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

April 18, 2022 6:31 AM

News Release
bnym_logox1q221.jpg


BNY MELLON REPORTS FIRST QUARTER 2022 EARNINGS OF
$699 MILLION OR $0.86 PER COMMON SHARE
Revenue flat (a)
EPS down 11% (a)
ROE 8%
ROTCE 15% (b)
CET1 10.1%
Tier 1 leverage 5.3%
(a)    Excluding the notable item related to Russia, revenue increased 2% (see note (b)) and EPS would have been $0.08 higher.


NEW YORK, April 18, 2022 – The Bank of New York Mellon Corporation (“BNY Mellon”) (NYSE: BK) today reported:
1Q22 vs.
1Q224Q211Q214Q211Q21
Net income applicable to common shareholders (in millions)
$699 $822 $858 (15)%(19)%
Diluted earnings per common share (c)
$0.86 $1.01 $0.97 (15)%(11)%
(c)    Includes impact of notable items of $(0.08) per share in 1Q22, $(0.04) per share in 4Q21 and $(0.01) in 1Q21. See note (b).

First Quarter Results
Total revenue of $3.9 billion, was flat; or increased 2% excluding a reduction related to Russia (b)
•Fee revenue decreased 3%; or was flat excluding an $88 million reduction related to Russia (b)
•Net interest revenue increased 7%

Total noninterest expense of $3.0 billion, increased ~ 5.5%

AUC/A of $45.5 trillion, increased 9%
AUM of $2.3 trillion, increased 2%

Securities Services
•Total revenue was flat
•Includes accelerated amortization of deferred costs for depositary receipts services related to Russia
•Income before taxes decreased 33%
•Pre-tax operating margin of 16%

Market and Wealth Services
•Total revenue was flat
•Income before taxes decreased 10%
•Pre-tax operating margin of 41%

Investment and Wealth Management
•Total revenue decreased 3%
•Income before taxes decreased 24%
•Pre-tax operating margin of 22%; adjusted pre-tax operating margin – Non-GAAP of 24% (b)

CEO Commentary
“We are in an increasingly uncertain environment, including the war in Ukraine, volatile markets, and persistently higher inflation which will require more meaningful monetary policy adjustments. It is in times like these that our strong, lower risk balance sheet and the resiliency of our business model differentiates us,” Todd Gibbons, Chief Executive Officer, said.

Mr. Gibbons added, “We continued to see healthy underlying momentum across most of our businesses. Reported revenue of $3.9 billion was flat year-over-year, or up 2% excluding an approximately $90 million reduction resulting from government sanctions and our actions related to Russia.”

“We generated a significant amount of capital and returned close to 60% of earnings to our shareholders, primarily through common dividends. Throughout the quarter, we took actions in the investment securities portfolio to temper the immediate impact to capital from higher interest rates. And we expect higher interest rates to be a positive for both fee and net interest revenue going forward,” Mr. Gibbons concluded.

Robin Vince, President and CEO-elect, added, “It is a privilege to be appointed as President and CEO-elect of this great firm, which has benefited enormously from Todd’s leadership over the past few years. He and I are working through the transition, and I look forward to working with my colleagues on the Executive Committee and our 50,000 talented employees around the world to realize the opportunity that lies ahead.”
Media Relations: Garrett Marquis (949) 683-1503
Investor Relations: Marius Merz (212) 298-1480
(b) For information on these Non-GAAP measures, see “Explanation of GAAP and Non-GAAP financial measures” on page 10.
Note: Above comparisons are 1Q22 vs. 1Q21, unless otherwise noted.
BNY Mellon 1Q22 Earnings Release
CONSOLIDATED FINANCIAL HIGHLIGHTS

(in millions, except per share amounts and unless otherwise noted; not
meaningful - N/M)		1Q22 vs.
1Q224Q211Q214Q211Q21
Fee revenue$3,158 $3,231 $3,257 (2)%(3)%
Investment and other revenue 70 107 9 N/MN/M
Total fee and other revenue3,228 3,338 3,266 (3)(1)
Net interest revenue698 677 655 3 7 
Total revenue3,926 4,015 3,921 (2)— 
Provision for credit losses2 (17)(83)N/MN/M
Noninterest expense3,006 2,967 2,851 1 5 
Income before income taxes918 1,065 1,153 (14)(20)
Provision for income taxes153 196 221 (22)(31)
Net income$765 $869 $932 (12)%(18)%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation$699 $822 $858 (15)%(19)%
Operating leverage (a)
(353) bps(531) bps
Diluted earnings per common share$0.86 $1.01 $0.97 (15)%(11)%
Average common shares and equivalents outstanding - diluted (in thousands)
813,986 817,345 885,655 
Pre-tax operating margin23 %27 %29 %
(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 1Q22 vs. 1Q21, unless otherwise stated)

•Total revenue was flat, or increased 2% excluding a reduction related to Russia (b), primarily reflecting:
•Fee revenue decreased 3% including an $88 million reduction primarily due to accelerated amortization of deferred costs for depositary receipts services related to Russia. The decrease also reflects the impact of lost business in the prior year in both Pershing and Corporate Trust, the unfavorable impact of a stronger U.S. dollar and lower foreign exchange revenue, partially offset by higher market values. Excluding a reduction related to Russia, fee revenue was flat (b).
•Investment and other revenue increased primarily reflecting a strategic equity investment gain in 1Q22 and a $39 million impairment for a renewable energy investment recorded in 1Q21, partially offset by lower seed capital results.
•Net interest revenue increased 7% primarily reflecting higher interest rates on interest-earning assets, a change in asset mix and lower funding expense, partially offset by lower interest-earning assets.
•Provision for credit losses was $2 million compared with a benefit of $83 million.
•Noninterest expense increased approximately 5.5% primarily reflecting higher investments in growth, infrastructure and efficiency initiatives and higher revenue-related expenses, partially offset by the favorable impact of a stronger U.S. dollar.
•Effective tax rate of 16.7% includes a benefit from the annual vesting of stock-based awards.

Assets under custody and/or administration (“AUC/A”) and Assets under management (“AUM”)
•AUC/A of $45.5 trillion, increased 9%, primarily reflecting client inflows, net new business and higher market values, partially offset by the unfavorable impact of a stronger U.S. dollar.
•AUM of $2.3 trillion, increased 2%, primarily reflecting net inflows and higher market values, partially offset by the unfavorable impact of a stronger U.S. dollar.

Capital and liquidity
•Repurchased 1.9 million common shares for $118 million; Dividends of $278 million to common shareholders (including dividend-equivalents on share-based awards).
•Return on common equity (“ROE”) – 8%; Return on tangible common equity (“ROTCE”) – 15% (b).
•Common Equity Tier 1 (“CET1”) ratio – 10.1%.
•Tier 1 leverage ratio – 5.3%.
•Average liquidity coverage ratio (“LCR”) – 109%.
•Total Loss Absorbing Capacity (“TLAC”) ratios exceed minimum requirements.
(b)    See “Explanation of GAAP and Non-GAAP financial measures” on page 10 for additional information.
Note: Throughout this document, sequential growth rates are unannualized.
Page - 2
BNY Mellon 1Q22 Earnings Release
SECURITIES SERVICES BUSINESS SEGMENT HIGHLIGHTS

(dollars in millions, unless otherwise noted; not meaningful - N/M)1Q22 vs.
1Q224Q211Q214Q211Q21
Investment services fees:
Asset Servicing$999 $984 $953 2 %5 %
Issuer Services141 253 246 (44)(43)
Total investment services fees1,140 1,237 1,199 (8)(5)
Foreign exchange revenue148 148 172 — (14)
Other fees (a)
41 28 30 46 37 
Total fee revenue1,329 1,413 1,401 (6)(5)
Investment and other revenue74 53 30 N/MN/M
Total fee and other revenue1,403 1,466 1,431 (4)(2)
Net interest revenue377 367 356 3 6 
Total revenue1,780 1,833 1,787 (3)— 
Provision for credit losses(10)(7)(50)N/MN/M
Noninterest expense1,510 1,490 1,419 1 6 
Income before taxes$280 $350 $418 (20)%(33)%
Total revenue by line of business:
Asset Servicing$1,512 $1,456 $1,424 4 %6 %
Issuer Services268 377 363 (29)(26)
Total revenue by line of business$1,780 $1,833 $1,787 (3)%— %
Pre-tax operating margin16 %19 %23 %
Securities lending revenue (b)
$39 $45 $41 (13)%(5)%
Metrics:
Average loans$10,150 $9,764 $8,374 4 %21 %
Average deposits$192,156 $200,272 $199,845 (4)%(4)%
AUC/A at period end (in trillions) (current period is preliminary) (c)
$33.7 $34.6 $31.5 (3 %)7 %
Market value of securities on loan at period end (in billions) (d)
$449 $447 $445 — %1 %
(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 March 31, 2022 and Dec. 31, 2021 and $1.6 trillion at March 31, 2021.
(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 $78 billion at March 31, 2022, $71 billion at Dec. 31, 2021 and $64 billion at March 31, 2021.


KEY DRIVERS

•The drivers of the total revenue variances by line of business are indicated below. Also see page 7 for information related to money market fee waivers.
•Asset Servicing – The year-over-year increase primarily reflects a gain on a strategic equity investment and higher market values and net interest revenue, partially offset by lower foreign exchange revenue. The sequential increase primarily reflects lower money market fee waivers, higher strategic equity investment gains, increased activity from existing clients and higher net interest revenue.
•Issuer Services – The year-over-year and sequential decreases primarily reflect the accelerated amortization of deferred costs for depositary receipts services related to Russia. The year-over-year decrease also reflects lower depositary receipt fees and the impact of lost business in the prior year in Corporate Trust, partially offset by higher net interest revenue. The sequential decrease also reflects lower depositary receipts fees, partially offset by lower money market fee waivers.
•Noninterest expense increased year-over-year and sequentially primarily reflecting higher investments in growth, infrastructure and efficiency initiatives. The year-over-year increase also reflects higher revenue-related expenses, partially offset by the favorable impact of a stronger U.S. dollar. The sequential increase was partially offset by lower litigation reserves and revenue-related expenses.
Page - 3
BNY Mellon 1Q22 Earnings Release
MARKET AND WEALTH SERVICES BUSINESS SEGMENT HIGHLIGHTS

(dollars in millions, unless otherwise noted; not meaningful - N/M)1Q22 vs.
1Q224Q211Q214Q211Q21
Investment services fees:
Pershing$433 $412 $459 5 %(6)%
Treasury Services170 170 164 — 4 
Clearance and Collateral Management243 236 226 3 8 
Total investment services fees846 818 849 3 — 
Foreign exchange revenue26 21 21 24 24 
Other fees (a)
34 31 37 10 (8)
Total fee revenue906 870 907 4 — 
Investment and other revenue— 6 7 N/MN/M
Total fee and other revenue906 876 914 3 (1)
Net interest revenue296 297 289 — 2 
Total revenue1,202 1,173 1,203 2 — 
Provision for credit losses(2)(3)(29)N/MN/M
Noninterest expense708 674 682 5 4 
Income before taxes$496 $502 $550 (1)%(10)%
Total revenue by line of business:
Pershing$570 $553 $605 3 %(6)%
Treasury Services338 331 317 2 7 
Clearance and Collateral Management294 289 281 2 5 
Total revenue by line of business$1,202 $1,173 $1,203 2 %— %
Pre-tax operating margin41 %43 %46 %
Metrics:
Average loans$42,113 $40,812 $35,094 3 %20 %
Average deposits$95,704 $100,653 $107,079 (5)%(11)%
AUC/A at period end (in trillions) (current period is preliminary) (b)
$11.6 $11.8 $9.9 (2)%17 %
(a)    Other fees primarily include financing-related fees.
(b)    Consists of AUC/A from the Clearance and Collateral Management and Pershing lines of business.


