Quartergate

Document 24

EX-99.1 2 ex991_earningsreleasex4q24.htm EARNINGS RELEASE Document

4Q24

FINANCIALRESULTS

BNY Reports Fourth Quarter 2024

Earnings Per Common Share of $1.54, or $1.72 as Adjusted (a)

Full-Year 2024 Earnings Per Common Share of $5.80, or $6.03 as Adjusted (a)

NEW YORK, January 15, 2025 – The Bank of New York Mellon Corporation (“BNY”) (NYSE: BK) today has reported financial results for the fourth quarter of 2024.


CEO COMMENTARY


			BNY closed out 2024 with a strong performance, delivering record net income of $4.3 billion on record revenue of $18.6 billion and generating a return on tangible common equity of 23% for the year. Significant positive operating leverage resulted in pre-tax margin and profitability expansion, and we returned $4.4 billion of capital to our common shareholders.
Building on the solid foundation laid in 2023, we accelerated the pace of our ongoing transformation in 2024 through consistent execution against our strategic pillars.
We launched a new commercial coverage model, developed new products and solutions for our clients, completed a brand refresh, announced and closed our first acquisition in several years, and commenced the phased transition to our strategic platforms operating model. We also continued to invest in our culture and attracted top talent to further strengthen our team.



We enter 2025 with strong momentum, on the right path to unlock the opportunity embedded in our company. I am proud of our people and thank them for their continued dedication and hard work to be more for our clients, to run our company better, and to power our culture.
– Robin Vince, President and Chief Executive Officer

EPS

Adj. EPS

Pre-tax margin

Adj. Pre-tax margin

ROE

Adj. ROTCE

4Q24

$1.54

$1.72(a)

30%

34%(a)

12.2%

26.1%(a)

FY24

$5.80

$6.03(a)

31%

33%(a)

11.9%

23.8%(a)


4Q24 KEY FINANCIAL INFORMATION


(dollars in millions, except per share amounts and unless otherwise noted)				4Q24 vs.
	4Q24			3Q24		4Q23
Selected income statement data:

Total fee revenue	$	3,513		3	%	9	%
Investment and other revenue	140			N/M		N/M
Net interest income	1,194			14		8
Total revenue	$	4,847		4	%	11	%
Provision for credit losses	20			N/M		N/M
Noninterest expense	$	3,355		8	%	(16)	%
Net income applicable to common shareholders	$	1,130		2	%	598	%
Diluted EPS	$	1.54		3	%	633	%

Selected metrics:

AUC/A (in trillions)	$	52.1		—	%	9	%
AUM (in trillions)	$	2.0		(5)	%	3	%

Financial ratios:	4Q24			3Q24		4Q23

Pre-tax operating margin	30		%	33	%	6	%
ROE	12.2		%	12.0	%	1.8	%
ROTCE (a)	23.3		%	22.8	%	3.6	%

Capital ratios:

Tier 1 leverage ratio	5.7		%	6.0	%	6.0	%
CET1 ratio	11.2		%	11.9	%	11.5	%


4Q24 HIGHLIGHTS

Results

•Total revenue of $4.8 billion, increased 11%; or 8% excluding notable items (a)

•Noninterest expense of $3.4 billion, decreased 16%; or increased 2% excluding notable items (a)

•Diluted EPS of $1.54, increased 633%; or 33% excluding notable items (a)

4Q24 Notable items (a)

•Results include $165 million of noninterest expense primarily related to severance and litigation reserves

Profitability

•Pre-tax operating margin of 30%; or 34% excluding notable items (a)

•ROTCE of 23.3% (a); or 26.1% excluding notable items (a)

Balance sheet

•Average deposits of $286 billion, increased 5% year-over-year and 1% sequentially

•Tier 1 leverage ratio of 5.7%, decreased 23 bps year-over-year and 29 bps sequentially

Capital distribution

•Returned $1.1 billion of capital to common shareholders

•$349 million of dividends

•$750 million of share repurchases

•Total payout ratio of 102% for full-year 2024



(a) For information on the Non-GAAP measures, see “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11.

Note: Above comparisons are 4Q24 vs. 4Q23, unless otherwise noted.
Investor Relations: Marius Merz (212) 298-1480			Media Relations: Garrett Marquis (949) 683-1503


BNY 4Q24 Financial Results

CONSOLIDATED FINANCIAL HIGHLIGHTS


(dollars in millions, except per share amounts and unless otherwise noted; not meaningful - N/M)										4Q24 vs.
	4Q24			3Q24			4Q23			3Q24		4Q23
Fee revenue	$	3,513		$	3,404		$	3,214		3	%	9	%
Investment and other revenue	140			196			43			N/M		N/M
Total fee and other revenue	3,653			3,600			3,257			1		12
Net interest income	1,194			1,048			1,101			14		8
Total revenue	4,847			4,648			4,358			4		11
Provision for credit losses	20			23			84			N/M		N/M
Noninterest expense	3,355			3,100			3,995			8		(16)
Income before taxes	1,472			1,525			279			(3)		428
Provision for income taxes	315			336			73			(6)		332
Net income	$	1,157		$	1,189		$	206		(3)	%	462	%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	1,130		$	1,110		$	162		2	%	598	%
Operating leverage (a)										(395)	bps	2,724	bps
Diluted earnings per common share	$	1.54		$	1.50		$	0.21		3	%	633	%
Average common shares and equivalents outstanding - diluted (in thousands)	733,720			742,080			772,102
Pre-tax operating margin	30		%	33		%	6		%

Metrics:
Average loans	$	69,211		$	69,205		$	65,677		—	%	5	%
Average deposits	286,488			284,686			273,075			1		5
AUC/A at period end (in trillions) (current period is preliminary)	52.1			52.1			47.8			—		9
AUM at period end (in trillions) (current period is preliminary)	2.03			2.14			1.97			(5)		3
Non-GAAP measures, excluding notable items:(b)
Adjusted total revenue	$	4,847		$	4,648		$	4,508		4	%	8	%
Adjusted noninterest expense	$	3,190		$	3,075		$	3,116		4%		2	%
Adjusted operating leverage (a)										54	bps	515	bps
Adjusted diluted earnings per common share	$	1.72		$	1.52		$	1.29		13	%	33	%
Adjusted pre-tax operating margin	34		%	33		%	29		%

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

(b) See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11 for additional information.

bps – basis points.

KEY DRIVERS (comparisons are 4Q24 vs. 4Q23, unless otherwise noted)

•Total revenue increased 11%, primarily reflecting:

•Fee revenue increased 9%, primarily reflecting higher market values and client activity, net new business and higher foreign exchange revenue.

•Investment and other revenue increased primarily reflecting a 4Q23 reduction in the fair value of a contingent consideration receivable, partially offset by strategic equity investment gains recorded in 4Q23.

•Net interest income increased 8%, primarily reflecting higher investment securities portfolio yields and balance sheet growth, partially offset by changes in deposit mix.

•Provision for credit losses was $20 million, primarily driven by reserve increases related to commercial real estate exposure.

•Noninterest expense decreased 16% primarily reflecting the net impact of adjustments for the FDIC special assessment, efficiency savings and lower severance expense, partially offset by higher revenue-related expenses, employee merit increases and investments. Excluding notable items, noninterest expense increased 2% (a).

•Effective tax rate of 21.4%.

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

•AUC/A increased 9%, primarily reflecting higher market values, client inflows and net new business, partially offset by the unfavorable impact of a stronger U.S. dollar.

•AUM increased 3%, primarily reflecting higher market values, partially offset by unfavorable impact of a stronger U.S. dollar.

Capital and liquidity

•$349 million of dividends to common shareholders (b); $750 million of common share repurchases.

•Return on common equity (“ROE”) – 12.2%; Adjusted ROE – 13.6% (a).

•Return on tangible common equity (“ROTCE”) – 23.3% (a); Adjusted ROTCE - 26.1% (a).

•Common Equity Tier 1 (“CET1”) ratio – 11.2%.

•Tier 1 leverage ratio – 5.7%.

•Average liquidity coverage ratio (“LCR”) – 115%; Average net stable funding ratio (“NSFR”) – 132%.

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

(a) See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11 for additional information.

(b) Including dividend-equivalents on share-based awards.

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


2


BNY 4Q24 Financial Results

FULL-YEAR CONSOLIDATED FINANCIAL HIGHLIGHTS


(dollars in millions, except per share amounts; not meaningful - N/M)							2024 vs.
	2024			2023			2023
Fee revenue	$	13,620		$	12,872		6	%
Investment and other revenue	687			480			N/M
Total fee and other revenue	14,307			13,352			7
Net interest income	4,312			4,345			(1)
Total revenue	18,619			17,697			5
Provision for credit losses	70			119			N/M
Noninterest expense	12,701			13,295			(4)
Income before taxes	5,848			4,283			37
Provision for income taxes	1,305			979			33
Net income	$	4,543		$	3,304		38	%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	4,336		$	3,067		41	%
Operating leverage (a)							968	bps
Diluted earnings per common share	$	5.80		$	3.89		49	%
Average common shares and equivalents outstanding - diluted (in thousands)	748,101			787,798
Pre-tax operating margin	31		%	24		%
Non-GAAP measures, excluding notable items:(b)
Adjusted total revenue	$	18,619		$	17,847		4	%
Adjusted noninterest expense	$	12,480		$	12,302		1	%
Adjusted operating leverage (a)							288	bps
Adjusted diluted earnings per common share	$	6.03		$	5.07		19	%
Adjusted pre-tax operating margin	33		%	30		%

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

(b) See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11.

bps – basis points.

KEY DRIVERS (comparisons are 2024 vs. 2023, unless otherwise noted)

•Total revenue increased 5%, primarily reflecting:

•Fee revenue increased 6%, primarily reflecting higher market values, net new business and higher client activity and foreign exchange revenue, partially offset by the mix of AUM flows.

•Investment and other revenue increased primarily reflecting the 4Q23 reduction in the fair value of a contingent consideration receivable and higher client activity in our fixed income and equity trading business.

•Net interest income decreased 1%, primarily reflecting changes in deposit mix, partially offset by higher investment securities portfolio yields and balance sheet growth.

•Provision for credit losses was $70 million, primarily driven by reserve increases related to commercial real estate exposure and changes in the macroeconomic forecast.

•Noninterest expense decreased 4%, primarily reflecting the net impact of adjustments for the FDIC special assessment and efficiency savings, partially offset by higher investments, employee merit increases and revenue-related expenses. Excluding notable items, noninterest expense increased 1% (a).

•Effective tax rate of 22.3%.

Capital and liquidity

•Returned $4.4 billion to common shareholders, including dividends of $1.3 billion (including dividend equivalents on share-based awards) and $3.1 billion of share repurchases.

•ROE – 11.9%; Adjusted ROE – 12.4% (a).

•ROTCE – 22.8% (a); Adjusted ROTCE – 23.8% (a).

(a) See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11 for additional information.


3


BNY 4Q24 Financial Results

SECURITIES SERVICES BUSINESS SEGMENT HIGHLIGHTS


(dollars in millions, unless otherwise noted; not meaningful - N/M)										4Q24 vs.
	4Q24			3Q24			4Q23			3Q24		4Q23
Investment services fees:
Asset Servicing	$	1,042		$	1,021		$	975		2	%	7	%
Issuer Services	295			285			285			4		4
Total investment services fees	1,337			1,306			1,260			2		6
Foreign exchange revenue	147			137			118			7		25
Other fees (a)	62			57			54			9		15
Total fee revenue	1,546			1,500			1,432			3		8
Investment and other revenue	97			105			112			N/M		N/M
Total fee and other revenue	1,643			1,605			1,544			2		6
Net interest income	681			609			635			12		7
Total revenue	2,324			2,214			2,179			5		7
Provision for credit losses	15			15			64			N/M		N/M
Noninterest expense	1,666			1,557			1,653			7		1
Income before taxes	$	643		$	642		$	462		—	%	39	%

Total revenue by line of business:
Asset Servicing	$	1,797		$	1,720		$	1,675		4	%	7	%
Issuer Services	527			494			504			7		5
Total revenue by line of business	$	2,324		$	2,214		$	2,179		5	%	7	%

Pre-tax operating margin	28		%	29		%	21		%

Securities lending revenue (b)	$	52		$	47		$	48		11	%	8	%

Metrics:
Average loans	$	11,553		$	11,077		$	11,366		4	%	2	%
Average deposits	$	180,843		$	180,500		$	171,086		—	%	6	%

AUC/A at period end (in trillions) (current period is preliminary) (c)	$	37.7		$	37.5		$	34.2		1	%	10	%
Market value of securities on loan at period end (in billions) (d)	$	488		$	484		$	450		1	%	8	%

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

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

(c) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Issuer Services line of business. Includes the AUC/A of CIBC Mellon Global Securities Services Company (“CIBC Mellon”), a joint venture with the Canadian Imperial Bank of Commerce, of $1.8 trillionatDec. 31, 2024, $1.9 trillion at Sept. 30, 2024 and $1.7 trillion at Dec. 31, 2023.

(d) Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY acts as agent on behalf of CIBC Mellon clients, which totaled $60 billionatDec. 31, 2024, $67 billion at Sept. 30, 2024 and $63 billion at Dec. 31, 2023.

KEY DRIVERS

•The drivers of the total revenue variances by line of business are indicated below.

•Asset Servicing – The year-over-year increase primarily reflects higher net interest income, foreign exchange revenue, market values, client activity and net new business, partially offset by a strategic equity investment gain recorded in 4Q23. The sequential increase primarily reflects higher net interest income, client activity and foreign exchange revenue.

•Issuer Services – The year-over-year increase reflects higher Corporate Trust fees, partially offset by lower Depositary Receipts revenue. The sequential increase primarily reflects higher net interest income and Depositary Receipts revenue.

•Noninterest expense increased year-over-year primarily reflecting higher litigation reserves, employee merit increases and higher investments, partially offset by efficiency savings. The sequential increase primarily reflects higher litigation reserves, investments and revenue-related expenses, partially offset by efficiency savings.


