Bank of New York Mellon Corp - FORM 8-K - EX-99.2 - FINANCIAL SUPPLEMENT - April 16, 2021

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EX-99.3 - FINANCIAL HIGHLIGHTS PRESENTATION - Bank of New York Mellon Corpex993_financialhighlight.htm
EX-99.1 - EARNINGS RELEASE - Bank of New York Mellon Corpex991_earningsreleasex1q21.htm
8-K - 8-K - Bank of New York Mellon Corpbk-20210416.htm


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The Bank of New York Mellon Corporation
Financial Supplement
First Quarter 2021



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
Investment Services Business
Investment and Wealth Management Business
AUM by Product, AUM Flows 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
Reporting Changes



THE BANK OF NEW YORK MELLON CORPORATION
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CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per common share amounts, or unless otherwise noted)1Q21 vs.
1Q214Q203Q202Q201Q204Q201Q20
Selected income statement data
Fee revenue (a)
$3,257 $3,114 $3,074 $3,089 $3,238 5 %1 %
Other revenue (a)
9 49 70 141 56 N/MN/M
Total fee and other revenue (a)
3,266 3,163 3,144 3,230 3,294 3 (1)
Net interest revenue655 680 703 780 814 (4)(20)
Total revenue3,921 3,843 3,847 4,010 4,108 2 (5)
Provision for credit losses(83)15 9 143 169 N/MN/M
Noninterest expense2,851 2,925 2,681 2,686 2,712 (3)5 
Income before income taxes1,153 903 1,157 1,181 1,227 28 (6)
Provision for income taxes221 148 213 216 265 49 (17)
Net income$932 $755 $944 $965 $962 23 %(3)%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation
$858 $702 $876 $901 $944 22 %(9)%
Diluted earnings per common share$0.97 $0.79 $0.98 $1.01 $1.05 23 %(8)%
Average common shares and equivalents outstanding – diluted (in thousands)
885,655 891,846 891,069 890,561 896,689 (1)%(1)%
Financial ratios (Returns are annualized)
Pre-tax operating margin29 %24 %30 %29 %30 %
Return on common equity8.5 %6.9 %8.7 %9.4 %10.1 %
Return on tangible common equity – Non-GAAP (b)
16.1 %13.0 %16.7 %18.5 %20.4 %
Non-U.S. revenue as a percentage of total revenue 37 %38 %37 %36 %36 %
Period end
Assets under custody and/or administration (“AUC/A”) (in trillions) (c)
$41.7 $41.1 $38.6 $37.3 $35.2 1 %18 %
Assets under management (“AUM”) (in trillions)
$2.21 $2.21 $2.04 $1.96 $1.80 — %23 %
Full-time employees48,000 48,500 48,600 48,300 47,900 (1)%— %
Book value per common share$46.16 $46.53 $45.58 $44.21 $42.47 
Tangible book value per common share – Non-GAAP (b)
$24.88 $25.44 $24.60 $23.31 $21.53 
Cash dividends per common share$0.31 $0.31 $0.31 $0.31 $0.31 
Common dividend payout ratio32 %39 %32 %31 %30 %
Closing stock price per common share$47.29 $42.44 $34.34 $38.65 $33.68 
Market capitalization$41,401 $37,634 $30,430 $34,239 $29,822 
Common shares outstanding (in thousands)
875,481 886,764 886,136 885,862 885,443 
Capital ratios at period end (d)
Common Equity Tier 1 ("CET1") ratio12.6 %13.1 %13.0 %12.6 %11.3 %
Tier 1 capital ratio15.2 %15.8 %15.7 %15.4 %13.5 %
Total capital ratio16.1 %16.7 %16.6 %16.3 %14.3 %
Tier 1 leverage ratio5.8 %6.3 %6.5 %6.2 %6.0 %
Supplementary leverage ratio ("SLR")8.1 %8.6 %8.5 %8.2 %5.6 %
(a) In 1Q21, we reclassified certain items within total revenue which impacted fee revenue, other revenue and total fee and other revenue. Prior periods have been reclassified. See “Reporting Changes" beginning on page 19 for additional information.
(b) Non-GAAP information, for all periods presented, excludes goodwill and intangible assets, net of deferred tax liabilities. See "Supplemental Information – Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 16 for the reconciliation of Non-GAAP measures.
(c) Includes the AUC/A of CIBC Mellon Global Securities Services Company ("CIBC Mellon"), a joint venture with the Canadian Imperial Bank of Commerce, of $1.6 trillion at March 31, 2021, $1.5 trillion at Dec. 31, 2020, $1.4 trillion at Sept. 30, 2020, $1.3 trillion at June 30, 2020 and $1.2 trillion at March 31, 2020.
(d) Regulatory capital ratios for March 31, 2021 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for March 31, 2021 and March 31, 2020 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, and for Dec. 31, 2020, Sept. 30, 2020 and June 30, 2020, was the Advanced Approaches.
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)
1Q21 vs.
1Q214Q203Q202Q201Q204Q201Q20
Revenue
Investment services fees:
Asset servicing fees$1,199 $1,138 $1,168 $1,173 $1,159 5 %3 %
Clearing services fees455 418 397 431 470 9 (3)
Issuer services fees245 257 295 277 263 (5)(7)
Treasury services fees157 156 152 144 149 1 5 
Total investment services fees2,056 1,969 2,012 2,025 2,041 4 1 
Investment management and performance fees890 884 835 786 862 1 3 
Foreign exchange revenue (a)
231 187 149 193 245 24 (6)
Financing-related fees51 46 49 58 59 11 (14)
Distribution and servicing29 28 29 27 31 4 (6)
Total fee revenue (a)
3,257 3,114 3,074 3,089 3,238 5 1 
Investment and other income (a)
9 43 61 132 47 N/MN/M
Net securities gains— 6 9 9 9 N/MN/M
Total other revenue (a)
9 49 70 141 56 N/MN/M
Total fee and other revenue (a)
3,266 3,163 3,144 3,230 3,294 3 (1)
Net interest revenue655 680 703 780 814 (4)(20)
Total revenue3,921 3,843 3,847 4,010 4,108 2 (5)
Provision for credit losses(83)15 9 143 169 N/MN/M
Noninterest expense
Staff1,602 1,554 1,466 1,464 1,482 3 8 
Software and equipment362 359 340 345 326 1 11 
Professional, legal and other purchased services343 381 355 337 330 (10)4 
Sub-custodian and clearing124 116 119 120 105 7 18 
Net occupancy 123 173 136 137 135 (29)(9)
Distribution and servicing74 75 85 85 91 (1)(19)
Bank assessment charges34 24 30 35 35 42 (3)
Amortization of intangible assets24 26 26 26 26 (8)(8)
Business development19 26 17 20 42 (27)(55)
Other146 191 107 117 140 (24)4 
Total noninterest expense2,851 2,925 2,681 2,686 2,712 (3)5 
Income before income taxes 1,153 903 1,157 1,181 1,227 28 (6)
Provision for income taxes 221 148 213 216 265 49 (17)
Net income 932 755 944 965 962 23 (3)
Net (income) loss attributable to noncontrolling interests(5)(5)(7)(15)18 N/MN/M
Preferred stock dividends(69)(48)(61)(49)(36)N/MN/M
Net income applicable to common shareholders of The Bank of New York Mellon Corporation
$858 $702 $876 $901 $944 22 %(9)%
Average common shares and equivalents outstanding: Basic882,558 889,928 889,499 889,020 894,122 (1)%(1)%
Diluted885,655 891,846 891,069 890,561 896,689 (1)%(1)%
Earnings per common share: Basic$0.97 $0.79 $0.98 $1.01 $1.05 23 %(8)%
Diluted$0.97 $0.79 $0.98 $1.01 $1.05 23 %(8)%
(a) In 1Q21, we made changes to the line items presented within total revenue on the consolidated income statement and reclassified prior periods to be comparable with the current period presentation. See “Reporting Changes” beginning on page 19 for additional information.
N/M – Not meaningful.
4