KEY DRIVERS

•The drivers of the total revenue variances by line of business are indicated below. Also see page 7 for information related to money market fee waivers.
•Pershing – The year-over-year decrease primarily reflects the impact of prior year lost business and elevated 1Q21 transaction activity, partially offset by higher market values and growth from existing clients. The sequential increase primarily reflects higher transaction activity from existing clients.
•Treasury Services – The year-over-year increase primarily reflects higher net interest revenue and client activity from both new and existing clients. The sequential increase primarily reflects lower money market fee waivers and higher net interest revenue, partially offset by lower payment volumes.
•Clearance and Collateral Management – The year-over-year increase primarily reflects higher balances and clearance volumes. The sequential increase primarily reflects higher clearance volumes.
•Noninterest expense increased year-over-year and sequentially primarily reflecting higher investments in growth, infrastructure and efficiency initiatives. The sequential increase also reflects higher staff expense.
Page - 4
BNY Mellon 1Q22 Earnings Release
INVESTMENT AND WEALTH MANAGEMENT BUSINESS SEGMENT HIGHLIGHTS

(dollars in millions, unless otherwise noted; not meaningful - N/M)1Q22 vs.
1Q224Q211Q214Q211Q21
Investment management fees$848 $864 $850 (2)%— %
Performance fees34 32 40 N/M(15)
Investment management and performance fees882 896 890 (2)(1)
Distribution and servicing fees32 28 28 14 14 
Other fees (a)
1 22 22 N/MN/M
Total fee revenue915 946 940 (3)(3)
Investment and other revenue (b)
(8)23 3 N/MN/M
Total fee and other revenue (b)
907 969 943 (6)(4)
Net interest revenue57 51 48 12 19 
Total revenue964 1,020 991 (5)(3)
Provision for credit losses(3)(6)4 N/MN/M
Noninterest expense755 748 709 1 6 
Income before taxes$212 $278 $278 (24)%(24)%
Total revenue by line of business:
Investment Management$658 $709 $698 (7)%(6)%
Wealth Management306 311 293 (2)4 
Total revenue by line of business$964 $1,020 $991 (5)%(3)%
Pre-tax operating margin22 %27 %28 %
Adjusted pre-tax operating margin – Non-GAAP (c)
24 %29 %30 %
Metrics:
Average loans$13,228 $12,737 $11,610 4 %14 %
Average deposits$22,501 $18,374 $19,177 22 %17 %
AUM (in billions) (current period is preliminary) (d)
$2,266 $2,434 $2,214 (7)%2 %
Wealth Management client assets (in billions) (current period is preliminary) (e)
$305 $321 $292 (5)%4 %
(a)    Other fees primarily include investment services fees.
(b)    Investment and other revenue and total fee and other revenue are net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds.
(c)    Net of distribution and servicing expense. See “Explanation of GAAP and Non-GAAP financial measures” on page 10 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 7 for information related to money market fee waivers.
•Investment Management – The year-over-year decrease primarily reflects lower seed capital results, the unfavorable impact of a stronger U.S. dollar and lower equity income, partially offset by higher market values. The sequential decrease primarily reflects a strategic equity investment gain recorded in 4Q21, seed capital losses and lower market values, partially offset by lower money market fee waivers.
•Wealth Management – The year-over-year increase primarily reflects higher net interest revenue and market values. The sequential decrease primarily reflects lower market values, partially offset by higher net interest revenue.
•Noninterest expense increased year-over-year primarily reflecting higher investments in growth initiatives and revenue-related expenses, partially offset by favorable impact of a stronger U.S. dollar. The sequential increase primarily reflects higher staff expense.
Page - 5
BNY Mellon 1Q22 Earnings Release
OTHER SEGMENT primarily includes the leasing portfolio, corporate treasury activities, including our securities portfolio, derivatives and other trading activity, renewable energy and other corporate investments, certain business exits and other corporate revenue and expense items.

(in millions)1Q224Q211Q21
Fee revenue$8 $2 $9 
Investment and other revenue12 19 (36)
Total fee and other revenue20 21 (27)
Net interest (expense)(32)(38)(38)
Total revenue(12)(17)(65)
Provision for credit losses17 (1)(8)
Noninterest expense33 55 41 
(Loss) before taxes$(62)$(71)$(98)


KEY DRIVERS

•Total revenue includes corporate treasury and other investment activity, including hedging activity which has an offsetting impact between fee and other revenue and net interest expense. The year-over-year increase in total revenue primarily reflects a $39 million impairment for a renewable energy investment recorded in 1Q21.

•Provision for credit losses was $17 million in 1Q22 primarily related to interest-bearing deposits with banks in Russia.

•Noninterest expense decreased year-over-year and sequentially primarily reflecting lower staff expense.

Page - 6
BNY Mellon 1Q22 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 1Q22, the net impact of money market fee waivers was $199 million, down from $243 million in 4Q21, driven by higher interest rates, partially offset by higher money market balances.

Money market fee waivers
(in millions)1Q224Q213Q212Q211Q21
Investment services fees (see table below)$(126)$(148)$(142)$(148)$(109)
Investment management and performance fees(85)(116)(109)(115)(89)
Distribution and servicing fees(11)(14)(11)(13)(13)
Total fee revenue(222)(278)(262)(276)(211)
Less: Distribution and servicing expense23 35 29 24 23 
Net impact of money market fee waivers$(199)$(243)$(233)$(252)$(188)
Impact to investment services fees by line of business (a):
Asset Servicing$(19)$(31)$(29)$(30)$(15)
Issuer Services(11)(18)(17)(16)(11)
Pershing(90)(89)(86)(91)(77)
Treasury Services(6)(10)(10)(11)(6)
Total impact to investment services fees by line of business$(126)$(148)$(142)$(148)$(109)
Impact to fee revenue by line of business (a):
Asset Servicing$(28)$(50)$(47)$(50)$(29)
Issuer Services(14)(24)(22)(22)(15)
Pershing(107)(106)(102)(99)(94)
Treasury Services(8)(14)(13)(16)(9)
Investment Management(63)(81)(76)(85)(61)
Wealth Management(2)(3)(2)(4)(3)
Total impact to fee revenue by line of business$(222)$(278)$(262)$(276)$(211)
(a)    The line of business revenue for management reporting purposes reflects the impact of revenue transferred between the businesses.

Page - 7
BNY Mellon 1Q22 Earnings Release
CAPITAL AND LIQUIDITY

Capital and liquidity ratiosMarch 31, 2022Dec. 31, 2021
Consolidated regulatory capital ratios: (a)
CET1 ratio10.1 %11.2 %
Tier 1 capital ratio12.9 14.0 
Total capital ratio13.8 14.9 
Tier 1 leverage ratio5.3 5.5 
Supplementary leverage ratio6.2 6.6 
BNY Mellon shareholders’ equity to total assets ratio8.8 %9.7 %
BNY Mellon common shareholders’ equity to total assets ratio7.8 %8.6 %
Average LCR109 %109 %
Book value per common share$45.76 $47.50 
Tangible book value per common share – Non-GAAP (b)
$22.76 $24.31 
Common shares outstanding (in thousands)
807,798 804,145 
(a)    Regulatory capital ratios for March 31, 2022 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for March 31, 2022 and Dec. 31, 2021 was the Standardized Approach.
(b)    Tangible book value per common share – Non-GAAP excludes goodwill and intangible assets, net of deferred tax liabilities. See “Explanation of GAAP and Non-GAAP financial measures” on page 10 for information on this Non-GAAP measure.


•CET1 capital totaled $17.6 billion and Tier 1 capital totaled $22.3 billion at March 31, 2022, both decreasing approximately $1.2 billion, compared with Dec. 31, 2021. The decreases primarily reflect unrealized losses on securities available-for-sale and capital deployed through dividends, partially offset by capital generated through earnings. The Tier 1 leverage ratio decreased compared with Dec. 31, 2021, driven by the decrease in capital, partially offset by lower average assets.


NET INTEREST REVENUE

Net interest revenue1Q22 vs.
(dollars in millions; not meaningful - N/M)1Q224Q211Q214Q211Q21
Net interest revenue$698 $677 $655 3%7%
Add: Tax equivalent adjustment3 4 3 N/MN/M
Net interest revenue, on a fully taxable equivalent (“FTE”) basis – Non-GAAP (a)
$701 $681 $658 3%7%
Net interest margin0.75 %0.71 %0.66 %4  bps9  bps
Net interest margin (FTE) – Non-GAAP (a)
0.76 %0.71 %0.67 %5  bps9  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 10 for information on this Non-GAAP measure.
bps – basis points.


•Net interest revenue increased year-over-year primarily reflecting higher interest rates on interest-earning assets, a change in asset mix and lower funding expense, partially offset by lower interest-earning assets.

