024 and Dec. 31, 2023, $1.5 trillion at Sept. 30, 2023, $1.6 trillion at June 30, 2023 and $1.5 trillion at March 31, 2023.
(d) Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $64 billion at March 31,2024, $63 billion at Dec. 31, 2023 and Sept. 30, 2023, $66 billion at June 30, 2023, and $69 billion at March 31, 2023.
(e) Reported amounts have been revised from previously reported amounts.


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

																1Q24 vs.
(dollars in millions)	1Q24			4Q23			3Q23			2Q23			1Q23			4Q23		1Q23
Revenue:
Investment services fees:
Pershing	$	482		$	472		$	478		$	466		$	469		2	%	3	%
Treasury Services	184			179			180			183			175			3		5
Clearance and Collateral Management	329			322			305			295			290			2		13
Total investment services fees	995			973			963			944			934			2		7
Foreign exchange revenue	24			21			21			21			18			14		33
Other fees (a)	58			50			49			52			51			16		14
Total fee revenue	1,077			1,044			1,033			1,017			1,003			3		7
Investment and other revenue	17			16			16			16			15			N/M		N/M
Total fee and other revenue	1,094			1,060			1,049			1,033			1,018			3		7
Net interest income	423			436			401			420			453			(3)		(7)
Total revenue	1,517			1,496			1,450			1,453			1,471			1		3
Provision for credit losses	5			28			6			7			—			N/M		N/M
Noninterest expense (ex. amortization of intangible assets)	833			836			790			792			781			—		7
Amortization of intangible assets	1			1			2			2			1			—		—
Total noninterest expense	834			837			792			794			782			—		7
Income before income taxes	$	678		$	631		$	652		$	652		$	689		7	%	(2)	%


Total revenue by line of business:
Pershing	$	670		$	669		$	657		$	641		$	649		—	%	3	%
Treasury Services	416			408			397			413			419			2		(1)
Clearance and Collateral Management	431			419			396			399			403			3		7
Total revenue by line of business	$	1,517		$	1,496		$	1,450		$	1,453		$	1,471		1	%	3	%


Financial ratios:
Pre-tax operating margin	45		%	42		%	45		%	45		%	47		%
(a) Other fees primarily include financing-related fees.
N/M – Not meaningful.


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

											1Q24 vs.
(dollars in millions, unless otherwise noted)	1Q24		4Q23		3Q23		2Q23		1Q23		4Q23		1Q23
Selected balance sheet data:
Average loans	$	39,271	$	39,200	$	37,496	$	36,432	$	36,854	—	%	7	%
Average assets (a)	$	123,552	$	132,357	$	129,665	$	131,519	$	132,005	(7)	%	(6)	%
Average deposits	$	89,539	$	87,695	$	84,000	$	85,407	$	86,040	2	%	4	%

Selected metrics:
AUC/A at period end (in trillions) (b)(c)	$	13.1	$	13.3	$	13.1	$	13.4	$	13.7	(2)	%	(4)	%

Pershing
AUC/A at period end (in trillions) (b)	$	2.6	$	2.5	$	2.4	$	2.4	$	2.4	4	%	8	%
Net new assets (U.S. platform) (in billions) (d)	$	(2)	$	(4)	$	23	$	(34)	$	37	N/M		N/M
Daily average revenue trades ("DARTs") (U.S. platform) (in thousands)	290		229		223		223		261		27	%	11	%
Average active clearing accounts (in thousands)	7,991		8,012		7,979		7,946		7,849		—	%	2	%

Treasury Services
Average daily U.S. dollar payment volumes	237,124		243,005		233,620		233,931		236,322		(2)	%	—	%

Clearance and Collateral Management
Average tri-party collateral management balances (in billions)	$	5,157	$	5,248	$	5,706	$	6,044	$	5,626	(2)	%	(8)	%
(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) March 31, 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.


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

																1Q24 vs.
(dollars in millions)	1Q24			4Q23			3Q23			2Q23			1Q23			4Q23		1Q23
Revenue:
Investment management fees	$	768		$	725		$	748		$	753		$	755		6	%	2	%
Performance fees	10			19			30			10			22			N/M		N/M
Investment management and performance fees (a)	778			744			778			763			777			5		—
Distribution and servicing fees	70			66			62			58			55			6		27
Other fees (b)	(60)			(55)			(50)			(56)			(53)			N/M		N/M
Total fee revenue	788			755			790			765			779			4		1
Investment and other revenue (c)	17			(121)			1			12			6			N/M		N/M
Total fee and other revenue (c)	805			634			791			777			785			27		3
Net interest income	41			45			39			39			45			(9)		(9)
Total revenue	846			679			830			816			830			25		2
Provision for credit losses	(1)			(2)			(9)			7			—			N/M		N/M
Noninterest expense (ex. amortization of intangible assets)	736			680			670			674			732			8		1