THE BANK OF NEW YORK MELLON CORPORATION
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CONDENSED CONSOLIDATED BALANCE SHEET
20212020
(in millions)March 31Dec. 31Sept. 30June 30March 31
Assets
Cash and due from banks$5,991 $6,252 $4,104 $4,776 $5,091 
Interest-bearing deposits with the Federal Reserve and other central banks125,524 141,775 106,185 112,728 146,535 
Interest-bearing deposits with banks23,763 17,300 19,027 18,045 22,672 
Federal funds sold and securities purchased under resale agreements28,263 30,907 29,647 36,638 27,363 
Securities155,844 156,441 155,339 154,682 139,273 
Trading assets16,884 15,272 13,074 14,150 12,918 
Loans60,732 56,469 55,491 55,397 62,368 
Allowance for loan losses(327)(358)(325)(302)(140)
Net loans
60,405 56,111 55,166 55,095 62,228 
Premises and equipment3,521 3,602 3,617 3,598 3,514 
Accrued interest receivable485 510 489 540 576 
Goodwill17,469 17,496 17,357 17,253 17,240 
Intangible assets2,983 3,012 3,026 3,045 3,070 
Other assets (a)
23,852 20,955 21,367 21,766 27,675 
Total assets
$464,984 $469,633 $428,398 $442,316 $468,155 
Liabilities
Deposits$336,768 $341,545 $296,312 $305,470 $336,717 
Federal funds purchased and securities sold under repurchase agreements15,150 11,305 15,907 14,512 13,128 
Trading liabilities4,566 6,031 6,084 5,595 6,625 
Payables to customers and broker-dealers23,827 25,085 23,514 25,012 24,016 
Commercial paper— — 671 665 1,121 
Other borrowed funds348 350 420 1,628 1,544 
Accrued taxes and other expenses4,916 5,696 5,347 5,029 4,705 
Other liabilities (a)
8,656 7,517 8,675 12,873 11,426 
Long-term debt25,350 25,984 26,121 27,566 27,494 
Total liabilities
419,581 423,513 383,051 398,350 426,776 
Temporary equity
Redeemable noncontrolling interests187 176 179 157 140 
Permanent equity
Preferred stock
4,541 4,541 4,532 4,532 3,542 
Common stock
14 14 14 14 14 
Additional paid-in capital27,928 27,823 27,741 27,702 27,644 
Retained earnings34,822 34,241 33,821 33,224 32,601 
Accumulated other comprehensive loss, net of tax(1,819)(985)(1,359)(1,943)(2,827)
Less: Treasury stock, at cost
(20,532)(19,833)(19,832)(19,832)(19,829)
Total The Bank of New York Mellon Corporation shareholders’ equity
44,954 45,801 44,917 43,697 41,145 
Nonredeemable noncontrolling interests of consolidated investment management funds
262 143 251 112 94 
Total permanent equity
45,216 45,944 45,168 43,809 41,239 
Total liabilities, temporary equity and permanent equity
$464,984 $469,633 $428,398 $442,316 $468,155 
(a) In 1Q21, the assets and liabilities of consolidated investment management funds were reclassified to other assets and other liabilities, respectively. All prior periods have been reclassified. See “Reporting Changes” beginning on page 19 for additional information.
5