•Sequentially, the increase primarily reflects higher interest rates on interest-earning assets. This was partially offset by higher funding expense and lower interest-earning assets.
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BNY Mellon 1Q22 Earnings Release
THE BANK OF NEW YORK MELLON CORPORATION
Condensed Consolidated Income Statement

(in millions)Quarter ended
March 31, 2022Dec. 31, 2021March 31, 2021
Fee and other revenue
Investment services fees$1,993 $2,061 $2,056 
Investment management and performance fees883 896 890 
Foreign exchange revenue207 199 231 
Financing-related fees45 47 51 
Distribution and servicing fees30 28 29 
Total fee revenue3,158 3,231 3,257 
Investment and other revenue70 107 9 
Total fee and other revenue3,228 3,338 3,266 
Net interest revenue
Interest revenue778 729 738 
Interest expense80 52 83 
Net interest revenue698 677 655 
Total revenue3,926 4,015 3,921 
Provision for credit losses2 (17)(83)
Noninterest expense
Staff1,702 1,633 1,602 
Software and equipment399 379 362 
Professional, legal and other purchased services370 390 343 
Net occupancy122 133 123 
Sub-custodian and clearing118 120 124 
Distribution and servicing79 75 74 
Bank assessment charges35 30 34 
Business development30 44 19 
Amortization of intangible assets17 19 24 
Other 134 144 146 
Total noninterest expense3,006 2,967 2,851 
Income
Income before income taxes918 1,065 1,153 
Provision for income taxes 153 196 221 
Net income765 869 932 
Net loss (income) attributable to noncontrolling interests related to consolidated investment management funds8 (6)(5)
Net income applicable to shareholders of The Bank of New York Mellon Corporation773 863 927 
Preferred stock dividends(74)(41)(69)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation$699 $822 $858 


Earnings per share applicable to the common shareholders of The Bank of New York Mellon CorporationQuarter ended
March 31, 2022Dec. 31, 2021March 31, 2021
(in dollars)
Basic$0.86 $1.01 $0.97 
Diluted$0.86 $1.01 $0.97 

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BNY Mellon 1Q22 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 revenue measures excluding a reduction in total revenue and fee revenue primarily related to accelerated amortization of deferred costs for depositary receipts services related to Russia. These measures are provided to permit investors to view the financial measures on a basis consistent with how management views the businesses.

Reconciliation of Non-GAAP measures, excluding a notable item1Q22 vs.
(in millions)1Q221Q211Q21
Total revenue – GAAP$3,926 $3,921 — %
Reduction related to Russia(88)— 
Total revenue, excluding a reduction related to Russia – Non-GAAP$4,014 $3,921 2 %
Fee revenue – GAAP$3,158 $3,257 (3)%
Reduction related to Russia(88)— 
Fee revenue, excluding a reduction related to Russia – Non-GAAP$3,246 $3,257 — %


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
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BNY Mellon 1Q22 Earnings Release
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, 2021 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 geopolitical risks (including those related to Russia’s invasion of Ukraine), as well as 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2022. All forward-looking statements in this Earnings Release speak only as of April 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.

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 March 31, 2022, BNY Mellon had $45.5 trillion in assets under custody and/or administration, and $2.3 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, Robin Vince, President and Chief Executive Officer-Elect and Emily Portney, Chief Financial Officer, will host a conference call and simultaneous live audio webcast at 8:00 a.m. ET on April 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: 200200, or by logging onto www.bnymellon.com/investorrelations. Earnings materials will be available at www.bnymellon.com/investorrelations beginning at approximately 6:30 a.m. ET on April 18, 2022. Replays of the conference call and audio webcast will be available beginning April 18, 2022 at approximately 2:00 p.m. ET through May 18, 2022 by dialing (888) 203-1112 (U.S.) or (719) 457-0820 (International), and using the passcode: 5049084. The archived version of the conference call and audio webcast will also be available at www.bnymellon.com/investorrelations for the same time period.
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The Bank of New York Mellon Corporation
Financial Supplement
First Quarter 2022



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



THE BANK OF NEW YORK MELLON CORPORATION
bnym_logo2x1q22.jpg
CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per common share amounts, or unless otherwise noted)1Q22 vs.
1Q224Q213Q212Q211Q214Q211Q21
Selected income statement data
Fee and other revenue$3,228 $3,338 $3,394 $3,315 $3,266 (3)%(1)%
Net interest revenue698 677 641 645 655 3 7 
Total revenue3,926 4,015 4,035 3,960 3,921 (2)— 
Provision for credit losses2 (17)(45)(86)(83)N/MN/M
Noninterest expense3,006 2,967 2,918 2,778 2,851 1 5 
Income before income taxes918 1,065 1,162 1,268 1,153 (14)(20)
Provision for income taxes153 196 219 241 221 (22)(31)
Net income$765 $869 $943 $1,027 $932 (12)%(18)%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation$699 $822 $881 $991 $858 (15)%(19)%
Diluted earnings per common share$0.86 $1.01 $1.04 $1.13 $0.97 (15)%(11)%
Average common shares and equivalents outstanding – diluted (in thousands)
813,986 817,345 849,028 873,475 885,655 — %(8)%
Financial ratios (Returns are annualized)
Pre-tax operating margin23 %27 %29 %32 %29 %
Return on common equity7.6 %8.6 %8.8 %9.8 %8.5 %
Return on tangible common equity – Non-GAAP (a)
15.4 %17.2 %16.8 %18.6 %16.1 %
Non-U.S. revenue as a percentage of total revenue 35 %38 %38 %38 %37 %
Period end
Assets under custody and/or administration (“AUC/A”) (in trillions) (b)
$45.5 $46.7 $45.3 $45.0 $41.7 (3)%9 %
Assets under management (“AUM”) (in trillions)
$2.27 $2.43 $2.31 $2.32 $2.21 (7)%2 %
Full-time employees49,600 49,100 48,900 48,800 48,000 1 %3 %
Book value per common share$45.76 $47.50 $47.30 $47.20 $46.16 
Tangible book value per common share – Non-GAAP (a)
$22.76 $24.31 $24.88 $25.64 $24.88 
Cash dividends per common share$0.34 $0.34 $0.34 $0.31 $0.31 
Common dividend payout ratio40 %34 %34 %28 %32 %
Closing stock price per common share$49.63 $58.08 $51.84 $51.23 $47.29 
Market capitalization$40,091 $46,705 $42,811 $44,220 $41,401 
Common shares outstanding (in thousands)
807,798 804,145 825,821 863,174 875,481 
Capital ratios at period end (c)
Common Equity Tier 1 ("CET1") ratio10.1 %11.2 %11.7 %12.6 %12.6 %
Tier 1 capital ratio12.9 %14.0 %14.4 %15.2 %15.2 %
Total capital ratio13.8 %14.9 %15.2 %16.0 %16.1 %
Tier 1 leverage ratio5.3 %5.5 %5.7 %6.0 %5.8 %
Supplementary leverage ratio ("SLR")6.2 %6.6 %7.0 %7.5 %8.1 %
(a) Non-GAAP information, for all periods presented, excludes goodwill and intangible assets, net of deferred tax liabilities. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of Non-GAAP measures.
(b) Includes the AUC/A of CIBC Mellon Global Securities Services Company ("CIBC Mellon"), a joint venture with the Canadian Imperial Bank of Commerce, of $1.7 trillion at March 31, 2022, Dec. 31, 2021, Sept. 30, 2021 and June 30, 2021 and $1.6 trillion at March 31, 2021.
(c) Regulatory capital ratios for March 31, 2022 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for March 31, 2022 and Dec. 31, 2021 was the Standardized Approach, and 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.
N/M – Not meaningful.
3


THE BANK OF NEW YORK MELLON CORPORATION
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CONDENSED CONSOLIDATED INCOME STATEMENT
(dollars in millions, except per share amounts; common shares in thousands)1Q22 vs.
1Q224Q213Q212Q211Q214Q211Q21
Revenue
Investment services fees$1,993 $2,061 $2,091 $2,076 $2,056 (3)%(3)%
Investment management and performance fees883 896 913 889 890 (1)(1)
Foreign exchange revenue207 199 185 184 231 4 (10)
Financing-related fees45 47 48 48 51 (4)(12)
Distribution and servicing fees30 28 28 27 29 7 3 
Total fee revenue3,158 3,231 3,265 3,224 3,257 (2)(3)
Investment and other revenue70 107 129 91 9 N/MN/M
Total fee and other revenue3,228 3,338 3,394 3,315 3,266 (3)(1)
Net interest revenue698 677 641 645 655 3 7 
Total revenue3,926 4,015 4,035 3,960 3,921 (2)— 
Provision for credit losses2 (17)(45)(86)(83)N/MN/M
Noninterest expense
Staff1,702 1,633 1,584 1,518 1,602 4 6 
Software and equipment399 379 372 365 362 5 10 
Professional, legal and other purchased services370 390 363 363 343 (5)8 
Net occupancy 122 133 120 122 123 (8)(1)
Sub-custodian and clearing118 120 129 132 124 (2)(5)
Distribution and servicing79 75 76 73 74 5 7 
Bank assessment charges35 30 34 35 34 17 3 
Business development30 44 22 22 19 (32)58 
Amortization of intangible assets17 19 19 20 24 (11)(29)
Other134 144 199 128 146 (7)(8)
Total noninterest expense3,006 2,967 2,918 2,778 2,851 1 5 
Income before income taxes 918 1,065 1,162 1,268 1,153 (14)(20)
Provision for income taxes 153 196 219 241 221 (22)(31)
Net income 765 869 943 1,027 932 (12)(18)
Net loss (income) attributable to noncontrolling interests8 (6)4 (5)(5)N/MN/M
Preferred stock dividends(74)(41)(66)(31)(69)N/MN/M
Net income applicable to common shareholders of The Bank of New York Mellon Corporation$699 $822 $881 $991 $858 (15)%(19)%
Average common shares and equivalents outstanding: Basic809,469 811,463 844,088 869,460 882,558 — %(8)%
Diluted813,986 817,345 849,028 873,475 885,655 — %(8)%
Earnings per common share: Basic$0.86 $1.01 $1.04 $1.14 $0.97 (15)%(11)%
Diluted$0.86 $1.01 $1.04 $1.13 $0.97 (15)%(11)%
N/M – Not meaningful.
4