Amortization of intangible assets	4			5			5			5			5			(20)		(20)
Total noninterest expense	740			685			675			679			737			8		—
Income (loss) before income taxes	$	107		$	(4)		$	164		$	130		$	93		N/M		15	%


Total revenue by line of business:
Investment Management	$	576		$	415		$	565		$	553		$	564		39	%	2	%
Wealth Management	270			264			265			263			266			2		2
Total revenue by line of business	$	846		$	679		$	830		$	816		$	830		25	%	2	%

Financial ratios:
Pre-tax operating margin	13		%	(1)		%	20		%	16		%	11		%
Adjusted pre-tax operating margin – Non-GAAP (d)	14		%	(1)		%	22		%	18		%	13		%

Selected balance sheet data:
Average loans	$	13,553		$	13,405		$	13,519		$	13,995		$	13,960		1	%	(3)	%
Average assets (e)	$	26,272		$	26,341		$	26,654		$	27,399		$	28,370		—	%	(7)	%
Average deposits	$	11,364		$	12,039		$	13,578		$	15,410		$	16,144		(6)	%	(30)	%
(a) On a constant currency basis, investment management and performance fees decreased 1% (Non-GAAP) compared with 1Q23. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of this Non-GAAP measure.
(b) Other fees primarily include investment services fees.
(c) Investment and other revenue and total fee and other revenue are net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds.
(d) Net of distribution and servicing expense. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of this Non-GAAP measure.
(e) In business segments where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.
N/M – Not meaningful.


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

												1Q24 vs.
(dollars in billions)	1Q24			4Q23		3Q23		2Q23		1Q23		4Q23		1Q23
AUM by product type (a)(b):
Equity	$	168		$	145	$	133	$	145	$	142	16	%	18	%
Fixed income	219			205		190		203		207		7		6
Index	474			459		425		440		408		3		16
Liability-driven investments	573			605		534		579		604		(5)		(5)
Multi-asset and alternative investments	174			170		156		162		161		2		8
Cash	407			390		383		377		386		4		5
Total AUM	$	2,015		$	1,974	$	1,821	$	1,906	$	1,908	2	%	6	%

Changes in AUM (a)(b):
Beginning balance of AUM	$	1,974		$	1,821	$	1,906	$	1,908	$	1,836
Net inflows (outflows):
Long-term strategies:
Equity	(4)			(2)		(3)		(3)		(4)
Fixed income	12			3		(7)		(4)		4
Liability-driven investments	13			4		1		(3)		10
Multi-asset and alternative investments	(5)			(1)		(4)		(1)		(3)
Total long-term active strategies inflows (outflows)	16			4		(13)		(11)		7
Index	(15)			(10)		(2)		2		(2)
Total long-term strategies inflows (outflows)	1			(6)		(15)		(9)		5
Short-term strategies:
Cash	16			7		7		(9)		—
Total net inflows (outflows)	17			1		(8)		(18)		5
Net market impact	16			122		(50)		(3)		52
Net currency impact	(10)			30		(27)		19		15
Other	18		(c)	—		—		—		—
Ending balance of AUM	$	2,015		$	1,974	$	1,821	$	1,906	$	1,908	2	%	6	%

Wealth Management client assets (a)(d)	$	309	(e)	$	312	$	292	$	286	$	279	(1)	%	11	%
(a) March 31, 2024 information is preliminary.
(b) Excludes assets managed outside of 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.
(e) The realignment of similar products and services within our lines of business reduced client assets attributed to the Wealth Management business. Refer to Form 8-K dated March 26, 2024 for further information.


THE BANK OF NEW YORK MELLON CORPORATION
OTHER SEGMENT

(in millions)	1Q24		4Q23		3Q23		2Q23		1Q23
Revenue:
Fee revenue	$	(17)	$	(17)	$	6	$	(2)	$	3
Investment and other revenue	47		38		74		34		38
Total fee and other revenue	30		21		80		32		41
Net interest (expense)	(7)		(15)		(24)		(27)		(36)
Total revenue	23		6		56		5		5
Provision for credit losses	12		(6)		(13)		(25)		27
Noninterest expense	65		820		24		71		41
(Loss) income before income taxes	$	(54)	$	(808)	$	45	$	(41)	$	(63)


Selected balance sheet data:
Average loans and leases	$	1,816	$	1,706	$	1,711	$	1,749	$	1,508
Average assets	$	62,617	$	42,867	$	50,008	$	59,836	$	50,343