THE BANK OF NEW YORK MELLON CORPORATION
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FEE AND OTHER REVENUE
1Q21 vs.
(dollars in millions)1Q214Q203Q202Q201Q204Q201Q20
Investment services fees:
Asset servicing fees (a)
$1,154 $1,099 $1,128 $1,117 $1,108 5 %4 %
Securities lending revenue45 39 40 56 51 15 (12)
Clearing services fees (b)
455 418 397 431 470 9 (3)
Issuer services fees245 257 295 277 263 (5)(7)
Treasury services fees157 156 152 144 149 1 5 
Total investment services fees2,056 1,969 2,012 2,025 2,041 4 1 
Investment management and performance fees:
Investment management fees (c)
850 839 828 781 812 1 5 
Performance fees40 45 7 5 50 N/M(20)
Total investment management and performance fees (d)
890 884 835 786 862 1 3 
Foreign exchange revenue (e)
231 187 149 193 245 24 (6)
Financing-related fees51 46 49 58 59 11 (14)
Distribution and servicing29 28 29 27 31 4 (6)
Total fee revenue (e)
3,257 3,114 3,074 3,089 3,238 5 1 
Investment and other income (e):
Income (loss) from consolidated investment management funds17 41 27 54 (38)N/MN/M
Seed capital gains (losses) (f)
3 22 9 23 (31)N/MN/M
Other trading (loss) revenue(7)(31)(14)(8)66 N/MN/M
Renewable energy investment (losses)(81)(27)(34)(34)(34)N/MN/M
Corporate/bank-owned life insurance33 43 33 36 36 N/MN/M
Other investments gains (losses) (g)
11 18 11 13 (7)N/MN/M
Disposal (losses)— (61)— — — N/MN/M
Expense reimbursements from joint venture23 22 23 19 21 N/MN/M
Other income10 16 6 29 34 N/MN/M
Total investment and other income9 43 61 132 47 N/MN/M
Net securities gains— 6 9 9 9 N/MN/M
Total other revenue9 49 70 141 56 N/MN/M
Total fee and other revenue (e)
$3,266 $3,163 $3,144 $3,230 $3,294 3 %(1)%
(a) Asset servicing fees include the fees from the Clearance and Collateral Management business.
(b) Clearing services fees are almost entirely earned by our Pershing business.
(c) Excludes seed capital gains (losses) related to consolidated investment management funds.
(d) On a constant currency basis (Non-GAAP), investment management and performance fees increased 1% compared with 1Q20. See "Supplemental Information – Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 16 for the reconciliation of this Non-GAAP measure.
(e) In 1Q21, we made changes to the line items presented within total revenue on the consolidated income statement and reclassified prior periods to be comparable with the current period presentation. See “Reporting Changes” beginning on page 19 for additional information.
(f) Includes gains (losses) on investments in BNY Mellon funds which hedge deferred incentive awards.
(g) 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
1Q214Q203Q202Q201Q20
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
$125,930 (0.05)%$112,274 (0.04)%$90,670 (0.04)%$94,229 (0.03)%$80,403 0.39 %
Interest-bearing deposits with banks (primarily foreign banks)21,313 0.27 19,281 0.32 19,202 0.42 21,093 0.76 17,081 1.37 
Federal funds sold and securities purchased under resale agreements (a)
29,186 0.44 28,389 0.55 30,342 0.63 30,265 0.82 34,109 4.67 
Margin loans15,891 1.14 14,097 1.23 12,870 1.24 12,791 1.28 12,984 2.69 
Non-margin loans:
Domestic offices31,218 2.02 30,855 2.08 30,053 2.12 31,185 2.21 31,720 3.02 
Foreign offices9,680 1.18 9,776 1.31 10,693 1.45 12,743 1.84 11,170 2.55 
Total non-margin loans40,898 1.82 40,631 1.90 40,746 1.94 43,928 2.10 42,890 2.89 
Securities:
U.S. government obligations28,759 1.43 27,783 1.46 30,073 1.36 27,901 1.52 23,175 1.87 
U.S. government agency obligations77,623 1.50 79,712 1.56 78,300 1.68 74,583 1.92 69,046 2.32 
State and political subdivisions (b)
2,526 1.92 2,104 2.01 1,500 2.51 1,025 2.98 1,033 3.06 
Other securities (b)
47,030 0.50 46,280 0.48 46,719 0.59 45,511 0.82 36,375 0.95 
Total investment securities (b)
155,938 1.19 155,879 1.23 156,592 1.30 149,020 1.51 129,629 1.86 
Trading securities (b)
8,141 0.95 8,123 0.95 7,212 0.91 6,236 1.13 6,840 2.36 
Total securities (b)
164,079 1.18 164,002 1.22 163,804 1.28 155,256 1.50 136,469 1.88 
Total interest-earning assets (b)
$397,297 0.75 %$378,674 0.82 %$357,634 0.92 %$357,562 1.06 %$323,936 1.95 %
Noninterest-earning assets63,082 58,814 57,231 57,797 61,342 
Total assets$460,379 $437,488 $414,865 $415,359 $385,278 
Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits:
Domestic offices$128,543 (0.02)%$119,012 (0.02)%$102,767 (0.01)%$102,135 0.06 %$99,915 0.69 %
Foreign offices116,572 (0.10)112,306 (0.10)108,733 (0.09)108,508 (0.12)97,717 0.29 
Total interest-bearing deposits245,115 (0.06)231,318 (0.06)211,500 (0.05)210,643 (0.03)197,632 0.49 
Federal funds purchased and securities sold under repurchase
agreements (a)
15,288 (0.07)14,452 0.01 16,850 0.13 14,209 0.03 13,919 7.96 
Trading liabilities2,227 0.53 2,408 0.72 2,692 0.30 1,974 0.39 1,626 1.61 
Other borrowed funds331 2.01 338 1.71 873 1.40 2,272 1.30 719 2.27 
Commercial paper— — 275 0.10 2,274 0.09 191 1.02 1,581 1.56 
Payables to customers and broker-dealers17,691 (0.01)17,521 (0.01)18,501 (0.01)18,742 (0.01)16,386 0.73 
Long-term debt26,199 1.81 25,704 1.88 26,511 2.01 28,122 2.42 27,231 2.83 
Total interest-bearing liabilities$306,851 0.11 %$292,016 0.13 %$279,201 0.16 %$276,153 0.24 %$259,094 1.17 %
Total noninterest-bearing deposits83,429 75,840 67,610 72,411 60,577 
Other noninterest-bearing liabilities24,556 23,783 23,393 24,121 24,229 
Total The Bank of New York Mellon Corporation shareholders’ equity45,261 45,539 44,456 42,486 41,206 
Noncontrolling interests282 310 205 188 172 
Total liabilities and equity$460,379 $437,488 $414,865 $415,359 $385,278 
Net interest margin0.66 %0.72 %0.79 %0.88 %1.01 %
Net interest margin (FTE) – Non-GAAP (c)
0.67 %0.72 %0.79 %0.88 %1.01 %
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $37 billion for 1Q21, $41 billion for 4Q20, $43 billion for 3Q20, $67 billion for 2Q20 and $80 billion for 1Q20. 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 1Q21, 0.23% for 4Q20, 0.26% for 3Q20 and 2Q20 and 1.39% for 1Q20. On a Non-GAAP basis, excluding the impact of offsetting, the rate on federal funds purchased and securities sold under resale agreements would have been (0.02)% for 1Q21, 0.00% for 4Q20, 0.04% for 3Q20, 0.00% for 2Q20 and 1.18% for 1Q20. 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 "Supplemental Information – Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 16 for the reconciliation of this Non-GAAP measure.
7


