Form 8-K Bank of New York Mellon For: Jan 18

January 18, 2022 6:46 AM


News Release

BNY MELLON REPORTS FOURTH QUARTER 2021 EARNINGS OF

$822 MILLION OR $1.01 PER COMMON SHARE

Revenue up 4% (a)

EPS up 28% (a)

ROE 9%

ROTCE 17% (c)

CET1 11.1%

Tier 1 leverage 5.5%

(a) Excluding notable items revenue up 3% and EPS up 8%. See note (c).

NEW YORK, January 18, 2022 – The Bank of New York Mellon Corporation (“BNY Mellon”) (NYSE: BK) today reported:


							4Q21 vs.
	4Q21		3Q21		4Q20		3Q21		4Q20
Net income applicable to common shareholders (in millions)	$	822	$	881	$	702	(7)	%	17	%

Diluted earnings per common share (b)	$	1.01	$	1.04	$	0.79	(3)	%	28	%

(b) Includes impact of notable items of $(0.04) per share in 4Q21, $(0.05) per share in 3Q21 and $(0.18) per share in 4Q20. See note (c).


Fourth Quarter Results

Total revenue of $4.0 billion, increased 4%; or 3% excluding notable items (c)

•Fee revenue increased 4%; or 8% excluding money market fee waivers (c)

•Net interest revenue decreased slightly

Provision for credit losses was a benefit of $17 million

Total noninterest expense of $3.0 billion, increased 1%; or

6% excluding notable items (c)

AUC/A of $46.7 trillion, increased 14%

AUM of $2.4 trillion, increased 10%

Securities Services

•Total revenue increased 5%

•Income before taxes increased 63%; or 24% excluding notable items (c)

•Pre-tax operating margin of 19%

Market and Wealth Services

•Total revenue increased 1%

•Income before taxes increased 4%

•Pre-tax operating margin of 43%

Investment and Wealth Management

•Total revenue increased 3%

•Income before taxes decreased 11%

•Pre-tax operating margin of 27%; adjusted pre-tax operating margin – Non-GAAP of 29% (c)


CEO Commentary

“2021 was in many regards a remarkable year for BNY Mellon. We made significant progress towards advancing our strategic priorities and growth agenda, and we delivered solid and improved financial results. Three broad themes really stood out: Our outstanding sales performance and improved broad-based organic growth, the number of innovative products and solutions that we’re bringing to the market across our businesses, and our enhanced effectiveness in delivering the full breadth of Securities Services, Market and Wealth Services, and Investment and Wealth Management with better, more holistic solutions for our clients,” Todd Gibbons, Chief Executive Officer, said.

Mr. Gibbons added, “Full-year EPS of $4.14 was up 8% year-over-year as the benefits of a supportive market backdrop and a benign credit environment together with our meaningfully improved organic growth more than offset the stiff headwind of lower interest rates. Having started 2021 with a significant amount of excess capital combined with our strong capital generation throughout the year allowed us to return $5.7 billion – or 160% of earnings – to our shareholders through common dividends and share repurchases.”

“The pace of innovation across the firm, including in areas such as digital assets, real-time payments, the Future of Collateral and Pershing X – to name just a few – gives me great confidence in our growth prospects. As we look to 2022 and beyond, we expect double-digit EPS growth as we are determined to continue delivering consistent organic growth which, together with the current expectation for higher rates, should allow us to generate positive operating leverage, while at the same time continue investing in the growth and efficiency of our businesses,” Mr. Gibbons concluded.


Media Relations: Garrett Marquis (949) 683-1503			Investor Relations: Marius Merz (212) 298-1480
(c) For information on these Non-GAAP measures, see “Explanation of GAAP and Non-GAAP financial measures” on page 12.
Note: Above comparisons are 4Q21 vs. 4Q20, unless otherwise noted.


BNY Mellon 4Q21 Earnings Release

CONSOLIDATED FINANCIAL HIGHLIGHTS


(in millions, except per share amounts and unless otherwise noted; not meaningful - N/M)							4Q21 vs.
	4Q21		3Q21		4Q20		3Q21		4Q20
Fee revenue	$	3,231	$	3,265	$	3,114	(1)	%	4	%
Investment and other revenue	107		129		49		N/M		N/M
Total fee and other revenue	3,338		3,394		3,163		(2)		6
Net interest revenue	677		641		680		6		—
Total revenue	4,015		4,035		3,843		—		4
Provision for credit losses	(17)		(45)		15		N/M		N/M
Noninterest expense	2,967		2,918		2,925		2		1
Income before income taxes	1,065		1,162		903		(8)		18
Provision for income taxes	196		219		148		(11)		32
Net income	$	869	$	943	$	755	(8)	%	15	%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	822	$	881	$	702	(7)	%	17	%


Operating leverage (a)												(217)		bps	304		bps


Diluted earnings per common share	$	1.01		$	1.04		$	0.79		(3)	%	28	%
Average common shares and equivalents outstanding - diluted (in thousands)	817,345			849,028			891,846
Pre-tax operating margin	27		%	29		%	24		%

(a) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense.

bps – basis points.

KEY DRIVERS (comparisons are 4Q21 vs. 4Q20, unless otherwise stated)

•Total revenue increased 4%, or 3% excluding notable items (a) primarily reflecting:

•Fee revenue increased 4% primarily reflecting the positive impact of higher market values and client volumes, partially offset by higher money market fee waivers. Excluding money market fee waivers, fee revenue increased 8% (a).

•Investment and other revenue increased primarily reflecting the 4Q20 losses on business sales.

•Net interest revenue decreased slightly primarily reflecting lower interest rates on interest-earning assets and the impact of hedging activities (primarily offset in fee and other revenue). This was partially offset by the benefit of lower funding and deposits rates and larger deposit and loan balances.

•Provision for credit losses was a benefit of $17 million primarily driven by an improvement in the macroeconomic forecast.

•Noninterest expense increased 1% primarily reflecting higher investments in growth, infrastructure and efficiency initiatives and higher revenue-related expenses, partially offset by lower litigation reserves, severance expense and real estate charges recorded in 4Q20. Excluding the notable items, noninterest expense increased 6% (a).

•Effective tax rate of 18.4%.

Assets under custody and/or administration (“AUC/A”) and Assets under management (“AUM”)

•AUC/A of $46.7 trillion, increased 14%, primarily reflecting net client inflows and higher market values, partially offset by the unfavorable impact of a stronger U.S. dollar.

•AUM of $2.4 trillion, increased 10%, primarily reflecting higher market values and net inflows.

Capital and liquidity

•Repurchased 22 million common shares for $1.2 billion; Dividends of $280 million to common shareholders (including dividend-equivalents on share-based awards).

•Return on common equity (“ROE”) of 9%; Return on tangible common equity (“ROTCE”) of 17% (a).

•Common Equity Tier 1 (“CET1”) ratio – 11.1%.

•Tier 1 leverage ratio – 5.5%.

•Average liquidity coverage ratio (“LCR”) – 109%.

•Total Loss Absorbing Capacity (“TLAC”) ratios exceed minimum requirements.

(a) See “Explanation of GAAP and Non-GAAP financial measures” on page 12 for additional information.

Note: Throughout this document, sequential growth rates are unannualized.


Page - 2


BNY Mellon 4Q21 Earnings Release

FULL-YEAR CONSOLIDATED FINANCIAL HIGHLIGHTS


(in millions, except per share amounts and unless otherwise noted; not meaningful - N/M)					2021 vs.
	2021		2020		2020
Fee revenue	$	12,977	$	12,515	4	%
Investment and other revenue	336		316		N/M
Total fee and other revenue	13,313		12,831		4
Net interest revenue	2,618		2,977		(12)
Total revenue	15,931		15,808		1
Provision for credit losses	(231)		336		N/M
Noninterest expense	11,514		11,004		5
Income before income taxes	4,648		4,468		4
Provision for income taxes	877		842		4
Net income	$	3,771	$	3,626	4	%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	3,552	$	3,423	4	%


Operating leverage (a)									(386)		bps


Diluted earnings per common share	$	4.14		$	3.83		8	%
Average common shares and equivalents outstanding - diluted (in thousands)	856,359			892,514
Pre-tax operating margin	29		%	28		%

(a) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense.

bps – basis points.

KEY DRIVERS (comparisons are 2021 vs. 2020, unless otherwise stated)

•Total revenue increased 1% primarily reflecting:

•Fee revenue increased 4% primarily reflecting the positive impact of higher market values and client volumes, and the favorable impact of a weaker U.S. dollar, partially offset by higher money market fee waivers. Excluding money market fee waivers, fee revenue increased 9% (a).

•Net interest revenue decreased 12% primarily reflecting lower interest rates on interest-earning assets, partially offset by the benefit of lower funding and deposits rates and larger deposit, loan and securities balances.

•Provision for credit losses was a benefit of $231 million compared with a provision of $336 million in 2020. The decrease was primarily driven by an improvement in the macroeconomic forecast.

•Noninterest expense increased 5% primarily reflecting incremental investments in growth, infrastructure and efficiency initiatives, higher revenue-related expenses and the unfavorable impact of a weaker U.S. dollar, partially offset by lower occupancy (including the impact of real estate charges recorded in 2020) and lower severance expense.

•Effective tax rate of 18.9%.

Capital and liquidity

•Repurchased 89.7 million common shares for $4.6 billion; Dividends of $1.1 billion to common shareholders (including dividend-equivalents on share-based awards).

•ROE of 9%; ROTCE of 17% (a).

(a) See “Explanation of GAAP and Non-GAAP financial measures” on page 12 for additional information.


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BNY Mellon 4Q21 Earnings Release

SECURITIES SERVICES BUSINESS SEGMENT HIGHLIGHTS


(dollars in millions, unless otherwise noted; not meaningful - N/M)										4Q21 vs.
	4Q21			3Q21			4Q20			3Q21		4Q20
Investment services fees:
Asset Servicing	$	984		$	979		$	896		1	%	10	%
Issuer Services	253			281			260			(10)		(3)
Total investment services fees	1,237			1,260			1,156			(2)		7
Foreign exchange revenue	148			125			139			18		6
Other fees (a)	28			30			39			(7)		(28)
Total fee revenue	1,413			1,415			1,334			—		6
Investment and other revenue	53			73			30			N/M		N/M
Total fee and other revenue	1,466			1,488			1,364			(1)		7
Net interest revenue	367			349			378			5		(3)
Total revenue	1,833			1,837			1,742			—		5
Provision for credit losses	(7)			(19)			23			N/M		N/M
Noninterest expense	1,490			1,543			1,504			(3)		(1)
Income before taxes	$	350		$	313		$	215		12	%	63	%

Total revenue by line of business:
Asset Servicing	$	1,456		$	1,437		$	1,357		1	%	7	%
Issuer Services	377			400			385			(6)		(2)
Total revenue by line of business	$	1,833		$	1,837		$	1,742		—	%	5	%

Pre-tax operating margin	19		%	17		%	12		%

Securities lending revenue (b)	$	45		$	45		$	36		—	%	25	%

Metrics:
Average loans	$	9,764		$	8,389		$	8,498		16	%	15	%
Average deposits	$	200,272		$	198,680		$	188,151		1	%	6	%

AUC/A at period end (in trillions) (current period is preliminary) (c)	$	34.6		$	33.8		$	30.6		2	%	13	%
Market value of securities on loan at period end (in billions) (d)	$	447		$	443		$	435		1	%	3	%

(a) Other fees primarily include financing-related fees.

(b) Included in investment services fees in the Asset Servicing business.

(c) Consists of AUC/A primarily from the Asset Servicing business and, to a lesser extent, the Issuer Services business. Includes the AUC/A of CIBC Mellon Global Securities Services Company (“CIBC Mellon”), a joint venture with the Canadian Imperial Bank of Commerce, of $1.7 trillion at Dec. 31, 2021 and Sept. 30, 2021 and $1.5 trillion at Dec. 31, 2020.

(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 $71 billion at Dec. 31, 2021 and $68 billion at Sept. 30, 2021 and Dec. 31, 2020.

KEY DRIVERS

•The drivers of the total revenue variances by line of business are indicated below. Also see page 9 for information related to money market fee waivers.

•Asset Servicing – The year-over-year increase primarily reflects higher activity from existing clients, higher market values, strategic equity investment gains and net new business, partially offset by higher money market fee waivers and lower net interest revenue. The sequential increase primarily reflects higher foreign exchange revenue and net interest revenue, partially offset by lower strategic equity investment gains.

•Issuer Services – The year-over-year decrease primarily reflects higher money market fee waivers and lower fees in Corporate Trust, partially offset by higher Depositary Receipts revenue. The sequential decrease primarily reflects seasonally lower Depositary Receipts revenue and lower Corporate Trust fees, partially offset by higher net interest revenue.

•Noninterest expense decreased 1% year-over-year primarily reflecting lower litigation reserves and severance expense, partially offset by higher investments in growth, infrastructure and efficiency initiatives. Excluding the notable items, noninterest expense increased 3%. Sequentially, noninterest expense decreased 3% primarily reflecting lower litigation reserves, partially offset by higher severance. Excluding the notable items, noninterest expense decreased slightly (a).

(a) Notable items in 4Q21, 3Q21 and 4Q20 include litigation reserves and severance expense. See “Explanation of GAAP and Non-GAAP financial measures” on page 12 for additional information.