4


BNY 4Q24 Financial Results

MARKET AND WEALTH SERVICES BUSINESS SEGMENT HIGHLIGHTS


(dollars in millions, unless otherwise noted; not meaningful - N/M)										4Q24 vs.
	4Q24			3Q24			4Q23			3Q24		4Q23
Investment services fees:
Pershing	$	516		$	475		$	472		9	%	9	%
Treasury Services	206			200			179			3		15
Clearance and Collateral Management	364			354			322			3		13
Total investment services fees	1,086			1,029			973			6		12
Foreign exchange revenue	27			23			21			17		29
Other fees (a)	61			58			50			5		22
Total fee revenue	1,174			1,110			1,044			6		12
Investment and other revenue	19			20			16			N/M		N/M
Total fee and other revenue	1,193			1,130			1,060			6		13
Net interest income	474			415			436			14		9
Total revenue	1,667			1,545			1,496			8		11
Provision for credit losses	9			7			28			N/M		N/M
Noninterest expense	852			834			837			2		2
Income before taxes	$	806		$	704		$	631		14	%	28	%

Total revenue by line of business:
Pershing	$	705		$	649		$	669		9	%	5	%
Treasury Services	471			424			408			11		15
Clearance and Collateral Management	491			472			419			4		17
Total revenue by line of business	$	1,667		$	1,545		$	1,496		8	%	11	%

Pre-tax operating margin	48		%	46		%	42		%

Metrics:
Average loans	$	42,217		$	42,730		$	39,200		(1)	%	8	%
Average deposits	$	90,980		$	88,856		$	87,695		2	%	4	%

AUC/A at period end (in trillions) (current period is preliminary) (b)	$	14.1		$	14.3		$	13.3		(1)	%	6	%

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

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

KEY DRIVERS

•The drivers of the total revenue variances by line of business are indicated below.

•Pershing – The year-over-year increase primarily reflects higher market values and client activity, partially offset by lower net interest income. The sequential increase primarily reflects higher client activity and net interest income.

•Treasury Services – The year-over-year increase primarily reflects higher net interest income and net new business. The sequential increase primarily reflects higher net interest income.

•Clearance and Collateral Management – The year-over-year increase primarily reflects higher net interest income, collateral management fees and clearance volumes. The sequential increase primarily reflects higher net interest income and collateral management fees.

•Noninterest expense increased year-over-year primarily reflecting higher revenue-related expenses, investments and employee merit increases, partially offset by efficiency savings and lower litigation reserves. The sequential increase primarily reflects higher investments and severance expense, partially offset by efficiency savings.


5


BNY 4Q24 Financial Results

INVESTMENT AND WEALTH MANAGEMENT BUSINESS SEGMENT HIGHLIGHTS


(dollars in millions, unless otherwise noted; not meaningful - N/M)											4Q24 vs.
	4Q24			3Q24			4Q23				3Q24		4Q23
Investment management fees	$	789		$	782		$	725			1	%	9	%
Performance fees	20			13			19				N/M		N/M
Investment management and performance fees	809			795			744				2		9
Distribution and servicing fees	68			68			66				—		3
Other fees (a)	(64)			(68)			(55)				N/M		N/M
Total fee revenue	813			795			755				2		8
Investment and other revenue (b)	13			9			(121)				N/M		N/M
Total fee and other revenue (b)	826			804			634				3		30
Net interest income	47			45			45				4		4
Total revenue	873			849			679				3		29
Provision for credit losses	—			1			(2)				N/M		N/M
Noninterest expense	700			672			685				4		2
Income (loss) before taxes	$	173		$	176		$	(4)			(2)	%	N/M		(c)

Total revenue by line of business:
Investment Management	$	585		$	569		$	415			3	%	41	%
Wealth Management	288			280			264				3		9
Total revenue by line of business	$	873		$	849		$	679			3	%	29	%

Pre-tax operating margin	20		%	21		%	(1)		%
Adjusted pre-tax operating margin – Non-GAAP (d)	22		%	23		%	(1)		%	(e)

Metrics:
Average loans	$	13,718		$	13,648		$	13,405			1	%	2	%
Average deposits	$	9,967		$	10,032		$	12,039			(1)	%	(17)	%

AUM (in billions) (current period is preliminary) (f)	$	2,029		$	2,144		$	1,974			(5)	%	3	%
Wealth Management client assets (in billions) (current period is preliminary) (g)	$	327		$	333		$	312			(2)	%	5	%

(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) Excluding notable items, income before taxes increased 24% (Non-GAAP) compared with 4Q23. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11 for information on this Non-GAAP measure.

(d) Net of distribution and servicing expense. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11 for information on this Non-GAAP measure.

(e) Excluding notable items and net of distribution and servicing expense, the adjusted pre-tax operating margin was 21% (Non-GAAP) for 4Q23. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11 for information on this Non-GAAP measure.

(f) Represents assets managed in the Investment and Wealth Management business segment.

(g) Includes AUM and AUC/A in the Wealth Management line of business.

KEY DRIVERS

•The drivers of the total revenue variances by line of business are indicated below.

•Investment Management – The year-over-year increase primarily reflects the 4Q23 reduction in the fair value of a contingent consideration receivable and higher market values, partially offset by the mix of AUM flows. The sequential increase primarily reflects higher market values and equity investment income, and the timing of performance fees, partially offset by the mix of AUM flows.

•Wealth Management – The year-over-year increase primarily reflects higher market values and net interest income, partially offset by changes in product mix. The sequential increase primarily reflects higher net interest income.

•Noninterest expense increased year-over-year primarily reflecting higher revenue-related expenses and employee merit increases, partially offset by efficiency savings. The sequential increase primarily reflects higher revenue-related and severance expenses.


6


BNY 4Q24 Financial Results

OTHER SEGMENT

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



(dollars in millions)	4Q24		3Q24		4Q23
Fee revenue	$	(20)	$	(1)	$	(17)
Investment and other revenue	9		55		38
Total fee and other revenue	(11)		54		21
Net interest (expense)	(8)		(21)		(15)
Total revenue	(19)		33		6
Provision for credit losses	(4)		—		(6)
Noninterest expense	137		37		820
(Loss) before taxes	$	(152)	$	(4)	$	(808)

KEY DRIVERS

•Total revenue includes corporate treasury and other investment activity, including hedging activity which has an offsetting impact between fee and other revenue and net interest expense. The year-over-year decrease primarily reflects strategic equity investment gains recorded in 4Q23. The sequential decrease primarily reflects higher net losses on sales of securities and gains on real estate and other investments recorded in 3Q24.

•Noninterest expense decreased year-over-year primarily driven by adjustments for the FDIC special assessment recorded in 4Q23. The sequential increase primarily reflects higher severance expense and the impact of the adjustments to the FDIC special assessment.


7


BNY 4Q24 Financial Results

NOTABLE ITEMS BY BUSINESS SEGMENT


Notable items by business segment (a)	4Q24										4Q23
(dollars in millions)	Securities Services		Market and Wealth Services		Investment and Wealth Management		Other		Total			Securities Services		Market and Wealth Services		Investment and Wealth Management		Other		Total




Fee and other revenue	$	—	$	—	$	—	$	—	$	—		$	(6)	$	—	$	(144)	$	—	$	(150)






Noninterest expense	50		15		16		84		165			29		29		12		809		879
(Loss) before taxes	$	(50)	$	(15)	$	(16)	$	(84)	$	(165)		$	(35)	$	(29)	$	(156)	$	(809)	$	(1,029)

(a) See pages 11 and 12 for details of notable items and line items impacted.


Notable items by business segment (a)	3Q24
(dollars in millions)		Securities Services		Market and Wealth Services		Investment and Wealth Management		Other		Total


Fee and other revenue		$	—	$	—	$	—	$	—	$	—






Noninterest expense		6		6		3		10		25
(Loss) before taxes		$	(6)	$	(6)	$	(3)	$	(10)	$	(25)

(a) See pages 11 and 12 for details of notable items and line items impacted.


Notable items by business segment (a)	2024										2023
(dollars in millions)	Securities Services		Market and Wealth Services		Investment and Wealth Management		Other		Total		Securities Services		Market and Wealth Services		Investment and Wealth Management		Other		Total





Fee and other revenue	$	—	$	—	$	—	$	—	$	—	$	(6)	$	—	$	(144)	$	—	$	(150)







Noninterest expense	66		20		20		115		221		61		39		20		873		993
(Loss) before taxes	$	(66)	$	(20)	$	(20)	$	(115)	$	(221)	$	(67)	$	(39)	$	(164)	$	(873)	$	(1,143)

(a) See pages 11 and 13 for details of notable items and line items impacted.


8


BNY 4Q24 Financial Results

CAPITAL AND LIQUIDITY


Capital and liquidity ratios	Dec. 31, 2024			Sept. 30, 2024			Dec. 31, 2023
Consolidated regulatory capital ratios: (a)
CET1 ratio	11.2		%	11.9		%	11.5		%
Tier 1 capital ratio	13.7			14.5			14.2
Total capital ratio	14.8			15.6			14.9
Tier 1 leverage ratio (a)	5.7			6.0			6.0
Supplementary leverage ratio (a)	6.5			7.0			7.3
BNY shareholders’ equity to total assets ratio	9.9		%	9.8		%	9.9		%
BNY common shareholders’ equity to total assets ratio	8.9		%	8.8		%	8.9		%

Average LCR (a)	115		%	116		%	117		%
Average NSFR (a)	132		%	132		%	135		%

Book value per common share	$	51.52		$	51.78		$	47.97
Tangible book value per common share – Non-GAAP (b)	$	27.05		$	28.01		$	25.25




Common shares outstanding (in thousands)	717,680			727,078			759,344

(a) Regulatory capital and liquidity ratios for Dec. 31, 2024 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for Dec. 31, 2024 was the Standardized Approach, for Sept. 30, 2024 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, and for Dec. 31, 2023 was the Advanced Approaches.

(b) Tangible book value per common share – Non-GAAP excludes goodwill and intangible assets, net of deferred tax liabilities. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11 for information on this Non-GAAP measure.

•CET1 capital totaled $18.8 billion and Tier 1 capital totaled $23.0 billion at Dec. 31, 2024, both decreasing compared with Sept. 30, 2024, primarily reflecting a decline in accumulated other comprehensive income and capital returned through common stock repurchases and dividends, partially offset by capital generated through earnings. The CET1 ratio decreased compared with Sept. 30, 2024 reflecting the decrease in capital and higher risk-weighted assets. The Tier 1 leverage ratio decreased compared with Sept. 30, 2024 reflecting the decrease in capital and higher average assets.

NET INTEREST INCOME


Net interest income										4Q24 vs.
(dollars in millions; not meaningful - N/M)	4Q24			3Q24			4Q23			3Q24		4Q23
Net interest income	$	1,194		$	1,048		$	1,101		14%		8%
Add: Tax equivalent adjustment	1			—			1			N/M		N/M
Net interest income, on a fully taxable equivalent (“FTE”) basis – Non-GAAP (a)	$	1,195		$	1,048		$	1,102		14%		8%

Net interest margin	1.32		%	1.16		%	1.26		%	16	bps	6	bps
Net interest margin (FTE) – Non-GAAP (a)	1.32		%	1.16		%	1.26		%	16	bps	6	bps

(a) Net interest income (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP include the tax equivalent adjustments on tax-exempt income. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 11 for information on this Non-GAAP measure.

bps – basis points.

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

•The sequential increase in net interest income primarily reflects the reinvestment of maturing investment securities at higher yields, partially offset by deposit margin compression.


9


BNY 4Q24 Financial Results

THE BANK OF NEW YORK MELLON CORPORATION

Condensed Consolidated Income Statement


(dollars in millions)	Quarter ended						Year ended
	Dec. 31, 2024		Sept. 30, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023

Fee and other revenue
Investment services fees	$	2,438	$	2,344	$	2,242	$	9,419	$	8,843
Investment management and performance fees	808		794		743		3,139		3,058
Foreign exchange revenue	177		175		143		688		631
Financing-related fees	53		53		45		216		192
Distribution and servicing fees	37		38		41		158		148
Total fee revenue	3,513		3,404		3,214		13,620		12,872
Investment and other revenue	140		196		43		687		480
Total fee and other revenue	3,653		3,600		3,257		14,307		13,352
Net interest income
Interest income	6,467		6,652		5,963		25,607		20,648
Interest expense	5,273		5,604		4,862		21,295		16,303
Net interest income	1,194		1,048		1,101		4,312		4,345
Total revenue	4,847		4,648		4,358		18,619		17,697
Provision for credit losses	20		23		84		70		119
Noninterest expense
Staff	1,817		1,736		1,831		7,130		7,095
Software and equipment	520		491		486		1,962		1,817
Professional, legal and other purchased services	410		370		406		1,503		1,527
Net occupancy	149		130		162		537		542
Sub-custodian and clearing	128		117		117		498		475
Distribution and servicing	87		90		88		361		353
Business development	54		48		61		188		183
Bank assessment charges	16		10		670		36		788

Amortization of intangible assets	13		12		14		50		57
Other	161		96		160		436		458
Total noninterest expense	3,355		3,100		3,995		12,701		13,295
Income
Income before taxes	1,472		1,525		279		5,848		4,283
Provision for income taxes	315		336		73		1,305		979
Net income	1,157		1,189		206		4,543		3,304
Net (income) loss attributable to noncontrolling interests related to consolidated investment management funds	(2)		(7)		2		(13)		(2)
Net income applicable to shareholders of The Bank of New York Mellon Corporation	1,155		1,182		208		4,530		3,302
Preferred stock dividends	(25)		(72)		(46)		(194)		(235)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	1,130	$	1,110	$	162	$	4,336	$	3,067


Earnings per share applicable to the common shareholders of The Bank of New York Mellon Corporation	Quarter ended						Year ended
	Dec. 31, 2024		Sept. 30, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023
(in dollars)	Dec. 31, 2024		Sept. 30, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023
Basic	$	1.56	$	1.51	$	0.21	$	5.84	$	3.91
Diluted	$	1.54	$	1.50	$	0.21	$	5.80	$	3.89


10


BNY 4Q24 Financial Results

EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES

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

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

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

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

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


11


BNY 4Q24 Financial Results


Reconciliation of Non-GAAP measures, excluding notable items								4Q24 vs.
(dollars in millions, except per share amounts)	4Q24		3Q24			4Q23		3Q24		4Q23




Total revenue – GAAP	$	4,847	$	4,648		$	4,358	4	%	11	%
Less: Reduction in the fair value of a contingent consideration receivable (a)	—		—			(144)
Disposal (loss) (a)	—		—			(6)

Adjusted total revenue – Non-GAAP	$	4,847	$	4,648		$	4,508	4	%	8	%

Noninterest expense – GAAP	$	3,355	$	3,100		$	3,995	8	%	(16)	%
Less: Severance expense (b)	135		40			200
Litigation reserves (b)	38		2			47
FDIC special assessment (b)	(8)		(17)			632

Adjusted noninterest expense – Non-GAAP	$	3,190	$	3,075		$	3,116	4	%	2	%






Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	1,130	$	1,110		$	162	2	%	598	%
Less: Reduction in the fair value of a contingent consideration receivable (a)	—		—			(144)
Disposal (loss) (a)	—		—			(5)

Severance expense (b)	(103)		(31)			(153)
Litigation reserves (b)	(37)		(2)			(47)
FDIC special assessment (b)	6		13			(482)

Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation – Non-GAAP	$	1,264	$	1,130		$	993	12	%	27	%

Diluted earnings per common share – GAAP	$	1.54	$	1.50		$	0.21	3	%	633	%
Less: Reduction in the fair value of a contingent consideration receivable (a)	—		—			(0.19)
Disposal (loss) (a)	—		—			(0.01)

Severance expense (b)	(0.14)		(0.04)			(0.20)
Litigation reserves (b)	(0.05)		—			(0.06)
FDIC special assessment (b)	0.01		0.02			(0.62)
Total diluted earnings per common share impact of notable items	(0.18)		(0.03)		(c)	(1.08)
Adjusted diluted earnings per common share – Non-GAAP	$	1.72	$	1.52	(c)	$	1.29	13	%	33	%
Operating leverage – GAAP (d)								(395)	bps	2,724	bps
Adjusted operating leverage – Non-GAAP (d)								54	bps	515	bps

(a) Reflected in Investment and other revenue.