THE BANK OF NEW YORK MELLON CORPORATION
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CAPITAL AND LIQUIDITY
20212020
(dollars in millions)March 31Dec. 31Sept. 30June 30March 31
Consolidated regulatory capital ratios (a)
Standardized Approach:
CET1 capital$21,090 $21,875 $21,171 $20,035 $18,465 
Tier 1 capital25,535 26,310 25,611 24,478 21,933 
Total capital27,191 28,038 27,327 26,183 23,494 
Risk-weighted assets167,546 163,848 156,698 157,290 163,006 
CET1 ratio12.6 %13.4 %13.5 %12.7 %11.3 %
Tier 1 capital ratio15.2 16.1 16.3 15.6 13.5 
Total capital ratio16.2 17.1 17.4 16.6 14.4 
Advanced Approaches:
CET1 capital$21,090 $21,875 $21,171 $20,035 $18,465 
Tier 1 capital25,535 26,310 25,611 24,478 21,933 
Total capital26,912 27,795 27,081 25,937 23,281 
Risk-weighted assets167,209 166,426 163,108 159,340 162,561 
CET1 ratio12.6 %13.1 %13.0 %12.6 %11.4 %
Tier 1 capital ratio15.3 15.8 15.7 15.4 13.5 
Total capital ratio16.1 16.7 16.6 16.3 14.3 
Tier 1 leverage ratio:
Average assets for Tier 1 leverage ratio$440,968 $417,982 $394,945 $394,394 $366,058 
Tier 1 leverage ratio5.8 %6.3 %6.5 %6.2 %6.0 %
SLR:
Leverage exposure$313,654 (b)$304,823 (b)$300,265 (b)$297,300 (b)$392,807 
SLR8.1 %(b)8.6 %(b)8.5 %(b)8.2 %(b)5.6 %
Average liquidity coverage ratio110 %110 %111 %112 %115 %
(a) Regulatory capital ratios for March 31, 2021 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for March 31, 2021 and March 31, 2020 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, and for Dec. 31, 2020, Sept. 30, 2020 and June 30, 2020, was the Advanced Approaches.
(b) Reflects the application of a rule effective April 1, 2020 to exclude certain central bank placements. Also effective on April 1, 2020 was 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, 72 basis points at Dec. 31, 2020, 78 basis points at Sept. 30, 2020 and 40 basis points at June 30, 2020. The temporary exclusion ceased to apply beginning April 1, 2021.

8


THE BANK OF NEW YORK MELLON CORPORATION
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INVESTMENT SERVICES BUSINESS
1Q21 vs.
(dollars in millions)1Q214Q203Q202Q201Q204Q201Q20
Revenue:
Investment services fees:
Asset servicing fees (ex. securities lending revenue) (a)
$1,150 $1,094 $1,119 $1,113 $1,101 5 %4 %
Securities lending revenue41 36 37 51 46 14 (11)
Clearing services fees (b)
455 418 397 431 470 9 (3)
Issuer services fees245 257 295 277 263 (5)(7)
Treasury services fees157 156 152 144 149 1 5 
Total investment services fees2,048 1,961 2,000 2,016 2,029 4 1 
Foreign exchange revenue (c)
193 163 126 164 228 18 (15)
Other (c)(d)
104 111 120 159 179 (6)(42)
Total fee and other revenue2,345 2,235 2,246 2,339 2,436 5 (4)
Net interest revenue645 670 681 768 806 (4)(20)
Total revenue2,990 2,905 2,927 3,107 3,242 3 (8)
Provision for credit losses(79)31 (10)145 149 N/MN/M
Noninterest expense (ex. amortization of intangible assets)2,084 2,157 2,002 1,971 1,969 (3)6 
Amortization of intangible assets17 17 18 18 18 — (6)
Total noninterest expense2,101 2,174 2,020 1,989 1,987 (3)6 
Income before taxes$968 $700 $917 $973 $1,106 38 %(12)%
Pre-tax operating margin32 %24 %31 %31 %34 %
Total revenue by line of business:
Asset Servicing$1,424 $1,357 $1,354 $1,463 $1,531 5 %(7)%
Pershing605 563 538 578 653 7 (7)
Issuer Services363 385 435 431 419 (6)(13)
Treasury Services317 325 323 340 339 (2)(6)
Clearance and Collateral Management281 275 277 295 300 2 (6)
Total revenue by line of business$2,990 $2,905 $2,927 $3,107 $3,242 3 %(8)%
(a) Asset servicing fees include the fees from the Clearance and Collateral Management business.
(b) Clearing services fees are almost entirely earned by our Pershing business.
(c) In 1Q21, we made changes to the line items presented within total revenue on the consolidated income statement and reclassified prior periods to be comparable with the current period presentation. See “Reporting Changes” beginning on page 19 for additional information.
(d) Other revenue includes investment management fees, financing-related fees, distribution and servicing revenue, securities gains and losses and investment and other income.
N/M – Not meaningful.