Page - 4


BNY Mellon 4Q21 Earnings Release

MARKET AND WEALTH SERVICES BUSINESS SEGMENT HIGHLIGHTS


(dollars in millions, unless otherwise noted; not meaningful - N/M)										4Q21 vs.
	4Q21			3Q21			4Q20			3Q21		4Q20
Investment services fees:
Pershing	$	412		$	427		$	422		(4)	%	(2)	%
Treasury Services	170			168			163			1		4
Clearance and Collateral Management	236			228			220			4		7
Total investment services fees	818			823			805			(1)		2
Foreign exchange revenue	21			23			24			(9)		(13)
Other fees (a)	31			31			33			—		(6)
Total fee revenue	870			877			862			(1)		1
Investment and other revenue	6			13			9			N/M		N/M
Total fee and other revenue	876			890			871			(2)		1
Net interest revenue	297			283			292			5		2
Total revenue	1,173			1,173			1,163			—		1
Provision for credit losses	(3)			(16)			8			N/M		N/M
Noninterest expense	674			668			670			1		1
Income before taxes	$	502		$	521		$	485		(4)	%	4	%

Total revenue by line of business:
Pershing	$	553		$	566		$	563		(2)	%	(2)	%
Treasury Services	331			326			325			2		2
Clearance and Collateral Management	289			281			275			3		5
Total revenue by line of business	$	1,173		$	1,173		$	1,163		—	%	1	%

Pre-tax operating margin	43		%	44		%	42		%

Metrics:
Average loans	$	40,812		$	39,041		$	32,939		5	%	24	%
Average deposits	$	100,653		$	101,253		$	98,670		(1)	%	2	%

AUC/A at period end (in trillions) (current period is preliminary) (b)	$	11.8		$	11.2		$	10.2		5	%	16	%

(a) Other fees primarily include financing-related fees.

(b) Consists of AUC/A primarily from the Clearance and Collateral Management and Pershing businesses.

KEY DRIVERS

•The drivers of the total revenue variances by line of business are indicated below. Also see page 9 for information related to money market fee waivers.

•Pershing – The year-over-year decrease primarily reflects higher money market fee waivers and the impact of lost business, partially offset by higher market values, client balances and activity from existing clients. The sequential decrease primarily reflects the impact of lost business.

•Treasury Services – The year-over-year increase primarily reflects higher payment volumes and higher net interest revenue driven by higher deposit balances, partially offset by higher money market fee waivers. The sequential increase primarily reflects higher net interest revenue and payment volumes.

•Clearance and Collateral Management – The year-over-year increase primarily reflects higher collateral management fees driven by balances and higher clearance volumes. The sequential increase primarily reflects higher clearance volumes.

•Noninterest expense increased year-over-year primarily reflecting higher investments in growth, infrastructure and efficiency initiatives and revenue-related expenses, partially offset by lower severance expense. The sequential increase in noninterest expense primarily reflects higher severance expense.


Page - 5


BNY Mellon 4Q21 Earnings Release

INVESTMENT AND WEALTH MANAGEMENT BUSINESS SEGMENT HIGHLIGHTS


(dollars in millions, unless otherwise noted; not meaningful - N/M)										4Q21 vs.
	4Q21			3Q21			4Q20			3Q21		4Q20
Investment management fees	$	864		$	893		$	839		(3)	%	3	%
Performance fees	32			21			45			N/M		(29)
Investment management and performance fees	896			914			884			(2)		1
Distribution and servicing fees	28			28			29			—		(3)
Other fees (a)	22			20			(6)			N/M		N/M
Total fee revenue	946			962			907			(2)		4
Investment and other revenue (b)	23			23			33			N/M		N/M
Total fee and other revenue (b)	969			985			940			(2)		3
Net interest revenue	51			47			50			9		2
Total revenue	1,020			1,032			990			(1)		3
Provision for credit losses	(6)			(7)			(8)			N/M		N/M
Noninterest expense	748			691			687			8		9
Income before taxes	$	278		$	348		$	311		(20)	%	(11)	%

Total revenue by line of business:
Investment Management	$	709		$	727		$	714		(2)	%	(1)	%
Wealth Management	311			305			276			2		13
Total revenue by line of business	$	1,020		$	1,032		$	990		(1)	%	3	%

Pre-tax operating margin	27		%	34		%	32		%
Adjusted pre-tax operating margin – Non-GAAP (c)	29		%	36		%	34		%

Metrics:
Average loans	$	12,737		$	12,248		$	11,497		4	%	11	%
Average deposits	$	18,374		$	17,270		$	18,144		6	%	1	%

AUM (in billions) (current period is preliminary) (d)	$	2,434		$	2,310		$	2,211		5	%	10	%
Wealth Management client assets (in billions) (current period is preliminary) (e)	$	321		$	307		$	286		5	%	12	%

(a) Other fees primarily include investment services fees.

(b) Investment and other revenue and total fee and other revenue are net of income 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” on page 12 for information on this Non-GAAP measure.

(d) Excludes assets managed outside of the Investment and Wealth Management business segment.

(e) Includes AUM and AUC/A in the Wealth Management business.

KEY DRIVERS

•The drivers of the total revenue variances by line of business are indicated below. Also see page 9 for information related to money market fee waivers.

•Investment Management – The year-over-year decrease primarily reflects higher money market fee waivers, lower seed capital gains and lower performance fees, partially offset by higher market values and net inflows. The sequential decrease primarily reflects lower equity income, the unfavorable impact of a stronger U.S. dollar and higher money market fee waivers, partially offset by the timing of performance fees.

•Wealth Management – The year-over-year increase primarily reflects higher market values, the loss on a business sale in 4Q20 and higher net interest revenue. The sequential increase primarily reflects higher market values and net interest revenue.

•Noninterest expense increased year-over-year and sequentially primarily reflecting higher revenue-related expenses and investments in growth initiatives, partially offset by lower severance expense. The sequential increase was also partially offset by the favorable impact of a stronger U.S. dollar.


Page - 6


BNY Mellon 4Q21 Earnings Release

OTHER SEGMENT primarily includes leasing operations, certain corporate treasury activities, derivatives, business exits and other corporate revenue and expense items.



(in millions)	4Q21		3Q21		4Q20
Fee revenue	$	2	$	12	$	11
Investment and other revenue	19		23		(28)
Total fee and other revenue	21		35		(17)
Net interest (expense)	(38)		(38)		(40)
Total revenue	(17)		(3)		(57)
Provision for credit losses	(1)		(3)		(8)
Noninterest expense	55		16		64
(Loss) before taxes	$	(71)	$	(16)	$	(113)

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 increase in total revenue year-over-year primarily reflects the 4Q20 losses on business sales. The decrease in total revenue sequentially primarily reflects disposal gains recorded in 3Q21.

•Noninterest expense decreased year-over-year primarily reflecting the 4Q20 real estate charges and severance expense, partially offset by higher staff expense. The sequential increase primarily reflects higher staff expense, non-staff-related expenses and severance expense.


Page - 7


BNY Mellon 4Q21 Earnings Release

NOTABLE ITEMS BY BUSINESS SEGMENT


Notable items by business segment (a)	4Q21										4Q20
(in millions)	Securities Services		Market and Wealth Services		Investment and Wealth Management		Other		Total			Securities Services		Market and Wealth Services		Investment and Wealth Management		Other		Total
Fee and other revenue	$	—	$	—	$	—	$	—	$	—		$	—	$	—	$	(5)	$	(56)	$	(61)
Net interest revenue	—		—		—		—		—			—		—		—		—		—
Total revenue	—		—		—		—		—			—		—		(5)		(56)		(61)
Total noninterest expense	21		6		1		9		37			84		15		9		57		165
(Loss) income before income taxes	$	(21)	$	(6)	$	(1)	$	(9)	$	(37)		$	(84)	$	(15)	$	(14)	$	(113)	$	(226)

(a) Notable items in 4Q21 include severance expense and litigation reserves. Notable items in 4Q20 include litigation reserves, severance expense, losses on business sales (reflected in investment and other revenue) and real estate charges.


Notable items by business segment (a)	3Q21
(in millions)		Securities Services		Market and Wealth Services		Investment and Wealth Management		Other		Total
Fee and other revenue		$	—	$	—	$	—	$	9	$	9
Net interest revenue		—		—		—		—		—
Total revenue		—		—		—		9		9
Total noninterest expense		70		1		1		1		73
(Loss) income before income taxes		$	(70)	$	(1)	$	(1)	$	8	$	(64)

(a) Notable items in 3Q21 include litigation reserves, gains on disposals (reflected in investment and other revenue) and severance expense.


Notable items by business segment (a)	2021										2020
(in millions)	Securities Services		Market and Wealth Services		Investment and Wealth Management		Other		Total		Securities Services		Market and Wealth Services		Investment and Wealth Management		Other		Total
Fee and other revenue	$	—	$	—	$	(1)	$	14	$	13	$	—	$	—	$	(5)	$	(56)	$	(61)
Net interest revenue	—		—		—		—		—		—		—		—		—		—
Total revenue	—		—		(1)		14		13		—		—		(5)		(56)		(61)
Total noninterest expense	84		23		4		18		129		84		15		9		57		165
(Loss) income before income taxes	$	(84)	$	(23)	$	(5)	$	(4)	$	(116)	$	(84)	$	(15)	$	(14)	$	(113)	$	(226)

(a) Notable items in 2021 include litigation reserves, severance expense and gains on disposals (reflected in investment and other revenue). Notable items in 2020 include litigation reserves, severance expense, losses on business sales (reflected in investment and other revenue) and real estate charges recorded in 4Q20.


Page - 8


BNY Mellon 4Q21 Earnings Release

MONEY MARKET FEE WAIVERS

The following table presents the impact of money market fee waivers on our consolidated fee revenue, net of distribution and servicing expense. In 4Q21, the net impact of money market fee waivers was $243 million, up from $233 million in 3Q21, driven by higher money market balances.


Money market fee waivers
(in millions)	4Q21		3Q21		2Q21		1Q21		4Q20		FY21		FY20





Investment services fees (see table below)	$	(148)	$	(142)	$	(148)	$	(109)	$	(85)	$	(547)	$	(209)
Investment management and performance fees	(116)		(109)		(115)		(89)		(56)		(429)		(142)
Distribution and servicing fees	(14)		(11)		(13)		(13)		(8)		(51)		(17)
Total fee revenue	(278)		(262)		(276)		(211)		(149)		(1,027)		(368)
Less: Distribution and servicing expense	35		29		24		23		15		111		31
Net impact of money market fee waivers	$	(243)	$	(233)	$	(252)	$	(188)	$	(134)	$	(916)	$	(337)

Impact to investment services fees by line of business (a):
Asset Servicing	$	(31)	$	(29)	$	(30)	$	(15)	$	(9)	$	(105)	$	(10)
Issuer Services	(18)		(17)		(16)		(11)		(7)		(62)		(9)
Pershing	(89)		(86)		(91)		(77)		(65)		(343)		(186)
Treasury Services	(10)		(10)		(11)		(6)		(4)		(37)		(4)
Total impact to investment services fees by line of business	$	(148)	$	(142)	$	(148)	$	(109)	$	(85)	$	(547)	$	(209)

Impact to fee revenue by line of business (a):
Asset Servicing	$	(50)	$	(47)	$	(50)	$	(29)	$	(13)	$	(176)	$	(18)
Issuer Services	(24)		(22)		(22)		(15)		(10)		(83)		(13)
Pershing	(106)		(102)		(99)		(94)		(85)		(401)		(227)
Treasury Services	(14)		(13)		(16)		(9)		(5)		(52)		(6)
Investment Management	(81)		(76)		(85)		(61)		(34)		(303)		(100)
Wealth Management	(3)		(2)		(4)		(3)		(2)		(12)		(4)
Total impact to fee revenue by line of business	$	(278)	$	(262)	$	(276)	$	(211)	$	(149)	$	(1,027)	$	(368)

(a) The line of business revenue for management reporting purposes reflects the impact of revenue transferred between the businesses.


Page - 9


BNY Mellon 4Q21 Earnings Release

CAPITAL AND LIQUIDITY


Capital and liquidity ratios	Dec. 31, 2021			Sept. 30, 2021			Dec. 31, 2020
Consolidated regulatory capital ratios: (a)
CET1 ratio	11.1		%	11.7		%	13.1		%
Tier 1 capital ratio	13.9			14.4			15.8
Total capital ratio	14.8			15.2			16.7
Tier 1 leverage ratio	5.5			5.7			6.3
SLR	6.6			7.0			8.6			(b)
BNY Mellon shareholders’ equity to total assets ratio	9.7		%	9.3		%	9.8		%
BNY Mellon common shareholders’ equity to total assets ratio	8.6		%	8.3		%	8.8		%

Average LCR	109		%	111		%	110		%

Book value per common share	$	47.50		$	47.30		$	46.53
Tangible book value per common share – Non-GAAP (c)	$	24.31		$	24.88		$	25.44




Common shares outstanding (in thousands)	804,145			825,821			886,764

(a) Regulatory capital ratios for Dec. 31, 2021 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 Dec. 31, 2021 was the Standardized Approach, for Sept. 30, 2021 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, and for Dec. 31, 2020, was the Advanced Approaches.

(b) Reflects the temporary exclusion of U.S. Treasury securities from the leverage exposure used in the SLR calculation which increased our consolidated SLR by 72 basis points at Dec. 31, 2020. The temporary exclusion ceased to apply beginning April 1, 2021.

(c) Tangible book value per common share – Non-GAAP excludes goodwill and intangible assets, net of deferred tax liabilities. See “Explanation of GAAP and Non-GAAP financial measures” on page 12 for information on this Non-GAAP measure.

•CET1 capital totaled $18.7 billion at Dec. 31, 2021, a decrease of $1.1 billion compared with Sept. 30, 2021. The decrease primarily reflects capital deployed through common stock repurchases, unrealized losses on securities available-for-sale and dividends, partially offset by capital generated through earnings and a favorable adjustment to the pension liability.

•During 4Q21, we had net issuances of preferred stock of $297 million which benefited Tier 1 capital at Dec. 31, 2021.