THE BANK OF NEW YORK MELLON CORPORATION
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CONDENSED CONSOLIDATED BALANCE SHEET
20222021
(in millions)March 31Dec. 31Sept. 30June 30March 31
Assets
Cash and due from banks$6,143 $6,061 $6,752 $5,154 $5,991 
Interest-bearing deposits with the Federal Reserve and other central banks135,691 102,467 126,959 126,355 125,524 
Interest-bearing deposits with banks18,268 16,630 20,057 21,270 23,763 
Federal funds sold and securities purchased under resale agreements27,131 29,607 28,497 29,762 28,263 
Securities153,396 158,705 157,274 155,906 155,844 
Trading assets14,703 16,577 17,854 15,520 16,884 
Loans68,052 67,787 64,328 63,547 60,732 
Allowance for loan losses(171)(196)(233)(269)(327)
Net loans
67,881 67,591 64,095 63,278 60,405 
Premises and equipment3,359 3,431 3,422 3,442 3,521 
Accrued interest receivable467 457 464 492 485 
Goodwill17,462 17,512 17,420 17,487 17,469 
Intangible assets2,968 2,991 2,941 2,964 2,983 
Other assets26,342 22,409 24,798 25,333 23,852 
Total assets
$473,811 $444,438 $470,533 $466,963 $464,984 
Liabilities
Deposits$345,565 $319,694 $343,139 $338,670 $336,768 
Federal funds purchased and securities sold under repurchase agreements13,181 11,566 11,973 12,425 15,150 
Trading liabilities5,587 5,469 5,152 6,451 4,566 
Payables to customers and broker-dealers26,608 25,150 26,002 23,704 23,827 
Other borrowed funds312 749 767 451 348 
Accrued taxes and other expenses4,534 5,767 5,609 5,213 4,916 
Other liabilities10,626 6,721 8,796 8,626 8,656 
Long-term debt25,246 25,931 25,043 25,629 25,350 
Total liabilities
431,659 401,047 426,481 421,169 419,581 
Temporary equity
Redeemable noncontrolling interests155 161 178 169 187 
Permanent equity
Preferred stock4,838 4,838 4,541 4,541 4,541 
Common stock14 14 14 14 14 
Additional paid-in capital28,258 28,128 28,075 28,006 27,928 
Retained earnings37,088 36,667 36,125 35,540 34,822 
Accumulated other comprehensive loss, net of tax(3,881)(2,213)(2,003)(1,670)(1,819)
Less: Treasury stock, at cost
(24,518)(24,400)(23,151)(21,150)(20,532)
Total The Bank of New York Mellon Corporation shareholders’ equity41,799 43,034 43,601 45,281 44,954 
Nonredeemable noncontrolling interests of consolidated investment management funds
198 196 273 344 262 
Total permanent equity
41,997 43,230 43,874 45,625 45,216 
Total liabilities, temporary equity and permanent equity
$473,811 $444,438 $470,533 $466,963 $464,984 
5


THE BANK OF NEW YORK MELLON CORPORATION
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FEE AND OTHER REVENUE
1Q22 vs.
(dollars in millions)1Q224Q213Q212Q211Q214Q211Q21
Investment services fees$1,993 $2,061 $2,091 $2,076 $2,056 (3)%(3)%
Investment management and performance fees:
Investment management fees (a)
849 864 892 875 850 (2)— 
Performance fees34 32 21 14 40 N/M(15)
Total investment management and performance fees (b)
883 896 913 889 890 (1)(1)
Foreign exchange revenue207 199 185 184 231 4 (10)
Financing-related fees45 47 48 48 51 (4)(12)
Distribution and servicing fees30 28 28 27 29 7 3 
Total fee revenue3,158 3,231 3,265 3,224 3,257 (2)(3)
Investment and other revenue:
(Loss) income from consolidated investment management funds(20)9 (7)13 17 N/MN/M
Seed capital (losses) gains (c)
(8)12 7 18 3 N/MN/M
Other trading revenue (loss)5 (6)20 (1)(7)N/MN/M
Renewable energy investment (losses)(44)(37)(42)(41)(81)N/MN/M
Corporate/bank-owned life insurance33 45 33 29 33 N/MN/M
Other investments gains (d)
61 55 70 23 11 N/MN/M
Disposal gains— — 7 6 — N/MN/M
Expense reimbursements from joint venture27 23 25 25 23 N/MN/M
Other income12 5 14 17 10 N/MN/M
Net securities gains4 1 2 2 — N/MN/M
Total investment and other revenue70 107 129 91 9 N/MN/M
Total fee and other revenue$3,228 $3,338 $3,394 $3,315 $3,266 (3)%(1)%
(a) Excludes seed capital gains (losses) related to consolidated investment management funds.
(b) On a constant currency basis (Non-GAAP), investment management and performance fees increased 1% compared with 1Q21. 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.

6


THE BANK OF NEW YORK MELLON CORPORATION
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AVERAGE BALANCES AND INTEREST RATES
1Q224Q213Q212Q211Q21
Average balanceAverage rateAverage balanceAverage rateAverage balanceAverage rateAverage balanceAverage rateAverage balanceAverage rate
(dollars in millions; average rates are annualized)
Assets
Interest-earning assets:
Interest-bearing deposits with the Federal Reserve and other central banks$100,303 0.01 %$105,065 (0.06)%$108,110 (0.07)%$114,564 (0.09)%$125,930 (0.05)%
Interest-bearing deposits with banks (primarily foreign banks)17,181 0.33 18,818 0.23 20,465 0.22 22,465 0.20 21,313 0.27 
Federal funds sold and securities purchased under resale agreements (a)
27,006 0.56 27,780 0.45 29,304 0.44 27,857 0.36 29,186 0.44 
Loans66,810 1.57 64,650 1.55 61,206 1.55 60,520 1.57 56,789 1.63 
Securities:
U.S. government obligations40,868 0.74 39,169 0.73 36,255 0.73 33,212 0.71 28,759 0.90 
U.S. government agency obligations67,055 1.46 69,691 1.35 70,199 1.34 72,809 1.34 77,623 1.40 
State and political subdivisions (b)
2,337 2.16 2,569 2.11 2,628 2.07 2,768 1.94 2,526 1.92 
Other securities (b)
45,541 1.02 47,493 0.97 47,334 0.94 47,451 0.95 47,030 0.99 
Total investment securities (b)
155,801 1.15 158,922 1.10 156,416 1.09 156,240 1.10 155,938 1.19 
Trading securities (b)
6,085 1.43 6,447 0.93 5,564 0.53 6,639 0.72 8,141 0.95 
Total securities (b)
161,886 1.16 165,369 1.09 161,980 1.07 162,879 1.08 164,079 1.18 
Total interest-earning assets (b)
$373,186 0.84 %$381,682 0.76 %$381,065 0.73 %$388,285 0.71 %$397,297 0.75 %
Noninterest-earning assets67,016 67,956 65,696 64,044 63,082 
Total assets$440,202 $449,638 $446,761 $452,329 $460,379 
Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits$223,243 (0.07)%$231,086 (0.08)%$233,363 (0.08)%$239,466 (0.08)%$245,115 (0.06)%
Federal funds purchased and securities sold under repurchase
agreements (a)
12,864 0.36 12,421 0.07 13,415 0.08 13,773 (0.17)15,288 (0.07)
Trading liabilities3,372 0.53 3,019 0.28 2,821 0.11 2,282 0.38 2,227 0.53 
Other borrowed funds458 2.36 517 1.80 383 2.53 298 2.21 331 2.01 
Commercial paper4 0.09 — — 11 0.07 — — — — 
Payables to customers and broker-dealers16,661 0.01 16,414 (0.01)16,648 (0.01)16,811 (0.01)17,691 (0.01)
Long-term debt25,588 1.53 25,932 1.36 25,751 1.39 25,275 1.43 26,199 1.81 
Total interest-bearing liabilities$282,190 0.11 %$289,389 0.07 %$292,392 0.07 %$297,905 0.05 %$306,851 0.11 %
Total noninterest-bearing deposits90,179 91,535 85,581 85,802 83,429 
Other noninterest-bearing liabilities25,419 25,481 24,164 23,317 24,556 
Total The Bank of New York Mellon Corporation shareholders’ equity42,201 42,968 44,296 44,934 45,261 
Noncontrolling interests213 265 328 371 282 
Total liabilities and equity$440,202 $449,638 $446,761 $452,329 $460,379 
Net interest margin0.75 %0.71 %0.67 %0.67 %0.66 %
Net interest margin (FTE) – Non-GAAP (c)
0.76 %0.71 %0.68 %0.67 %0.67 %
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $53 billion for 1Q22, $54 billion for 4Q21, $47 billion for 3Q21, $41 billion for 2Q21 and $37 billion for 1Q21. 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 0.19% for 1Q22, 0.15% for 4Q21, 0.17% for 3Q21, 0.15% for 2Q21 and 0.19% for 1Q21. 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 0.07% for 1Q22, 0.01% for 4Q21, 0.02% for 3Q21, (0.04)% for 2Q21 and (0.02)% for 1Q21. We believe providing the rates excluding the impact of netting is useful to investors as it is more reflective of the actual rates earned and paid.
(b) Average rates were calculated on an FTE basis, at tax rates of approximately 21%.
(c) See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of this Non-GAAP measure.
7


THE BANK OF NEW YORK MELLON CORPORATION
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CAPITAL AND LIQUIDITY
20222021
(dollars in millions)March 31Dec. 31Sept. 30June 30March 31
Consolidated regulatory capital ratios (a)
Standardized Approach:
CET1 capital$17,583 $18,746 $19,844 $21,456 $21,090 
Tier 1 capital22,339 23,485 24,292 25,896 25,534 
Total capital23,839 24,972 25,816 27,464 27,190 
Risk-weighted assets173,353 167,608 169,216 169,885 167,510 
CET1 ratio10.1 %11.2 %11.7 %12.6 %12.6 %
Tier 1 capital ratio12.9 14.0 14.4 15.2 15.2 
Total capital ratio13.8 14.9 15.3 16.2 16.2 
Advanced Approaches:
CET1 capital$17,583 $18,746 $19,844 $21,456 $21,090 
Tier 1 capital22,339 23,485 24,292 25,896 25,534 
Total capital23,586 24,722 25,534 27,183 26,908 
Risk-weighted assets168,993 165,067 167,607 169,380 167,035 
CET1 ratio10.4 %11.4 %11.8 %12.7 %12.6 %
Tier 1 capital ratio13.2 14.2 14.5 15.3 15.3 
Total capital ratio14.0 15.0 15.2 16.0 16.1 
Tier 1 leverage ratio:
Average assets for Tier 1 leverage ratio$420,782 $430,102 $427,461 $432,954 $440,968 
Tier 1 leverage ratio5.3 %5.5 %5.7 %6.0 %5.8 %
SLR:
Leverage exposure$360,859 $354,033 $347,856 $346,455 $314,334 (b)
SLR6.2 %6.6 %7.0 %7.5 %8.1 %(b)
Average liquidity coverage ratio109 %109 %111 %110 %110 %
(a) Regulatory capital ratios for March 31, 2022 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for March 31, 2022 and Dec. 31, 2021 was the Standardized Approach, and 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.
(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. The temporary exclusion ceased to apply beginning April 1, 2021.