9


THE BANK OF NEW YORK MELLON CORPORATION
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INVESTMENT SERVICES BUSINESS
1Q21 vs.
(dollars in millions, unless otherwise noted)1Q214Q203Q202Q201Q204Q201Q20
Average loans$43,468 $41,437 $40,308 $43,113 $41,789 5 %4 %
Average assets$385,054 $358,270 $329,324 $335,288 $304,089 7 %27 %
Average deposits$315,088 $292,631 $263,621 $268,467 $242,187 8 %30 %
AUC/A at period end (in trillions) (a)(b)
$41.7 $41.1 $38.6 $37.3 $35.2 1 %18 %
Market value of securities on loan at period end (in billions) (c)
$445 $435 $378 $384 $389 2 %14 %
Pershing
Net new assets (U.S. platform) (in billions) (d)
$28 $28 $12 $11 $31 N/MN/M
Average active clearing accounts (U.S. platform) (in thousands)
6,757 6,635 6,556 6,507 6,437 2 %5 %
Average long-term mutual fund assets (U.S. platform)
$678,556 $630,086 $597,312 $547,579 $549,206 8 %24 %
Average investor margin loans (U.S. platform)
$10,937 $10,097 $9,350 $9,235 $9,419 8 %16 %
Clearance and Collateral Management
Average tri-party collateral management balances (in billions)
$3,638 $3,555 $3,417 $3,573 $3,724 2 %(2)%
(a) March 31, 2021 information is preliminary.
(b) Consists of AUC/A primarily from the Asset Servicing business and, to a lesser extent, the Clearance and Collateral Management, Issuer Services, Pershing and Wealth Management businesses. Includes the AUC/A of CIBC Mellon of $1.6 trillion at March 31, 2021, $1.5 trillion at Dec. 31, 2020, $1.4 trillion at Sept. 30, 2020, $1.3 trillion at June 30, 2020 and $1.2 trillion at March 31, 2020.
(c) Represents the total amount of securities on loan in our agency securities lending program managed by the Investment Services business. Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $64 billion at March 31, 2021, $68 billion at Dec. 31, 2020, $62 billion at Sept. 30, 2020 and June 30, 2020 and $59 billion at March 31, 2020.
(d) Net new assets represent net flows of assets excluding dividends and interest (e.g., net cash deposits and net securities transfers) in customer accounts in Pershing LLC, a U.S. broker-dealer.
N/M – Not meaningful.

10


THE BANK OF NEW YORK MELLON CORPORATION
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INVESTMENT AND WEALTH MANAGEMENT BUSINESS
1Q21 vs.
(dollars in millions)1Q214Q203Q202Q201Q204Q201Q20
Revenue:
Investment management fees (a)
$850 $839 $828 $782 $812 1 %5 %
Performance fees40 45 7 5 50 N/M(20)
Investment management and performance fees (b)
890 884 835 787 862 1 3 
Distribution and servicing28 29 31 34 43 (3)(35)
Other (a)
25 27 5 17 (59)N/MN/M
Total fee and other revenue (a)
943 940 871 838 846 — 11 
Net interest revenue48 50 47 48 52 (4)(8)
Total revenue 991 990 918 886 898 — 10 
Provision for credit losses4 (8)12 7 9 N/MN/M
Noninterest expense (ex. amortization of intangible assets)702 678 653 650 687 4 2 
Amortization of intangible assets7 9 8 8 8 (22)(13)
Total noninterest expense709 687 661 658 695 3 2 
Income before taxes$278 $311 $245 $221 $194 (11)%43 %
Pre-tax operating margin28 %32 %27 %25 %22 %
Adjusted pre-tax operating margin – Non-GAAP (c)
30 %34 %29 %28 %24 %
Total revenue by line of business:
Investment Management$698 $714 $641 $621 $620 (2)%13 %
Wealth Management293 276 277 265 278 6 5 
Total revenue by line of business$991 $990 $918 $886 $898 — %10 %
Average loans$11,610 $11,497 $11,503 $11,791 $12,124 1 %(4 %)
Average assets$32,066 $30,804 $30,160 $30,327 $30,543 4 %5 %
Average deposits$19,177 $18,144 $17,570 $17,491 $16,144 6 %19 %
(a) Total fee and other revenue includes the impact of the consolidated investment management funds, net of noncontrolling interests. Additionally, other revenue includes asset servicing fees, treasury services fees, foreign exchange revenue and investment and other income.
(b) On a constant currency basis (Non-GAAP), investment management and performance fees increased 1% compared with 1Q20. See "Supplemental Information – Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 16 for the reconciliation of this Non-GAAP measure.
(c) Net of distribution and servicing expense. See "Supplemental Information – Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 16 for the reconciliation of this Non-GAAP measure.
N/M – Not meaningful.
11