(b) Severance expense is reflected in Staff expense, Litigation reserves in Other expense, and FDIC special assessment in Bank assessment charges, respectively.

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

bps - basis points.


12


BNY 4Q24 Financial Results


Reconciliation of Non-GAAP measures, excluding notable items					2024 vs.
(dollars in millions, except per share amounts)	2024		2023		2023
Total revenue – GAAP	$	18,619	$	17,697	5	%
Less: Reduction in the fair value of a contingent consideration receivable (a)	—		(144)
Disposal (loss) (a)	—		(6)


Adjusted total revenue – Non-GAAP	$	18,619	$	17,847	4	%

Total noninterest expense – GAAP	$	12,701	$	13,295	(4)%
Less: Severance expense (b)	240		267
Litigation reserves (b)	44		94
FDIC special assessment (b)	(63)		632

Adjusted total noninterest expense – Non-GAAP	$	12,480	$	12,302	1	%

Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	4,336	$	3,067	41	%
Less: Reduction in the fair value of a contingent consideration receivable (a)	—		(144)
Disposal (loss) (a)	—		(5)


Severance expense (b)	(183)		(205)
Litigation reserves (b)	(41)		(91)
FDIC special assessment (b)	48		(482)


Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation – Non-GAAP	$	4,512	$	3,994	13	%

Diluted earnings per share – GAAP	$	5.80	$	3.89	49	%
Less: Reduction in the fair value of a contingent consideration receivable (a)	—		(0.18)
Disposal (loss) (a)	—		(0.01)


Severance expense (b)	(0.24)		(0.26)
Litigation reserves (b)	(0.05)		(0.12)
FDIC special assessment (b)	0.06		(0.61)

Total diluted earnings per common share impact of notable items	$	(0.23)	$	(1.18)
Adjusted diluted earnings per common share – Non-GAAP	$	6.03	$	5.07	19	%
Operating leverage – GAAP (c)					968	bps
Adjusted operating leverage – Non-GAAP (c)					288	bps

(a) Reflected in Investment and other revenue.

(b) Severance expense is reflected in Staff expense, Litigation reserves in Other expense, and FDIC special assessment in Bank assessment charges, respectively.

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

bps – basis points


Pre-tax operating margin reconciliation
(dollars in millions)	4Q24			3Q24			4Q23			2024			2023
Income before taxes – GAAP	$	1,472		$	1,525		$	279		$	5,848		$	4,283
Impact of notable items (a)	(165)			(25)			(1,029)			(221)			(1,143)
Adjusted income before taxes, excluding notable items – Non-GAAP	$	1,637		$	1,550		$	1,308		$	6,069		$	5,426

Total revenue – GAAP	$	4,847		$	4,648		$	4,358		$	18,619		$	17,697
Impact of notable items (a)	—			—			(150)			—			(150)
Adjusted total revenue, excluding notable items – Non-GAAP	$	4,847		$	4,648		$	4,508		$	18,619		$	17,847

Pre-tax operating margin – GAAP (b)	30		%	33		%	6		%	31		%	24		%
Adjusted pre-tax operating margin – Non-GAAP (b)	34		%	33		%	29		%	33		%	30		%

(a) See pages 11-13 for details of notable items and line items impacted.

(b) Income before taxes divided by total revenue.


13


BNY 4Q24 Financial Results


Return on common equity and return on tangible common equity reconciliation
(dollars in millions)	4Q24			3Q24			4Q23			2024			2023
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	1,130		$	1,110		$	162		$	4,336		$	3,067
Add: Amortization of intangible assets	13			12			14			50			57
Less: Tax impact of amortization of intangible assets	3			3			4			12			14
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP	$	1,140		$	1,119		$	172		$	4,374		$	3,110
Impact of notable items (a)	(134)			(20)			(831)			(176)			(927)
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets and notable items – Non-GAAP	$	1,274		$	1,139		$	1,003		$	4,550		$	4,037

Average common shareholders’ equity	$	36,923		$	36,772		$	36,050		$	36,413		$	35,767
Less: Average goodwill	16,515			16,281			16,199			16,316			16,204
Average intangible assets	2,846			2,827			2,858			2,839			2,880
Add: Deferred tax liability – tax deductible goodwill	1,221			1,220			1,205			1,221			1,205
Deferred tax liability – intangible assets	665			656			657			665			657
Average tangible common shareholders’ equity – Non-GAAP	$	19,448		$	19,540		$	18,855		$	19,144		$	18,545

Return on common equity – GAAP (b)	12.2		%	12.0		%	1.8		%	11.9		%	8.6		%
Adjusted return on common equity – Non-GAAP (b)	13.6		%	12.2		%	10.9		%	12.4		%	11.2		%

Return on tangible common equity – Non-GAAP (b)	23.3		%	22.8		%	3.6		%	22.8		%	16.8		%
Adjusted return on tangible common equity – Non-GAAP (b)	26.1		%	23.2		%	21.1		%	23.8		%	21.8		%

(a) See pages 11-13 for details of notable items and line items impacted.

(b) Quarterly returns are annualized.


Reconciliation of Non-GAAP measures, excluding notable items - Investment and Wealth Management						4Q24 vs.
(dollars in millions)	4Q24		4Q23			4Q23




Income (loss) before taxes – GAAP	$	173	$	(4)		N/M
Impact of notable items (a)	(16)		(156)
Adjusted income before taxes – Non-GAAP	$	189	$	152		24	%

Total revenue – GAAP	$	873	$	679		29	%
Less: Distribution and servicing expense	88		89
Adjusted total revenue, net of distribution and servicing expense – Non-GAAP	$	785	$	590		33	%
Impact of notable items (a)			(144)
Adjusted total revenue, excluding notable items and net of distribution and servicing expense – Non-GAAP			$	734

Pre-tax operating margin – GAAP (b)			(1)		%
Adjusted pre-tax operating margin, net of distribution and servicing expense (b)			(1)		%
Adjusted pre-tax operating margin, net of distribution and servicing expense and excluding notable items – Non-GAAP (b)			21		%

(a) Notable items in 4Q24 include severance expense. Notable items in 4Q23 include the reduction in the fair value of a contingent consideration receivable (reflected in investment and other revenue) and severance expense.

(b) Income before taxes divided by total revenue.


14


BNY 4Q24 Financial Results

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

A number of statements in this Earnings Release and in our Financial Supplement may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our strategic priorities, financial performance and financial targets. Preliminary business metrics and regulatory capital ratios are subject to change, possibly materially, as we complete our Annual Report on Form 10-K for the year ended Dec. 31, 2024. Forward-looking statements are not guarantees of future results or occurrences, are inherently uncertain and are based upon current beliefs and expectations of future events, many of which are, by their nature, difficult to predict, outside of our control and subject to change.

By identifying these statements for you in this manner, we are alerting you to the possibility that our actual results may differ, possibly materially, from the anticipated results expressed or implied in these forward-looking statements as a result of a number of important factors, including the risk factors and other uncertainties set forth in our Annual Report on Form 10-K for the year ended Dec. 31, 2023 and our other filings with the Securities and Exchange Commission.

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

ABOUT BNY

BNY is a global financial services company that helps make money work for the world – managing it, moving it and keeping it safe. For 240 years BNY has partnered alongside clients, putting its expertise and platforms to work to help them achieve their ambitions. Today BNY helps over 90% of Fortune 100 companies and nearly all the top 100 banks globally to access the money they need. BNY supports governments in funding local projects and works with over 90% of the top 100 pension plans to safeguard investments for millions of individuals, and so much more. As of Dec. 31, 2024, BNY oversees $52.1 trillion in assets under custody and/or administration and $2.0 trillion in assets under management.

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

CONFERENCE CALL INFORMATION

Robin Vince, President and Chief Executive Officer, and Dermot McDonogh, Chief Financial Officer, will host a conference call and simultaneous live audio webcast at 12:00 p.m. ET on Jan. 15, 2025. This conference call and audio webcast will include forward-looking statements and may include other material information.

Investors and analysts wishing to access the conference call and audio webcast may do so by dialing (800) 390-5696 (U.S.) or (720) 452-9082 (International), and using the passcode: 200200, or by logging onto www.bny.com/investorrelations. Earnings materials will be available at www.bny.com/investorrelations beginning at approximately 6:30 a.m. ET on Jan. 15, 2025.

An archived version of the fourth quarter conference call and audio webcast will be available beginning on Jan. 15, 2025 at approximately 4:00 p.m. ET through Feb. 14, 2025 at www.bny.com/investorrelations.


15

Document 1

EX-99.2 3 ex992_financialsupplementx.htm FINANCIAL SUPPLEMENT Document


The Bank of New York Mellon Corporation

Financial Supplement

Fourth Quarter 2024


Table of Contents




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

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

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

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


THE BANK OF NEW YORK MELLON CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per common share amounts, or unless otherwise noted)																4Q24 vs.										FY24 vs.
	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24		4Q23		FY24			FY23			FY23
Selected income statement data


Fee and other revenue	$	3,653		$	3,600		$	3,567		$	3,487		$	3,257		1	%	12	%	$	14,307		$	13,352		7	%
Net interest income	1,194			1,048			1,030			1,040			1,101			14		8		4,312			4,345			(1)
Total revenue	4,847			4,648			4,597			4,527			4,358			4		11		18,619			17,697			5
Provision for credit losses	20			23			—			27			84			N/M		N/M		70			119			N/M
Noninterest expense	3,355			3,100			3,070			3,176			3,995			8		(16)		12,701			13,295			(4)
Income before income taxes	1,472			1,525			1,527			1,324			279			(3)		428		5,848			4,283			37
Provision for income taxes	315			336			357			297			73			(6)		332		1,305			979			33
Net income	$	1,157		$	1,189		$	1,170		$	1,027		$	206		(3)	%	462	%	$	4,543		$	3,304		38	%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	1,130		$	1,110		$	1,143		$	953		$	162		2	%	598	%	$	4,336		$	3,067		41	%
Diluted earnings per common share	$	1.54		$	1.50		$	1.52		$	1.25		$	0.21		3	%	633	%	$	5.80		$	3.89		49	%
Average common shares and equivalents outstanding – diluted (in thousands)	733,720			742,080			751,596			762,268			772,102			(1)	%	(5)	%	748,101			787,798			(5)	%

Financial ratios(Quarterly returns are annualized)
Pre-tax operating margin	30		%	33		%	33		%	29		%	6		%					31		%	24		%
Return on common equity	12.2		%	12.0		%	12.7		%	10.7		%	1.8		%					11.9		%	8.6		%
Return on tangible common equity – Non-GAAP (a)	23.3		%	22.8		%	24.6		%	20.7		%	3.6		%					22.8		%	16.8		%
Non-U.S. revenue as a percentage of total revenue	35		%	35		%	36		%	34		%	36		%					35		%	36		%

Period end
Assets under custody and/or administration (“AUC/A”) (in trillions) (b)	$	52.1		$	52.1		$	49.5		$	48.8		$	47.8		—	%	9	%
Assets under management (“AUM”) (in trillions)	$	2.03		$	2.14		$	2.05		$	2.02		$	1.97		(5)	%	3	%
Full-time employees (c)	51,800			52,600			52,000			52,100			53,400			(2)	%	(3)	%
Book value per common share	$	51.52		$	51.78		$	49.46		$	48.44		$	47.97
Tangible book value per common share – Non-GAAP (a)	$	27.05		$	28.01		$	26.19		$	25.44		$	25.25
Cash dividends per common share	$	0.47		$	0.47		$	0.42		$	0.42		$	0.42
Common dividend payout ratio	31		%	32		%	28		%	34		%	202		%
Closing stock price per common share	$	76.83		$	71.86		$	59.89		$	57.62		$	52.05
Market capitalization	$	55,139		$	52,248		$	44,196		$	43,089		$	39,524
Common shares outstanding (in thousands)	717,680			727,078			737,957			747,816			759,344

Capital ratios at period end(d)
Common Equity Tier 1 (“CET1”) ratio	11.2		%	11.9		%	11.4		%	10.8		%	11.5		%
Tier 1 capital ratio	13.7		%	14.5		%	14.0		%	13.4		%	14.2		%
Total capital ratio	14.8		%	15.6		%	15.0		%	14.3		%	14.9		%
Tier 1 leverage ratio	5.7		%	6.0		%	5.8		%	5.9		%	6.0		%
Supplementary leverage ratio (“SLR”)	6.5		%	7.0		%	6.8		%	7.0		%	7.3		%
(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 $1.8 trillion at Dec. 31, 2024, $1.9 trillion at Sept. 30, 2024 and $1.7 trillion at June 30, 2024, March 31, 2024 and Dec. 31, 2023.
(c) Beginning March 31, 2024, the number of full-time employees excludes interns.
(d) Regulatory capital ratios for Dec. 31, 2024 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for Dec. 31, 2024 was the Standardized Approach, for Sept. 30, 2024 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, for June 30, 2024 and March 31, 2024 was the Standardized Approach, and for Dec. 31, 2023 was the Advanced Approaches.


THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED INCOME STATEMENT

(dollars in millions, except per share amounts; common shares in thousands)											4Q24 vs.								FY24 vs.
	4Q24		3Q24		2Q24		1Q24		4Q23		3Q24		4Q23		FY24		FY23		FY23
Revenue
Investment services fees	$	2,438	$	2,344	$	2,359	$	2,278	$	2,242	4	%	9	%	$	9,419	$	8,843	7	%
Investment management and performance fees	808		794		761		776		743		2		9		3,139		3,058		3
Foreign exchange revenue	177		175		184		152		143		1		24		688		631		9
Financing-related fees	53		53		53		57		45		—		18		216		192		13
Distribution and servicing fees	37		38		41		42		41		(3)		(10)		158		148		7
Total fee revenue	3,513		3,404		3,398		3,305		3,214		3		9		13,620		12,872		6
Investment and other revenue	140		196		169		182		43		N/M		N/M		687		480		N/M
Total fee and other revenue	3,653		3,600		3,567		3,487		3,257		1		12		14,307		13,352		7
Net interest income	1,194		1,048		1,030		1,040		1,101		14		8		4,312		4,345		(1)
Total revenue	4,847		4,648		4,597		4,527		4,358		4		11		18,619		17,697		5
Provision for credit losses	20		23		—		27		84		N/M		N/M		70		119		N/M
Noninterest expense
Staff	1,817		1,736		1,720		1,857		1,831		5		(1)		7,130		7,095		—
Software and equipment	520		491		476		475		486		6		7		1,962		1,817		8
Professional, legal and other purchased services	410		370		374		349		406		11		1		1,503		1,527		(2)
Net occupancy	149		130		134		124		162		15		(8)		537		542		(1)
Sub-custodian and clearing	128		117		134		119		117		9		9		498		475		5
Distribution and servicing	87		90		88		96		88		(3)		(1)		361		353		2
Business development	54		48		50		36		61		13		(11)		188		183		3
Bank assessment charges	16		10		(7)		17		670		N/M		N/M		36		788		N/M

Amortization of intangible assets	13		12		13		12		14		8		(7)		50		57		(12)
Other	161		96		88		91		160		68		1		436		458		(5)
Total noninterest expense	3,355		3,100		3,070		3,176		3,995		8		(16)		12,701		13,295		(4)
Income before income taxes	1,472		1,525		1,527		1,324		279		(3)		428		5,848		4,283		37
Provision for income taxes	315		336		357		297		73		(6)		332		1,305		979		33
Net income	1,157		1,189		1,170		1,027		206		(3)		462		4,543		3,304		38
Net (income) loss attributable to noncontrolling interests	(2)		(7)		(2)		(2)		2		N/M		N/M		(13)		(2)		N/M
Preferred stock dividends	(25)		(72)		(25)		(72)		(46)		N/M		N/M		(194)		(235)		N/M
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	1,130	$	1,110	$	1,143	$	953	$	162	2	%	598	%	$	4,336	$	3,067	41	%

Average common shares and equivalents outstanding: Basic	726,568		736,547		746,904		756,937		767,146		(1)	%	(5)	%	742,588		784,069		(5)	%
Diluted	733,720		742,080		751,596		762,268		772,102		(1)	%	(5)	%	748,101		787,798		(5)	%

Earnings per common share: Basic	$	1.56	$	1.51	$	1.53	$	1.26	$	0.21	3	%	643	%	$	5.84	$	3.91	49	%
Diluted	$	1.54	$	1.50	$	1.52	$	1.25	$	0.21	3	%	633	%	$	5.80	$	3.89	49	%
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET

	2024								2023
(dollars in millions)	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
Assets
Cash and due from banks	$	4,178	$	6,234	$	5,311	$	5,305	$	4,922
Interest-bearing deposits with the Federal Reserve and other central banks	89,546		102,231		116,139		119,197		111,550
Interest-bearing deposits with banks	9,612		9,354		11,488		10,636		12,139
Federal funds sold and securities purchased under resale agreements	41,146		36,164		29,723		29,661		28,900
Securities	136,627		141,876		136,850		138,909		126,395
Trading assets	13,981		12,459		9,609		10,078		10,058
Loans	71,570		69,451		70,642		73,615		66,879
Allowance for loan losses	(294)		(296)		(286)		(322)		(303)
Net loans	71,276		69,155		70,356		73,293		66,576
Premises and equipment	3,266		3,380		3,267		3,136		3,163
Accrued interest receivable	1,293		1,319		1,253		1,343		1,150
Goodwill	16,598		16,338		16,217		16,228		16,261
Intangible assets	2,851		2,824		2,826		2,839		2,854
Other assets	25,690		26,127		25,500		24,103		25,909
Total assets	$	416,064	$	427,461	$	428,539	$	434,728	$	409,877
Liabilities
Deposits	$	289,524	$	296,438	$	304,311	$	309,020	$	283,669
Federal funds purchased and securities sold under repurchase agreements	14,064		14,574		15,701		15,112		14,507
Trading liabilities	4,865		4,553		3,372		3,100		6,226
Payables to customers and broker-dealers	20,073		19,741		17,569		19,392		18,395
Commercial paper	301		301		301		—		—
Other borrowed funds	225		401		280		306		479
Accrued taxes and other expenses	5,270		5,138		4,729		4,395		5,411
Other liabilities	9,124		10,726		10,208		10,245		9,028
Long-term debt	30,854		33,199		30,947		32,396		31,257
Total liabilities	374,300		385,071		387,418		393,966		368,972
Temporary equity
Redeemable noncontrolling interests	87		107		92		82		85
Permanent equity
Preferred stock	4,343		4,343		4,343		4,343		4,343
Common stock	14		14		14		14		14
Additional paid-in capital	29,321		29,230		29,139		29,055		28,908
Retained earnings	42,537		41,756		40,999		40,178		39,549
Accumulated other comprehensive loss, net of tax	(4,656)		(3,867)		(4,900)		(4,876)		(4,893)
Less: Treasury stock, at cost	(30,241)		(29,484)		(28,752)		(28,145)		(27,151)
Total The Bank of New York Mellon Corporation shareholders’ equity	41,318		41,992		40,843		40,569		40,770
Nonredeemable noncontrolling interests of consolidated investment management funds	359		291		186		111		50
Total permanent equity	41,677		42,283		41,029		40,680		40,820
Total liabilities, temporary equity and permanent equity	$	416,064	$	427,461	$	428,539	$	434,728	$	409,877


THE BANK OF NEW YORK MELLON CORPORATION
FEE AND OTHER REVENUE

											4Q24 vs.								FY24 vs.
(dollars in millions)	4Q24		3Q24		2Q24		1Q24		4Q23		3Q24		4Q23		FY24		FY23		FY23
Investment services fees	$	2,438	$	2,344	$	2,359	$	2,278	$	2,242	4	%	9	%	$	9,419	$	8,843	7	%
Investment management and performance fees:
Investment management fees (a)	788		781		753		766		724		1		9		3,088		2,977		4
Performance fees	20		13		8		10		19		N/M		N/M		51		81		N/M
Total investment management and performance fees(b)	808		794		761		776		743		2		9		3,139		3,058		3
Foreign exchange revenue	177		175		184		152		143		1		24		688		631		9
Financing-related fees	53		53		53		57		45		—		18		216		192		13
Distribution and servicing fees	37		38		41		42		41		(3)		(10)		158		148		7
Total fee revenue	3,513		3,404		3,398		3,305		3,214		3		9		13,620		12,872		6
Investment and other revenue:
(Loss) income from consolidated investment management funds	(5)		28		8		15		26		N/M		N/M		46		30		N/M
Seed capital gains (c)	3		3		—		14		18		N/M		N/M		20		29		N/M
Other trading revenue	89		79		77		69		47		N/M		N/M		314		231		N/M
Renewable energy investment gains	5		6		8		6		2		N/M		N/M		25		28		N/M
Corporate/bank-owned life insurance	47		36		26		28		39		N/M		N/M		137		118		N/M
Other investments gains (d)	8		12		30		17		55		N/M		N/M		67		47		N/M
Disposal (losses)	—		—		—		—		(6)		N/M		N/M		—		(6)		N/M
Expense reimbursements from joint venture	29		32		30		27		28		N/M		N/M		118		117		N/M
Other income (loss)	14		17		7		7		(118)		N/M		N/M		45		(46)		N/M
Net securities (losses)	(50)		(17)		(17)		(1)		(48)		N/M		N/M		(85)		(68)		N/M
Total investment and other revenue	140		196		169		182		43		N/M		N/M		687		480		N/M
Total fee and other revenue	$	3,653	$	3,600	$	3,567	$	3,487	$	3,257	1	%	12	%	$	14,307	$	13,352	7	%
(a) Excludes seed capital gains (losses) related to consolidated investment management funds.
(b) On a constant currency basis, investment management and performance fees increased 8% (Non-GAAP) compared with 4Q23. See “Explanation of GAAP and Non-GAAP Financial Measures” beginning on page 18 for the reconciliation of this Non-GAAP measure.
(c) Includes gains (losses) on investments in BNY funds which hedge deferred incentive awards.
(d) Includes strategic equity, private equity and other investments.
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
AVERAGE BALANCES AND INTEREST RATES
	4Q24					3Q24					2Q24					1Q24					4Q23
	Average balance		Average rate			Average balance		Average rate			Average balance		Average rate			Average balance		Average rate			Average balance		Average rate
(dollars in millions; average rates are annualized)
Assets
Interest-earning assets:
Interest-bearing deposits with the Federal Reserve and other central banks	$	94,337	4.18	%		$	100,611	4.62	%		$	102,257	4.65	%		$	102,795	4.69	%		$	107,291	4.72	%
Interest-bearing deposits with banks	10,479		3.54			10,559		4.15			11,210		3.91			11,724		4.16			12,110		4.26
Federal funds sold and securities purchased under resale agreements	37,939		31.22		(a)	31,183		36.65		(a)	29,013		36.48		(a)	27,019		36.22		(a)	25,753		35.55		(a)
Loans	69,211		6.17			69,205		6.57			68,283		6.58			65,844		6.48			65,677		6.43
Securities:
U.S. government obligations	27,223		3.47			28,490		3.71			28,347		3.82			27,242		3.70			28,641		3.40
U.S. government agency obligations	63,166		3.31			62,572		3.26			62,549		3.29			63,135		3.22			59,067		2.95
Other securities	49,675		3.76			48,647		4.00			46,828		4.04			43,528		4.01			39,415		4.03
Total investment securities	140,064		3.50			139,709		3.61			137,724		3.66			133,905		3.57			127,123		3.39
Trading securities (b)	5,738		6.13			5,667		5.33			5,146		5.89			4,846		5.75			6,220		5.59
Total securities (b)	145,802		3.61			145,376		3.68			142,870		3.74			138,751		3.65			133,343		3.49
Total interest-earning assets (b)	$	357,768	7.18	%		$	356,934	7.40	%		$	353,633	7.24	%		$	346,133	7.06	%		$	344,174	6.86	%
Noninterest-earning assets	62,576					59,463					58,866					57,852					57,431
Total assets	$	420,344				$	416,397				$	412,499				$	403,985				$	401,605

Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits	$	235,281	3.27	%		$	236,724	3.82	%		$	235,878	3.85	%		$	228,897	3.84	%		$	220,408	3.79	%
Federal funds purchased and securities sold under repurchase agreements	17,599		60.52		(a)	16,584		62.85		(a)	17,711		55.26		(a)	16,133		55.91		(a)	16,065		52.41		(a)
Trading liabilities	1,887		4.61			1,844		4.83			1,689		5.43			1,649		5.11			2,857		4.83
Other borrowed funds	484		2.32			418		3.15			351		8.61			502		3.47			465		5.56
Commercial paper	2,336		4.83			1,474		5.50			954		5.54			8		5.42			5		5.40
Payables to customers and broker-dealers	13,672		4.77			12,737		5.29			12,066		5.35			12,420		4.74			12,586		4.67
Long-term debt	31,506		5.58			33,154		5.93			31,506		5.92			31,087		5.82			30,702		5.70
Total interest-bearing liabilities	$	302,765	6.92	%		$	302,935	7.36	%		$	300,155	7.18	%		$	290,696	6.99	%		$	283,088	6.81	%
Total noninterest-bearing deposits	51,207					47,962					48,965					49,949					52,667
Other noninterest-bearing liabilities	24,790					24,122					22,839					23,005					24,962
Total The Bank of New York Mellon Corporation shareholders’ equity	41,266					41,115					40,387					40,248					40,823
Noncontrolling interests	316					263					153					87					65
Total liabilities and equity	$	420,344				$	416,397				$	412,499				$	403,985				$	401,605
Net interest margin			1.32	%				1.16	%				1.15	%				1.19	%				1.26	%
Net interest margin (FTE) – Non-GAAP (c)			1.32	%				1.16	%				1.15	%				1.19	%				1.26	%
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $208 billion for 4Q24, $179 billion for 3Q24, $163 billion for 2Q24, $151 billion for 1Q24 and $141 billion for 4Q23. 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 4.82% for 4Q24, 5.43% for 3Q24, 5.51% for 2Q24, 5.49% for 1Q24 and 5.48% for 4Q23. 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 4.73% for 4Q24, 5.32% for 3Q24, 5.41% for 2Q24, 5.38% for 1Q24 and 5.35% for 4Q23. We believe providing the rates excluding the impact of netting is useful to investors as it is more reflective of the actual rates earned and paid.
(b) Average rates were calculated on an FTE basis, at tax rates of approximately 21%.
(c) See “Explanation of GAAP and Non-GAAP Financial Measures” beginning on page 18 for the reconciliation of this Non-GAAP measure.


THE BANK OF NEW YORK MELLON CORPORATION
CAPITAL AND LIQUIDITY

	2024												2023
(dollars in millions)	Dec. 31			Sept. 30			June 30			March 31				Dec. 31
Consolidated regulatory capital ratios (a)
Standardized Approach:
CET1 capital	$	18,754		$	19,687		$	18,671		$	18,383			$	18,534
Tier 1 capital	23,034			23,972			23,006			22,723				22,863
Total capital	24,813			25,865			24,538			24,310				24,414
Risk-weighted assets	167,653			165,652			164,094			169,909				156,178

CET1 ratio	11.2		%	11.9		%	11.4		%	10.8		%		11.9		%
Tier 1 capital ratio	13.7			14.5			14.0			13.4				14.6
Total capital ratio	14.8			15.6			15.0			14.3				15.6

Advanced Approaches:
CET1 capital	$	18,754		$	19,687		$	18,671		$	18,383			$	18,534
Tier 1 capital	23,034			23,972			23,006			22,723				22,863
Total capital	24,507			25,534			24,201			23,940				24,085
Risk-weighted assets	160,416			163,858			161,778			165,663				161,528

CET1 ratio	11.7		%	12.0		%	11.5		%	11.1		%		11.5		%
Tier 1 capital ratio	14.4			14.6			14.2			13.7				14.2
Total capital ratio	15.3			15.6			15.0			14.5				14.9

Tier 1 leverage ratio (a):
Average assets for Tier 1 leverage ratio	$	402,064		$	398,381		$	394,672		$	386,148			$	383,705
Tier 1 leverage ratio	5.7		%	6.0		%	5.8		%	5.9		%		6.0		%

SLR (a):
Leverage exposure	$	353,615		$	342,942		$	336,971		$	325,801			$	313,555
SLR	6.5		%	7.0		%	6.8		%	7.0		%		7.3		%

Average liquidity coverage ratio (a)	115		%	116		%	115		%	117		%		117		%
Average net stable funding ratio (a)	132		%	132		%	132		%	136		%		135		%
(a) Regulatory capital and liquidity ratios for Dec. 31, 2024 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for Dec. 31, 2024 was the Standardized Approach, for Sept. 30, 2024 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, for June 30, 2024 and March 31, 2024 was the Standardized Approach, and for Dec. 31, 2023 was the Advanced Approaches.


