Document


The Bank of New York Mellon Corporation

Financial Supplement

First Quarter 2022


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)																1Q22 vs.
	1Q22			4Q21			3Q21			2Q21			1Q21			4Q21		1Q21
Selected income statement data


Fee and other revenue	$	3,228		$	3,338		$	3,394		$	3,315		$	3,266		(3)	%	(1)	%
Net interest revenue	698			677			641			645			655			3		7
Total revenue	3,926			4,015			4,035			3,960			3,921			(2)		—
Provision for credit losses	2			(17)			(45)			(86)			(83)			N/M		N/M
Noninterest expense	3,006			2,967			2,918			2,778			2,851			1		5
Income before income taxes	918			1,065			1,162			1,268			1,153			(14)		(20)
Provision for income taxes	153			196			219			241			221			(22)		(31)
Net income	$	765		$	869		$	943		$	1,027		$	932		(12)	%	(18)	%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	699		$	822		$	881		$	991		$	858		(15)	%	(19)	%
Diluted earnings per common share	$	0.86		$	1.01		$	1.04		$	1.13		$	0.97		(15)	%	(11)	%
Average common shares and equivalents outstanding – diluted (in thousands)	813,986			817,345			849,028			873,475			885,655			—	%	(8)	%

Financial ratios (Returns are annualized)
Pre-tax operating margin	23		%	27		%	29		%	32		%	29		%
Return on common equity	7.6		%	8.6		%	8.8		%	9.8		%	8.5		%
Return on tangible common equity – Non-GAAP (a)	15.4		%	17.2		%	16.8		%	18.6		%	16.1		%
Non-U.S. revenue as a percentage of total revenue	35		%	38		%	38		%	38		%	37		%

Period end
Assets under custody and/or administration (“AUC/A”) (in trillions) (b)	$	45.5		$	46.7		$	45.3		$	45.0		$	41.7		(3)	%	9	%
Assets under management (“AUM”) (in trillions)	$	2.27		$	2.43		$	2.31		$	2.32		$	2.21		(7)	%	2	%
Full-time employees	49,600			49,100			48,900			48,800			48,000			1	%	3	%
Book value per common share	$	45.76		$	47.50		$	47.30		$	47.20		$	46.16
Tangible book value per common share – Non-GAAP (a)	$	22.76		$	24.31		$	24.88		$	25.64		$	24.88
Cash dividends per common share	$	0.34		$	0.34		$	0.34		$	0.31		$	0.31
Common dividend payout ratio	40		%	34		%	34		%	28		%	32		%
Closing stock price per common share	$	49.63		$	58.08		$	51.84		$	51.23		$	47.29
Market capitalization	$	40,091		$	46,705		$	42,811		$	44,220		$	41,401
Common shares outstanding (in thousands)	807,798			804,145			825,821			863,174			875,481

Capital ratios at period end (c)
Common Equity Tier 1 ("CET1") ratio	10.1		%	11.2		%	11.7		%	12.6		%	12.6		%
Tier 1 capital ratio	12.9		%	14.0		%	14.4		%	15.2		%	15.2		%
Total capital ratio	13.8		%	14.9		%	15.2		%	16.0		%	16.1		%
Tier 1 leverage ratio	5.3		%	5.5		%	5.7		%	6.0		%	5.8		%
Supplementary leverage ratio ("SLR")	6.2		%	6.6		%	7.0		%	7.5		%	8.1		%
(a) Non-GAAP information, for all periods presented, excludes goodwill and intangible assets, net of deferred tax liabilities. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of Non-GAAP measures.
(b) Includes the AUC/A of CIBC Mellon Global Securities Services Company ("CIBC Mellon"), a joint venture with the Canadian Imperial Bank of Commerce, of $1.7 trillion at March 31, 2022, Dec. 31, 2021, Sept. 30, 2021 and June 30, 2021 and $1.6 trillion at March 31, 2021.
(c) Regulatory capital ratios for March 31, 2022 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for March 31, 2022 and Dec. 31, 2021 was the Standardized Approach, and for Sept. 30, 2021, June 30, 2021 and March 31, 2021 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio.
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED INCOME STATEMENT