THE BANK OF NEW YORK MELLON CORPORATION
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AUM BY PRODUCT, AUM FLOWS AND WEALTH MANAGEMENT CLIENT ASSETS
1Q21 vs.
(dollars in billions)1Q214Q203Q202Q201Q204Q201Q20
AUM by product type (a)(b)
Equity$173 $170 $149 $141 $120 2 %44 %
Fixed income261 259 241 224 211 1 24 
Index419 393 350 333 274 7 53 
Liability-driven investments802 855 788 752 705 (6)14 
Multi-asset and alternative investments214 209 193 185 171 2 25 
Cash345 325 320 326 315 6 10 
Total AUM by product type$2,214 $2,211 $2,041 $1,961 $1,796 — %23 %
Changes in AUM (a)(b)
Beginning balance of AUM$2,211 $2,041 $1,961 $1,796 $1,910 
Net inflows (outflows):
Long-term strategies:
Equity— (2)(4)(2)(2)
Fixed income8 5 1 4 — 
Liability-driven investments8 15 14 (2)(5)
Multi-asset and alternative investments(2)— (3)— (1)
Total long-term active strategies inflows (outflows)14 18 8 — (8)
Index3 (3)(3)9 3 
Total long-term strategies inflows (outflows)17 15 5 9 (5)
Short-term strategies:
Cash19 5 (10)11 43 
Total net inflows (outflows)36 20 (5)20 38 
Net market impact(36)93 41 143 (91)
Net currency impact3 57 44 2 (61)
Ending balance of AUM$2,214 $2,211 $2,041 $1,961 $1,796 — %23 %
Wealth Management client assets (a)(c)
$292 $286 $265 $254 $236 2 %24 %
(a) March 31, 2021 information is preliminary.
(b) Excludes securities lending cash management assets and assets managed in the Investment Services business.
(c) Includes AUM and AUC/A in the Wealth Management business.


12


THE BANK OF NEW YORK MELLON CORPORATION
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OTHER SEGMENT
(in millions)1Q214Q203Q202Q201Q20
Fee revenue (a)
$9 $11 $7 $10 $6 
Other revenue (a)
(36)(28)13 28 24 
Total fee and other revenue(27)(17)20 38 30 
Net interest (expense)(38)(40)(25)(36)(44)
Total revenue(65)(57)(5)2 (14)
Provision for credit losses(8)(8)7 (9)11 
Noninterest expense41 64 — 39 30 
(Loss) before taxes$(98)$(113)$(12)$(28)$(55)
Average loans and leases$1,711 $1,794 $1,805 $1,815 $1,961 
Average assets $43,259 $48,414 $55,381 $49,744 $50,646 
(a) In 1Q21, we made changes to the line items presented within total revenue on the consolidated income statement and reclassified prior periods to be comparable with the current period presentation. See “Reporting Changes” beginning on page 19 for additional information.

13


THE BANK OF NEW YORK MELLON CORPORATION
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SECURITIES PORTFOLIO
(dollars in millions)Dec. 31, 20201Q21
change in
unrealized
gain (loss)		March 31, 2021
Fair value
as a % of amortized
cost (a)
Unrealized
gain (loss)		% Floating
rate
Ratings (c)
Amortized
cost		Fair valueAAA/
AA-		A+/
A-		BBB+/
BBB-		BB+ and
lower		A1+/
A2 & SP-1		Not
rated
 Fair value(b)
Agency RMBS$61,740 $(742)$58,107 $58,831 101 %$724 14 %100 %— %— %— %— %— %
U.S. Treasury26,958 (280)30,412 30,595 101 183 55 100 — — — — — 
Sovereign debt/sovereign guaranteed
13,452 (83)14,454 14,571 101 117 16 73 5 21 1 — — 
Agency commercial MBS11,685 (175)11,484 11,730 102 246 33 100 — — — — — 
Supranational7,208 (31)7,469 7,505 100 36 56 100 — — — — — 
Foreign covered bonds
6,725 (16)6,491 6,542 101 51 34 100 — — — — — 
U.S. government agencies
6,577 (110)5,498 5,469 99 (29)25 100 — — — — — 
CLOs4,703 6 4,751 4,754 100 3 100 99 — — — — 1 
Non-agency commercial MBS
2,992 (87)2,907 2,948 101 41 24 99 1 — — — — 
Foreign government agencies
4,132 (27)2,678 2,697 101 19 14 92 8 — — — — 
State and political subdivisions
2,324 (55)2,665 2,649 99 (16)— 74 8 1 — 17 — 
Other asset-backed securities
3,164 (18)2,617 2,628 100 11 19 100 — — — — — 
Non-agency RMBS (d)
2,387 (7)2,365 2,509 106 144 53 71 4 1 13 — 11 
Corporate bonds1,994 (100)2,289 2,238 98 (51)— 15 68 17 — — — 
Commercial paper and certificates of deposits (e)
249 — — — — — — — — — — — — 
Other1 — 1 1 100 — — — — — — — 100 
Total securities
$156,291 (f)$(1,725)$154,188 $155,667 (f)(g)101 %$1,479 (f)(h)30 %95 %2 %3 %— %— %— %
(a) Amortized cost reflects historical impairments.
(b) Includes the impact of hedges.
(c) Represents ratings by S&P, or the equivalent.
(d) Includes RMBS that were included in the former Grantor Trust of $487 million at Dec. 31, 2020 and $451 million at March 31, 2021.
(e) Includes amounts purchased from affiliated money market funds of $249 million at Dec. 31, 2020 and $- million at March 31, 2021.
(f) Includes net unrealized losses on derivatives hedging securities available-for-sale (including terminated hedges) of $1,428 million at Dec. 31, 2020 and $634 million at March 31, 2021.
(g) The fair value of available-for-sale securities totaled $107,178 million at March 31, 2021, net of hedges, or 69% of the fair value of the securities portfolio, net of hedges. The fair value of the held-to-maturity securities totaled $48,489 million at March 31, 2021, or 31% of the fair value of the securities portfolio, net of hedges.
(h) Includes unrealized gains of $1,022 million at March 31, 2021 related to available-for-sale securities, net of hedges, and $457 million related to held-to-maturity securities.
Note: The amortizable purchase premium (net of discount) relating to securities was $2,074 million at March 31, 2021 and the amortization of that net purchase premium was $177 million in 1Q21.