NET INTEREST REVENUE


Net interest revenue										4Q21 vs.
(dollars in millions; not meaningful - N/M)	4Q21			3Q21			4Q20			3Q21		4Q20
Net interest revenue	$	677		$	641		$	680		6%		—%
Add: Tax equivalent adjustment	4			3			3			N/M		N/M
Net interest revenue, on a fully taxable equivalent (“FTE”) basis – Non-GAAP (a)	$	681		$	644		$	683		6%		—%

Net interest margin	0.71		%	0.67		%	0.72		%	4	bps	(1)	bps
Net interest margin (FTE) – Non-GAAP (a)	0.71		%	0.68		%	0.72		%	3	bps	(1)	bps

(a) Net interest revenue (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP include the tax equivalent adjustments on tax-exempt income. See “Explanation of GAAP and Non-GAAP financial measures” on page 12 for information on this Non-GAAP measure.

bps – basis points.

•Net interest revenue decreased slightly year-over-year primarily reflecting lower interest rates on interest-earning assets and the impact of hedging activities (primarily offset in fee and other revenue). This was partially offset by the benefit of lower funding and deposit rates and larger deposit and loan balances.

•Sequentially, the increase primarily reflects the impact of larger deposit, loan and securities balances and higher short-term rates.


Page - 10


BNY Mellon 4Q21 Earnings Release

THE BANK OF NEW YORK MELLON CORPORATION

Condensed Consolidated Income Statement


(in millions)	Quarter ended						Year ended
	Dec. 31, 2021		Sept. 30, 2021		Dec. 31, 2020		Dec. 31, 2021		Dec. 31, 2020

Fee and other revenue
Investment services fees	$	2,061	$	2,091	$	1,969	$	8,284	$	8,047
Investment management and performance fees	896		913		884		3,588		3,367
Foreign exchange revenue	199		185		187		799		774
Financing-related fees	47		48		46		194		212
Distribution and servicing	28		28		28		112		115
Total fee revenue	3,231		3,265		3,114		12,977		12,515
Investment and other revenue	107		129		49		336		316
Total fee and other revenue	3,338		3,394		3,163		13,313		12,831
Net interest revenue
Interest revenue	729		693		776		2,845		4,109
Interest expense	52		52		96		227		1,132
Net interest revenue	677		641		680		2,618		2,977
Total revenue	4,015		4,035		3,843		15,931		15,808
Provision for credit losses	(17)		(45)		15		(231)		336
Noninterest expense
Staff	1,633		1,584		1,554		6,337		5,966
Software and equipment	379		372		359		1,478		1,370
Professional, legal and other purchased services	390		363		381		1,459		1,403
Sub-custodian and clearing	120		129		116		505		460
Net occupancy	133		120		173		498		581
Distribution and servicing	75		76		75		298		336
Bank assessment charges	30		34		24		133		124
Business development	44		22		26		107		105
Amortization of intangible assets	19		19		26		82		104
Other	144		199		191		617		555
Total noninterest expense	2,967		2,918		2,925		11,514		11,004
Income
Income before income taxes	1,065		1,162		903		4,648		4,468
Provision for income taxes	196		219		148		877		842
Net income	869		943		755		3,771		3,626
Net (income) loss attributable to noncontrolling interests related to consolidated investment management funds	(6)		4		(5)		(12)		(9)
Net income applicable to shareholders of The Bank of New York Mellon Corporation	863		947		750		3,759		3,617
Preferred stock dividends	(41)		(66)		(48)		(207)		(194)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	822	$	881	$	702	$	3,552	$	3,423


Earnings per share applicable to the common shareholders of The Bank of New York Mellon Corporation	Quarter ended						Year ended
	Dec. 31, 2021		Sept. 30, 2021		Dec. 31, 2020		Dec. 31, 2021		Dec. 31, 2020
(in dollars)	Dec. 31, 2021		Sept. 30, 2021		Dec. 31, 2020		Dec. 31, 2021		Dec. 31, 2020
Basic	$	1.01	$	1.04	$	0.79	$	4.17	$	3.84
Diluted	$	1.01	$	1.04	$	0.79	$	4.14	$	3.83


Page - 11


BNY Mellon 4Q21 Earnings Release

EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES

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

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

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

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

BNY Mellon has presented the measure of fee revenue, excluding money market fee waivers – Non-GAAP. We believe that this measure is useful information for investors for evaluating the impact of current interest rates and market conditions on fee revenue growth rates and the performance of our business.


Fee revenue reconciliation					4Q21 vs.						2021 vs.
(dollars in millions)	4Q21		4Q20		4Q20		2021		2020		2020
Fee revenue	$	3,231	$	3,114	4	%	$	12,977	$	12,515	4	%
Less: Money market fee waivers	(278)		(149)				(1,027)		(368)
Fee revenue, excluding money market fee waivers – Non-GAAP	$	3,509	$	3,263	8	%	$	14,004	$	12,883	9	%

BNY Mellon has presented revenue measures excluding notable items, including losses on business sales. Expense measures, excluding notable items, including litigation reserves, severance expense and real estate charges are also presented. Litigation reserves represents accruals for loss contingencies that are both probable and reasonably estimable, but exclude standard business-related legal fees. Income before tax measures, excluding the notable items mentioned above are provided. These measures are provided to permit investors to view the financial measures on a basis consistent with how management views the businesses.


Reconciliations of Non-GAAP measures, excluding notable items							4Q21 vs.
(in millions, except per share amounts)	4Q21			4Q20			4Q20












Total revenue – GAAP	$	4,015		$	3,843		4	%
Impact of notable items (a)	—			(61)
Total revenue – Non-GAAP	$	4,015		$	3,904		3	%

Noninterest expense – GAAP	$	2,967		$	2,925		1	%
Impact of notable items (a)	37			165
Noninterest expense – Non-GAAP	$	2,930		$	2,760		6	%

















Diluted earnings per common share – GAAP	$	1.01		$	0.79		28	%
Impact of notable items (a)	(0.04)			(0.18)
Diluted earnings per common share – Non-GAAP	$	1.04	(b)	$	0.96	(b)	8	%

(b) Does not foot due to rounding.


Page - 12


BNY Mellon 4Q21 Earnings Release


Reconciliations of Non-GAAP measures, excluding notable items - Securities Services business segment							4Q21 vs.
(in millions)	4Q21		3Q21		4Q20		3Q21		4Q20

Noninterest expense – GAAP	$	1,490	$	1,543	$	1,504	(3)	%	(1)	%
Impact of notable items (a)	21		70		84
Noninterest expense – Non-GAAP	$	1,469	$	1,473	$	1,420	—	%	3	%

Income before taxes – GAAP	$	350	$	313	$	215	12	%	63	%
Impact of notable items (a)	(21)		(70)		(84)
Income before taxes – Non-GAAP	$	371	$	383	$	299	(3)	%	24	%

(a) Notable items in 4Q21, 3Q21 and 4Q20 include litigation reserves and severance expense.

Note: In 4Q21, we disaggregated our former Investment Services business segment into two new business segments, Securities Services and Market and Wealth Services. See the Current Report for Form 8-K dated Dec. 8, 2021 for additional information.

CAUTIONARY STATEMENT

A number of statements (i) in this Earnings Release, (ii) in our Financial Supplement, (iii) in our presentations and (iv) in the responses to questions on our conference call discussing our quarterly results and other public events may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our capital plans, strategic priorities, financial goals, organic growth, performance, organizational quality and efficiency, investments, including in technology and product development, resiliency, capabilities, revenue, net interest revenue, money market fee waivers, fees, expenses, cost discipline, sustainable growth, innovation in products and services, company management, human capital management (including related ambitions, objectives, aims and goals), deposits, interest rates and yield curves, securities portfolio, taxes, business opportunities, divestments, volatility, preliminary business metrics and regulatory capital ratios and statements regarding our aspirations, as well as our overall plans, strategies, goals, objectives, expectations, outlooks, estimates, intentions, targets, opportunities, focus and initiatives, including the potential effects of the coronavirus pandemic on any of the foregoing. These statements may be expressed in a variety of ways, including the use of future or present tense language. Words such as “estimate,” “forecast,” “project,” “anticipate,” “likely,” “target,” “expect,” “intend,” “continue,” “seek,” “believe,” “plan,” “goal,” “could,” “should,” “would,” “may,” “might,” “will,” “strategy,” “synergies,” “opportunities,” “trends,” “ambition,” “objective,” “aim,” “future,” “potentially,” “outlook” and words of similar meaning may signify forward-looking statements. These statements and other forward-looking statements contained in other public disclosures of BNY Mellon which make reference to the cautionary factors described in this Earnings Release are based upon current beliefs and expectations and are subject to significant risks and uncertainties (some of which are beyond BNY Mellon’s control). Actual results may differ materially from those expressed or implied as a result of a number of factors, including, but not limited to, the risk factors and other uncertainties set forth in BNY Mellon’s Annual Report on Form 10-K for the year ended Dec. 31, 2020 and BNY Mellon’s other filings with the Securities and Exchange Commission. Statements about the effects of the current and near-term market and macroeconomic outlook on BNY Mellon, including on its business, operations, financial performance and prospects, may constitute forward-looking statements, and are based on assumptions that involve risks and uncertainties and that are subject to change based on various important factors (some of which are beyond BNY Mellon’s control), including the scope and duration of the pandemic, actions taken by governmental authorities and other third parties in response to the pandemic, the availability, use and effectiveness of vaccines and the direct and indirect impact of the pandemic on us, our clients, customers and third parties. Preliminary business metrics and regulatory capital ratios are subject to change, possibly materially, as BNY Mellon completes its Annual Report on Form 10-K for the year ended Dec. 31, 2021. All forward-looking statements in this Earnings Release speak only as of Jan. 18, 2022, and BNY Mellon undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events.


Page - 13


BNY Mellon 4Q21 Earnings Release

ABOUT BNY MELLON

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of Dec. 31, 2021, BNY Mellon had $46.7 trillion in assets under custody and/or administration, and $2.4 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

CONFERENCE CALL INFORMATION

Todd Gibbons, Chief Executive Officer, and Emily Portney, Chief Financial Officer, will host a conference call and simultaneous live audio webcast at 8:00 a.m. ET on Jan. 18, 2022. 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: 444308, or by logging onto www.bnymellon.com/investorrelations. Earnings materials will be available at www.bnymellon.com/investorrelations beginning at approximately 6:30 a.m. ET on Jan. 18, 2022. Replays of the conference call and audio webcast will be available beginning Jan. 18, 2022 at approximately 2:00 p.m. ET through Feb. 18, 2022 by dialing (888) 203-1112 (U.S.) or (719) 457-0820 (International), and using the passcode: 3619155. The archived version of the conference call and audio webcast will also be available at www.bnymellon.com/investorrelations for the same time period.


Page - 14


The Bank of New York Mellon Corporation

Financial Supplement

Fourth Quarter 2021


Table of Contents




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

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

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

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


THE BANK OF NEW YORK MELLON CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per common share amounts, or unless otherwise noted)																4Q21 vs.										FY21 vs.
	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21		4Q20		FY21			FY20			FY20
Selected income statement data


Fee and other revenue	$	3,338		$	3,394		$	3,315		$	3,266		$	3,163		(2)	%	6	%	$	13,313		$	12,831		4	%
Net interest revenue	677			641			645			655			680			6		—		2,618			2,977			(12)
Total revenue	4,015			4,035			3,960			3,921			3,843			—		4		15,931			15,808			1
Provision for credit losses	(17)			(45)			(86)			(83)			15			N/M		N/M		(231)			336			N/M
Noninterest expense	2,967			2,918			2,778			2,851			2,925			2		1		11,514			11,004			5
Income before income taxes	1,065			1,162			1,268			1,153			903			(8)		18		4,648			4,468			4
Provision for income taxes	196			219			241			221			148			(11)		32		877			842			4
Net income	$	869		$	943		$	1,027		$	932		$	755		(8)	%	15	%	$	3,771		$	3,626		4	%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	822		$	881		$	991		$	858		$	702		(7)	%	17	%	$	3,552		$	3,423		4	%
Diluted earnings per common share	$	1.01		$	1.04		$	1.13		$	0.97		$	0.79		(3)	%	28	%	$	4.14		$	3.83		8	%
Average common shares and equivalents outstanding – diluted (in thousands)	817,345			849,028			873,475			885,655			891,846			(4)	%	(8)	%	856,359			892,514			(4)	%

Financial ratios (Quarterly returns are annualized)
Pre-tax operating margin	27		%	29		%	32		%	29		%	24		%					29		%	28		%
Return on common equity	8.6		%	8.8		%	9.8		%	8.5		%	6.9		%					8.9		%	8.7		%
Return on tangible common equity – Non-GAAP (a)	17.2		%	16.8		%	18.6		%	16.1		%	13.0		%					17.1		%	17.0		%
Non-U.S. revenue as a percentage of total revenue	38		%	38		%	38		%	37		%	38		%					38		%	37		%

Period end
Assets under custody and/or administration (“AUC/A”) (in trillions) (b)	$	46.7		$	45.3		$	45.0		$	41.7		$	41.1		3	%	14	%
Assets under management (“AUM”) (in trillions)	$	2.43		$	2.31		$	2.32		$	2.21		$	2.21		5	%	10	%
Full-time employees	49,100			48,900			48,800			48,000			48,500			—	%	1	%
Book value per common share	$	47.50		$	47.30		$	47.20		$	46.16		$	46.53
Tangible book value per common share – Non-GAAP (a)	$	24.31		$	24.88		$	25.64		$	24.88		$	25.44
Cash dividends per common share	$	0.34		$	0.34		$	0.31		$	0.31		$	0.31
Common dividend payout ratio (c)	34		%	34		%	28		%	32		%	40		%
Closing stock price per common share	$	58.08		$	51.84		$	51.23		$	47.29		$	42.44
Market capitalization	$	46,705		$	42,811		$	44,220		$	41,401		$	37,634
Common shares outstanding (in thousands)	804,145			825,821			863,174			875,481			886,764