8


THE BANK OF NEW YORK MELLON CORPORATION
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SECURITIES SERVICES BUSINESS SEGMENT
1Q22 vs.
(dollars in millions)1Q224Q213Q212Q211Q214Q211Q21
Income statement:
Revenue:
Investment services fees:
Asset Servicing$999 $984 $979 $960 $953 2 %5 %
Issuer Services141 253 281 281 246 (44)(43)
Total investment services fees1,140 1,237 1,260 1,241 1,199 (8)(5)
Foreign exchange revenue148 148 125 129 172 — (14)
Other fees (a)
41 28 30 25 30 46 37 
Total fee revenue1,329 1,413 1,415 1,395 1,401 (6)(5)
Investment and other revenue74 53 73 38 30 N/MN/M
Total fee and other revenue1,403 1,466 1,488 1,433 1,431 (4)(2)
Net interest revenue377 367 349 354 356 3 6 
Total revenue1,780 1,833 1,837 1,787 1,787 (3)— 
Provision for credit losses(10)(7)(19)(58)(50)N/MN/M
Noninterest expense (ex. amortization of intangible assets)1,502 1,481 1,535 1,393 1,411 1 6 
Amortization of intangible assets8 9 8 7 8 (11)— 
Total noninterest expense1,510 1,490 1,543 1,400 1,419 1 6 
Income before income taxes$280 $350 $313 $445 $418 (20)%(33)%
Total revenue by line of business:
Asset Servicing$1,512 $1,456 $1,437 $1,382 $1,424 4 %6 %
Issuer Services268 377 400 405 363 (29)(26)
Total revenue by line of business$1,780 $1,833 $1,837 $1,787 $1,787 (3)%— %
Financial ratios:
Pre-tax operating margin16 %19 %17 %25 %23 %
Memo: Securities lending revenue (b)
$39 $45 $45 $42 $41 (13)%(5)%
(a) Other fees primarily include financing-related fees.
(b) Included in investment services fees reported in the Asset Servicing line of business.
N/M – Not meaningful.
9


THE BANK OF NEW YORK MELLON CORPORATION
bnym_logo2x1q22.jpg
SECURITIES SERVICES BUSINESS SEGMENT
1Q22 vs.
(dollars in millions, unless otherwise noted)1Q224Q213Q212Q211Q214Q211Q21
Selected balance sheet data:
Average loans$10,150 $9,764 $8,389 $8,485 $8,374 4 %21 %
Average assets (a)
$220,889 $229,511 $226,930 $231,152 $228,071 (4)%(3)%
Average deposits$192,156 $200,272 $198,680 $203,147 $199,845 (4)%(4)%
Selected metrics:
AUC/A at period end (in trillions) (b)(c)
$33.7 $34.6 $33.8 $33.7 $31.5 (3)%7 %
Market value of securities on loan at period end (in billions) (d)
$449 $447 $443 $456 $445 — %1 %
(a) In business segments where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.
(b) March 31, 2022 information is preliminary.
(c) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Issuer Services business. Includes the AUC/A of CIBC Mellon of $1.7 trillion at March 31, 2022, Dec. 31, 2021, Sept. 30, 2021 and June 30, 2021 and $1.6 trillion at March 31, 2021.
(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 $78 billion at March 31, 2022, $71 billion at Dec. 31, 2021, $68 billion at Sept. 30, 2021, $63 billion at June 30, 2021 and $64 billion at March 31, 2021.
10


THE BANK OF NEW YORK MELLON CORPORATION
bnym_logo2x1q22.jpg
MARKET AND WEALTH SERVICES BUSINESS SEGMENT
1Q22 vs.
(dollars in millions)1Q224Q213Q212Q211Q214Q211Q21
Income statement:
Revenue:
Investment services fees:
Pershing$433 $412 $427 $439 $459 5 %(6)%
Treasury Services170 170 168 160 164 — 4 
Clearance and Collateral Management243 236 228 228 226 3 8 
Total investment services fees846 818 823 827 849 3 — 
Foreign exchange revenue26 21 23 23 21 24 24 
Other fees (a)
34 31 31 32 37 10 (8)
Total fee revenue906 870 877 882 907 4 — 
Investment and other revenue— 6 13 21 7 N/MN/M
Total fee and other revenue906 876 890 903 914 3 (1)
Net interest revenue296 297 283 289 289 — 2 
Total revenue1,202 1,173 1,173 1,192 1,203 2 — 
Provision for credit losses(2)(3)(16)(19)(29)N/MN/M
Noninterest expense (ex. amortization of intangible assets)706 670 665 647 673 5 5 
Amortization of intangible assets2 4 3 5 9 (50)(78)
Total noninterest expense708 674 668 652 682 5 4 
Income before income taxes$496 $502 $521 $559 $550 (1)%(10)%
Total revenue by line of business:
Pershing$570 $553 $566 $590 $605 3 %(6)%
Treasury Services338 331 326 319 317 2 7 
Clearance and Collateral Management294 289 281 283 281 2 5 
Total revenue by line of business$1,202 $1,173 $1,173 $1,192 $1,203 2 %— %
Financial ratios:
Pre-tax operating margin41 %43 %44 %47 %46 %
(a) Other fees primarily include financing-related fees.
N/M – Not meaningful.

11


THE BANK OF NEW YORK MELLON CORPORATION
bnym_logo2x1q22.jpg
MARKET AND WEALTH SERVICES BUSINESS SEGMENT
1Q22 vs.
(dollars in millions, unless otherwise noted)1Q224Q213Q212Q211Q214Q211Q21
Selected balance sheet data:
Average loans$42,113 $40,812 $39,041 $38,360 $35,094 3 %20 %
Average assets (a)
$141,183 $143,816 $143,630 $144,297 $148,820 (2)%(5)%
Average deposits$95,704 $100,653 $101,253 $102,896 $107,079 (5)%(11)%
Selected metrics:
AUC/A at period end (in trillions) (b)(c)
$11.6 $11.8 $11.2 $11.1 $9.9 (2)%17 %


Pershing
AUC/A at period end (in trillions) (b)
$2.5 $2.6 $2.6 $2.8 $2.6 (4)%(4)%
Net new assets (U.S. platform) (in billions) (d)
$18 $69 $13 $47 $32 N/MN/M
Average active clearing accounts (in thousands)
7,432 7,334 7,259 7,290 7,143 1 %4 %
Treasury Services
Average daily U.S. dollar payment volumes240,403 245,634 232,144 230,346 235,975 (2)%2 %
Clearance and Collateral Management
Average tri-party collateral management balances (in billions)
$5,026 $4,972 $4,516 $3,898 $3,638 1 %38 %
(a) In business segments where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.
(b) March 31, 2022 information is preliminary.
(c) Consists of AUC/A from the Clearance and Collateral Management and Pershing lines of business.
(d) Net new assets represent net flows of assets (e.g., net cash deposits and net securities transfers, including dividends and interest) in customer accounts in Pershing LLC, a U.S. broker-dealer.
N/M – Not meaningful.

12


THE BANK OF NEW YORK MELLON CORPORATION
bnym_logo2x1q22.jpg
INVESTMENT AND WEALTH MANAGEMENT BUSINESS SEGMENT
1Q22 vs.
(dollars in millions)1Q224Q213Q212Q211Q214Q211Q21
Income statement:
Revenue:
Investment management fees$848 $864 $893 $876 $850 (2)%— %
Performance fees34 32 21 14 40 N/M(15)
Investment management and performance fees (a)
882 896 914 890 890 (2)(1)
Distribution and servicing fees32 28 28 28 28 14 14 
Other fees (b)
1 22 20 16 22 N/MN/M
Total fee revenue915 946 962 934 940 (3)(3)
Investment and other revenue (c)
(8)23 23 18 3 N/MN/M
Total fee and other revenue (c)
907 969 985 952 943 (6)(4)
Net interest revenue57 51 47 47 48 12 19 
Total revenue 964 1,020 1,032 999 991 (5)(3)
Provision for credit losses(3)(6)(7)(4)4 N/MN/M
Noninterest expense (ex. amortization of intangible assets)748 741 684 669 702 1 7 
Amortization of intangible assets7 7 7 8 7 — — 
Total noninterest expense755 748 691 677 709 1 6 
Income before income taxes$212 $278 $348 $326 $278 (24)%(24)%
Total revenue by line of business:
Investment Management$658 $709 $727 $700 $698 (7)%(6)%
Wealth Management306 311 305 299 293 (2)4 
Total revenue by line of business$964 $1,020 $1,032 $999 $991 (5)%(3)%
Financial ratios:
Pre-tax operating margin22 %27 %34 %33 %28 %
Adjusted pre-tax operating margin – Non-GAAP (d)
24 %29 %36 %35 %30 %
Selected balance sheet data:
Average loans$13,228 $12,737 $12,248 $11,871 $11,610 4 %14 %
Average assets (e)
$35,629 $31,306 $30,195 $30,370 $32,066 14 %11 %
Average deposits$22,501 $18,374 $17,270 $17,466 $19,177 22 %17 %
(a) On a constant currency basis (Non-GAAP), investment management and performance fees increased 1% compared with 1Q21. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of this Non-GAAP measure.
(b) Other fees primarily include investment services fees.
(c) Investment and other revenue and total fee and other revenue are net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds.
(d) Net of distribution and servicing expense. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of this Non-GAAP measure.
(e) In business segments where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.
N/M – Not meaningful.
13


THE BANK OF NEW YORK MELLON CORPORATION
bnym_logo2x1q22.jpg
AUM BY PRODUCT TYPE, CHANGES IN AUM AND WEALTH MANAGEMENT CLIENT ASSETS
1Q22 vs.
(dollars in billions)1Q224Q213Q212Q211Q214Q211Q21
AUM by product type (a)(b):
Equity$168 $187 $180 $187 $173 (10)%(3)%
Fixed income248 267 269 272 261 (7)(5)
Index440 467 436 440 419 (6)5 
Liability-driven investments812 890 843 841 802 (9)1 
Multi-asset and alternative investments215 228 218 222 214 (6)— 
Cash383 395 364 358 345 (3)11 
Total AUM$2,266 $2,434 $2,310 $2,320 $2,214 (7)%2 %
Changes in AUM (a)(b):
Beginning balance of AUM$2,434 $2,310 $2,320 $2,214 $2,211 
Net inflows (outflows):
Long-term strategies:
Equity(4)(4)(5)(3)— 
Fixed income(5)— 1 8 8 
Liability-driven investments17 1 16 11 8 
Multi-asset and alternative investments(4)1 (2)1 (2)
Total long-term active strategies inflows (outflows)4 (2)10 17 14 
Index(5)(2)(3)(5)3 
Total long-term strategies (outflows) inflows(1)(4)7 12 17 
Short-term strategies:
Cash(11)31 7 13 19 
Total net (outflows) inflows(12)27 14 25 36 
Net market impact(130)96 4 79 (36)
Net currency impact(26)1 (28)2 3 
Ending balance of AUM$2,266 $2,434 $2,310 $2,320 $2,214 (7)%2 %
Wealth Management client assets (a)(c)
$305 $321 $307 $305 $292 (5)%4 %
(a) March 31, 2022 information is preliminary.
(b) Excludes assets managed outside of the Investment and Wealth Management business segment.
(c) Includes AUM and AUC/A in the Wealth Management line of business.
14