14


THE BANK OF NEW YORK MELLON CORPORATION
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ALLOWANCE FOR CREDIT LOSSES AND NONPERFORMING ASSETS
20212020
(dollars in millions)March 31Dec. 31Sept. 30June 30March 31
Allowance for credit losses – beginning of period:
Allowance for loan losses$358 $325 $302 $140 $122 
Allowance for lending-related commitments121 135 152 148 94 
Allowance for other financial instruments22 (a)26 (a)21 (a)41 (a)N/A
Allowance for credit losses – beginning of period$501 $486 $475 $329 $216 
Impact of adopting ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments, effective Jan. 1, 2020
N/AN/AN/AN/A(55)(b)
Net (charge-offs) recoveries:
Charge-offs(1)(1)— — (1)
Recoveries2 1 2 3 — 
Total net recoveries (charge-offs) 1 — 2 3 (1)
Provision for credit losses (b)
(83)15 9 143 169 
Allowance for credit losses - end of period$419 $501 $486 $475 $329 
Allowance for credit losses – end of period:
Allowance for loan losses$327 $358 $325 $302 $140 
Allowance for lending-related commitments73 121 135 152 148 
Allowance for other financial instruments (a)
19 22 26 21 41 
Allowance for credit losses – end of period$419 $501 $486 $475 $329 
Allowance for loan losses as a percentage of total loans0.54 %0.63 %0.59 %0.55 %0.22 %
Nonperforming assets$112 $89 $84 $88 $88 
(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 instruments within the scope of ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments.
N/A – Not applicable.

15


THE BANK OF NEW YORK MELLON CORPORATION
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SUPPLEMENTAL INFORMATION – 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 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 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 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 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.
In businesses where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.
Return on common and tangible common equity ratios are annualized.
Return on common equity and tangible common equity reconciliation
(dollars in millions)1Q214Q203Q202Q201Q20
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP
$858 $702 $876 $901 $944 
Add: Amortization of intangible assets24 26 26 26 26 
Less: Tax impact of amortization of intangible assets6 6 7 6 6 
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP
$876 $722 $895 $921 $964 
Average common shareholders’ equity$40,720 $40,712 $39,924 $38,476 $37,664 
Less: Average goodwill17,494 17,411 17,357 17,243 17,311 
 Average intangible assets3,000 3,019 3,039 3,058 3,089 
Add: Deferred tax liability – tax deductible goodwill1,153 1,144 1,132 1,119 1,109 
 Deferred tax liability – intangible assets665 667 666 664 666 
Average tangible common shareholders’ equity – Non-GAAP$22,044 $22,093 $21,326 $19,958 $19,039 
Return on common equity – GAAP 8.5 %6.9 %8.7 %9.4 %10.1 %
Return on tangible common equity – Non-GAAP16.1 %13.0 %16.7 %18.5 %20.4 %

16


THE BANK OF NEW YORK MELLON CORPORATION
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SUPPLEMENTAL INFORMATION – EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Book value and tangible book value per common share reconciliation20212020
(dollars in millions, except common shares)March 31Dec. 31Sept. 30June 30March 31
BNY Mellon shareholders’ equity at period end – GAAP$44,954 $45,801 $44,917 $43,697 $41,145 
Less: Preferred stock4,541 4,541 4,532 4,532 3,542 
BNY Mellon common shareholders’ equity at period end – GAAP40,413 41,260 40,385 39,165 37,603 
Less: Goodwill17,469 17,496 17,357 17,253 17,240 
Intangible assets2,983 3,012 3,026 3,045 3,070 
Add: Deferred tax liability – tax deductible goodwill1,153 1,144 1,132 1,119 1,109 
Deferred tax liability – intangible assets665 667 666 664 666 
BNY Mellon tangible common shareholders’ equity at period end – Non-GAAP$21,779 $22,563 $21,800 $20,650 $19,068 
Period-end common shares outstanding (in thousands)
875,481 886,764 886,136 885,862 885,443 
Book value per common share – GAAP$46.16 $46.53 $45.58 $44.21 $42.47 
Tangible book value per common share – Non-GAAP$24.88 $25.44 $24.60 $23.31 $21.53 
Net interest margin reconciliation
(dollars in millions)1Q214Q203Q202Q201Q20
Net interest revenue – GAAP$655 $680 $703 $780 $814 
Add: Tax equivalent adjustment3 3 2 2 2 
Net interest revenue (FTE) – Non-GAAP$658 $683 $705 $782 $816 
Average interest-earning assets$397,297 $378,674 $357,634 $357,562 $323,936 
Net interest margin – GAAP (a)
0.66 %0.72 %0.79 %0.88 %1.01 %
Net interest margin (FTE) – Non-GAAP (a)
0.67 %0.72 %0.79 %0.88 %1.01 %
(a) Net interest margin is annualized.