Capital ratios at period end (d)
Common Equity Tier 1 ("CET1") ratio	11.1		%	11.7		%	12.6		%	12.6		%	13.1		%
Tier 1 capital ratio	13.9		%	14.4		%	15.2		%	15.2		%	15.8		%
Total capital ratio	14.8		%	15.2		%	16.0		%	16.1		%	16.7		%
Tier 1 leverage ratio	5.5		%	5.7		%	6.0		%	5.8		%	6.3		%
Supplementary leverage ratio ("SLR")	6.6		%	7.0		%	7.5		%	8.1		%	8.6		%
(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 Dec. 31, 2021, Sept. 30, 2021 and June 30, 2021, $1.6 trillion at March 31, 2021 and $1.5 trillion at Dec. 31, 2020.
(c) Beginning in 4Q21, common dividend payout ratio is determined by dividing dividends paid by net income applicable to common shareholders. Prior periods have been revised.
(d) Regulatory capital ratios for Dec. 31, 2021 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 Dec. 31, 2021 was the Standardized Approach, for Sept. 30, 2021, June 30, 2021 and March 31, 2021 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, and for Dec. 31, 2020 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)											4Q21 vs.								FY21 vs.
	4Q21		3Q21		2Q21		1Q21		4Q20		3Q21		4Q20		FY21		FY20		FY20
Revenue
Investment services fees	$	2,061	$	2,091	$	2,076	$	2,056	$	1,969	(1)	%	5	%	$	8,284	$	8,047	3	%
Investment management and performance fees	896		913		889		890		884		(2)		1		3,588		3,367		7
Foreign exchange revenue	199		185		184		231		187		8		6		799		774		3
Financing-related fees	47		48		48		51		46		(2)		2		194		212		(8)
Distribution and servicing fees	28		28		27		29		28		—		—		112		115		(3)
Total fee revenue	3,231		3,265		3,224		3,257		3,114		(1)		4		12,977		12,515		4
Investment and other revenue	107		129		91		9		49		N/M		N/M		336		316		N/M
Total fee and other revenue	3,338		3,394		3,315		3,266		3,163		(2)		6		13,313		12,831		4
Net interest revenue	677		641		645		655		680		6		—		2,618		2,977		(12)
Total revenue	4,015		4,035		3,960		3,921		3,843		—		4		15,931		15,808		1
Provision for credit losses	(17)		(45)		(86)		(83)		15		N/M		N/M		(231)		336		N/M
Noninterest expense
Staff	1,633		1,584		1,518		1,602		1,554		3		5		6,337		5,966		6
Software and equipment	379		372		365		362		359		2		6		1,478		1,370		8
Professional, legal and other purchased services	390		363		363		343		381		7		2		1,459		1,403		4
Sub-custodian and clearing	120		129		132		124		116		(7)		3		505		460		10
Net occupancy	133		120		122		123		173		11		(23)		498		581		(14)
Distribution and servicing	75		76		73		74		75		(1)		—		298		336		(11)
Bank assessment charges	30		34		35		34		24		(12)		25		133		124		7
Business development	44		22		22		19		26		100		69		107		105		2
Amortization of intangible assets	19		19		20		24		26		—		(27)		82		104		(21)
Other	144		199		128		146		191		(28)		(25)		617		555		11
Total noninterest expense	2,967		2,918		2,778		2,851		2,925		2		1		11,514		11,004		5
Income before income taxes	1,065		1,162		1,268		1,153		903		(8)		18		4,648		4,468		4
Provision for income taxes	196		219		241		221		148		(11)		32		877		842		4
Net income	869		943		1,027		932		755		(8)		15		3,771		3,626		4
Net (income) loss attributable to noncontrolling interests	(6)		4		(5)		(5)		(5)		N/M		N/M		(12)		(9)		N/M
Preferred stock dividends	(41)		(66)		(31)		(69)		(48)		N/M		N/M		(207)		(194)		N/M
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	822	$	881	$	991	$	858	$	702	(7)	%	17	%	$	3,552	$	3,423	4	%

Average common shares and equivalents outstanding: Basic	811,463		844,088		869,460		882,558		889,928		(4)	%	(9)	%	851,905		890,839		(4)	%
Diluted	817,345		849,028		873,475		885,655		891,846		(4)	%	(8)	%	856,359		892,514		(4)	%

Earnings per common share: Basic	$	1.01	$	1.04	$	1.14	$	0.97	$	0.79	(3)	%	28	%	$	4.17	$	3.84	9	%
Diluted	$	1.01	$	1.04	$	1.13	$	0.97	$	0.79	(3)	%	28	%	$	4.14	$	3.83	8	%
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET

	2021								2020
(in millions)	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
Assets
Cash and due from banks	$	6,061	$	6,752	$	5,154	$	5,991	$	6,252
Interest-bearing deposits with the Federal Reserve and other central banks	102,467		126,959		126,355		125,524		141,775
Interest-bearing deposits with banks	16,630		20,057		21,270		23,763		17,300
Federal funds sold and securities purchased under resale agreements	29,607		28,497		29,762		28,263		30,907
Securities	158,705		157,274		155,906		155,844		156,441
Trading assets	16,577		17,854		15,520		16,884		15,272
Loans	67,787		64,328		63,547		60,732		56,469
Allowance for loan losses	(196)		(233)		(269)		(327)		(358)
Net loans	67,591		64,095		63,278		60,405		56,111
Premises and equipment	3,431		3,422		3,442		3,521		3,602
Accrued interest receivable	457		464		492		485		510
Goodwill	17,512		17,420		17,487		17,469		17,496
Intangible assets	2,991		2,941		2,964		2,983		3,012
Other assets	22,409		24,798		25,333		23,852		20,955
Total assets	$	444,438	$	470,533	$	466,963	$	464,984	$	469,633
Liabilities
Deposits	$	319,694	$	343,139	$	338,670	$	336,768	$	341,545
Federal funds purchased and securities sold under repurchase agreements	11,566		11,973		12,425		15,150		11,305
Trading liabilities	5,469		5,152		6,451		4,566		6,031
Payables to customers and broker-dealers	25,150		26,002		23,704		23,827		25,085
Commercial paper	—		—		—		—		—
Other borrowed funds	749		767		451		348		350
Accrued taxes and other expenses	5,767		5,609		5,213		4,916		5,696
Other liabilities	6,721		8,796		8,626		8,656		7,517
Long-term debt	25,931		25,043		25,629		25,350		25,984
Total liabilities	401,047		426,481		421,169		419,581		423,513
Temporary equity
Redeemable noncontrolling interests	161		178		169		187		176
Permanent equity
Preferred stock	4,838		4,541		4,541		4,541		4,541
Common stock	14		14		14		14		14
Additional paid-in capital	28,128		28,075		28,006		27,928		27,823
Retained earnings	36,667		36,125		35,540		34,822		34,241
Accumulated other comprehensive loss, net of tax	(2,213)		(2,003)		(1,670)		(1,819)		(985)
Less: Treasury stock, at cost	(24,400)		(23,151)		(21,150)		(20,532)		(19,833)
Total The Bank of New York Mellon Corporation shareholders’ equity	43,034		43,601		45,281		44,954		45,801
Nonredeemable noncontrolling interests of consolidated investment management funds	196		273		344		262		143
Total permanent equity	43,230		43,874		45,625		45,216		45,944
Total liabilities, temporary equity and permanent equity	$	444,438	$	470,533	$	466,963	$	464,984	$	469,633


THE BANK OF NEW YORK MELLON CORPORATION
FEE AND OTHER REVENUE

											4Q21 vs.								FY21 vs.
(dollars in millions)	4Q21		3Q21		2Q21		1Q21		4Q20		3Q21		4Q20		FY21		FY20		FY20
Investment services fees	$	2,061	$	2,091	$	2,076	$	2,056	$	1,969	(1)	%	5	%	$	8,284	$	8,047	3	%
Investment management and performance fees:
Investment management fees (a)	864		892		875		850		839		(3)		3		3,481		3,260		7
Performance fees	32		21		14		40		45		N/M		N/M		107		107		—
Total investment management and performance fees (b)	896		913		889		890		884		(2)		1		3,588		3,367		7
Foreign exchange revenue	199		185		184		231		187		8		6		799		774		3
Financing-related fees	47		48		48		51		46		(2)		2		194		212		(8)
Distribution and servicing fees	28		28		27		29		28		—		—		112		115		(3)
Total fee revenue	3,231		3,265		3,224		3,257		3,114		(1)		4		12,977		12,515		4
Investment and other revenue:
Income (loss) from consolidated investment management funds	9		(7)		13		17		41		N/M		N/M		32		84		N/M
Seed capital gains (c)	12		7		18		3		22		N/M		N/M		40		23		N/M
Other trading (loss) revenue	(6)		20		(1)		(7)		(31)		N/M		N/M		6		13		N/M
Renewable energy investment (losses)	(37)		(42)		(41)		(81)		(27)		N/M		N/M		(201)		(129)		N/M
Corporate/bank-owned life insurance	45		33		29		33		43		N/M		N/M		140		148		N/M
Other investments gains (d)	55		70		23		11		18		N/M		N/M		159		35		N/M
Disposal gains (losses)	—		7		6		—		(61)		N/M		N/M		13		(61)		N/M
Expense reimbursements from joint venture	23		25		25		23		22		N/M		N/M		96		85		N/M
Other income	5		14		17		10		16		N/M		N/M		46		85		N/M
Net securities gains	1		2		2		—		6		N/M		N/M		5		33		N/M
Total investment and other revenue	107		129		91		9		49		N/M		N/M		336		316		N/M
Total fee and other revenue	$	3,338	$	3,394	$	3,315	$	3,266	$	3,163	(2)	%	6	%	$	13,313	$	12,831	4	%
(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 increased 1% compared with 4Q20. 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
	4Q21				3Q21				2Q21				1Q21				4Q20
	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	$	105,065	(0.06)	%	$	108,110	(0.07)	%	$	114,564	(0.09)	%	$	125,930	(0.05)	%	$	112,274	(0.04)	%
Interest-bearing deposits with banks (primarily foreign banks)	18,818		0.23		20,465		0.22		22,465		0.20		21,313		0.27		19,281		0.32
Federal funds sold and securities purchased under resale agreements (a)	27,780		0.45		29,304		0.44		27,857		0.36		29,186		0.44		28,389		0.55
Loans	64,650		1.55		61,206		1.55		60,520		1.57		56,789		1.63		54,728		1.73
Securities:
U.S. government obligations	39,169		0.73		36,255		0.73		33,212		0.71		28,759		0.90		27,783		0.91
U.S. government agency obligations	69,691		1.35		70,199		1.34		72,809		1.34		77,623		1.40		79,712		1.46
State and political subdivisions (b)	2,569		2.11		2,628		2.07		2,768		1.94		2,526		1.92		2,104		2.01
Other securities (b)	47,493		0.97		47,334		0.94		47,451		0.95		47,030		0.99		46,280		0.98
Total investment securities (b)	158,922		1.10		156,416		1.09		156,240		1.10		155,938		1.19		155,879		1.23
Trading securities (b)	6,447		0.93		5,564		0.53		6,639		0.72		8,141		0.95		8,123		0.95
Total securities (b)	165,369		1.09		161,980		1.07		162,879		1.08		164,079		1.18		164,002		1.22
Total interest-earning assets (b)	$	381,682	0.76	%	$	381,065	0.73	%	$	388,285	0.71	%	$	397,297	0.75	%	$	378,674	0.82	%
Noninterest-earning assets	67,956				65,696				64,044				63,082				58,814
Total assets	$	449,638			$	446,761			$	452,329			$	460,379			$	437,488

Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits	$	231,086	(0.08)	%	$	233,363	(0.08)	%	$	239,466	(0.08)	%	$	245,115	(0.06)	%	$	231,318	(0.06)	%
Federal funds purchased and securities sold under repurchase agreements (a)	12,421		0.07		13,415		0.08		13,773		(0.17)		15,288		(0.07)		14,452		0.01
Trading liabilities	3,019		0.28		2,821		0.11		2,282		0.38		2,227		0.53		2,408		0.72
Other borrowed funds	517		1.80		383		2.53		298		2.21		331		2.01		338		1.71
Commercial paper	—		—		11		0.07		—		—		—		—		275		0.10
Payables to customers and broker-dealers	16,414		(0.01)		16,648		(0.01)		16,811		(0.01)		17,691		(0.01)		17,521		(0.01)
Long-term debt	25,932		1.36		25,751		1.39		25,275		1.43		26,199		1.81		25,704		1.88
Total interest-bearing liabilities	$	289,389	0.07	%	$	292,392	0.07	%	$	297,905	0.05	%	$	306,851	0.11	%	$	292,016	0.13	%
Total noninterest-bearing deposits	91,535				85,581				85,802				83,429				75,840
Other noninterest-bearing liabilities	25,481				24,164				23,317				24,556				23,783
Total The Bank of New York Mellon Corporation shareholders’ equity	42,968				44,296				44,934				45,261				45,539
Noncontrolling interests	265				328				371				282				310
Total liabilities and equity	$	449,638			$	446,761			$	452,329			$	460,379			$	437,488
Net interest margin			0.71	%			0.67	%			0.67	%			0.66	%			0.72	%
Net interest margin (FTE) – Non-GAAP (c)			0.71	%			0.68	%			0.67	%			0.67	%			0.72	%
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $54 billion for 4Q21, $47 billion for 3Q21, $41 billion for 2Q21, $37 billion for 1Q21 and $41 billion for 4Q20. 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 0.15% for 4Q21, 0.17% for 3Q21, 0.15% for 2Q21, 0.19% for 1Q21 and 0.23% for 4Q20. 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 0.01% for 4Q21, 0.02% for 3Q21, (0.04)% for 2Q21, (0.02)% for 1Q21 and 0.00% for 4Q20. 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