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES SERVICES BUSINESS SEGMENT

																4Q24 vs.										FY24 vs.
(dollars in millions)	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24		4Q23		FY24			FY23			FY23
Revenue:
Investment services fees:
Asset Servicing	$	1,042		$	1,021		$	1,018		$	1,013		$	975		2	%	7	%	$	4,094		$	3,872		6	%
Issuer Services	295			285			322			261			285			4		4		1,163			1,121			4
Total investment services fees	1,337			1,306			1,340			1,274			1,260			2		6		5,257			4,993			5
Foreign exchange revenue	147			137			144			124			118			7		25		552			488			13
Other fees (a)	62			57			56			59			54			9		15		234			215			9
Total fee revenue	1,546			1,500			1,540			1,457			1,432			3		8		6,043			5,696			6
Investment and other revenue	97			105			104			99			112			N/M		N/M		405			333			N/M
Total fee and other revenue	1,643			1,605			1,644			1,556			1,544			2		6		6,448			6,029			7
Net interest income	681			609			595			583			635			12		7		2,468			2,569			(4)
Total revenue	2,324			2,214			2,239			2,139			2,179			5		7		8,916			8,598			4
Provision for credit losses	15			15			(3)			11			64			N/M		N/M		38			99			N/M
Noninterest expense (ex. amortization of intangible assets)	1,659			1,550			1,547			1,530			1,645			7		1		6,286			6,327			(1)
Amortization of intangible assets	7			7			7			7			8			—		(13)		28			31			(10)
Total noninterest expense	1,666			1,557			1,554			1,537			1,653			7		1		6,314			6,358			(1)
Income before income taxes	$	643		$	642		$	688		$	591		$	462		—	%	39	%	$	2,564		$	2,141		20	%


Total revenue by line of business:
Asset Servicing	$	1,797		$	1,720		$	1,687		$	1,668		$	1,675		4	%	7	%	$	6,872		$	6,612		4	%
Issuer Services	527			494			552			471			504			7		5		2,044			1,986			3
Total revenue by line of business	$	2,324		$	2,214		$	2,239		$	2,139		$	2,179		5	%	7	%	$	8,916		$	8,598		4	%

Financial ratios:
Pre-tax operating margin	28		%	29		%	31		%	28		%	21		%					29		%	25		%

Memo: Securities lending revenue (b)	$	52		$	47		$	46		$	46		$	48		11	%	8	%	$	191		$	189		1	%
(a) Other fees primarily include financing-related fees.
(b) Included in investment services fees reported in the Asset Servicing line of business.
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES SERVICES BUSINESS SEGMENT

											4Q24 vs.								FY24 vs.
(dollars in millions, unless otherwise noted)	4Q24		3Q24		2Q24		1Q24		4Q23		3Q24		4Q23		FY24		FY23		FY23
Selected balance sheet data:
Average loans	$	11,553	$	11,077	$	11,103	$	11,204	$	11,366	4	%	2	%	$	11,235	$	11,207	—	%
Average assets (a)	$	200,277	$	199,057	$	196,015	$	191,544	$	200,040	1	%	—	%	$	196,740	$	197,434	—	%
Average deposits	$	180,843	$	180,500	$	178,495	$	174,687	$	171,086	—	%	6	%	$	178,643	$	168,411	6	%

Selected metrics:
AUC/A at period end (in trillions) (b)(c)	$	37.7	$	37.5	$	35.7	$	35.4	$	34.2	1	%	10	%	$	37.7	$	34.2	10	%
Market value of securities on loan at period end (in billions) (d)	$	488	$	484	$	481	$	486	$	450	1	%	8	%	$	488	$	450	8	%

Issuer Services
Total debt serviced at period end (in trillions)	$	14.1	$	14.3	$	14.1	$	14.0	$	14.0	(1)	%	1	%	$	14.1	$	14.0	1	%
Number of sponsored Depositary Receipts programs at period end	499		507		516		527		543		(2)	%	(8)	%	499		543		(8)	%
(a) In business segments where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.
(b) Dec. 31, 2024 information is preliminary.
(c) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Issuer Services line of business. Includes the AUC/A of CIBC Mellon of $1.8 trillion at Dec. 31, 2024, $1.9 trillion at Sept. 30, 2024 and $1.7 trillion at June 30, 2024, March 31, 2024 and Dec. 31, 2023.
(d) Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY acts as agent on behalf of CIBC Mellon clients, which totaled $60 billion at Dec. 31, 2024, $67 billion at Sept. 30, 2024, $66 billion at June 30, 2024, $64 billion at March 31, 2024 and $63 billion at Dec. 31, 2023.


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

																4Q24 vs.										FY24 vs.
(dollars in millions)	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24		4Q23		FY24			FY23			FY23
Revenue:
Investment services fees:
Pershing	$	516		$	475		$	474		$	482		$	472		9	%	9	%	$	1,947		$	1,885		3	%
Treasury Services	206			200			202			184			179			3		15		792			717			10
Clearance and Collateral Management	364			354			338			329			322			3		13		1,385			1,212			14
Total investment services fees	1,086			1,029			1,014			995			973			6		12		4,124			3,814			8
Foreign exchange revenue	27			23			23			24			21			17		29		97			81			20
Other fees (a)	61			58			58			58			50			5		22		235			202			16
Total fee revenue	1,174			1,110			1,095			1,077			1,044			6		12		4,456			4,097			9
Investment and other revenue	19			20			23			17			16			N/M		N/M		79			63			N/M
Total fee and other revenue	1,193			1,130			1,118			1,094			1,060			6		13		4,535			4,160			9
Net interest income	474			415			417			423			436			14		9		1,729			1,710			1
Total revenue	1,667			1,545			1,535			1,517			1,496			8		11		6,264			5,870			7
Provision for credit losses	9			7			(2)			5			28			N/M		N/M		19			41			N/M
Noninterest expense (ex. amortization of intangible assets)	851			833			832			833			836			2		2		3,349			3,199			5
Amortization of intangible assets	1			1			1			1			1			—		—		4			6			(33)
Total noninterest expense	852			834			833			834			837			2		2		3,353			3,205			5
Income before income taxes	$	806		$	704		$	704		$	678		$	631		14	%	28	%	$	2,892		$	2,624		10	%


Total revenue by line of business:
Pershing	$	705		$	649		$	663		$	670		$	669		9	%	5	%	$	2,687		$	2,616		3	%
Treasury Services	471			424			426			416			408			11		15		1,737			1,637			6
Clearance and Collateral Management	491			472			446			431			419			4		17		1,840			1,617			14
Total revenue by line of business	$	1,667		$	1,545		$	1,535		$	1,517		$	1,496		8	%	11	%	$	6,264		$	5,870		7	%


Financial ratios:
Pre-tax operating margin	48		%	46		%	46		%	45		%	42		%					46		%	45		%
(a) Other fees primarily include financing-related fees.
N/M – Not meaningful.


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

											4Q24 vs.								FY24 vs.
(dollars in millions, unless otherwise noted)	4Q24		3Q24		2Q24		1Q24		4Q23		3Q24		4Q23		FY24		FY23		FY23
Selected balance sheet data:
Average loans	$	42,217	$	42,730	$	41,893	$	39,271	$	39,200	(1)	%	8	%	$	41,533	$	37,502	11	%
Average assets (a)	$	126,919	$	122,526	$	124,790	$	123,552	$	132,357	4	%	(4)	%	$	124,448	$	131,383	(5)	%
Average deposits	$	90,980	$	88,856	$	91,371	$	89,539	$	87,695	2	%	4	%	$	90,185	$	85,785	5	%

Selected metrics:
AUC/A at period end (in trillions) (b)(c)	$	14.1	$	14.3	$	13.4	$	13.1	$	13.3	(1)	%	6	%	$	14.1	$	13.3	6	%

Pershing
AUC/A at period end (in trillions) (b)	$	2.7	$	2.7	$	2.6	$	2.6	$	2.5	—	%	8	%	$	2.7	$	2.5	8	%
Net new assets (U.S. platform) (in billions)(d)	$	41	$	(22)	$	(23)	$	(2)	$	(4)	N/M		N/M		$	(6)	$	22	N/M
Daily average revenue trades (“DARTs”) (U.S. platform) (in thousands)	254		251		280		290		229		1	%	11	%	269		234		15	%
Average active clearing accounts (in thousands)	8,260		8,085		8,057		7,991		8,012		2	%	3	%	8,098		7,946		2	%

Treasury Services
Average daily U.S. dollar payment volumes	250,714		242,243		241,253		237,124		243,005		3	%	3	%	242,997		236,696		3	%

Clearance and Collateral Management
Average tri-party collateral management balances (in billions)	$	5,561	$	5,511	$	5,298	$	5,157	$	5,248	1	%	6	%	$	5,383	$	5,658	(5)	%
(a) In business segments where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.
(b) Dec. 31, 2024 information is preliminary.
(c) Consists of AUC/A from the Clearance and Collateral Management and Pershing lines of business.
(d) Net new assets represent net flows of assets (e.g., net cash deposits and net securities transfers, including dividends and interest) in customer accounts in Pershing LLC, a U.S. broker-dealer.
N/M – Not meaningful.


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

																4Q24 vs.										FY24 vs.
(dollars in millions)	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24		4Q23		FY24			FY23			FY23
Revenue:
Investment management fees	$	789		$	782		$	754		$	768		$	725		1	%	9	%	$	3,093		$	2,981		4	%
Performance fees	20			13			8			10			19			N/M		N/M		51			81			N/M
Investment management and performance fees (a)	809			795			762			778			744			2		9		3,144			3,062			3
Distribution and servicing fees	68			68			69			70			66			—		3		275			241			14
Other fees (b)	(64)			(68)			(64)			(60)			(55)			N/M		N/M		(256)			(214)			N/M
Total fee revenue	813			795			767			788			755			2		8		3,163			3,089			2
Investment and other revenue (c)	13			9			11			17			(121)			N/M		N/M		50			(102)			N/M
Total fee and other revenue (c)	826			804			778			805			634			3		30		3,213			2,987			8
Net interest income	47			45			43			41			45			4		4		176			168			5
Total revenue	873			849			821			846			679			3		29		3,389			3,155			7
Provision for credit losses	—			1			4			(1)			(2)			N/M		N/M		4			(4)			N/M
Noninterest expense (ex. amortization of intangible assets)	695			668			663			736			680			4		2		2,762			2,756			—

Amortization of intangible assets	5			4			5			4			5			25		—		18			20			(10)
Total noninterest expense	700			672			668			740			685			4		2		2,780			2,776			—
Income (loss) before income taxes	$	173		$	176		$	149		$	107		$	(4)		(2)	%	N/M		$	605		$	383		58	%


Total revenue by line of business:
Investment Management	$	585		$	569		$	549		$	576		$	415		3	%	41	%	$	2,279		$	2,097		9	%
Wealth Management	288			280			272			270			264			3		9		1,110			1,058			5
Total revenue by line of business	$	873		$	849		$	821		$	846		$	679		3	%	29	%	$	3,389		$	3,155		7	%

Financial ratios:
Pre-tax operating margin	20		%	21		%	18		%	13		%	(1)		%					18		%	12		%
Adjusted pre-tax operating margin – Non-GAAP (d)	22		%	23		%	20		%	14		%	(1)		%					20		%	14		%

Selected balance sheet data:
Average loans	$	13,718		$	13,648		$	13,520		$	13,553		$	13,405		1	%	2	%	$	13,610		$	13,718		(1)	%
Average assets (e)	$	26,706		$	26,525		$	26,031		$	26,272		$	26,341		1	%	1	%	$	26,385		$	26,714		(1)	%
Average deposits	$	9,967		$	10,032		$	11,005		$	11,364		$	12,039		(1)	%	(17)	%	$	10,589		$	14,280		(26)	%
(a) On a constant currency basis, investment management and performance fees increased 8% (Non-GAAP) compared with 4Q23. See “Explanation of GAAP and Non-GAAP Financial Measures” beginning on page 18 for the reconciliation of this Non-GAAP measure.
(b) Other fees primarily include investment services fees.
(c) Investment and other revenue and total fee and other revenue are net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds.
(d) Net of distribution and servicing expense. See “Explanation of GAAP and Non-GAAP Financial Measures” beginning on page 18 for the reconciliation of this Non-GAAP measure.
(e) In business segments where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.
N/M – Not meaningful.


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

												4Q24 vs.									FY24 vs.
(dollars in billions)	4Q24		3Q24		2Q24		1Q24			4Q23		3Q24		4Q23		FY24			FY23		FY23
AUM by product type (a)(b):
Equity	$	162	$	173	$	167	$	168		$	145	(6)	%	12	%
Fixed income	221		235		221		219			205		(6)		8
Index	491		498		485		474			459		(1)		7
Liability-driven investments	548		637		598		573			605		(14)		(9)
Multi-asset and alternative investments	171		175		173		174			170		(2)		1
Cash	436		426		401		407			390		2		12
Total AUM	$	2,029	$	2,144	$	2,045	$	2,015		$	1,974	(5)	%	3	%

Changes in AUM (a)(b):
Beginning balance of AUM	$	2,144	$	2,045	$	2,015	$	1,974		$	1,821					$	1,974		$	1,836
Net inflows (outflows):
Long-term strategies:
Equity	(5)		(2)		(4)		(4)			(2)						(15)			(12)
Fixed income	(2)		4		4		12			3						18			(4)
Liability-driven investments	(11)		(4)		4		13			4						2			12
Multi-asset and alternative investments	(2)		(6)		(2)		(5)			(1)						(15)			(9)
Total long-term active strategies (outflows) inflows	(20)		(8)		2		16			4						(10)			(13)
Index	(7)		(16)		(4)		(15)			(10)						(42)			(12)
Total long-term strategies (outflows) inflows	(27)		(24)		(2)		1			(6)						(52)			(25)
Short-term strategies:
Cash	12		24		(7)		16			7						45			5
Total net (outflows) inflows	(15)		—		(9)		17			1						(7)			(20)
Net market impact	(45)		58		40		16			122						69			121
Net currency impact	(55)		41		(1)		(10)			30						(25)			37
Other	—		—		—		18		(c)	—						18		(c)	—
Ending balance of AUM	$	2,029	$	2,144	$	2,045	$	2,015		$	1,974	(5)	%	3	%	$	2,029		$	1,974	3	%

Wealth Management client assets (a)(d)	$	327	$	333	$	308	$	309		$	312	(2)	%	5	%
(a) Dec. 31, 2024 information is preliminary.
(b) Represents assets managed in the Investment and Wealth Management business segment.
(c) Reflects the realignment of similar products and services within our lines of business. Refer to Form 8-K dated March 26, 2024 for further information.
(d) Includes AUM and AUC/A in the Wealth Management line of business.