17


THE BANK OF NEW YORK MELLON CORPORATION
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SUPPLEMENTAL INFORMATION – EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Pre-tax operating margin reconciliation - Investment and Wealth Management business
(dollars in millions)1Q214Q203Q202Q201Q20
Income before income taxes – GAAP$278 $311 $245 $221 $194 
Total revenue – GAAP$991 $990 $918 $886 $898 
Less: Distribution and servicing expense75 76 85 86 91 
Adjusted total revenue, net of distribution and servicing expense – Non-GAAP$916 $914 $833 $800 $807 
Pre-tax operating margin – GAAP (a)
28 %32 %27 %25 %22 %
Adjusted pre-tax operating margin, net of distribution and servicing expense – Non-GAAP (a)
30 %34 %29 %28 %24 %
(a) Income before income taxes divided by total revenue.
Constant currency reconciliations1Q21 vs.
(dollars in millions)1Q211Q201Q20
Consolidated:
Investment management and performance fees – GAAP$890 $862 3 %
Impact of changes in foreign currency exchange rates— 23 
Adjusted investment management and performance fees – Non-GAAP$890 $885 1 %
Investment and Wealth Management business:
Investment management and performance fees – GAAP$890 $862 3 %
Impact of changes in foreign currency exchange rates— 23 
Adjusted investment management and performance fees – Non-GAAP$890 $885 1 %

18


THE BANK OF NEW YORK MELLON CORPORATION
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REPORTING CHANGES
In order to combine items of a similar nature within total revenue and to simplify our income statement presentation, in the first quarter of 2021 we made the following reporting changes. The reclassifications had no impact on consolidated total revenue or total revenue for the business segments. Prior periods were reclassified to be comparable with the current period presentation.
• Other trading revenue was reclassified from foreign exchange and other trading revenue to investment and other income.
• Foreign exchange and other trading revenue was renamed foreign exchange revenue.
• The impact of foreign currency remeasurement was reclassified from investment and other income to foreign exchange revenue.
• Income (loss) from consolidated investment management funds was reclassified to investment and other income.
• Investment and other income was reclassified from fee revenue to other revenue. Other revenue includes investment and other income and net securities gains (losses).
In addition, the assets and liabilities of consolidated investment management funds were reclassified to other assets and other liabilities, respectively, on the consolidated balance sheet. The reclassifications had no impact on total assets or total liabilities. Prior periods were reclassified to be comparable with the current period presentation.
(in millions)4Q203Q202Q201Q20
Consolidated income statement reclassifications
Foreign exchange and other trading revenue – previously reported$167 $137 $166 $319 
Less: Other trading (loss) revenue(31)(14)(8)66 
Add: Foreign currency remeasurement (loss) gain(11)(2)19 (8)
Foreign exchange revenue$187 $149 $193 $245 
Total fee revenue – previously reported$3,116 $3,108 $3,167 $3,323 
Less: Other trading (loss) revenue(31)(14)(8)66 
Less: Investment and other income22 46 105 11 
Add: Foreign currency remeasurement (loss) gain(11)(2)19 (8)
Total fee revenue – revised$3,114 $3,074 $3,089 $3,238 
Investment and other income – previously reported$22 $46 $105 $11 
Add: Other trading (loss) revenue(31)(14)(8)66 
Add: Income (loss) from consolidated investment management funds41 27 54 (38)
Less: Foreign currency remeasurement (loss) gain(11)(2)19 (8)
Investment and other income – revised$43 $61 $132 $47 
Fee and other revenue – previously reported$3,122 $3,117 $3,176 $3,332 
Add: Income (loss) from consolidated investment management funds41 27 54 (38)
Fee and other revenue – revised$3,163 $3,144 $3,230 $3,294 
Consolidated balance sheet reclassifications
Other assets – previously reported$20,468 $20,779 $21,306 $27,446 
Add: Assets of consolidated investment management funds, at fair value487 588 460 229 
Other assets – revised$20,955 $21,367 $21,766 $27,675 
Other liabilities – previously reported$7,514 $8,671 $12,869 $11,425 
Add: Liabilities of consolidated investment management funds, at fair value3 4 4 1 
Other liabilities – revised$7,517 $8,675 $12,873 $11,426 
19


THE BANK OF NEW YORK MELLON CORPORATION
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REPORTING CHANGES
(in millions)4Q203Q202Q201Q20
Investment Services business
Foreign exchange and other trading revenue – previously reported$180 $146 $178 $261 
Less: Other trading revenue4 9 19 31 
Add: Foreign currency remeasurement (loss) gain(13)(11)5 (2)
Foreign exchange revenue$163 $126 $164 $228 
Other revenue – previously reported$94 $100 $145 $146 
Add: Other trading revenue4 9 19 31 
Less: Foreign currency remeasurement (loss) gain(13)(11)5 (2)
Other revenue – revised$111 $120 $159 $179 
Other segment
Fee (loss) revenue – previously reported$(23)$11 $29 $21 
Less: Other trading (loss) revenue(7)(4)2 21 
Less: Investment and other (loss) income(21)17 30 (12)
Add: Foreign currency remeasurement gain (loss)6 9 13 (6)
Fee revenue – revised$11 $7 $10 $6 
Net securities gains – previously reported$6 $9 $9 $9 
Add: Other trading (loss) revenue(7)(4)2 21 
Add: Investment and other (loss) income(21)17 30 (12)
Less: Foreign currency remeasurement gain (loss)6 9 13 (6)
Other revenue $(28)$13 $28 $24 
20

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