	2021													2020
(dollars in millions)	Dec. 31			Sept. 30			June 30			March 31				Dec. 31
Consolidated regulatory capital ratios (a)
Standardized Approach:
CET1 capital	$	18,735		$	19,844		$	21,456		$	21,090			$	21,875
Tier 1 capital	23,474			24,292			25,896			25,534				26,310
Total capital	24,961			25,816			27,464			27,190				28,038
Risk-weighted assets	168,657			169,216			169,885			167,510				163,848

CET1 ratio	11.1		%	11.7		%	12.6		%	12.6		%		13.4		%
Tier 1 capital ratio	13.9			14.4			15.2			15.2				16.1
Total capital ratio	14.8			15.3			16.2			16.2				17.1

Advanced Approaches:
CET1 capital	$	18,735		$	19,844		$	21,456		$	21,090			$	21,875
Tier 1 capital	23,474			24,292			25,896			25,534				26,310
Total capital	24,711			25,534			27,183			26,908				27,795
Risk-weighted assets	165,393			167,607			169,380			167,035				166,426

CET1 ratio	11.3		%	11.8		%	12.7		%	12.6		%		13.1		%
Tier 1 capital ratio	14.2			14.5			15.3			15.3				15.8
Total capital ratio	14.9			15.2			16.0			16.1				16.7

Tier 1 leverage ratio:
Average assets for Tier 1 leverage ratio	$	430,128		$	427,461		$	432,954		$	440,968			$	417,982
Tier 1 leverage ratio	5.5		%	5.7		%	6.0		%	5.8		%		6.3		%

SLR:
Leverage exposure	$	354,572		$	347,856		$	346,455		$	314,334		(b)	$	304,823		(b)
SLR	6.6		%	7.0		%	7.5		%	8.1		%	(b)	8.6		%	(b)

Average liquidity coverage ratio	109		%	111		%	110		%	110		%		110		%
(a) Regulatory capital ratios for Dec. 31, 2021 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 Dec. 31, 2021 was the Standardized Approach, for Sept. 30, 2021, June 30, 2021 and March 31, 2021 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, and for Dec. 31, 2020, was the Advanced Approaches.
(b) Reflects the temporary exclusion of U.S. Treasury securities from the leverage exposure used in the SLR calculation which increased our consolidated SLR by 68 basis points at March 31, 2021 and 72 basis points at Dec. 31, 2020. The temporary exclusion ceased to apply beginning April 1, 2021.


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES SERVICES BUSINESS SEGMENT

																4Q21 vs.										FY21 vs.
(dollars in millions)	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21		4Q20		FY21			FY20			FY20
Income statement:
Revenue:
Investment services fees:
Asset Servicing	$	984		$	979		$	960		$	953		$	896		1	%	10	%	$	3,876		$	3,635		7	%
Issuer Services	253			281			281			246			260			(10)		(3)		1,061			1,100			(4)
Total investment services fees	1,237			1,260			1,241			1,199			1,156			(2)		7		4,937			4,735			4
Foreign exchange revenue	148			125			129			172			139			18		6		574			602			(5)
Other fees (a)	28			30			25			30			39			(7)		(28)		113			182			(38)
Total fee revenue	1,413			1,415			1,395			1,401			1,334			—		6		5,624			5,519			2
Investment and other revenue	53			73			38			30			30			N/M		N/M		194			159			N/M
Total fee and other revenue	1,466			1,488			1,433			1,431			1,364			(1)		7		5,818			5,678			2
Net interest revenue	367			349			354			356			378			5		(3)		1,426			1,697			(16)
Total revenue	1,833			1,837			1,787			1,787			1,742			—		5		7,244			7,375			(2)
Provision for credit losses	(7)			(19)			(58)			(50)			23			N/M		N/M		(134)			215			N/M
Noninterest expense (ex. amortization of intangible assets)	1,481			1,535			1,393			1,411			1,496			(4)		(1)		5,820			5,522			5
Amortization of intangible assets	9			8			7			8			8			13		13		32			34			(6)
Total noninterest expense	1,490			1,543			1,400			1,419			1,504			(3)		(1)		5,852			5,556			5
Income before taxes	$	350		$	313		$	445		$	418		$	215		12	%	63	%	$	1,526		$	1,604		(5)	%


Total revenue by line of business:
Asset Servicing	$	1,456		$	1,437		$	1,382		$	1,424		$	1,357		1	%	7	%	$	5,699		$	5,705		—	%
Issuer Services	377			400			405			363			385			(6)		(2)		1,545			1,670			(7)
Total revenue by line of business	$	1,833		$	1,837		$	1,787		$	1,787		$	1,742		—	%	5	%	$	7,244		$	7,375		(2)	%

Financial ratios:
Pre-tax operating margin	19		%	17		%	25		%	23		%	12		%					21		%	22		%

Memo: Securities lending revenue (b)	$	45		$	45		$	42		$	41		$	36		—	%	25	%	$	173		$	170		2	%
(a) Other fees primarily include financing-related fees.
(b) Included in investment services fees in the Asset Servicing business.
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES SERVICES BUSINESS SEGMENT

											4Q21 vs.								FY21 vs.
(dollars in millions, unless otherwise noted)	4Q21		3Q21		2Q21		1Q21		4Q20		3Q21		4Q20		FY21		FY20		FY20
Selected balance sheet data:
Average loans	$	9,764	$	8,389	$	8,485	$	8,374	$	8,498	16	%	15	%	$	8,756	$	9,225	(5)	%
Average assets (a)	$	229,511	$	226,930	$	231,152	$	228,071	$	215,051	1	%	7	%	$	228,915	$	202,761	13	%
Average deposits	$	200,272	$	198,680	$	203,147	$	199,845	$	188,151	1	%	6	%	$	200,482	$	177,853	13	%

Selected metrics:
AUC/A at period end (in trillions) (b)(c)	$	34.6	$	33.8	$	33.7	$	31.5	$	30.6	2	%	13	%	$	34.6	$	30.6	13	%
Market value of securities on loan at period end (in billions) (d)	$	447	$	443	$	456	$	445	$	435	1	%	3	%	$	447	$	435	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) Dec. 31, 2021 information is preliminary.
(c) Consists of AUC/A primarily from the Asset Servicing business and, to a lesser extent, the Issuer Services business. Includes the AUC/A of CIBC Mellon of $1.7 trillion at Dec. 31, 2021, Sept. 30, 2021 and June 30, 2021, $1.6 trillion at March 31, 2021 and $1.5 trillion at Dec. 31, 2020.
(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 $71 billion at Dec. 31, 2021, $68 billion at Sept. 30, 2021, $63 billion at June 30, 2021, $64 billion at March 31, 2021 and $68 billion at Dec. 31, 2020.


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

																4Q21 vs.										FY21 vs.
(dollars in millions)	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21		4Q20		FY21			FY20			FY20
Income statement:
Revenue:
Investment services fees:
Pershing	$	412		$	427		$	439		$	459		$	422		(4)	%	(2)	%	$	1,737		$	1,734		—	%
Treasury Services	170			168			160			164			163			1		4		662			641			3
Clearance and Collateral Management	236			228			228			226			220			4		7		918			896			2
Total investment services fees	818			823			827			849			805			(1)		2		3,317			3,271			1
Foreign exchange revenue	21			23			23			21			24			(9)		(13)		88			79			11
Other fees (a)	31			31			32			37			33			—		(6)		131			166			(21)
Total fee revenue	870			877			882			907			862			(1)		1		3,536			3,516			1
Investment and other revenue	6			13			21			7			9			N/M		N/M		47			62			N/M
Total fee and other revenue	876			890			903			914			871			(2)		1		3,583			3,578			—
Net interest revenue	297			283			289			289			292			5		2		1,158			1,228			(6)
Total revenue	1,173			1,173			1,192			1,203			1,163			—		1		4,741			4,806			(1)
Provision for credit losses	(3)			(16)			(19)			(29)			8			N/M		N/M		(67)			100			N/M
Noninterest expense (ex. amortization of intangible assets)	670			665			647			673			661			1		1		2,655			2,577			3
Amortization of intangible assets	4			3			5			9			9			33		(56)		21			37			(43)
Total noninterest expense	674			668			652			682			670			1		1		2,676			2,614			2
Income before taxes	$	502		$	521		$	559		$	550		$	485		(4)	%	4	%	$	2,132		$	2,092		2	%


Total revenue by line of business:
Pershing	$	553		$	566		$	590		$	605		$	563		(2)	%	(2)	%	$	2,314		$	2,332		(1)	%
Treasury Services	331			326			319			317			325			2		2		1,293			1,327			(3)
Clearance and Collateral Management	289			281			283			281			275			3		5		1,134			1,147			(1)
Total revenue by line of business	$	1,173		$	1,173		$	1,192		$	1,203		$	1,163		—	%	1	%	$	4,741		$	4,806		(1)	%


Financial ratios:
Pre-tax operating margin	43		%	44		%	47		%	46		%	42		%					45		%	44		%
(a) Other fees primarily include financing-related fees.
N/M – Not meaningful.


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

											4Q21 vs.								FY21 vs.
(dollars in millions, unless otherwise noted)	4Q21		3Q21		2Q21		1Q21		4Q20		3Q21		4Q20		FY21		FY20		FY20
Selected balance sheet data:
Average loans	$	40,812	$	39,041	$	38,360	$	35,094	$	32,939	5	%	24	%	$	38,344	$	32,432	18	%
Average assets (a)	$	143,816	$	143,630	$	144,297	$	148,820	$	137,410	—	%	5	%	$	145,123	$	123,554	17	%
Average deposits	$	100,653	$	101,253	$	102,896	$	107,079	$	98,670	(1)	%	2	%	$	102,948	$	83,442	23	%

Selected metrics:
AUC/A at period end (in trillions) (b)(c)	$	11.8	$	11.2	$	11.1	$	9.9	$	10.2	5	%	16	%	$	11.8	$	10.2	16	%

Pershing
AUC/A at period end (in trillions) (b)	$	2.6	$	2.6	$	2.8	$	2.6	$	2.5	—	%	4	%	$	2.6	$	2.5	4	%
Net new assets (U.S. platform) (in billions) (d)	$	69	$	13	$	47	$	32	$	45	N/M		N/M		$	161	$	116	N/M
Average active clearing accounts (in thousands)	7,334		7,259		7,290		7,143		7,007		1	%	5	%	7,257		6,883		5	%

Treasury Services
Average daily U.S. dollar payment volumes	245,634		232,144		230,346		235,975		234,362		6	%	5	%	235,971		221,755		6	%

Clearance and Collateral Management
Average tri-party collateral management balances (in billions)	$	4,972	$	4,516	$	3,898	$	3,638	$	3,555	10	%	40	%	$	4,260	$	3,566	19	%
(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) Dec. 31, 2021 information is preliminary.
(c) Consists of AUC/A from the Clearance and Collateral Management and Pershing businesses.
(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

																4Q21 vs.										FY21 vs.
(dollars in millions)	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21		4Q20		FY21			FY20			FY20
Income statement:
Revenue:
Investment management fees	$	864		$	893		$	876		$	850		$	839		(3)	%	3	%	$	3,483		$	3,261		7	%
Performance fees	32			21			14			40			45			N/M		(29)		107			107			—
Investment management and performance fees (a)	896			914			890			890			884			(2)		1		3,590			3,368			7
Distribution and servicing fees	28			28			28			28			29			—		(3)		112			137			(18)
Other fees (b)	22			20			16			22			(6)			N/M		N/M		80			(58)			N/M
Total fee revenue	946			962			934			940			907			(2)		4		3,782			3,447			10
Investment and other revenue (c)	23			23			18			3			33			N/M		N/M		67			48			N/M
Total fee and other revenue (c)	969			985			952			943			940			(2)		3		3,849			3,495			10
Net interest revenue	51			47			47			48			50			9		2		193			197			(2)
Total revenue	1,020			1,032			999			991			990			(1)		3		4,042			3,692			9
Provision for credit losses	(6)			(7)			(4)			4			(8)			N/M		N/M		(13)			20			N/M
Noninterest expense (ex. amortization of intangible assets)	741			684			669			702			678			8		9		2,796			2,668			5
Amortization of intangible assets	7			7			8			7			9			—		(22)		29			33			(12)
Total noninterest expense	748			691			677			709			687			8		9		2,825			2,701			5
Income before taxes	$	278		$	348		$	326		$	278		$	311		(20)	%	(11)	%	$	1,230		$	971		27	%


Total revenue by line of business:
Investment Management	$	709		$	727		$	700		$	698		$	714		(2)	%	(1)	%	$	2,834		$	2,596		9	%
Wealth Management	311			305			299			293			276			2		13		1,208			1,096			10
Total revenue by line of business	$	1,020		$	1,032		$	999		$	991		$	990		(1)	%	3	%	$	4,042		$	3,692		9	%

Financial ratios:
Pre-tax operating margin	27		%	34		%	33		%	28		%	32		%					30		%	26		%
Adjusted pre-tax operating margin – Non-GAAP (d)	29		%	36		%	35		%	30		%	34		%					33		%	29		%

Selected balance sheet data:
Average loans	$	12,737		$	12,248		$	11,871		$	11,610		$	11,497		4	%	11	%	$	12,120		$	11,728		3	%
Average assets (e)	$	31,306		$	30,195		$	30,370		$	32,066		$	30,804		4	%	2	%	$	30,980		$	30,459		2	%
Average deposits	$	18,374		$	17,270		$	17,466		$	19,177		$	18,144		6	%	1	%	$	18,068		$	17,340		4	%
(a) On a constant currency basis (Non-GAAP), investment management and performance fees increased 1% compared with 4Q20. 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 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

											4Q21 vs.								FY21 vs.
(dollars in billions)	4Q21		3Q21		2Q21		1Q21		4Q20		3Q21		4Q20		FY21		FY20		FY20
AUM by product type (a)(b):
Equity	$	187	$	180	$	187	$	173	$	170	4	%	10	%
Fixed income	267		269		272		261		259		(1)		3
Index	467		436		440		419		393		7		19
Liability-driven investments	890		843		841		802		855		6		4
Multi-asset and alternative investments	228		218		222		214		209		5		9
Cash	395		364		358		345		325		9		22
Total AUM	$	2,434	$	2,310	$	2,320	$	2,214	$	2,211	5	%	10	%

Changes in AUM (a)(b):
Beginning balance of AUM	$	2,310	$	2,320	$	2,214	$	2,211	$	2,041					$	2,211	$	1,910
Net inflows (outflows):
Long-term strategies:
Equity	(4)		(5)		(3)		—		(2)						(12)		(10)
Fixed income	—		1		8		8		5						17		10
Liability-driven investments	1		16		11		8		15						36		22
Multi-asset and alternative investments	1		(2)		1		(2)		—						(2)		(4)
Total long-term active strategies inflows	(2)		10		17		14		18						39		18
Index	(2)		(3)		(5)		3		(3)						(7)		6
Total long-term strategies (outflows) inflows	(4)		7		12		17		15						32		24
Short-term strategies:
Cash	31		7		13		19		5						70		49
Total net inflows	27		14		25		36		20						102		73
Net market impact	96		4		79		(36)		93						143		186
Net currency impact	1		(28)		2		3		57						(22)		42

Ending balance of AUM	$	2,434	$	2,310	$	2,320	$	2,214	$	2,211	5	%	10	%	$	2,434	$	2,211	10	%

Wealth Management client assets (a)(c)	$	321	$	307	$	305	$	292	$	286	5	%	12	%
(a) Dec. 31, 2021 information is preliminary.
(b) Excludes assets managed outside of the Investment and Wealth Management business segment.
(c) Includes AUM and AUC/A in the Wealth Management business.