THE BANK OF NEW YORK MELLON CORPORATION
OTHER SEGMENT

(dollars in millions)	4Q24		3Q24		2Q24		1Q24		4Q23		FY24		FY23
Revenue:
Fee revenue	$	(20)	$	(1)	$	(4)	$	(17)	$	(17)	$	(42)	$	(10)
Investment and other revenue	9		55		29		47		38		140		184
Total fee and other revenue	(11)		54		25		30		21		98		174
Net interest (expense)	(8)		(21)		(25)		(7)		(15)		(61)		(102)
Total revenue	(19)		33		—		23		6		37		72
Provision for credit losses	(4)		—		1		12		(6)		9		(17)
Noninterest expense	137		37		15		65		820		254		956
(Loss) before income taxes	$	(152)	$	(4)	$	(16)	$	(54)	$	(808)	$	(226)	$	(867)


Selected balance sheet data:
Average loans and leases	$	1,723	$	1,750	$	1,767	$	1,816	$	1,706	$	1,763	$	1,669
Average assets	$	66,442	$	68,289	$	65,663	$	62,617	$	42,867	$	65,761	$	51,211


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES PORTFOLIO

(dollars in millions)	Sept. 30, 2024			4Q24 change in unrealized gain (loss)		Dec. 31, 2024					Fair value as a % of amortized cost (a)		Unrealized gain (loss)			% Floating rate (b)		Ratings (c)
						Amortized cost (a)		Fair value										AAA/ AA-		A+/ A-		BBB+/ BBB-		BB+ and lower		Not rated
	Fair value
Agency RMBS	$	42,779		$	(1,093)	$	46,263	$	42,243		91	%	$	(4,020)		26	%	100	%	—	%	—	%	—	%	—	%
Non-U.S. government (d)	29,337			(40)		29,591		29,269			99		(322)			24		95		2		2		1		—
U.S. Treasury	29,653			(203)		26,786		26,141			98		(645)			64		100		—		—		—		—
Agency commercial MBS	10,810			(82)		11,042		10,579			96		(463)			43		100		—		—		—		—
CLOs	7,822			2		7,621		7,637			100		16			100		100		—		—		—		—
Foreign covered bonds	7,687			(3)		7,667		7,606			99		(61)			40		100		—		—		—		—
U.S. government agencies	6,248			(53)		6,072		5,739			95		(333)			30		100		—		—		—		—
Non-agency commercial MBS	2,769			(6)		2,706		2,551			94		(155)			45		100		—		—		—		—
Non-agency RMBS	1,598			(17)		1,653		1,499			91		(154)			41		98		2		—		—		—
Other asset-backed securities	647			—		654		615			94		(39)			16		100		—		—		—		—
Other debt securities	10			1		11		10			87		(1)			—		—		—		—		—		100
Total securities	$	139,360	(e)	$	(1,494)	$	140,066	$	133,889	(e)(f)	96	%	$	(6,177)	(e)(g)	40	%	99	%	1	%	—	%	—	%	—	%
(a) Amortized cost is net of allowance for credit losses.
(b) Includes the impact of hedges.
(c) Represents ratings by S&P, or the equivalent.
(d) Includes supranational securities.
(e) Includes net unrealized gains on derivatives hedging securities available-for-sale (including discontinued hedges) of $1,141 million at Sept. 30, 2024 and $1,838 million at Dec. 31, 2024.
(f) The fair value of available-for-sale securities totaled $89,869 million at Dec. 31, 2024, net of hedges, or 67% of the fair value of the securities portfolio, net of hedges. The fair value of the held-to-maturity securities totaled $44,020 million at Dec. 31, 2024, or 33% of the fair value of the securities portfolio, net of hedges.
(g) At Dec. 31, 2024, includes pre-tax net unrealized losses of $1,601 million related to available-for-sale securities, net of hedges, and $4,576 million related to held-to-maturity securities. The after-tax unrealized losses, net of hedges, related to available-for-sale securities was $1,210 million and the after-tax equivalent related to held-to-maturity securities was $3,490 million.
Note: At Dec. 31, 2024, the amortizable purchase premium (net of discount) relating to securities was $57 million, and the accumulated basis adjustments on discontinued hedges of securities, which will also be accreted to net interest income over the remaining life of the security, was $663 million. Including the discontinued hedges, net accretion was $66 million in 4Q24.


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

	2024												2023
(dollars in millions)	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
Allowance for credit losses – beginning of period:
Allowance for loan losses	$	296		$	286		$	322		$	303		$	211
Allowance for lending-related commitments	75			73			81			87			85
Allowance for other financial instruments (a)	30			37			37			24			29
Allowance for credit losses – beginning of period	$	401		$	396		$	440		$	414		$	325

Net (charge-offs) recoveries:
Charge-offs	(30)			(18)			(44)			(1)			—
Recoveries	1			—			—			—			5
Total net (charge-offs) recoveries	(29)			(18)			(44)			(1)			5
Provision for credit losses(b)	20			23			—			27			84
Allowance for credit losses – end of period	$	392		$	401		$	396		$	440		$	414

Allowance for credit losses – end of period:
Allowance for loan losses	$	294		$	296		$	286		$	322		$	303
Allowance for lending-related commitments	72			75			73			81			87
Allowance for other financial instruments (a)	26			30			37			37			24
Allowance for credit losses – end of period	$	392		$	401		$	396		$	440		$	414

Allowance for loan losses as a percentage of total loans	0.41		%	0.43		%	0.40		%	0.44		%	0.45		%

Nonperforming assets	$	179		$	211		$	227		$	278		$	237
(a) Includes allowance for credit losses on federal funds sold and securities purchased under resale agreements, available-for-sale securities, held-to-maturity securities, accounts receivable, cash and due from banks and interest-bearing deposits with banks.
(b) Includes all instruments within the scope of ASU 2016-13,Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments.


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

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

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

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

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

Notes:


Quarterly returns on common and tangible common equity ratios are annualized.



Return on common equity and tangible common equity reconciliation
(dollars in millions)	4Q24			3Q24			2Q24			1Q24			4Q23			FY24			FY23
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	1,130		$	1,110		$	1,143		$	953		$	162		$	4,336		$	3,067
Add: Amortization of intangible assets	13			12			13			12			14			50			57
Less: Tax impact of amortization of intangible assets	3			3			3			3			4			12			14
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP	$	1,140		$	1,119		$	1,153		$	962		$	172		$	4,374		$	3,110

Average common shareholders’ equity	$	36,923		$	36,772		$	36,044		$	35,905		$	36,050		$	36,413		$	35,767
Less: Average goodwill	16,515			16,281			16,229			16,238			16,199			16,316			16,204
Average intangible assets	2,846			2,827			2,834			2,848			2,858			2,839			2,880
Add: Deferred tax liability – tax deductible goodwill	1,221			1,220			1,213			1,209			1,205			1,221			1,205
Deferred tax liability – intangible assets	665			656			655			655			657			665			657
Average tangible common shareholders’ equity – Non-GAAP	$	19,448		$	19,540		$	18,849		$	18,683		$	18,855		$	19,144		$	18,545

Return on common equity – GAAP	12.2		%	12.0		%	12.7		%	10.7		%	1.8		%	11.9		%	8.6		%
Return on tangible common equity – Non-GAAP	23.3		%	22.8		%	24.6		%	20.7		%	3.6		%	22.8		%	16.8		%


THE BANK OF NEW YORK MELLON CORPORATION
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Book value and tangible book value per common share reconciliation	2024												2023
(dollars in millions, except common shares and unless otherwise noted)	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
BNY shareholders’ equity at period end – GAAP	$	41,318		$	41,992		$	40,843		$	40,569		$	40,770
Less: Preferred stock	4,343			4,343			4,343			4,343			4,343
BNY common shareholders’ equity at period end – GAAP	36,975			37,649			36,500			36,226			36,427
Less: Goodwill	16,598			16,338			16,217			16,228			16,261
Intangible assets	2,851			2,824			2,826			2,839			2,854
Add: Deferred tax liability – tax deductible goodwill	1,221			1,220			1,213			1,209			1,205
Deferred tax liability – intangible assets	665			656			655			655			657
BNY tangible common shareholders’ equity at period end – Non-GAAP	$	19,412		$	20,363		$	19,325		$	19,023		$	19,174

Period-end common shares outstanding (in thousands)	717,680			727,078			737,957			747,816			759,344

Book value per common share – GAAP	$	51.52		$	51.78		$	49.46		$	48.44		$	47.97
Tangible book value per common share – Non-GAAP	$	27.05		$	28.01		$	26.19		$	25.44		$	25.25



Net interest margin reconciliation
(dollars in millions)	4Q24			3Q24			2Q24			1Q24			4Q23
Net interest income – GAAP	$	1,194		$	1,048		$	1,030		$	1,040		$	1,101
Add: Tax equivalent adjustment	1			—			1			—			1
Net interest income (FTE) – Non-GAAP	$	1,195		$	1,048		$	1,031		$	1,040		$	1,102

Average interest-earning assets	$	357,768		$	356,934		$	353,633		$	346,133		$	344,174

Net interest margin – GAAP (a)	1.32		%	1.16		%	1.15		%	1.19		%	1.26		%
Net interest margin (FTE) – Non-GAAP (a)	1.32		%	1.16		%	1.15		%	1.19		%	1.26		%
(a) Net interest margin is annualized.


THE BANK OF NEW YORK MELLON CORPORATION
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Pre-tax operating margin reconciliation - Investment and Wealth Management business segment
(dollars in millions)	4Q24			3Q24			2Q24			1Q24			4Q23			FY24			FY23
Income (loss) before income taxes – GAAP	$	173		$	176		$	149		$	107		$	(4)		$	605		$	383

Total revenue – GAAP	$	873		$	849		$	821		$	846		$	679		$	3,389		$	3,155
Less: Distribution and servicing expense	88			91			88			96			89			363			355
Adjusted total revenue, net of distribution and servicing expense – Non-GAAP	$	785		$	758		$	733		$	750		$	590		$	3,026		$	2,800

Pre-tax operating margin – GAAP (a)	20		%	21		%	18		%	13		%	(1)		%	18		%	12		%
Adjusted pre-tax operating margin, net of distribution and servicing expense – Non-GAAP (a)	22		%	23		%	20		%	14		%	(1)		%	20		%	14		%
(a) Income before income taxes divided by total revenue.



Constant currency reconciliations							4Q24 vs.
(dollars in millions)	4Q24			4Q23			4Q23
Consolidated:
Investment management and performance fees – GAAP	$	808		$	743		9		%
Impact of changes in foreign currency exchange rates	—			3
Adjusted investment management and performance fees – Non-GAAP	$	808		$	746		8		%


Investment and Wealth Management business segment:
Investment management and performance fees – GAAP	$	809		$	744		9		%
Impact of changes in foreign currency exchange rates	—			3
Adjusted investment management and performance fees – Non-GAAP	$	809		$	747		8		%

Document 1

EX-99.3 4 ex993_quarterlyupdatepre.htm QUARTERLY UPDATE PRESENTATION ex993_quarterlyupdatepre

4Q24 QUARTERLY UPDATE January 15, 2025

2 AGENDA PAGE 1 Strategic Update 3 2 Financial Update 8 3 Financial Outlook 19 4 Appendix 22

3 • Significant progress on cultivating a One BNY mentality and mission to further align culture to commercial strategy • Completed brand refresh to “BNY”, capturing the moment of the company’s 240th Anniversary • Attracted top talent throughout the organization from recruiting BNY’s largest intern and analyst classes to further rounding out the executive leadership team • Further enhanced learning and feedback tools as well as employee benefits and strengthened compensation practices • Commenced the phased transition into BNY’s Platforms Operating Model, with ~25% of employees working in the new model as of year-end 2024 • Increased investments in new client solutions, technology and our people – ~$250mm incremental investments expensed in 2024 – ~$3.8bn firmwide Tech spend in 2024 • Continued efficiency improvements, resulting in ~$500mm of efficiency savings in 2024 • Launched new commercial coverage model, designed to deliver firmwide solutions at an accelerated pace, improve the client experience and deepen client relationships • Developed and introduced new products and solutions • Acquired Archer to enhance capabilities across the entire managed account ecosystem, including manufacturing, distribution and servicing BE MORE FOR OUR CLIENTS Strong Execution Against our Three Strategic Pillars in 2024... Building on a solid foundation laid in 2023 the pace of progress on BNY's multi-year transformation accelerated in 2024 RUN OUR COMPANY BETTER POWER OUR CULTURE

4 ≥0 bps Reported: 968 bps Adjusted: 288 bpsOperating Leverage Up YoY Down ~10% YoY ~ Flat YoY ≥100% Up 6% YoY Down 1% YoY Up 1% YoY 102% Fee Revenue Net Interest Income Expenses (excluding notable items) Total Payout Ratio …Drove Continued Delivery Against our Financial Goals Record net income of $4.3bn on record revenue of $18.6bn with four consecutive quarters of positive operating leverage in 2024 • Record Financial Results: – Revenue of $18.6bn up 5% YoY – Net income of $4.3bn up 41% YoY; up 13%(a) excluding notable items – EPS of $5.80 up 49% YoY; up 19%(a) excluding notable items • Margin Expansion: – Expenses of $12.7bn down 4% YoY; up 1%(a) excluding notable items – 968 bps of operating leverage(b); 288 bps(a) excluding notable items – Pre-tax margin of 31% up 7%-pts YoY; excluding notable items, pre- tax margin of 33%(a), up 2%-pts YoY • Improved Profitability: – ROE of 11.9% and ROTCE of 22.8%(c), up 3.3%-pts and 6.0%-pts YoY, respectively; excluding notable items, ROTCE of 23.8%(a), up 2.0%-pts YoY • Attractive Capital Returns: Returned $4.4bn to common shareholders, including $1.3bn of dividends and $3.1bn of share repurchases – Increased quarterly dividend by 12% in 3Q24 – 102% total payout ratio for full-year 2024 2024 FINANCIAL HIGHLIGHTS 2024 OUTLOOK 2024 RESULT (a) (a) (a) Represents a non-GAAP measure. See pages 24 and 25 in the Appendix for the corresponding reconciliation of the non-GAAP measures excluding notable items. (b) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense. (c) Represents a non-GAAP measure. See page 25 in the Appendix for the corresponding reconciliation of the non-GAAP measure of ROTCE.