THE BANK OF NEW YORK MELLON CORPORATION
bnym_logo2x1q22.jpg
OTHER SEGMENT
(in millions)1Q224Q213Q212Q211Q21
Income statement:
Fee revenue$8 $2 $12 $13 $9 
Investment and other revenue12 19 23 9 (36)
Total fee and other revenue20 21 35 22 (27)
Net interest (expense)(32)(38)(38)(45)(38)
Total revenue(12)(17)(3)(23)(65)
Provision for credit losses17 (1)(3)(5)(8)
Noninterest expense33 55 16 49 41 
(Loss) before taxes$(62)$(71)$(16)$(67)$(98)
Selected balance sheet data:
Average loans and leases$1,319 $1,337 $1,528 $1,804 $1,711 
Average assets $42,501 $45,005 $46,006 $46,510 $51,422 
15


THE BANK OF NEW YORK MELLON CORPORATION
bnym_logo2x1q22.jpg
SECURITIES PORTFOLIO
(dollars in millions)Dec. 31, 20211Q22
change in
unrealized
gain (loss)		March 31, 2022
Fair value
as a % of amortized
cost (a)
Unrealized
gain (loss)
% Floating
rate (b)
Ratings (c)
Amortized
cost		Fair valueAAA/
AA-		A+/
A-		BBB+/
BBB-		BB+ and
lower		Not
rated
 Fair value
Agency RMBS$50,735 $(2,198)$47,743 $45,780 96 %$(1,963)12 %100 %— %— %— %— %
U.S. Treasury40,582 (888)40,818 39,929 98 (889)53 100 — — — — 
Sovereign debt/sovereign guaranteed
14,312 (219)13,327 13,131 99 (196)13 82 3 14 1 — 
Agency commercial MBS12,291 (466)12,768 12,423 97 (345)34 100 — — — — 
Supranational7,646 (116)7,925 7,802 98 (123)57 100 — — — — 
U.S. government agencies
5,420 (232)6,571 6,297 96 (274)35 100 — — — — 
Foreign covered bonds
6,238 (115)6,365 6,252 98 (113)42 100 — — — — 
CLOs5,421 (37)5,855 5,815 99 (40)100 99 — — 1 — 
Non-agency commercial MBS
3,114 (155)3,228 3,104 96 (124)36 100 — — — — 
Foreign government agencies
2,686 (53)2,832 2,771 98 (61)20 92 8 — — — 
Non-agency RMBS2,793 (128)2,557 2,538 99 (19)47 84 3 — 8 5 
State and political subdivisions
2,529 (128)2,317 2,161 93 (156)5 90 9 — — 1 
Other asset-backed securities
2,190 (58)1,953 1,880 96 (73)14 100 — — — — 
Corporate bonds2,066 (39)1,555 1,483 95 (72)36 16 69 15 — — 
Other1 — 1 1 100 — — — — — — 100 
Total securities$158,024 (d)$(4,832)$155,815 $151,367 (d)(e)97 %$(4,448)(d)(f)34 %97 %1 %1 %1 %— %
(a) Amortized cost reflects historical impairments, and is net of allowance for credit losses.
(b) Includes the impact of hedges.
(c) Represents ratings by S&P, or the equivalent.
(d) Includes net unrealized losses on derivatives hedging securities available-for-sale (including terminated hedges) of $590 million at Dec. 31, 2021 and net unrealized gains of $914 million at March 31, 2022.
(e) The fair value of available-for-sale securities totaled $93,708 million at March 31, 2022, net of hedges, or 62% of the fair value of the securities portfolio, net of hedges. The fair value of the held-to-maturity securities totaled $57,659 million at March 31, 2022, or 38% of the fair value of the securities portfolio, net of hedges.
(f) At March 31, 2022, unrealized losses of $1,505 million related to available-for-sale securities, net of hedges, and $2,943 million related to held-to-maturity securities.
Note: The amortizable purchase premium (net of discount) relating to securities was $1,699 million at March 31, 2022 and the amortization of that net purchase premium was $121 million in 1Q22.
16


THE BANK OF NEW YORK MELLON CORPORATION
bnym_logo2x1q22.jpg
ALLOWANCE FOR CREDIT LOSSES AND NONPERFORMING ASSETS
20222021
(dollars in millions)March 31Dec. 31Sept. 30June 30March 31
Allowance for credit losses – beginning of period:
Allowance for loan losses$196 $233 $269 $327 $358 
Allowance for lending-related commitments45 40 50 73 121 
Allowance for other financial instruments (a)
19 18 16 19 22 
Allowance for credit losses – beginning of period$260 $291 $335 $419 $501 
Net (charge-offs) recoveries:
Charge-offs— (16)— (1)(1)
Recoveries1 2 1 3 2 
Total net (charge-offs) recoveries1 (14)1 2 1 
Provision for credit losses (b)
2 (17)(45)(86)(83)
Allowance for credit losses – end of period$263 $260 $291 $335 $419 
Allowance for credit losses – end of period:
Allowance for loan losses$171 $196 $233 $269 $327 
Allowance for lending-related commitments53 45 40 50 73 
Allowance for other financial instruments (a)
39 19 18 16 19 
Allowance for credit losses – end of period$263 $260 $291 $335 $419 
Allowance for loan losses as a percentage of total loans0.25 %0.29 %0.36 %0.42 %0.54 %
Nonperforming assets$119 $120 $108 $90 $112 
(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.
17


THE BANK OF NEW YORK MELLON CORPORATION
bnym_logo2x1q22.jpg
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.
Return on common equity and tangible common equity reconciliation
(dollars in millions)1Q224Q213Q212Q211Q21
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP$699 $822 $881 $991 $858 
Add: Amortization of intangible assets17 19 19 20 24 
Less: Tax impact of amortization of intangible assets4 5 4 5 6 
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP$712 $836 $896 $1,006 $876 
Average common shareholders’ equity$37,363 $37,941 $39,755 $40,393 $40,720 
Less: Average goodwill17,490 17,481 17,474 17,517 17,494 
 Average intangible assets2,979 2,988 2,953 2,975 3,000 
Add: Deferred tax liability – tax deductible goodwill1,184 1,178 1,173 1,163 1,153 
 Deferred tax liability – intangible assets673 676 673 675 665 
Average tangible common shareholders’ equity – Non-GAAP$18,751 $19,326 $21,174 $21,739 $22,044 
Return on common equity – GAAP 7.6 %8.6 %8.8 %9.8 %8.5 %
Return on tangible common equity – Non-GAAP15.4 %17.2 %16.8 %18.6 %16.1 %
18


THE BANK OF NEW YORK MELLON CORPORATION
bnym_logo2x1q22.jpg
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Book value and tangible book value per common share reconciliation20222021
(dollars in millions, except common shares and unless otherwise noted)March 31Dec. 31Sept. 30June 30March 31
BNY Mellon shareholders’ equity at period end – GAAP$41,799 $43,034 $43,601 $45,281 $44,954 
Less: Preferred stock4,838 4,838 4,541 4,541 4,541 
BNY Mellon common shareholders’ equity at period end – GAAP36,961 38,196 39,060 40,740 40,413 
Less: Goodwill17,462 17,512 17,420 17,487 17,469 
Intangible assets2,968 2,991 2,941 2,964 2,983 
Add: Deferred tax liability – tax deductible goodwill1,184 1,178 1,173 1,163 1,153 
Deferred tax liability – intangible assets673 676 673 675 665 
BNY Mellon tangible common shareholders’ equity at period end – Non-GAAP$18,388 $19,547 $20,545 $22,127 $21,779 
Period-end common shares outstanding (in thousands)
807,798 804,145 825,821 863,174 875,481 
Book value per common share – GAAP$45.76 $47.50 $47.30 $47.20 $46.16 
Tangible book value per common share – Non-GAAP$22.76 $24.31 $24.88 $25.64 $24.88 
Net interest margin reconciliation
(dollars in millions)1Q224Q213Q212Q211Q21
Net interest revenue – GAAP$698 $677 $641 $645 $655 
Add: Tax equivalent adjustment3 4 3 3 3 
Net interest revenue (FTE) – Non-GAAP$701 $681 $644 $648 $658 
Average interest-earning assets$373,186 $381,682 $381,065 $388,285 $397,297 
Net interest margin – GAAP (a)
0.75 %0.71 %0.67 %0.67 %0.66 %
Net interest margin (FTE) – Non-GAAP (a)
0.76 %0.71 %0.68 %0.67 %0.67 %
(a) Net interest margin is annualized.
19


THE BANK OF NEW YORK MELLON CORPORATION
bnym_logo2x1q22.jpg
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Pre-tax operating margin reconciliation - Investment and Wealth Management business segment
(dollars in millions)1Q224Q213Q212Q211Q21
Income before income taxes – GAAP$212 $278 $348 $326 $278 
Total revenue – GAAP$964 $1,020 $1,032 $999 $991 
Less: Distribution and servicing expense79 75 76 74 75 
Adjusted total revenue, net of distribution and servicing expense – Non-GAAP$885 $945 $956 $925 $916 
Pre-tax operating margin – GAAP (a)
22 %27 %34 %33 %28 %
Adjusted pre-tax operating margin, net of distribution and servicing expense – Non-GAAP (a)
24 %29 %36 %35 %30 %
(a) Income before income taxes divided by total revenue.
Constant currency reconciliations1Q22 vs.
(dollars in millions)1Q221Q211Q21
Consolidated:
Investment management and performance fees – GAAP$883 $890 (1)%
Impact of changes in foreign currency exchange rates— (15)
Adjusted investment management and performance fees – Non-GAAP$883 $875 1 %
Investment and Wealth Management business segment:
Investment management and performance fees – GAAP$882 $890 (1)%
Impact of changes in foreign currency exchange rates— (15)
Adjusted investment management and performance fees – Non-GAAP$882 $875 1 %
20