THE BANK OF NEW YORK MELLON CORPORATION
OTHER SEGMENT

(in millions)	4Q21		3Q21		2Q21		1Q21		4Q20		FY21		FY20
Income statement:
Fee revenue	$	2	$	12	$	13	$	9	$	11	$	36	$	34
Investment and other revenue	19		23		9		(36)		(28)		15		37
Total fee and other revenue	21		35		22		(27)		(17)		51		71
Net interest (expense)	(38)		(38)		(45)		(38)		(40)		(159)		(145)
Total revenue	(17)		(3)		(23)		(65)		(57)		(108)		(74)
Provision for credit losses	(1)		(3)		(5)		(8)		(8)		(17)		1
Noninterest expense	55		16		49		41		64		161		133
(Loss) before taxes	$	(71)	$	(16)	$	(67)	$	(98)	$	(113)	$	(252)	$	(208)


Selected balance sheet data:
Average loans and leases	$	1,337	$	1,528	$	1,804	$	1,711	$	1,794	$	1,594	$	1,843
Average assets	$	45,005	$	46,006	$	46,510	$	51,422	$	54,223	$	47,214	$	56,544


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES PORTFOLIO

(dollars in millions)	Sept. 30, 2021			4Q21 change in unrealized gain (loss)		Dec. 31, 2021					Fair value as a % of amortized cost (a)		Unrealized gain (loss)			% Floating rate (b)		Ratings (c)
						Amortized cost		Fair value										AAA/ AA-		A+/ A-		BBB+/ BBB-		BB+ and lower		Not rated
	Fair value
Agency RMBS	$	52,913		$	(455)	$	50,500	$	50,735		100	%	$	235		12	%	100	%	—	%	—	%	—	%	—	%
U.S. Treasury	36,044			(125)		40,583		40,582			100		(1)			46		100		—		—		—		—
Sovereign debt/sovereign guaranteed	14,045			(54)		14,289		14,312			100		23			13		80		4		15		1		—
Agency commercial MBS	12,549			(119)		12,170		12,291			101		121			23		100		—		—		—		—
Supranational	8,004			(26)		7,653		7,646			100		(7)			53		100		—		—		—		—
Foreign covered bonds	6,946			(27)		6,236		6,238			100		2			38		100		—		—		—		—
U.S. government agencies	5,426			(48)		5,462		5,420			99		(42)			24		100		—		—		—		—
CLOs	5,204			(5)		5,424		5,421			100		(3)			100		99		—		—		1		—
Non-agency commercial MBS	3,167			(28)		3,083		3,114			101		31			25		100		—		—		—		—
Foreign government agencies	2,679			(17)		2,694		2,686			100		(8)			17		92		8		—		—		—
State and political subdivisions	2,659			(22)		2,557		2,529			99		(28)			5		89		10		—		—		1
Non-agency RMBS (d)	2,647			(23)		2,684		2,793			104		109			43		80		3		—		8		9
Other asset-backed securities	2,312			(20)		2,205		2,190			99		(15)			12		100		—		—		—		—
Corporate bonds	2,377			(15)		2,099		2,066			98		(33)			16		16		67		17		—		—

Other	1			—		1		1			100		—			—		—		—		—		—		100
Total securities	$	156,973	(e)	$	(984)	$	157,640	$	158,024	(e)(f)	100	%	$	384	(e)(g)	29	%	96	%	2	%	2	%	—	%	—	%
(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 RMBS that were included in the former Grantor Trust of $387 million at Sept. 30, 2021 and $360 million at Dec. 31, 2021.
(e) Includes net unrealized losses on derivatives hedging securities available-for-sale (including terminated hedges) of $742 million at Sept. 30, 2021 and $590 million at Dec. 31, 2021.
(f) The fair value of available-for-sale securities totaled $101,249 million at Dec. 31, 2021, net of hedges, or 64% of the fair value of the securities portfolio, net of hedges. The fair value of the held-to-maturity securities totaled $56,775 million at Dec. 31, 2021, or 36% of the fair value of the securities portfolio, net of hedges.
(g) At Dec. 31, 2021, unrealized gains of $475 million related to available-for-sale securities, net of hedges, and unrealized losses of $91 million related to held-to-maturity securities.
Note: The amortizable purchase premium (net of discount) relating to securities was $1,863 million at Dec. 31, 2021 and the amortization of that net purchase premium was $147 million in 4Q21.


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

	2021												2020
(dollars in millions)	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
Allowance for credit losses – beginning of period:
Allowance for loan losses	$	233		$	269		$	327		$	358		$	325
Allowance for lending-related commitments	40			50			73			121			135
Allowance for other financial instruments (a)	18			16			19			22			26
Allowance for credit losses – beginning of period	$	291		$	335		$	419		$	501		$	486

Net (charge-offs) recoveries:
Charge-offs	(16)			—			(1)			(1)			(1)
Recoveries	2			1			3			2			1
Total net (charge-offs) recoveries	(14)			1			2			1			—
Provision for credit losses (b)	(17)			(45)			(86)			(83)			15
Allowance for credit losses – end of period	$	260		$	291		$	335		$	419		$	501

Allowance for credit losses – end of period:
Allowance for loan losses	$	196		$	233		$	269		$	327		$	358
Allowance for lending-related commitments	45			40			50			73			121
Allowance for other financial instruments (a)	19			18			16			19			22
Allowance for credit losses – end of period	$	260		$	291		$	335		$	419		$	501

Allowance for loan losses as a percentage of total loans	0.29		%	0.36		%	0.42		%	0.54		%	0.63		%

Nonperforming assets	$	78		$	108		$	90		$	112		$	89
(a) Includes allowance for credit losses on federal funds sold and securities purchased under resale agreements, available-for-sale securities, accounts receivable, cash and due from banks and interest-bearing deposits with banks.
(b) Includes all other instruments within the scope of ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments.


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

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

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

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

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

Notes:
Certain immaterial reclassifications/revisions have been made to prior periods to place them on a basis comparable with the current period's presentation.

Return on common and tangible common equity ratios are annualized.

In 4Q21, we disaggregated our former Investment Services business segment into two new business segments, Securities Services and Market and Wealth Services. See the Current Report on Form 8-K dated Dec. 8, 2021 for additional information.


Return on common equity and tangible common equity reconciliation
(dollars in millions)	4Q21			3Q21			2Q21			1Q21			4Q20			FY21			FY20
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	822		$	881		$	991		$	858		$	702		$	3,552		$	3,423
Add: Amortization of intangible assets	19			19			20			24			26			82			104
Less: Tax impact of amortization of intangible assets	5			4			5			6			6			20			25
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP	$	836		$	896		$	1,006		$	876		$	722		$	3,614		$	3,502

Average common shareholders’ equity	$	37,941		$	39,755		$	40,393		$	40,720		$	40,712		$	39,695		$	39,200
Less: Average goodwill	17,481			17,474			17,517			17,494			17,411			17,492			17,331
Average intangible assets	2,988			2,953			2,975			3,000			3,019			2,979			3,051
Add: Deferred tax liability – tax deductible goodwill	1,178			1,173			1,163			1,153			1,144			1,178			1,144
Deferred tax liability – intangible assets	676			673			675			665			667			676			667
Average tangible common shareholders’ equity – Non-GAAP	$	19,326		$	21,174		$	21,739		$	22,044		$	22,093		$	21,078		$	20,629

Return on common equity – GAAP	8.6		%	8.8		%	9.8		%	8.5		%	6.9		%	8.9		%	8.7		%
Return on tangible common equity – Non-GAAP	17.2		%	16.8		%	18.6		%	16.1		%	13.0		%	17.1		%	17.0		%


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	2021												2020
(dollars in millions, except common shares and unless otherwise noted)	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
BNY Mellon shareholders’ equity at period end – GAAP	$	43,034		$	43,601		$	45,281		$	44,954		$	45,801
Less: Preferred stock	4,838			4,541			4,541			4,541			4,541
BNY Mellon common shareholders’ equity at period end – GAAP	38,196			39,060			40,740			40,413			41,260
Less: Goodwill	17,512			17,420			17,487			17,469			17,496
Intangible assets	2,991			2,941			2,964			2,983			3,012
Add: Deferred tax liability – tax deductible goodwill	1,178			1,173			1,163			1,153			1,144
Deferred tax liability – intangible assets	676			673			675			665			667
BNY Mellon tangible common shareholders’ equity at period end – Non-GAAP	$	19,547		$	20,545		$	22,127		$	21,779		$	22,563

Period-end common shares outstanding (in thousands)	804,145			825,821			863,174			875,481			886,764

Book value per common share – GAAP	$	47.50		$	47.30		$	47.20		$	46.16		$	46.53
Tangible book value per common share – Non-GAAP	$	24.31		$	24.88		$	25.64		$	24.88		$	25.44



Net interest margin reconciliation
(dollars in millions)	4Q21			3Q21			2Q21			1Q21			4Q20
Net interest revenue – GAAP	$	677		$	641		$	645		$	655		$	680
Add: Tax equivalent adjustment	4			3			3			3			3
Net interest revenue (FTE) – Non-GAAP	$	681		$	644		$	648		$	658		$	683

Average interest-earning assets	$	381,682		$	381,065		$	388,285		$	397,297		$	378,674

Net interest margin – GAAP (a)	0.71		%	0.67		%	0.67		%	0.66		%	0.72		%
Net interest margin (FTE) – Non-GAAP (a)	0.71		%	0.68		%	0.67		%	0.67		%	0.72		%
(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)	4Q21			3Q21			2Q21			1Q21			4Q20			FY21			FY20
Income before income taxes – GAAP	$	278		$	348		$	326		$	278		$	311		$	1,230		$	971

Total revenue – GAAP	$	1,020		$	1,032		$	999		$	991		$	990		$	4,042		$	3,692
Less: Distribution and servicing expense	75			76			74			75			76			300			338
Adjusted total revenue, net of distribution and servicing expense – Non-GAAP	$	945		$	956		$	925		$	916		$	914		$	3,742		$	3,354

Pre-tax operating margin – GAAP (a)	27		%	34		%	33		%	28		%	32		%	30		%	26		%
Adjusted pre-tax operating margin, net of distribution and servicing expense – Non-GAAP (a)	29		%	36		%	35		%	30		%	34		%	33		%	29		%
(a) Income before income taxes divided by total revenue.