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES PORTFOLIO

(dollars in millions)	Dec. 31, 2023			1Q24 change in unrealized gain (loss)		March 31, 2024					Fair value as a % of amortized cost (a)		Unrealized gain (loss)			% Floating rate (b)		Ratings (c)
						Amortized cost (a)		Fair value										AAA/ AA-		A+/ A-		BBB+/ BBB-		BB+ and lower		Not rated
	Fair value
Agency RMBS	$	39,333		$	(299)	$	45,805	$	41,642		91	%	$	(4,163)		23	%	100	%	—	%	—	%	—	%	—	%
U.S. Treasury	26,476			13		30,723		29,896			97		(827)			59		100		—		—		—		—
Non-U.S. government (d)	20,543			9		27,081		26,498			98		(583)			37		93		3		3		1		—
Agency commercial MBS	11,010			11		11,664		11,083			95		(581)			43		100		—		—		—		—
CLOs	7,119			16		7,238		7,248			100		10			100		100		—		—		—		—
U.S. government agencies	6,780			(5)		7,031		6,607			94		(424)			40		100		—		—		—		—
Foreign covered bonds	6,317			11		7,420		7,259			98		(161)			51		100		—		—		—		—
Non-agency commercial MBS	2,997			38		3,219		3,009			93		(210)			53		100		—		—		—		—
Non-agency RMBS	1,766			(6)		1,876		1,727			92		(149)			45		86		2		—		6		6
Other asset-backed securities	943			6		976		899			92		(77)			18		100		—		—		—		—

Other debt securities	11			1		12		11			90		(1)			—		—		—		—		—		100
Total securities	$	123,295	(e)	$	(205)	$	143,045	$	135,879	(e)(f)	95	%	$	(7,166)	(e)(g)	42	%	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 $1,767 million at Dec. 31, 2023 and $2,161 million at March 31, 2024.
(f) The fair value of available-for-sale securities totaled $92,666 million at March 31, 2024, net of hedges, or 68% of the fair value of the securities portfolio, net of hedges. The fair value of the held-to-maturity securities totaled $43,213 million at March 31, 2024, or 32% of the fair value of the securities portfolio, net of hedges.
(g) At March 31, 2024, includes pre-tax net unrealized losses of $1,975 million related to available-for-sale securities, net of hedges, and $5,191 million related to held-to-maturity securities. The after-tax unrealized losses, net of hedges, related to available-for-sale securities was $1,490 million and the after-tax equivalent related to held-to-maturity securities was $3,958 million.
Note: The amortizable purchase premium (net of discount) relating to securities was $419 million at March 31, 2024 and the amortization of that net purchase premium was $19 million in 1Q24.


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

	2024			2023
(dollars in millions)	March 31			Dec. 31			Sept. 30			June 30			March 31
Allowance for credit losses – beginning of period:
Allowance for loan losses	$	303		$	211		$	191		$	170		$	176
Allowance for lending-related commitments	87			85			91			83			78
Allowance for other financial instruments (a)	24			29			41			67			38
Allowance for credit losses – beginning of period	$	414		$	325		$	323		$	320		$	292

Net (charge-offs) recoveries:
Charge-offs	(1)			—			(1)			(4)			—
Recoveries	—			5			—			2			1
Total net (charge-offs) recoveries	(1)			5			(1)			(2)			1
Provision for credit losses (b)	27			84			3			5			27
Allowance for credit losses – end of period	$	440		$	414		$	325		$	323		$	320

Allowance for credit losses – end of period:
Allowance for loan losses	$	322		$	303		$	211		$	191		$	170
Allowance for lending-related commitments	81			87			85			91			83
Allowance for other financial instruments (a)	37			24			29			41			67
Allowance for credit losses – end of period	$	440		$	414		$	325		$	323		$	320

Allowance for loan losses as a percentage of total loans	0.44		%	0.45		%	0.32		%	0.30		%	0.27		%

Nonperforming assets	$	278		$	237		$	48		$	88		$	105
(a) Includes allowance for credit losses on federal funds sold and securities purchased under resale agreements, available-for-sale securities, held-to-maturity securities, accounts receivable, cash and due from banks and interest-bearing deposits with banks.
(b) Includes all other instruments within the scope of ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments.


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

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

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

The presentation of the growth rates of investment management and performance fees on a constant currency basis permits investors to assess the significance of changes in foreign currency exchange rates. Growth rates on a constant currency basis were determined by applying the current period foreign currency exchange rates to the prior period revenue. We believe that this presentation, as a supplement to GAAP information, gives investors a clearer picture of the related revenue results without the variability caused by fluctuations in foreign currency exchange rates.

Notes:


Return on common and tangible common equity ratios are annualized.