5 Commercial Model Effective Cross-selling and Delivering Integrated Solutions • >20% increase in the number of strategic multi-line of business enterprise clients over the past 2 years • ~20% increase in cross-line of business referrals YoY; >30% increase in sales YoY from clients who bought from 3+ businesses Growth Investments Scaling Growth Investments including Wove, Archer, ETFs, Alternatives, Global Clearing etc. • Wove momentum accelerating with $29mm revenue booked in 2024, and an exit rate of ~$75mm at year-end • Pick-up in Archer new client wins following acquisition announcement in September • Global Clearing volumes up >10% YoY reflecting active issuance and trading as well as more clients and markets on our platform Platforms Operating Model Aligning Ourselves to our Role as a Financial Services Platform Company • ~25% of employees transitioned into the model by year-end 2024 • >80% of employees anticipated to be working in the model by year-end 2025 Digitization and AI Further Advancing Digitization and Scaling AI Hub • Driving down unit cost e.g., ~5% lower cost per custody trade, ~15% lower cost per NAV in traditional fund services over 2024 • Promoting AI tools among our workforce; ~35% of employees enabled for Eliza, BNY's AI platform, at year-end 2024 Capital Markets Issuance Activity, Trading Volumes and Volatility U.S. Wealth Market Secular Growth and Rising Complexity Alternatives Shift from Public to Private Markets and Democratization of Access Digital Assets Evolving Technology and Asset Class Outsourcing and Vendor Consolidation Trend to Leverage Scaled Platforms and Providers with Breadth of Capabilities COMPELLING MARKET TRENDS Unlocking Opportunity in 2025 Improving position to capitalize on market beta and trends while continuing to drive alpha through consistent execution of strategic priorities α CLEAR STRATEGIC PRIORITIES β

6 • Deliver Enhanced Commercial Model and Integrated Solutions • Scale Growth Investments and Continued Product Innovation • Platforms Operating Model Transition • Continued Digitization of Workflows • Leveraging New Technologies, including AI • Continue Attracting Top Talent • Further Enhance Learning & Development • Elevate Experiences & Sense of Belonging A Strong Value Proposition for our Clients, Shareholders and People Progress toward existing medium-term financial targets in 2024 reinforces our goal to meet or exceed targets through-the-cycle BE MORE FOR OUR CLIENTS RUN OUR COMPANY BETTER POWER OUR CULTURE MEDIUM-TERM FINANCIAL TARGETS ≥33% Pre-tax Margin 5.5 - 6% Tier 1 Leverage Ratio ≥23% ROTCE ~11% CET1 Ratio (a) (a) Represents a forward-looking non-GAAP financial measure. See "Cautionary Statement" on page 27 for information regarding forward-looking non-GAAP financial measures.

7 AGENDA PAGE 1 Strategic Update 3 2 Financial Update 8 3 Financial Outlook 19 4 Appendix 22

8 2024 vs. $mm, except per share data or unless otherwise noted 2024 2023 2023 Income Statement Investment services fees $9,419 $8,843 7% Investment management and performance fees 3,139 3,058 3 Foreign exchange revenue 688 631 9 Other fee revenue 374 340 10 Total fee revenue $13,620 $12,872 6% Investment and other revenue 687 480 N/M Net interest income 4,312 4,345 (1) Total revenue $18,619 $17,697 5% Provision for credit losses 70 119 N/M Noninterest expense 12,701 13,295 (4) Income before income taxes $5,848 $4,283 37% Net income applicable to common shareholders $4,336 $3,067 41% Avg. common shares and equivalents outstanding (mm) - diluted 748 788 (5)% EPS $5.80 $3.89 49% Key Performance Indicators Operating leverage(a) 968 bps Pre-tax margin 31% 24% ROE 11.9% 8.6% ROTCE(b) 22.8% 16.8% Non-GAAP measures, excluding notable items(c) Adjusted total revenue $18,619 $17,847 4% Adjusted noninterest expense 12,480 12,302 1% Adjusted EPS 6.03 5.07 19% Adjusted operating leverage 288 bps Adjusted pre-tax margin 33% 30% Adjusted ROTCE 23.8% 21.8% 2024 Financial Results (a) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense. (b) Represents a non-GAAP measure. See page 25 in the Appendix for the corresponding reconciliation of the non-GAAP measure of ROTCE. (c) Each of the below line items represents a non-GAAP measure. See pages 24 and 25 in the Appendix for the corresponding reconciliations of these non-GAAP measures excluding notable items. N/M – not meaningful.

9 • Revenue Growth: Revenue of $18.6bn up 5% YoY – Investment services fees up 7% YoY – Investment management and performance fees up 3% YoY – Foreign exchange revenue up 9% YoY – Net interest income down 1% YoY • Expense Discipline: Expense of $12.7bn down 4% YoY; up 1%(a) excluding notable items • Balance Sheet Strength: – Tier 1 leverage ratio of 5.7% and CET1 ratio of 11.2% – LCR of 115% and NSFR of 132% • Improved Profitability: – ROE of 11.9% and ROTCE of 22.8%(b), up 3.3%-pts and 6.0%-pts YoY, respectively; excluding notable items, ROTCE of 23.8%(a), up 2.0%-pts YoY • Attractive Capital Returns: Returned $4.4bn to common shareholders, including $1.3bn of dividends and $3.1bn of share repurchases – Increased quarterly dividend by 12% in 3Q24 – 102% total payout ratio for full-year 2024 2024 Financial Highlights + 19% Revenue: Adj. Pre-tax Margin(a): Adj. EPS(a): + 5% 33% ROTCE(b): 22.8% Tier 1 Leverage: 5.7% + 1%Adj. Expenses(a): (a) Represents a non-GAAP measure. See pages 24 and 25 in the Appendix for the corresponding reconciliation of the non-GAAP measures excluding notable items. (b) Represents a non-GAAP measure. See page 25 in the Appendix for the corresponding reconciliation of the non-GAAP measure of ROTCE. Note: Above comparisons are 2024 vs. 2023, unless otherwise noted.

10 4Q24 vs. $mm, except per share data or unless otherwise noted 4Q24 3Q24 4Q23 3Q24 4Q23 Income Statement Investment services fees $2,438 $2,344 $2,242 4% 9% Investment management and performance fees 808 794 743 2 9 Foreign exchange revenue 177 175 143 1 24 Other fee revenue 90 91 86 (1) 5 Total fee revenue $3,513 $3,404 $3,214 3% 9% Investment and other revenue 140 196 43 N/M N/M Net interest income 1,194 1,048 1,101 14 8 Total revenue $4,847 $4,648 $4,358 4% 11% Provision for credit losses 20 23 84 N/M N/M Noninterest expense 3,355 3,100 3,995 8 (16) Income before income taxes $1,472 $1,525 $279 (3)% 428% Net income applicable to common shareholders $1,130 $1,110 $162 2% 598% Avg. common shares and equivalents outstanding (mm) - diluted 734 742 772 (1)% (5)% EPS $1.54 $1.50 $0.21 3% 633% Key Performance Indicators Operating leverage(a) (395) bps 2,724 bps Pre-tax margin 30% 33% 6% ROE 12.2% 12.0% 1.8% ROTCE(b) 23.3% 22.8% 3.6% Non-GAAP measures, excluding notable items(c) Adjusted total revenue $4,847 $4,648 $4,508 4% 8% Adjusted noninterest expense 3,190 3,075 3,116 4 2 Adjusted EPS 1.72 1.52 1.29 13 33 Adjusted operating leverage 54 bps 515 bps Adjusted pre-tax margin 34% 33% 29% Adjusted ROTCE 26.1% 23.2% 21.1% 4Q24 Financial Results (a) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense. (b) Represents a non-GAAP measure. See page 25 in the Appendix for the corresponding reconciliation of the non-GAAP measure of ROTCE. (c) Each of the below line items represents a non-GAAP measure. See pages 24 and 25 in the Appendix for the corresponding reconciliations of these non-GAAP measures excluding notable items. N/M – not meaningful.

11 • Revenue Growth: Revenue of $4.8bn up 11% YoY – Investment services fees up 9% YoY – Investment management and performance fees up 9% YoY – Foreign exchange revenue up 24% YoY – Net interest income up 8% YoY • Expense Discipline: Expense of $3.4bn down 16% YoY; up 2%(a) excluding notable items • Balance Sheet Strength: – Average total deposits of $286bn up 5% YoY and up 1% QoQ – Tier 1 leverage ratio of 5.7% and CET1 ratio of 11.2% – LCR of 115% and NSFR of 132% • Profitability: – ROE of 12.2% and ROTCE(b) of 23.3%; excluding notable items, ROTCE of 26.1%(a) • Capital Returns: Returned $1.1bn to common shareholders, including $349mm of dividends and $750mm of share repurchases 4Q24 Financial Highlights (a) Represents a non-GAAP measure. See pages 24 and 25 in the Appendix for the corresponding reconciliation of the non-GAAP measures excluding notable items. (b) Represents a non-GAAP measure. See page 25 in the Appendix for the corresponding reconciliation of the non-GAAP measure of ROTCE. Note: Above comparisons are 4Q24 vs. 4Q23, unless otherwise noted. + 33% Revenue: Adj. Pre-tax Margin(a): Adj. EPS(a): + 11% 34% ROTCE(b): 23.3% Tier 1 Leverage: 5.7% Adj. Expenses(a): + 2%

12 4Q24 3Q24 4Q23 Consolidated regulatory capital ratios(a) Tier 1 capital ($mm) $23,034 $23,972 $22,863 Average assets for Tier 1 leverage ratio ($mm) 402,064 398,381 383,705 Tier 1 leverage ratio 5.7% 6.0% 6.0% Common Equity Tier 1 ("CET1") capital ($mm) $18,754 $19,687 $18,534 Risk-weighted assets ($mm) 167,653 165,652 161,528 CET1 ratio 11.2% 11.9% 11.5% Supplementary leverage ratio ("SLR") 6.5% 7.0% 7.3% Consolidated regulatory liquidity ratios(a) Liquidity coverage ratio ("LCR") 115% 116% 117% Net stable funding ratio ("NSFR") 132% 132% 135% Capital returns Cash dividends per common share $0.47 $0.47 $0.42 Common stock dividends ($mm) $349 $353 $328 Common stock repurchases ($mm) 750 725 450 Total capital return ($mm) $1,099 $1,078 $778 Total payout ratio 97% 97% 480% Profitability ROE 12.2% 12.0% 1.8% ROTCE(b) 23.3% 22.8% 3.6% Adjusted ROTCE(c) 26.1% 23.2% 21.1% Capital and Liquidity CAPITAL • Tier 1 leverage ratio of 5.7% down 29 bps QoQ – Tier 1 capital of $23.0bn decreased $938mm QoQ, primarily reflecting a decline in accumulated other comprehensive income and capital returned through common stock repurchases and dividends, partially offset by capital generated through earnings – Average assets for Tier 1 leverage ratio of $402.1bn increased $3.7bn QoQ • CET1 ratio of 11.2% down 70 bps QoQ – CET1 capital of $18.8bn decreased $933mm QoQ, primarily reflecting a decline in accumulated other comprehensive income and capital returned through common stock repurchases and dividends, partially offset by capital generated through earnings – RWA of $167.7bn increased by $2.0bn QoQ LIQUIDITY • LCR of 115% down 1%-pt QoQ • NSFR of 132% flat QoQ (a) Note: See page 23 in the Appendix for corresponding footnotes. (b) Represents a non-GAAP measure. See page 25 in the Appendix for the corresponding reconciliation of the non-GAAP measure of ROTCE. (c) Represents a non-GAAP measure. See page 25 in the Appendix for the corresponding reconciliation of the non-GAAP measure of ROTCE excluding notable items.

13 1,101 1,040 1,030 1,048 1,194 4Q23 1Q24 2Q24 3Q24 4Q24 4Q24 vs. 4Q24 3Q24 4Q23 Total assets $420 1% 5% Total interest-earning assets $358 —% 4% Cash and reverse repo 143 — (2) Loans 69 — 5 Investment securities 140 — 10 Noninterest-bearing $51 7% (3)% Interest-bearing 235 (1) 7 Total deposits $286 1% 5% Net Interest Income and Balance Sheet Trends Net Interest Income ($mm) 1.26% 1.19% 1.15% 1.16% 1.32% 4Q23 1Q24 2Q24 3Q24 4Q24 Net Interest Margin Balance Sheet Trends ($bn, average) • Net interest income of $1,194mm up 8% YoY and up 14% QoQ – QoQ increase primarily reflecting the reinvestment of maturing investment securities at higher yields, partially offset by deposit margin compression • Net interest margin of 1.32% up 6 bps YoY and up 16 bps QoQ • Avg. total deposits of $286bn up 5% YoY and up 1% QoQ

14 4Q24 vs. $mm, unless otherwise noted 4Q24 3Q24 4Q23 Asset Servicing $1,042 2% 7% Issuer Services 295 4 4 Total investment services fees $1,337 2% 6% Foreign exchange revenue 147 7 25 Other fees(a) 62 9 15 Investment and other revenue 97 N/M N/M Net interest income 681 12 7 Total revenue $2,324 5% 7% Provision for credit losses 15 N/M N/M Noninterest expense 1,666 7 1 Income before income taxes $643 —% 39% $bn, unless otherwise noted 4Q24 3Q24 4Q23 Pre-tax margin 28% 29% 21% Assets under custody and/or administration ("AUC/A")(trn) $37.7 $37.5 $34.2 Deposits (average) $181 $181 $171 Issuer Services Total debt serviced (trn) $14.1 $14.3 $14.0 Number of sponsored Depositary Receipts programs 499 507 543 Securities Services Select Income Statement Data • Total revenue of $2,324mm up 7% YoY – Investment services fees up 6% YoY > Asset Servicing up 7% YoY, primarily reflecting higher market values, client activity and net new business > Issuer Services up 4% YoY, primarily reflecting higher Corporate Trust fees, partially offset by lower Depositary Receipts fees – Foreign exchange revenue up 25% YoY – Net interest income up 7% YoY • Noninterest expense of $1,666mm up 1% YoY, primarily reflecting higher litigation reserves, employee merit increases and higher investments, partially offset by efficiency savings • Income before income taxes of $643mm up 39% YoY Note: See page 23 in the Appendix for corresponding footnotes. N/M – not meaningful. Select Income Statement Data Key Performance Indicators (b)(c)

15 4Q24 vs. $mm, unless otherwise noted 4Q24 3Q24 4Q23 Pershing $516 9% 9% Treasury Services 206 3 15 Clearance and Collateral Management 364 3 13 Total investment services fees $1,086 6% 12% Foreign exchange revenue 27 17 29 Other fees(a) 61 5 22 Investment and other revenue 19 N/M N/M Net interest income 474 14 9 Total revenue $1,667 8% 11% Provision for credit losses 9 N/M N/M Noninterest expense 852 2 2 Income before income taxes $806 14% 28% $bn, unless otherwise noted 4Q24 3Q24 4Q23 Pre-tax margin 48% 46% 42% AUC/A (trn)(b)(c) $14.1 $14.3 $13.3 Deposits (average) $91 $89 $88 Pershing AUC/A (trn)(b) $2.7 $2.7 $2.5 Net new assets (U.S. platform)(d) 41 (22) (4) Daily average revenue trades (DARTs) (U.S. platform) ('000) 254 251 229 Average active clearing accounts ('000) 8,260 8,085 8,012 Treasury Services U.S. dollar payment volumes (daily average) 250,714 242,243 243,005 Clearance and Collateral Management Tri-party collateral management balances (average) $5,561 $5,511 $5,248 Market and Wealth Services Select Income Statement Data Key Performance Indicators Select Income Statement Data • Total revenue of $1,667mm up 11% YoY – Investment services fees up 12% YoY > Pershing up 9% YoY, primarily reflecting higher market values and client activity > Treasury Services up 15% YoY, primarily reflecting net new business > Clearance and Collateral Management up 13% YoY, primarily reflecting higher collateral management fees and clearance volumes – Foreign exchange revenue up 29% YoY – Net interest income up 9% YoY • Noninterest expense of $852mm up 2% YoY, primarily reflecting higher revenue-related expenses, investments and employee merit increases, partially offset by efficiency savings and lower litigation reserves • Income before income taxes of $806mm up 28% YoY Note: See page 23 in the Appendix for corresponding footnotes. N/M – not meaningful.