1Q22 Financial Highlights A P R I L 1 8 , 2 0 2 2

 
2 1Q22 Financial Highlights (a) Excluding the notable item related to Russia, EPS would have been $0.08 higher. (b) Represents a non-GAAP measure. See page 15 in the Appendix for the corresponding reconciliation of the non-GAAP measure of ROTCE. (c) Represents a non-GAAP measure. See page 16 in the Appendix for the corresponding reconciliations of the non-GAAP measures of consolidated revenue growth excluding the $88mm reduction related to Russia and consolidated fee revenue growth excluding the reduction related to Russia. Revenue $3,926mm EPS $0.86 Pre-tax income $918mm Pre-tax margin 23% Returns Capital ratios ROE: 7.6% ROTCE: 15.4%(b) T1L: 5.3% CET1: 10.1% • Revenue flat YoY, up 2%(c) excluding $88mm reduction related to Russia – Fee revenue down 3% YoY, flat(c) excluding the reduction related to Russia – Net interest revenue up 7% YoY • Expense up approximately 5.5% YoY • Provision for credit losses of $2mm • Average loans up 18% YoY and up 3% QoQ • Average deposits down 5% YoY and down 3% QoQ • Returned $0.4bn to common shareholders in dividends and share repurchases (a)

 
3 1Q22 Financial Results Notable items impacting the quarter (a) Note: See page 12 in the Appendix for corresponding footnotes. N/M – not meaningful. (b) Represents a non-GAAP measure. See page 15 in the Appendix for the corresponding reconciliation of the non-GAAP measure of ROTCE. Revenue reduction related to Russia Impact of severance expense and litigation reserves Impact of disposal losses, litigation reserves and severance expense Increase / (decrease) Revenue Expense EPS 1Q22 (88) (1) $(0.08) 4Q21 — 37 $(0.04) 1Q21 (2) 14 $(0.01) 1Q22 vs. $mm, except per share data or unless otherwise noted 1Q22 4Q21 1Q21 4Q21 1Q21 Fee revenue $3,158 $3,231 $3,257 (2)% (3)% Investment and other revenue 70 107 9 N/M N/M Net interest revenue 698 677 655 3% 7% Total revenue $3,926 $4,015 $3,921 (2)% — Provision for credit losses 2 (17) (83) N/M N/M Noninterest expense 3,006 2,967 2,851 1% 5% Income before income taxes $918 $1,065 $1,153 (14)% (20)% Net income applicable to common shareholders $699 $822 $858 (15)% (19)% EPS $0.86 $1.01 $0.97 (15)% (11)% Avg. common shares and equivalents outstanding (mm) – diluted 814 817 886 — (8)% Operating leverage (a) (353) bps (531) bps Pre-tax margin 23% 27% 29% (316) bps (603) bps ROE 7.6% 8.6% 8.5% (101) bps (96) bps ROTCE (b) 15.4% 17.2% 16.1% (178) bps (72) bps

 
4 Capital and Liquidity Note: See page 12 in the Appendix for corresponding footnotes. 1Q22 4Q21 1Q21 Consolidated regulatory capital ratios: (a) Tier 1 leverage ratio 5.3% 5.5% 5.8% Supplementary leverage ratio ("SLR") 6.2 6.6 8.1 Common Equity Tier 1 ratio – Advanced Approaches 10.4 11.4 12.6 Common Equity Tier 1 ratio – Standardized Approach 10.1 11.2 12.6 Consolidated regulatory liquidity ratios: Liquidity coverage ratio ("LCR") 109% 109% 110% Cash dividends per common share $0.34 $0.34 $0.31 Common stock dividends ($mm) $278 $280 $277 Common stock repurchases ($mm) 118 1,249 699 Book value per common share $45.76 $47.50 $46.16 Tangible book value per common share (c) 22.76 24.31 24.88 Common shares outstanding (mm) 808 804 875 (b)

 
5 1Q22 vs. $bn, avg. 1Q22 4Q21 1Q21 Deposits: Noninterest-bearing $90 (1)% 8% Interest-bearing 223 (3)% (9)% Total deposits $313 (3)% (5)% Interest-earning assets: Cash and reverse repo 144 (5)% (18)% Loans 67 3% 18% Investment securities: HQLA 127 (2)% 1% Non-HQLA 29 (4)% (5)% Total investment securities $156 (2)% — Total interest-earning assets $373 (2)% (6)%1Q21 4Q21 1Q22 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 ) 655 677 698 +3% +7% • Avg. deposits of $313bn down 3% QoQ • Avg. interest-earning assets of $373bn down 2% QoQ • Net interest revenue of $698mm up 3% QoQ, primarily reflects higher interest rates on interest-earning assets, partially offset by higher funding expense and lower interest-earning assets

 
6 1Q22 vs. $mm, unless otherwise noted 1Q22 4Q21 1Q21 Staff $1,702 4% 6% Software and equipment 399 5% 10% Professional, legal and other purchased services 370 (5)% 8% Net occupancy 122 (8)% (1)% Sub-custodian and clearing 118 (2)% (5)% Distribution and servicing 79 5% 7% Bank assessment charges 35 17% 3% Business development 30 (32)% 58% Amortization of intangible assets 17 (11)% (29)% Other 134 (7)% (8)% Total noninterest expense $3,006 1% 5% Noninterest Expense • Noninterest expense up approximately 5.5% YoY, primarily reflecting higher investments in growth, infrastructure and efficiency initiatives and higher revenue-related expenses, partially offset by the favorable impact of a stronger U.S. dollar • Noninterest expense up 1% QoQ, primarily driven by long-term incentive expenses for retirement-eligible employees, and severance and litigation in the prior quarter

 
7 1Q22 vs. $mm, unless otherwise noted 1Q22 4Q21 1Q21 Total revenue by line of business: Asset Servicing $1,512 4% 6% Issuer Services 268 (29)% (26)% Total revenue $1,780 (3)% — Provision for credit losses (10) N/M N/M Noninterest expense 1,510 1% 6% Income before income taxes $280 (20)% (33)% Fee revenue 1,329 (6)% (5)% Net interest revenue 377 3% 6% Foreign exchange revenue 148 — (14)% Securities lending revenue(b) 39 (13)% (5)% Financial ratios, balance sheet data and metrics: Pre-tax margin 16% (325) bps (763) bps AUC/A ($trn, period end)(c)(d) $33.7 (3)% 7% Deposits ($bn, avg.) $192 (4)% (4)% Market value of securities on loan ($bn, period end)(e) $449 — 1% • Total revenue of $1,780mm flat YoY, up 4% YoY(a) excluding the reduction related to Russia – Asset Servicing up 6% YoY, reflecting a gain on a strategic equity investment and higher market values and net interest revenue, partially offset by lower foreign exchange revenue – Issuer Services down 26% YoY, down 4% YoY(a) excluding the reduction related to Russia reflecting lower depositary receipt fees and the impact of lost business in the prior year in Corporate Trust, partially offset by higher net interest revenue • Noninterest expense of $1,510mm up 6% YoY, primarily reflecting higher investments in growth, infrastructure and efficiency initiatives and higher revenue-related expenses, partially offset by the favorable impact of a stronger U.S. dollar • Income before income taxes of $280mm down 33% YoY, down 13% YoY(a) excluding the reduction related to Russia Securities Services (a) Represents a non-GAAP measure. See page 16 in the Appendix for corresponding reconciliations of the non-GAAP measures of Securities Services revenue excluding the reduction related to Russia, Issuer Services revenue excluding the reduction related to Russia and income before income taxes excluding the reduction related to Russia, respectively. Note: See page 12 in the Appendix for the corresponding footnotes. N/M – not meaningful.

 
8 1Q22 vs. $mm, unless otherwise noted 1Q22 4Q21 1Q21 Total revenue by line of business: Pershing $570 3% (6)% Treasury Services 338 2% 7% Clearance and Collateral Management 294 2% 5% Total revenue $1,202 2% — Provision for credit losses (2) N/M N/M Noninterest expense 708 5% 4% Income before income taxes $496 (1)% (10)% Fee revenue 906 4% — Net interest revenue 296 — 2% Financial ratios, balance sheet data and metrics: Pre-tax margin 41% (165) bps (449) bps AUC/A ($trn, end of period)(a)(b) $11.6 (2)% 17% Deposits ($bn, avg.) $96 (5)% (11)% Pershing: Net new assets (U.S. platform) ($bn)(c) $18 N/M N/M Avg. active clearing accounts ('000) 7,432 1% 4% Treasury Services: Avg. daily U.S. dollar payment volumes ('000) 240 (2)% 2% Clearance and Collateral Management: Avg. tri-party collateral management balances ($bn) $5,026 1% 38% Market and Wealth Services • Total revenue of $1,202mm flat YoY – Pershing down 6% YoY, primarily reflecting the impact of prior year lost business and elevated 1Q21 transaction activity, partially offset by higher market values and growth from existing clients – Treasury Services up 7% YoY, primarily reflecting higher net interest revenue and client activity from both new and existing clients – Clearance and Collateral Management up 5% YoY, primarily reflecting higher balances and clearance volumes • Noninterest expense of $708mm up 4% YoY, primarily reflecting higher investments in growth, infrastructure and efficiency initiatives • Income before income taxes of $496mm down 10% YoY Note: See page 12 in the Appendix for the corresponding footnotes. N/M – not meaningful.

 
9 1Q22 vs. $mm, unless otherwise noted 1Q22 4Q21 1Q21 Total revenue by line of business: Investment Management $658 (7)% (6)% Wealth Management 306 (2)% 4% Total revenue $964 (5)% (3)% Provision for credit losses (3) N/M N/M Noninterest expense 755 1% 6% Income before income taxes $212 (24)% (24)% Fee revenue 915 (3)% (3)% Net interest revenue 57 12% 19% Financial ratios, balance sheet data and metrics: Pre-tax margin 22% (524) bps (601) bps Adjusted pre-tax operating margin - Non-GAAP (a) 24% (544) bps (632) bps AUM ($bn, end of period)(b) $2,266 (7)% 2% Loans ($bn, avg.) $13 4% 14% Deposits ($bn, avg.) 23 22% 17% Wealth Management: Client assets ($bn, end of period)(c) $305 (5)% 4% • Total revenue of $964mm down 3% YoY – Investment Management revenue of $658mm down 6% YoY, primarily reflects lower seed capital results, the unfavorable impact of a stronger U.S. dollar, and lower equity income, partially offset by higher market values – Wealth Management revenue of $306mm up 4% YoY reflecting higher net interest revenue and market values • Noninterest expense of $755mm up 6% YoY, primarily reflecting higher investments in growth initiatives and revenue-related expenses, partially offset by the favorable impact of a stronger U.S. dollar • Income before income taxes of $212mm down 24% YoY • AUM of $2.3trn up 2% YoY driven by net inflows and higher market values • Wealth Management client assets of $305bn up 4% YoY driven by higher markets and cumulative net inflows Investment and Wealth Management (a) Adjusted pre-tax operating margin is net of distribution and servicing expense. Represents a non-GAAP measure. See page 16 in the Appendix for corresponding reconciliation of the non-GAAP measure of adjusted pre-tax operating margin. Note: See page 12 in the Appendix for the corresponding footnotes (b) and (c). N/M – not meaningful.