Constant currency reconciliations							4Q21 vs.
(dollars in millions)	4Q21			4Q20			4Q20
Consolidated:
Investment management and performance fees – GAAP	$	896		$	884		1		%
Impact of changes in foreign currency exchange rates	—			1
Adjusted investment management and performance fees – Non-GAAP	$	896		$	885		1		%


Investment and Wealth Management business segment:
Investment management and performance fees – GAAP	$	896		$	884		1		%
Impact of changes in foreign currency exchange rates	—			1
Adjusted investment management and performance fees – Non-GAAP	$	896		$	885		1		%

4Q21 Financial Highlights J A N U A R Y 1 8 , 2 0 2 2

2 4Q21 and 2021 Highlights (a) Represents a non-GAAP measure. See page 17 in the Appendix for the corresponding reconciliation of the non-GAAP measures of ROTCE. Revenue  4% EPS  28% Pre-tax income  18% Pre-tax margin  303bps Returns Capital ratios ROE: 8.6% ROTCE: 17.2%(a) T1L: 5.5% CET1: 11.1% 4Q21 Revenue  1% EPS  8% Pre-tax income  4% Pre-tax margin  91bps Returns ROE: 8.9% ROTCE: 17.1%(a) 2021

3 Increase / (decrease) Revenue Expense EPS 4Q21 — 37 $(0.04) 3Q21 9 73 $(0.05) 4Q20 (61) 165 $(0.18) 4Q21 vs. $mm, except per share data or unless otherwise noted 4Q21 3Q21 4Q20 3Q21 4Q20 Fee revenue $3,231 $3,265 $3,114 (1)% 4% Investment and other revenue 107 129 49 N/M N/M Net interest revenue 677 641 680 6% — Total revenue $4,015 $4,035 $3,843 — 4% Provision for credit losses (17) (45) 15 N/M N/M Noninterest expense 2,967 2,918 2,925 2% 1% Income before income taxes $1,065 $1,162 $903 (8)% 18% Net income applicable to common shareholders $822 $881 $702 (7)% 17% EPS $1.01 $1.04 $0.79 (3)% 28% Avg. common shares and equivalents outstanding (mm) – diluted 817 849 892 (4)% (8)% Operating leverage (b) (217) bps 304 bps Pre-tax margin 27% 29% 24% (224) bps 303 bps ROE 8.6% 8.8% 6.9% (19) bps 173 bps ROTCE (a) 17.2% 16.8% 13.0% 41 bps 417 bps 4Q21 Financial Results Notable items impacting the quarter (a) Represents a non-GAAP measure. See pages 16, 18 and 17 in the Appendix for the corresponding reconciliations of the non-GAAP measures of consolidated fee revenue growth excluding money market fee (“MMF”) waivers, noninterest expense, excluding the impact of notable items, and ROTCE, respectively. Note: See page 14 in the Appendix for corresponding footnotes. N/M – not meaningful. Impact of severance expense and litigation reserves Impact of litigation reserves, gains on disposals and severance expense Impact of litigation reserves, severance expense, losses on business sales and real estate charges Up 8%(a) excluding MMF waivers Up 6%(a) excluding notable items

4 2021 vs. $mm, except per share data or unless otherwise noted 2021 2020 2020 Fee revenue $12,977 $12,515 4% Investment and other revenue 336 316 N/M Net interest revenue 2,618 2,977 (12)% Total revenue $15,931 $15,808 1% Provision for credit losses (231) 336 N/M Noninterest expense 11,514 11,004 5% Income before income taxes $4,648 $4,468 4% Net income applicable to common shareholders $3,552 $3,423 4% EPS $4.14 $3.83 8% Avg. common shares and equivalents outstanding (mm) – diluted 856 893 (4)% Operating leverage (b) (386) bps Pre-tax margin 29% 28% 91 bps ROE 8.9% 8.7% 22 bps ROTCE (a) 17.1% 17.0% 17 bps 2021 Financial Results Notable items impacting the year a) Represents a non-GAAP measure. See pages 16 and 17 in the Appendix for the corresponding reconciliations of the non-GAAP measures of consolidated fee revenue growth excluding MMF waivers and ROTCE, respectively. Note: See page 14 in the Appendix for corresponding footnotes. N/M – not meaningful. Increase / (decrease) Revenue Expense EPS 2021 13 129 $(0.11) 2020 (61) 165 $(0.18) Impact of litigation reserves, severance expense and gains on disposals Impact of litigation reserves, severance expense, losses on business sales and real estate charges recorded in 4Q20 Up 9%(a) excluding MMF waivers

5 4Q21 3Q21 4Q20 Consolidated regulatory capital ratios: (a) Tier 1 leverage ratio 5.5% 5.7% 6.3% Supplementary leverage ratio ("SLR") 6.6 7.0 8.6 Common Equity Tier 1 ratio – Advanced Approaches 11.3 11.8 13.1 Common Equity Tier 1 ratio – Standardized Approach 11.1 11.7 13.4 Consolidated regulatory liquidity ratios: Liquidity coverage ratio ("LCR") 109% 111% 110% Cash dividends per common share $0.34 $0.34 $0.31 Common stock dividends ($mm) $280 $296 $278 Common stock repurchases ($mm) 1,249 2,001 1 Book value per common share $47.50 $47.30 $46.53 Tangible book value per common share (d) 24.31 24.88 25.44 Common shares outstanding (mm) 804 826 887 (b) (c) Capital and Liquidity Note: See page 14 in the Appendix for corresponding footnotes.

6 4Q21 vs. $bn, avg. 4Q21 3Q21 4Q20 Deposits: Noninterest-bearing $92 7% 21% Interest-bearing 231 (1)% — Total deposits $323 1% 5% Interest-earning assets: Cash and reverse repo 152 (4)% (5)% Loans $65 6% 18% Investment securities: HQLA 129 2% 1% Non-HQLA 30 — 6% Total investment securities $159 2% 2% Total interest-earning assets $382 — 1%4Q20 3Q21 4Q21 Net Interest Revenue and Balance Sheet Trends N e t I n t e r e s t R e v e n u e ( $ m m ) 680 641 677 +6% Flat • Avg. deposits of $323bn up 1% QoQ • Avg. interest-earning assets of $382bn flat QoQ – Avg. loans of $65bn up 6% QoQ – Avg. investment securities of $159bn up 2% QoQ • Net interest revenue of $677mm up 6% QoQ, primarily reflecting the impact of larger deposit, loan and securities balances and higher short- term rates

7 4Q21 vs. $mm, unless otherwise noted 4Q21 3Q21 4Q20 Staff $1,633 3% 5% Software and equipment 379 2% 6% Professional, legal and other purchased services 390 7% 2% Sub-custodian and clearing 120 (7)% 3% Net occupancy 133 11% (23)% Distribution and servicing 75 (1)% — Bank assessment charges 30 (12)% 25% Business development 44 100% 69% Amortization of intangible assets 19 — (27)% Other 144 (28)% (25)% Total noninterest expense $2,967 2% 1% Noninterest Expense • Noninterest expense of $2,967mm up 1% YoY, up 6%(a) excluding the impact of notable items, driven by higher investments in growth, infrastructure and efficiency initiatives and higher revenue-related expenses • Noninterest expense up 2% QoQ – Staff expense up 3% QoQ, driven by severance expense and incentive compensation – Net occupancy expense up 11% QoQ, driven by lease exit costs and expenses related to return-to-office – Business development expense up 100% QoQ, driven by marketing and travel and entertainment expense – Other expense down 28% QoQ, driven by lower litigation reserves (a) Represents a non-GAAP measure. See page 18 in the Appendix for the corresponding reconciliation of the non-GAAP measure of noninterest expense excluding the impact of notable items.

8 4Q21 vs. $mm, unless otherwise noted 4Q21 3Q21 4Q20 Total revenue by line of business: Asset Servicing $1,456 1% 7% Issuer Services 377 (6)% (2)% Total revenue $1,833 — 5% Provision for credit losses (7) N/M N/M Noninterest expense 1,490 (3)% (1)% Income before income taxes $350 12% 63% Fee revenue 1,413 — 6% Net interest revenue 367 5% (3)% Foreign exchange revenue 148 18% 6% Securities lending revenue (b) 45 — 25% Financial ratios, balance sheet data and metrics: Pre-tax margin 19% 196 bps 667 bps AUC/A ($trn, period end) (c)(d) $34.6 2% 13% Deposits ($bn, avg.) $200 1% 6% Market value of securities on loan ($bn, period end) (e) $447 1% 3% • Total revenue of $1,833mm up 5% YoY – Asset Servicing up 7% YoY, excluding MMF waivers, up 10%(a), reflecting higher activity from existing clients, higher market values, strategic equity investment gains and net new business, partially offset by lower net interest revenue – Issuer Services down 2% YoY, excluding MMF waivers, up 2%(a), reflecting higher Depositary Receipts revenue, partially offset by lower fees in Corporate Trust • Noninterest expense of $1,490mm down 1% YoY, driven by lower litigation reserves and severance expense, partially offset by higher investments in growth, infrastructure and efficiency initiatives. Excluding the impact of notable items, noninterest expense increased 3%(a) • Income before income taxes of $350mm up 63% YoY. Excluding the impact of notable items, income before income taxes increased 24%(a) Securities Services (a) Represents a non-GAAP measure. See pages 16 and 18 in the Appendix for corresponding reconciliations of the non-GAAP measures of total revenue excluding MMF waivers and noninterest expense and income before income taxes excluding the impact of notable items, respectively. Note: See page 14 in the Appendix for the corresponding footnotes. N/M – not meaningful.

9 4Q21 vs. $mm, unless otherwise noted 4Q21 3Q21 4Q20 Total revenue by line of business: Pershing $553 (2)% (2)% Treasury Services 331 2% 2% Clearance and Collateral Management 289 3% 5% Total revenue $1,173 — 1% Provision for credit losses (3) N/M N/M Noninterest expense 674 1% 1% Income before income taxes $502 (4)% 4% Fee revenue 870 (1)% 1% Net interest revenue 297 5% 2% Financial ratios, balance sheet data and metrics: Pre-tax margin 43% (148) bps 117 bps AUC/A ($trn, end of period) (b)(c) $11.8 5% 16% Deposits ($bn, avg.) $101 (1)% 2% Pershing: Net new assets (U.S. platform) ($bn) (d) $69 N/M N/M Avg. active clearing accounts ('000) 7,334 1% 5% Treasury Services: Avg. daily U.S. dollar payment volumes ('000) 246 6% 5% Clearance and Collateral Management: Avg. tri-party collateral management balances ($bn) $4,972 10% 40% Market and Wealth Services • Total revenue of $1,173mm up 1% YoY – Pershing down 2% YoY, excluding MMF waivers, up 2%(a), reflecting higher market values, client balances and activity from existing clients, partially offset by the impact of lost business – Treasury Services up 2% YoY, excluding MMF waivers, up 5%(a), reflecting higher payment volumes and higher net interest revenue driven by higher deposit balances – Clearance and Collateral Management up 5% YoY, reflecting higher collateral management fees driven by balances and higher clearance volumes • Noninterest expense of $674mm up 1% YoY, driven by higher investments in growth, infrastructure and efficiency initiatives and revenue- related expenses, partially offset by lower severance expense. Excluding the impact of notable items, noninterest expense increased 2%(a) • Income before income taxes of $502mm up 4% YoY. Excluding the impact of notable items, income before income taxes increased 2%(a) (a) Represents a non-GAAP measure. See pages 16 and 18 in the Appendix for corresponding reconciliations of the non-GAAP measures of total revenue excluding MMF waivers and noninterest expense and income before income taxes excluding the impact of notable items, respectively. Note: See page 14 in the Appendix for the corresponding footnotes. N/M – not meaningful.

10 4Q21 vs. $mm, unless otherwise noted 4Q21 3Q21 4Q20 Total revenue by line of business: Investment Management $709 (2)% (1)% Wealth Management 311 2% 13% Total revenue $1,020 (1)% 3% Provision for credit losses (6) N/M N/M Noninterest expense 748 8% 9% Income before income taxes $278 (20)% (11)% Fee revenue 946 (2)% 4% Net interest revenue 51 9% 2% Financial ratios, balance sheet data and metrics: Pre-tax margin 27% (639) bps (425) bps Adjusted pre-tax margin (a) 29% (691) bps (468) bps AUM ($bn, end of period) (b) $2,434 5% 10% Loans ($bn, avg.) $13 4% 11% Deposits ($bn, avg.) 18 6% 1% Wealth Management: Client assets ($bn, end of period) (c) $321 5% 12% • Total revenue of $1,020mm up 3% YoY – Investment Management revenue of $709mm down 1% YoY, excluding MMF waivers, up 6%(a) reflecting higher market values and net inflows, partially offset by lower seed capital gains and lower performance fees – Wealth Management revenue of $311mm up 13% YoY reflecting higher market values, the loss on a business sale in 4Q20 and higher net interest revenue • Noninterest expense of $748mm up 9% YoY, driven by higher revenue- related expenses and investments in growth initiatives, partially offset by lower severance expense. Excluding the impact of notable items, noninterest expense increased 10%(a) • Income before income taxes of $278mm down 11% YoY. Excluding the impact of notable items, income before income taxes decreased 14%(a) • AUM of $2.4trn up 10% YoY driven by higher market values and net inflows – Net inflows of $31bn into cash products and net outflows from long-term products of $4bn in the quarter • Wealth Management client assets of $321bn up 12% YoY driven by higher market values and net inflows Investment and Wealth Management (a) Adjusted pre-tax margin is net of distribution and servicing expense. Represents a non-GAAP measure. See pages 16 and 18 in the Appendix for corresponding reconciliations of the non-GAAP measures of total revenue excluding MMF waivers, adjusted pre-tax margin, and noninterest expense and income before income taxes excluding the impact of notable items, respectively. Note: See page 14 in the Appendix for the corresponding footnotes (b) and (c). N/M – not meaningful.

11 $mm, unless otherwise noted 4Q21 3Q21 4Q20 Fee revenue $2 $12 $11 Investment and other revenue 19 23 (28) Net interest revenue (38) (38) (40) Total revenue $(17) $(3) $(57) Provision for credit losses (1) (3) (8) Noninterest expense 55 16 64 Income before income taxes $(71) $(16) $(113) • 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 increase primarily reflects 4Q20 losses on business sales – QoQ decrease primarily reflects disposal gains recorded in 3Q21 • Noninterest expense decreased YoY primarily reflecting 4Q20 real estate charges and severance expense, partially offset by higher staff expense – QoQ increase primarily reflects higher staff expense, non-staff-related expenses and severance expense Other Segment

12 $12,977mmTotal fee revenue ~7% 2022 Outlook Net interest revenue 2022 vs. 2021 $2,618mm ~10% Total payout ratio ~100% (subject to changes in AOCI and deposit balances) 160% 2021 (a) Represents a non-GAAP measure. See page 18 in the Appendix for the corresponding reconciliation of the non-GAAP measure of noninterest expense excluding the impact of notable items. Note: 2022 Outlook is based on the forward curve as of December 31, 2021. Expenses (excluding notable items)(a) ~5.5%$11,385mm

Appendix

14 Footnotes Page 3 – 4Q21 Financial Results (b) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense. Page 4 – 2021 Financial Results (b) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense. Page 5 – Capital and Liquidity (a) Regulatory capital ratios for Dec. 31, 2021 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 Dec. 31, 2021 was the Standardized Approach, for Sept. 30, 2021 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, and for Dec. 31, 2020, was the Advanced Approaches. (b) Reflects the temporary exclusion of U.S. Treasury securities from the leverage exposure used in the SLR calculation which increased our consolidated SLR by 72 basis points at Dec. 31, 2020. The temporary exclusion ceased to apply beginning April 1, 2021. (c) Reflects shares repurchased from employees, primarily in connection with the employees’ payment of taxes upon the vesting of restricted stock. The Federal Reserve did not allow firms participating in CCAR to make open market common stock repurchases during the third or fourth quarter of 2020. We were permitted to continue to repurchase shares from employees, primarily in connection with the employees’ payment of taxes upon the vesting of restricted stock. (d) Tangible book value per common share excludes goodwill and intangible assets, net of deferred tax liabilities. See page 17 for corresponding reconciliation of this non-GAAP measure. Page 8 – Securities Services (b) Included in Investment services fees in the Asset Servicing business. (c) Dec. 31, 2021 information is preliminary. (d) Consists of AUC/A primarily from the Asset Servicing business and, to a lesser extent, the Issuer Services business. Includes the AUC/A of CIBC Mellon of $1.7trn at Dec. 31, 2021, $1.7trn at Sept. 30, 2021, and $1.5trn at Dec. 31, 2020. (e) Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $71bn at Dec. 31, 2021, and $68bn at Sept. 30, 2021 and Dec. 31, 2020. Page 9 – Market and Wealth Services (b) Dec. 31, 2021 information is preliminary. (c) Consists of AUC/A primarily from the Clearance and Collateral Management and Pershing businesses. (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 10 – Investment and Wealth Management (b) Dec. 31, 2021 information is preliminary. Excludes assets managed outside of the Investment and Wealth Management business segment. (c) Dec. 31, 2021 information is preliminary. Includes AUM and AUC/A in the Wealth Management business.