16 4Q24 vs. $mm, unless otherwise noted 4Q24 3Q24 4Q23 Investment management fees $789 1% 9% Performance fees 20 N/M N/M Distribution and servicing fees 68 — 3 Other fees(a) (64) N/M N/M Investment and other revenue(b) 13 N/M N/M Net interest income 47 4 4 Total revenue $873 3% 29% Provision for credit losses — N/M N/M Noninterest expense 700 4 2 Income before income taxes $173 (2)% N/M Total revenue by line of business: Investment Management $585 3% 41% Wealth Management 288 3 9 Total revenue $873 3% 29% $bn, unless otherwise noted 4Q24 3Q24 4Q23 Pre-tax margin 20% 21% (1)% Deposits (average) $10 $10 $12 Assets under management ("AUM")(c) $2,029 $2,144 $1,974 Long-term active strategies net flows $(20) $(8) $4 Index net flows (7) (16) (10) Short-term strategies net flows 12 24 7 Total net flows $(15) — 1 Wealth Management Client assets(d) $327 $333 $312 Investment and Wealth Management Select Income Statement Data Key Performance Indicators Select Income Statement Data • Total revenue of $873mm up 29% YoY – Investment Management up 41% YoY, primarily reflecting the 4Q23 reduction in the fair value of a contingent consideration receivable and higher market values, partially offset by the mix of AUM flows > Excluding notable items, Investment Management up 5% YoY(e) – Wealth Management up 9% YoY, primarily reflecting higher market values and net interest income, partially offset by changes in product mix • Noninterest expense of $700mm up 2% YoY, primarily reflecting higher revenue-related expenses and employee merit increases, partially offset by efficiency savings • Income before income taxes of $173mm; $189mm excluding notable items, up 24% YoY(e) • AUM of $2.0trn up 3% YoY, primarily reflecting higher market values, partially offset by the unfavorable impact of a stronger U.S. dollar • Wealth Management client assets of $327bn up 5% YoY, primarily reflecting higher market values and cumulative net inflows Note: See page 23 in the Appendix for corresponding footnotes. (e) Represents a non-GAAP measure. See page 26 in the Appendix for the corresponding reconciliation of the non-GAAP measures excluding notable items. N/M – not meaningful.

17 $mm, unless otherwise noted 4Q24 3Q24 4Q23 Fee revenue $(20) $(1) $(17) Investment and other revenue 9 55 38 Net interest (expense) (8) (21) (15) Total revenue $(19) $33 $6 Provision for credit losses (4) — (6) Noninterest expense 137 37 820 (Loss) before income taxes $(152) $(4) $(808) Other Segment Select Income Statement Data Select Income Statement Data • Total revenue includes corporate treasury and other investment activity, including hedging activity which has an offsetting impact between fee and other revenue and net interest expense – YoY decrease primarily reflecting strategic equity investment gains recorded in 4Q23 – QoQ decrease primarily reflecting higher net losses on sales of securities and gains on real estate and other investments recorded in 3Q24 • Noninterest expense decreased YoY, primarily reflecting adjustments for the FDIC special assessment recorded in 4Q23; QoQ increase primarily reflecting higher severance expense and the impact of the adjustments to the FDIC special assessment

18 AGENDA PAGE 1 Strategic Update 3 2 Financial Update 8 3 Financial Outlook 19 4 Appendix 22

19 Up YoY Up 1 – 2% YoY 100% +/- Positive $4.3bn $13.6bn $12.5bn Up Mid-Single-Digits % YoY • Market-implied forward interest rates • Higher reinvestment yields • Changes in deposit mix • Incremental investments • Higher revenue-related expenses • Efficiency savings • AOCI-impact of interest rate volatility • Balance sheet growth opportunities • Higher organic growth • Unfavorable impact of a stronger U.S. dollar Net Interest Income 2025 Financial Outlook Positioned for higher organic growth and continued capital returns while remaining focused on driving positive operating leverage 2024 BASIS 2025 OUTLOOK Fee Revenue Expenses (excluding notable items) Total Payout Ratio Operating Leverage KEY ASSUMPTIONS (a) Note: 2025 financial outlook based on market-implied forward interest rates as of year-end 2024. (b) Represents a non-GAAP measure. See page 24 in the Appendix for the corresponding reconciliation of the non-GAAP measure of expenses excluding notable items. (c) Represents a forward-looking non-GAAP financial measure. See "Cautionary Statement" on page 27 for information regarding forward-looking non-GAAP financial measures. (d) Operating leverage is the rate of increase (decrease) in total revenue growth less the rate of increase (decrease) in total noninterest expense growth. (b) (a) (c) (d)

20 Medium-term Financial Targets Progress toward existing medium-term financial targets in 2024 reinforces our goal to meet or exceed targets through-the-cycle FIRMWIDE MEDIUM-TERM FINANCIAL TARGETS ≥33% Pre-tax Margin 5.5 - 6% Tier 1 Leverage Ratio ≥23% ROTCE ~11% CET1 Ratio SECURITIES SERVICES MARKET & WEALTH SERVICES INVESTMENT & WEALTH MANAGEMENT ≥30% Pre-tax Margin ~45% Pre-tax Margin ≥25% Pre-tax Margin (a) (a) Represents a forward-looking non-GAAP financial measure. See "Cautionary Statement" on page 27 for information regarding forward-looking non-GAAP financial measures.

21 AGENDA PAGE 1 Strategic Update 3 2 Financial Update 8 3 Financial Outlook 19 4 Appendix 22

22 • BNY’s Platforms Operating Model is a system for organizing work, driving priorities and delivering results while managing risk • ENABLE simplification and collaboration through cross-functional teams • UNITE related capabilities to create enterprise platforms • STREAMLINE similar functions and processes • SCALE capabilities in adaptable and reusable ways across the company • RE-ORIENT business areas into revenue-generating client platforms • OPTIMIZE what we deliver to the market with how we work together • Aligning ourselves to our role as a financial services platform company • FOR OUR CLIENTS: Enable more intuitive client journeys, streamline services and capabilities, anticipate unmet needs, accelerate speed to market, leverage the power of data • FOR OUR COMPANY: Break down silos, reduce bureaucracy, simplify processes, embrace new technologies, continue to prioritize resilience • FOR OUR PEOPLE: Empower decision making, emphasize prioritization, reduce duplicative processes, develop new skills, create new opportunities • Exploration phase • Designed, launched and completed two pilots • Appointed key leaders and designed first transition wave • Mobilized and activated two transition waves, representing ~25% of employees • Mobilize and activate further transition waves, representing an incremental ~60% of employees • Complete transition • Explore potential opportunities to commercialize internal enterprise platforms • Harness full benefit of the Platforms Operating Model (e.g., tech platform consolidation) 4Q22 4Q22 WHAT is the Platforms Operating Model and HOW does it work? WHY change the way we work? BNY Platforms Operating Model Over the course of 2025 ~60% of BNY’s employees planned to transition to a new way of working WHEN will BNY's Platforms Operating Model be implemented? 2023 2024 2025 2026 2027 and beyond

23 Footnotes Page 12 – Capital and Liquidity (a) Regulatory capital and liquidity ratios for December 31, 2024 are preliminary. For our CET1 ratio, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for December 31, 2024, was the Standardized Approach, for September 30, 2024, was the Standardized Approach and for December 31, 2023, was the Advanced Approaches. Page 14 – Securities Services (a) Other fees primarily include financing-related fees. (b) December 31, 2024 information is preliminary. (c) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Issuer Services line of business. Includes the AUC/A of CIBC Mellon Global Securities Services Company (“CIBC Mellon”), a joint venture with the Canadian Imperial Bank of Commerce, of $1.8 trillion at December 31, 2024, $1.9 trillion at September 30, 2024 and $1.7 trillion at December 31, 2023. Page 15 – Market and Wealth Services (a) Other fees primarily include financing-related fees. (b) December 31, 2024 information is preliminary. (c) Consists of AUC/A from the Clearance and Collateral Management and Pershing lines of business. (d) Net new assets represent net flows of assets (e.g., net cash deposits and net securities transfers, including dividends and interest) in customer accounts in Pershing LLC, a U.S. broker-dealer. Page 16 – Investment and Wealth Management (a) Other fees primarily include investment services fees. (b) Investment and other revenue is net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds. (c) December 31, 2024 information is preliminary. Represents assets managed in the Investment and Wealth Management business segment. (d) December 31, 2024 information is preliminary. Includes AUM and AUC/A in the Wealth Management line of business.

24 Select Income Statement Data Reconciliation of Non-GAAP Measures – Impact of Notable Items 4Q24 vs. 2024 vs. $mm, except per share amounts 4Q24 3Q24 4Q23 3Q24 4Q23 2024 2023 2023 Total revenue – GAAP $4,847 $4,648 $4,358 4% 11% $18,619 $17,697 5% Less: Reduction in the fair value of a contingent consideration receivable(a) — — (144) — (144) Disposal (loss)(a) — — (6) — (6) Adjusted total revenue, ex-notables — Non-GAAP $4,847 $4,648 $4,508 4% 8% $18,619 $17,847 4% Noninterest expense – GAAP $3,355 $3,100 $3,995 8% (16)% $12,701 $13,295 (4)% Less: Severance expense(b) 135 40 200 240 267 Litigation reserves(b) 38 2 47 44 94 FDIC special assessment(b) (8) (17) 632 (63) 632 Adjusted noninterest expense, ex-notables — Non-GAAP $3,190 $3,075 $3,116 4% 2% $12,480 $12,302 1% Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP $1,130 $1,110 $162 2% 598% $4,336 $3,067 41% Less: Reduction in the fair value of a contingent consideration receivable(a) — — (144) — (144) Disposal (loss)(a) — — (5) — (5) Severance expense(b) (103) (31) (153) (183) (205) Litigation reserves(b) (37) (2) (47) (41) (91) FDIC special assessment(b) 6 13 (482) 48 (482) Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation — Non-GAAP $1,264 $1,130 $993 12% 27% $4,512 $3,994 13% Diluted earnings per share – GAAP $1.54 $1.50 $0.21 3% 633% $5.80 $3.89 49% Less: Reduction in the fair value of a contingent consideration receivable(a) — — (0.19) — (0.18) Disposal (loss)(a) — — (0.01) — (0.01) Severance expense(b) (0.14) (0.04) (0.20) (0.24) (0.26) Litigation reserves(b) (0.05) — (0.06) (0.05) (0.12) FDIC special assessment(b) 0.01 0.02 (0.62) 0.06 (0.61) Adjusted diluted earnings per share — Non-GAAP $1.72 $1.52 $1.29 13% 33% $6.03 $5.07 19% Operating leverage – GAAP(c) (395) bps 2,724 bps 968 bps Adjusted operating leverage — Non-GAAP(c) 54 bps 515 bps 288 bps Pre-tax operating margin – GAAP(d) 30% 33% 6% 31% 24% 7% Adjusted pre-tax operating margin — Non-GAAP(d) 34% 33% 29% 33% 30% 2% (a) Reflected in Investment and other revenue. (b) Severance expense is reflected in Staff expense, Litigation reserves in Other expense, and FDIC special assessment in Bank assessment charges, respectively. (c) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense. (d) Income before taxes divided by total revenue. See the 4Q24 Earnings Release for additional information.

25 $mm 4Q24 3Q24 4Q23 2024 2023 Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP $1,130 $1,110 $162 $4,336 $3,067 Add: Amortization of intangible assets 13 12 14 50 57 Less: Tax impact of amortization of intangible assets 3 3 4 12 14 Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets — Non-GAAP $1,140 $1,119 $172 $4,374 $3,110 Less: Reduction in the fair value of a contingent consideration receivable(a) — — (144) — (144) Disposal (loss)(a) — — (5) — (5) Severance expense(b) (103) (31) (153) (183) (205) Litigation reserves(b) (37) (2) (47) (41) (91) FDIC special assessment(b) 6 13 (482) 48 (482) Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets and notable items — Non-GAAP $1,274 $1,139 $1,003 $4,550 $4,037 Average common shareholders’ equity $36,923 $36,772 $36,050 $36,413 $35,767 Less: Average goodwill 16,515 16,281 16,199 16,316 16,204 Average intangible assets 2,846 2,827 2,858 2,839 2,880 Add: Deferred tax liability – tax deductible goodwill 1,221 1,220 1,205 1,221 1,205 Deferred tax liability – intangible assets 665 656 657 665 657 Average tangible common shareholders’ equity – Non-GAAP $19,448 $19,540 $18,855 $19,144 $18,545 Return on common equity(c) – GAAP 12.2% 12.0% 1.8% 11.9% 8.6% Adjusted return on common equity(c) – Non-GAAP 13.6% 12.2% 10.9% 12.4% 11.2% Return on tangible common equity(c) – Non-GAAP 23.3% 22.8% 3.6% 22.8% 16.8% Adjusted return on tangible common equity(c) – Non-GAAP 26.1% 23.2% 21.1% 23.8% 21.8% Return on Common Equity and Tangible Common Equity Reconciliation (a) Reflected in Investment and other revenue. (b) Severance expense is reflected in Staff expense, Litigation reserves in Other expense, and FDIC special assessment in Bank assessment charges, respectively. (c) Returns are annualized.

26 4Q24 vs. $mm 4Q24 4Q23 4Q23 Total revenue – GAAP $585 $415 41% Less: Reduction in the fair value of a contingent consideration receivable(a) — (144) Adjusted total revenue, ex-notables — Non-GAAP $585 $559 5% Select Income Statement Data Reconciliation of Non-GAAP Measures – Impact of Notable Items – Investment Management Reconciliation of Non-GAAP Measures – Impact of Notable Items – Investment and Wealth Management 4Q24 vs. $mm 4Q24 4Q23 4Q23 Income (loss) before taxes – GAAP $173 $(4) N/M Less: Reduction in the fair value of a contingent consideration receivable(a) — (144) Severance expense(b) (15) (12) Litigation reserves(b) (1) — Adjusted income before taxes, ex-notables — Non-GAAP $189 $152 24% (a) Reflected in Investment and other revenue. (b) Severance expense is reflected in Staff expense and Litigation reserves in Other expense, respectively.

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