Return on common equity and tangible common equity reconciliation
(dollars in millions)	1Q24			4Q23			3Q23			2Q23			1Q23
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	953		$	162		$	958		$	1,036		$	911
Add: Amortization of intangible assets	12			14			15			14			14
Less: Tax impact of amortization of intangible assets	3			4			3			4			3
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP	$	962		$	172		$	970		$	1,046		$	922

Average common shareholders’ equity	$	35,905		$	36,050		$	35,873		$	35,655		$	35,483
Less: Average goodwill	16,238			16,199			16,237			16,219			16,160
Average intangible assets	2,848			2,858			2,875			2,888			2,899
Add: Deferred tax liability – tax deductible goodwill	1,209			1,205			1,197			1,193			1,187
Deferred tax liability – intangible assets	655			657			657			660			660
Average tangible common shareholders’ equity – Non-GAAP	$	18,683		$	18,855		$	18,615		$	18,401		$	18,271

Return on common equity – GAAP	10.7		%	1.8		%	10.6		%	11.7		%	10.4		%
Return on tangible common equity – Non-GAAP	20.7		%	3.6		%	20.6		%	22.8		%	20.5		%


THE BANK OF NEW YORK MELLON CORPORATION
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Book value and tangible book value per common share reconciliation	2024			2023
(dollars in millions, except common shares and unless otherwise noted)	March 31			Dec. 31			Sept. 30			June 30			March 31
BNY Mellon shareholders’ equity at period end – GAAP	$	40,569		$	40,770		$	40,858		$	40,824		$	40,519
Less: Preferred stock	4,343			4,343			4,838			4,838			4,838
BNY Mellon common shareholders’ equity at period end – GAAP	36,226			36,427			36,020			35,986			35,681
Less: Goodwill	16,228			16,261			16,159			16,246			16,192
Intangible assets	2,839			2,854			2,859			2,881			2,890
Add: Deferred tax liability – tax deductible goodwill	1,209			1,205			1,197			1,193			1,187
Deferred tax liability – intangible assets	655			657			657			660			660
BNY Mellon tangible common shareholders’ equity at period end – Non-GAAP	$	19,023		$	19,174		$	18,856		$	18,712		$	18,446

Period-end common shares outstanding (in thousands)	747,816			759,344			769,073			778,782			789,134

Book value per common share – GAAP	$	48.44		$	47.97		$	46.84		$	46.21		$	45.22
Tangible book value per common share – Non-GAAP	$	25.44		$	25.25		$	24.52		$	24.03		$	23.38



Net interest margin reconciliation
(dollars in millions)	1Q24			4Q23			3Q23			2Q23			1Q23
Net interest income – GAAP	$	1,040		$	1,101		$	1,016		$	1,100		$	1,128
Add: Tax equivalent adjustment	—			1			—			1			—
Net interest income (FTE) – Non-GAAP	$	1,040		$	1,102		$	1,016		$	1,101		$	1,128

Average interest-earning assets	$	346,133		$	344,174		$	339,044		$	362,049		$	348,378

Net interest margin – GAAP (a)	1.19		%	1.26		%	1.18		%	1.20		%	1.29		%
Net interest margin (FTE) – Non-GAAP (a)	1.19		%	1.26		%	1.18		%	1.20		%	1.29		%
(a) Net interest margin is annualized.


THE BANK OF NEW YORK MELLON CORPORATION
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Pre-tax operating margin reconciliation - Investment and Wealth Management business segment
(dollars in millions)	1Q24			4Q23			3Q23			2Q23			1Q23
Income (loss) before income taxes – GAAP	$	107		$	(4)		$	164		$	130		$	93

Total revenue – GAAP	$	846		$	679		$	830		$	816		$	830
Less: Distribution and servicing expense	96			89			87			93			86
Adjusted total revenue, net of distribution and servicing expense – Non-GAAP	$	750		$	590		$	743		$	723		$	744

Pre-tax operating margin – GAAP (a)	13		%	(1)		%	20		%	16		%	11		%
Adjusted pre-tax operating margin, net of distribution and servicing expense – Non-GAAP (a)	14		%	(1)		%	22		%	18		%	13		%
(a) Income before income taxes divided by total revenue.



Constant currency reconciliations							1Q24 vs.
(dollars in millions)	1Q24			1Q23			1Q23
Consolidated:
Investment management and performance fees – GAAP	$	776		$	776		—		%
Impact of changes in foreign currency exchange rates	—			5
Adjusted investment management and performance fees – Non-GAAP	$	776		$	781		(1)		%


Investment and Wealth Management business segment:
Investment management and performance fees – GAAP	$	778		$	777		—		%
Impact of changes in foreign currency exchange rates	—			5
Adjusted investment management and performance fees – Non-GAAP	$	778		$	782		(1)		%