15 Money Market Fee Waivers Impact (a) The line of business revenue for management reporting purposes reflects the impact of revenue transferred between the businesses. 4Q21 3Q21 2Q21 1Q21 4Q20 Investment services fees $(148) $(142) $(148) $(109) $(85) Investment management and performance fees (116) (109) (115) (89) (56) Distribution and servicing fees (14) (11) (13) (13) (8) Total fee revenue (278) (262) (276) (211) (149) Less: Distribution and servicing expense 35 29 24 23 15 Net impact of money market fee waivers $(243) $(233) $(252) $(188) $(134) Impact to investment services fees by line of business (a) Asset Servicing $(31) $(29) $(30) $(15) $(9) Issuer Services (18) (17) (16) (11) (7) Pershing (89) (86) (91) (77) (65) Treasury Services (10) (10) (11) (6) (4) Total impact to investment services fees by line of business $(148) $(142) $(148) $(109) $(85) Impact to revenue by line of business (a) Asset Servicing $(50) $(47) $(50) $(29) $(13) Issuer Services (24) (22) (22) (15) (10) Pershing (106) (102) (99) (94) (85) Treasury Services (14) (13) (16) (9) (5) Investment Management (81) (76) (85) (61) (34) Wealth Management (3) (2) (4) (3) (2) Total impact to revenue by line of business $(278) $(262) $(276) $(211) $(149)

16 Total Revenue and Investment Services Fees Excluding MMF Waivers Reconciliation 4Q21 vs. 4Q21 vs. 4Q21 4Q20 4Q20 4Q21 4Q20 4Q20 Fee revenue — GAAP $3,231 $3,114 4% Pershing business, total revenue — GAAP $553 $563 (2)% Less: MMF waivers (278) (149) Less: MMF waivers (106) (85) Fee revenue, ex-MMF waivers — non-GAAP $3,509 $3,263 8% Pershing business, total revenue, ex-MMF waivers — non-GAAP $659 $648 2% Securities Services segment, fee revenue — GAAP $1,413 $1,334 6% Pershing business, investment services fees — GAAP $412 $422 (2)% Less: MMF waivers (74) (23) Less: MMF waivers (89) (65) Securities Services segment, fee revenue, ex-MMF waivers — non-GAAP $1,487 $1,357 10% Pershing business, investment services fees, ex-MMF waivers — non-GAAP $501 $487 3% Asset Servicing business, total revenue — GAAP $1,456 $1,357 7% Treasury Services business, total revenue — GAAP $331 $325 2% Less: MMF waivers (50) (13) Less: MMF waivers (14) (5) Asset Servicing business, total revenue, ex-MMF waivers — non-GAAP $1,506 $1,370 10% Treasury Services business, total revenue, ex-MMF waivers — non-GAAP $345 $330 5% Asset Servicing business, investment services fees — GAAP $984 $896 10% Treasury Services business, investment services fees — GAAP $170 $163 4% Less: MMF waivers (31) (9) Less: MMF waivers (10) (4) Asset Servicing business, investment services fees, ex-MMF waivers — non-GAAP $1,015 $905 12% Treasury Services business, investment services fees, ex-MMF waivers — non-GAAP $180 $167 8% Issuer Services business, total revenue — GAAP $377 $385 (2)% Investment & Wealth Management segment, fee revenue — GAAP $946 $907 4% Less: MMF waivers (24) (10) Less: MMF waivers (84) (36) Issuer Services business, total revenue, ex-MMF waivers — non-GAAP $401 $395 2% Investment & Wealth Management segment, fee revenue, ex-MMF waivers — non-GAAP $1,030 $943 9% Issuer Services business, investment services fees — GAAP $253 $260 (3)% Investment Management business, total revenue — GAAP $709 $714 (1)% Less: MMF waivers (18) (7) Less: MMF waivers (81) (34) Issuer Services business, investment services fees, ex-MMF waivers — non-GAAP $271 $267 1% Investment Management business, total revenue, ex-MMF waivers — non-GAAP $790 $748 6% Market and Wealth Services segment, fee revenue — GAAP $870 $862 1% Less: MMF waivers (120) (90) 2021 vs. Market and Wealth Services segment, fee revenue, ex-MMF waivers — non-GAAP $990 $952 4% 2021 2020 2020 Fee revenue — GAAP $12,977 $12,515 4% Less: MMF waivers (1,027) (368) Fee revenue, ex-MMF waivers — non-GAAP $14,004 $12,883 9%

17 4Q21 3Q21 4Q20 2021 2020 Net income applicable to common shareholders of The Bank of New York Mellon Corporation — GAAP $822 $881 $702 $3,552 $3,423 Add: Amortization of intangible assets 19 19 26 82 104 Less: Tax impact of amortization of intangible assets 5 4 6 20 25 Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets — Non-GAAP $836 $896 $722 $3,614 $3,502 Average common shareholders’ equity $37,941 $39,755 $40,712 $39,695 $39,200 Less: Average goodwill 17,481 17,474 17,411 17,492 17,331 Average intangible assets 2,988 2,953 3,019 2,979 3,051 Add: Deferred tax liability — tax deductible goodwill 1,178 1,173 1,144 1,178 1,144 Deferred tax liability — intangible assets 676 673 667 676 667 Average tangible common shareholders’ equity — Non-GAAP $19,326 $21,174 $22,093 $21,078 $20,629 Return on common equity (annualized) — GAAP 8.6% 8.8% 6.9% 8.9% 8.7% Return on tangible common equity (annualized) — non-GAAP 17.2% 16.8% 13.0% 17.1% 17.0% Return on Common Equity and Tangible Common Equity Reconciliation Book Value and Tangible Book Value Per Common Share Reconciliation 2021 2020 Dec. 31 Sep. 30 Dec. 31 BNY Mellon shareholders’ equity at period end – GAAP $43,034 $43,601 $45,801 Less: Preferred stock 4,838 4,541 4,541 BNY Mellon common shareholders’ equity at period end – GAAP 38,196 39,060 41,260 Less: Goodwill 17,512 17,420 17,496 Intangible assets 2,991 2,941 3,012 Add: Deferred tax liability – tax deductible goodwill 1,178 1,173 1,144 Deferred tax liability – intangible assets 676 673 667 BNY Mellon tangible common shareholders’ equity at period end – Non-GAAP 19,547 20,545 22,563 Period-end common shares outstanding (in thousands) 804,145 825,821 886,764 Book value per common share – GAAP $47.50 $47.30 $46.53 Tangible book value per common share – Non-GAAP $24.31 $24.88 $25.44 4Q21 3Q21 2Q21 1Q21 4Q20

18 4Q21 3Q21 4Q20 Income before income taxes — GAAP $278 $348 $311 Total revenue — GAAP $1,020 $1,032 $990 Less: Distribution and servicing expense 75 76 76 Adjusted total revenue, net of distribution and servicing expense — non-GAAP $945 $956 $914 Pre-tax operating margin — GAAP (a) 27% 34% 32% Adjusted pre-tax operating margin, net of distribution and servicing expense — non-GAAP (a) 29% 36% 34% Pre-tax Operating Margin Reconciliation – Investment and Wealth Management Business Noninterest Expense and Income Before Taxes Reconciliation – Impact of Notable Items (a) Income before income taxes divided by total revenue. (b) Notable items in 4Q21 and 1Q21 include severance expense and litigation reserves. Notable items in 4Q20 include litigation reserves, severance expense, losses on business sales (reflected in investment and other revenue) and real estate charges. (c) Notable items in 2021 include litigation reserves, severance expense and gains on disposals (reflected in investment and other revenue). Notable items in 2020 include litigation reserves, severance expense, losses on business sales (reflected in investment and other revenue) and real estate charges recorded in 4Q20. 4Q21 vs. 4Q21 vs. 4Q21 4Q20 4Q20 4Q21 4Q20 4Q20 Noninterest expense — GAAP $2,967 $2,925 1% Market and Wealth Services business, income before income taxes — GAAP $502 $485 4% Notable items (b) 37 165 Notable items (b) (6) (15) Noninterest expense, ex-notable items — non-GAAP $2,930 $2,760 6% Market and Wealth Services income before income taxes, ex-notable items — non-GAAP $508 $500 2% Securities Services segment, noninterest expense — GAAP $1,490 $1,504 (1)% Investment and Wealth Management business, noninterest expense — GAAP $748 $687 9% Notable items (b) 21 84 Notable items (b) 1 9 Securities Services noninterest expense, ex-notable items — non-GAAP $1,469 $1,420 3% Investment and Wealth Management noninterest expense, ex-notable items — non-GAAP $747 $678 10% Securities Services business, income before income taxes — GAAP $350 $215 63% Investment & Wealth Management business, income before income taxes — GAAP $278 $311 (11)% Notable items (b) (21) (84) Notable items (b) (1) (14) Securities Services income before income taxes, ex-notable items — non-GAAP $371 $299 24% Investment and Wealth Management income before income taxes, ex-notable items — non-GAAP $279 $325 (14)% Market and Wealth Services business, noninterest expense — GAAP $674 $670 1% Notable items (b) 6 15 Market and Wealth Services noninterest expense, ex-notable items — non-GAAP $668 $655 2% 2021 vs. 1Q21 2021 2020 2020 Noninterest expense — GAAP $2,850 Noninterest expense — GAAP $11,514 $11,004 5% Notable items (b) 14 Notable items (c) 129 165 Noninterest expense, ex-notable items — non-GAAP $2,836 Noninterest expense, ex-notable items — non-GAAP $11,385 $10,839 5%

19 A number of statements in The Bank of New York Mellon Corporation’s (the “Corporation”) presentations, the accompanying slides and the responses to your questions are “forward-looking statements.” 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,” “future”, “potentially”, “outlook” and words of similar meaning may signify forward-looking statements. These statements relate to, among other things, the Corporation’s expectations regarding: capital plans, strategic priorities, financial goals, organic growth, performance, organizational quality and efficiency, investments, including in technology and product development, capabilities, resiliency, revenue, net interest revenue, money market fee waivers, fees, expenses, cost discipline, sustainable growth, innovation in products and services, company management, deposits, interest rates and yield curves, securities portfolio, taxes, business opportunities, divestments, volatility, preliminary business metrics and regulatory capital ratios and statements regarding the Corporation’s aspirations, as well as the Corporation’s overall plans, strategies, goals, objectives, expectations, outlooks, estimates, intentions, targets, opportunities, focus and initiatives, including the potential effects of the coronavirus pandemic on any of the foregoing. These forward-looking statements are based on assumptions that involve risks and uncertainties and that are subject to change based on various important factors (some of which are beyond the Corporation’s control). Actual outcomes may differ materially from those expressed or implied as a result of a number of factors, including, but not limited to, those discussed in “Risk Factors” in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”) and in other filings of the Corporation with the Securities and Exchange Commission (the “SEC”). Statements about the effects of the current and near-term market and macroeconomic outlook on the Corporation, including on its business, operations, financial performance and prospects, may constitute forward-looking statements, and are based on assumptions that involve risks and uncertainties and that are subject to change based on various important factors (some of which are beyond the Corporation's control), including the scope and duration of the pandemic, actions taken by governmental authorities and other third parties in response to the pandemic, the availability, use and effectiveness of vaccines, and the direct and indirect impact of the pandemic on the Corporation, its clients, customers and third parties. Preliminary business metrics and regulatory capital ratios are subject to change, possibly materially, as the Corporation completes its Annual Report on Form 10-K for the year ended December 31, 2021. All forward-looking statements speak only as of January 18, 2022, and the Corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events. For additional information regarding the Corporation, please refer to the Corporation's SEC filings available at www.bnymellon.com/investorrelations. Non-GAAP Measures: In this presentation we discuss certain non-GAAP measures in detailing the Corporation’s performance, which exclude certain items or otherwise include components that differ from GAAP. We believe these measures are useful to the investment community in analyzing the financial results and trends of ongoing operations. We believe they facilitate comparisons with prior periods and reflect the principal basis on which the Corporation’s management monitors financial performance. Additional disclosures relating to non-GAAP measures are contained in the Corporation’s reports filed with the SEC, including the Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, and the 2020 Annual Report, and are available at www.bnymellon.com/investorrelations. Cautionary Statement

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Form 8-K Bank of New York Mellon For: Jan 18

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