 
10 $mm, unless otherwise noted 1Q22 4Q21 1Q21 Fee revenue $8 $2 $9 Investment and other revenue 12 19 (36) Net interest (expense) (32) (38) (38) Total revenue $(12) $(17) $(65) Provision for credit losses 17 (1) (8) Noninterest expense 33 55 41 (Loss) before income taxes $(62) $(71) $(98) • 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 a $39mm impairment for a renewable energy investment recorded in 1Q21 – QoQ increase primarily reflects higher net interest revenue related to corporate treasury activity • Provision for credit losses was $17mm primarily related to interest- bearing deposits with banks in Russia • Noninterest expense decreased YoY and QoQ primarily reflecting lower staff expense Other Segment

 
Appendix

 
12 Footnotes Page 3 – 1Q22 Financial Results (a) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense. Page 4 – Capital and Liquidity (a) Regulatory capital ratios for March 31, 2022 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for March 31, 2022 and Dec. 31, 2021 was the Standardized Approach, and 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. (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. 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 page 15 for corresponding reconciliation of this non-GAAP measure. Page 7 – Securities Services (b) Included in investment services fees in the Asset Servicing business. (c) March 31, 2022 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 Global Securities Services Company (“CIBC Mellon”), a joint venture with the Canadian Imperial Bank of Commerce, of $1.7trn at March 31, 2022 and Dec. 31, 2021 and $1.6trn at March 31, 2021. (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 $78bn at March 31, 2022, $71bn at Dec. 31, 2021 and $64bn at March 31, 2021. Page 8 – Market and Wealth Services (a) March 31, 2022 information is preliminary. (b) Consists of AUC/A from the Clearance and Collateral Management and Pershing lines of business. (c) Net new assets represent net flows of assets (e.g., net cash deposits and net securities transfers, including dividends and interest) in customer accounts in Pershing LLC, a U.S. broker-dealer. Page 9 – Investment and Wealth Management (b) March 31, 2022 information is preliminary. Excludes assets managed outside of the Investment and Wealth Management business segment. (c) March 31, 2022 information is preliminary. Includes AUM and AUC/A in the Wealth Management business.

 
13 1Q22 4Q21 3Q21 2Q21 1Q21 Investment services fees (see table below) $(126) $(148) $(142) $(148) $(109) Investment management and performance fees (85) (116) (109) (115) (89) Distribution and servicing fees (11) (14) (11) (13) (13) Total fee revenue (222) (278) (262) (276) (211) Less: Distribution and servicing expense 23 35 29 24 23 Net impact of money market fee waivers $(199) $(243) $(233) $(252) $(188) Impact to investment services fees by line of business (a) Asset Servicing $(19) $(31) $(29) $(30) $(15) Issuer Services (11) (18) (17) (16) (11) Pershing (90) (89) (86) (91) (77) Treasury Services (6) (10) (10) (11) (6) Total impact to investment services fees by line of business $(126) $(148) $(142) $(148) $(109) Impact to revenue by line of business (a) Asset Servicing $(28) $(50) $(47) $(50) $(29) Issuer Services (14) (24) (22) (22) (15) Pershing (107) (106) (102) (99) (94) Treasury Services (8) (14) (13) (16) (9) Investment Management (63) (81) (76) (85) (61) Wealth Management (2) (3) (2) (4) (3) Total impact to revenue by line of business $(222) $(278) $(262) $(276) $(211) Money Market Fee Waivers Impact (a) The line of business revenue for management reporting purposes reflects the impact of revenue transferred between the businesses.

 
14 Pre-tax Operating Margin and ROTCE Reconciliation – Impact of Notable Items (a) Notable items in 1Q22 include the revenue reduction related to Russia and litigation expense. Non-Interest Expense Reconciliation – Impact of Notable Items 1Q22 vs. 1Q22 1Q21 1Q21 Noninterest expense — GAAP $3,006 $2,851 5.4% Notable items (1) 14 Noninterest expense, ex-notables — Non-GAAP $3,007 $2,837 6% 1Q22 Results – GAAP Notable items (a) Results – Non-GAAP ex. notable items Total revenue $3,926 $(88) $4,014 Provision for credit losses 2 — 2 Noninterest expense 3,006 (1) 3,007 Income before income taxes $918 $(87) $1,005 Pre-tax operating margin 23% 25% 1Q22 Results Notable items (a) Non-GAAP ex. notable items Net income applicable to common shareholders of The Bank of New York Mellon Corporation — GAAP $699 $(67) $766 Add: Amortization of intangible assets 17 — 17 Less: Tax impact of amortization of intangible assets 4 — 4 Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets — Non-GAAP $712 $(67) $779 Average common shareholders’ equity $37,363 — $37,363 Less: Average goodwill 17,490 — 17,490 Average intangible assets 2,979 — 2,979 Add: Deferred tax liability — tax deductible goodwill 1,184 — 1,184 Deferred tax liability — intangible assets 673 — 673 Average tangible common shareholders’ equity — Non-GAAP $18,751 — $18,751 Return on tangible common equity (annualized) — Non-GAAP 15.4% 16.9%

 
15 Return on Common Equity and Tangible Common Equity Reconciliation Book Value and Tangible Book Value Per Common Share Reconciliation 1Q22 4Q21 1Q21 Net income applicable to common shareholders of The Bank of New York Mellon Corporation — GAAP $699 $822 $858 Add: Amortization of intangible assets 17 19 24 Less: Tax impact of amortization of intangible assets 4 5 6 Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets — Non-GAAP $712 $836 $876 Average common shareholders ’ equity $37,363 $37,941 $40,720 Less: Average goodwill 17,490 17,481 17,494 Average intangible assets 2,979 2,988 3,000 Add: Deferred tax liability — tax deductible goodwill 1,184 1,178 1,153 Deferred tax liability — intangible assets 673 676 665 Average tangible common shareholders ’ equity — Non-GAAP $18,751 $19,326 $22,044 Return on common equity (annualized) — GAAP 7.6% 8.6% 8.5% Return on tangible common equity (annualized) — non-GAAP 15.4% 17.2% 16.1% 2022 2021 Mar. 31 Dec. 31 Mar. 31 BNY Mellon shareholders’ equity at period end — GAAP $41,799 $43,034 $44,954 Less: Preferred stock 4,838 4,838 4,541 BNY Mellon common shareholders’ equity at period end — GAAP 36,961 38,196 40,413 Less: Goodwill 17,462 17,512 17,469 Intangible assets 2,968 2,991 2,983 Add: Deferred tax liability — tax deductible goodwill 1,184 1,178 1,153 Deferred tax liability — intangible assets 673 676 665 BNY Mellon tangible common shareholders’ equity at period end — Non-GAAP 18,388 19,547 21,779 Period-end common shares outstanding (in thousands) 807,798 804,145 875,481 Book value per common share — GAAP $45.76 $47.50 $46.16 Tangible book value per common share — Non-GAAP $22.76 $24.31 $24.88

 
16 Pre-tax Operating Margin Reconciliation – Investment and Wealth Management Business Revenue and Income before Taxes Reconciliation – Reduction related to Russia (a) Income before income taxes divided by total revenue. (b) Reduction in total revenue and fee revenue primarily related to accelerated amortization of deferred costs for depositary receipt services related to Russia. 1Q22 4Q21 1Q21 Income before income taxes — GAAP $212 $278 $278 Total revenue — GAAP $964 $1,020 $991 Less: Distribution and servicing expense 79 75 75 Adjusted total revenue, net of distribution and servicing expense — non-GAAP $885 $945 $916 Pre-tax operating margin — GAAP (a) 22% 27% 28% Adjusted pre-tax operating margin, net of distribution and servicing expense — non-GAAP (a) 24% 29% 30% 1Q22 vs. 1Q22 1Q21 1Q21 Total revenue — GAAP $3,926 $3,921 —% Revenue reduction related to Russia (b) (88) — Total revenue, ex-reduction related to Russia — non-GAAP $4,014 $3,921 2% Fee revenue — GAAP $3,158 $3,257 (3)% Revenue reduction related to Russia (b) (88) — Fee revenue, ex-reduction related to Russia — non-GAAP $3,246 $3,257 —% Securities Services segment, total revenue — GAAP $1,780 $1,787 —% Revenue reduction related to Russia (b) (82) — Securities Services total revenue, ex-reduction related to Russia — non-GAAP $1,862 $1,787 4% Securities Services segment, fee revenue — GAAP $1,329 $1,401 (5)% Revenue reduction related to Russia (b) (82) — Securities Services fee revenue, ex-reduction related to Russia — non-GAAP $1,411 $1,401 1% Issuer Services business, total revenue — GAAP $268 $363 (26)% Revenue reduction related to Russia (b) (82) — Issuer Services total revenue, ex-reduction related to Russia — non-GAAP $350 $363 (4)% Issuer Services business, investment services fees — GAAP $141 $246 (43)% Revenue reduction related to Russia (b) (82) — Issuer Services investment services fees, ex-reduction related to Russia — non-GAAP $223 $246 (9)% Securities Services segment, income before income taxes — GAAP $280 $418 (33)% Revenue reduction related to Russia (b) (82) — Securities Services income before income taxes, ex-reduction related to Russia — non-GAAP $362 $418 (13)%

 
17 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,” “ambition,” “objective,” “aim,” “future,” “potentially,” “outlook” and words of similar meaning may signify forward-looking statements. These statements relate to, among other things, the Corporation’s expectations regarding: capital plans, 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, human capital management (including related ambitions, objectives, aims and goals), deposits, interest rates and yield curves, securities portfolio, taxes, business opportunities, divestments, volatility, preliminary business metrics and regulatory capital ratios and statements regarding the Corporation’s aspirations, as well as the Corporation’s overall plans, strategies, goals, objectives, expectations, outlooks, estimates, intentions, targets, opportunities, focus and initiatives, 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, 2021 (the “2021 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 geopolitical risks (including those related to Russia’s invasion of Ukraine), as well as 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2022. All forward-looking statements speak only as of April 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 2021 Annual Report and the first quarter 2022 earnings release, and are available at www.bnymellon.com/investorrelations. Cautionary Statement

 

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