(dollars in millions, except per share amounts; common shares in thousands)											1Q22 vs.
	1Q22		4Q21		3Q21		2Q21		1Q21		4Q21		1Q21
Revenue
Investment services fees	$	1,993	$	2,061	$	2,091	$	2,076	$	2,056	(3)	%	(3)	%
Investment management and performance fees	883		896		913		889		890		(1)		(1)
Foreign exchange revenue	207		199		185		184		231		4		(10)
Financing-related fees	45		47		48		48		51		(4)		(12)
Distribution and servicing fees	30		28		28		27		29		7		3
Total fee revenue	3,158		3,231		3,265		3,224		3,257		(2)		(3)
Investment and other revenue	70		107		129		91		9		N/M		N/M
Total fee and other revenue	3,228		3,338		3,394		3,315		3,266		(3)		(1)
Net interest revenue	698		677		641		645		655		3		7
Total revenue	3,926		4,015		4,035		3,960		3,921		(2)		—
Provision for credit losses	2		(17)		(45)		(86)		(83)		N/M		N/M
Noninterest expense
Staff	1,702		1,633		1,584		1,518		1,602		4		6
Software and equipment	399		379		372		365		362		5		10
Professional, legal and other purchased services	370		390		363		363		343		(5)		8
Net occupancy	122		133		120		122		123		(8)		(1)
Sub-custodian and clearing	118		120		129		132		124		(2)		(5)
Distribution and servicing	79		75		76		73		74		5		7
Bank assessment charges	35		30		34		35		34		17		3
Business development	30		44		22		22		19		(32)		58
Amortization of intangible assets	17		19		19		20		24		(11)		(29)
Other	134		144		199		128		146		(7)		(8)
Total noninterest expense	3,006		2,967		2,918		2,778		2,851		1		5
Income before income taxes	918		1,065		1,162		1,268		1,153		(14)		(20)
Provision for income taxes	153		196		219		241		221		(22)		(31)
Net income	765		869		943		1,027		932		(12)		(18)
Net loss (income) attributable to noncontrolling interests	8		(6)		4		(5)		(5)		N/M		N/M
Preferred stock dividends	(74)		(41)		(66)		(31)		(69)		N/M		N/M
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	699	$	822	$	881	$	991	$	858	(15)	%	(19)	%

Average common shares and equivalents outstanding: Basic	809,469		811,463		844,088		869,460		882,558		—	%	(8)	%
Diluted	813,986		817,345		849,028		873,475		885,655		—	%	(8)	%

Earnings per common share: Basic	$	0.86	$	1.01	$	1.04	$	1.14	$	0.97	(15)	%	(11)	%
Diluted	$	0.86	$	1.01	$	1.04	$	1.13	$	0.97	(15)	%	(11)	%
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET

	2022		2021
(in millions)	March 31		Dec. 31		Sept. 30		June 30		March 31
Assets
Cash and due from banks	$	6,143	$	6,061	$	6,752	$	5,154	$	5,991
Interest-bearing deposits with the Federal Reserve and other central banks	135,691		102,467		126,959		126,355		125,524
Interest-bearing deposits with banks	18,268		16,630		20,057		21,270		23,763
Federal funds sold and securities purchased under resale agreements	27,131		29,607		28,497		29,762		28,263
Securities	153,396		158,705		157,274		155,906		155,844
Trading assets	14,703		16,577		17,854		15,520		16,884
Loans	68,052		67,787		64,328		63,547		60,732
Allowance for loan losses	(171)		(196)		(233)		(269)		(327)
Net loans	67,881		67,591		64,095		63,278		60,405
Premises and equipment	3,359		3,431		3,422		3,442		3,521
Accrued interest receivable	467		457		464		492		485
Goodwill	17,462		17,512		17,420		17,487		17,469
Intangible assets	2,968		2,991		2,941		2,964		2,983
Other assets	26,342		22,409		24,798		25,333		23,852
Total assets	$	473,811	$	444,438	$	470,533	$	466,963	$	464,984
Liabilities
Deposits	$	345,565	$	319,694	$	343,139	$	338,670	$	336,768
Federal funds purchased and securities sold under repurchase agreements	13,181		11,566		11,973		12,425		15,150
Trading liabilities	5,587		5,469		5,152		6,451		4,566
Payables to customers and broker-dealers	26,608		25,150		26,002		23,704		23,827

Other borrowed funds	312		749		767		451		348
Accrued taxes and other expenses	4,534		5,767		5,609		5,213		4,916
Other liabilities	10,626		6,721		8,796		8,626		8,656
Long-term debt	25,246		25,931		25,043		25,629		25,350
Total liabilities	431,659		401,047		426,481		421,169		419,581
Temporary equity
Redeemable noncontrolling interests	155		161		178		169		187
Permanent equity
Preferred stock	4,838		4,838		4,541		4,541		4,541
Common stock	14		14		14		14		14
Additional paid-in capital	28,258		28,128		28,075		28,006		27,928
Retained earnings	37,088		36,667		36,125		35,540		34,822
Accumulated other comprehensive loss, net of tax	(3,881)		(2,213)		(2,003)		(1,670)		(1,819)
Less: Treasury stock, at cost	(24,518)		(24,400)		(23,151)		(21,150)		(20,532)
Total The Bank of New York Mellon Corporation shareholders’ equity	41,799		43,034		43,601		45,281		44,954
Nonredeemable noncontrolling interests of consolidated investment management funds	198		196		273		344		262
Total permanent equity	41,997		43,230		43,874		45,625		45,216
Total liabilities, temporary equity and permanent equity	$	473,811	$	444,438	$	470,533	$	466,963	$	464,984


THE BANK OF NEW YORK MELLON CORPORATION
FEE AND OTHER REVENUE

											1Q22 vs.
(dollars in millions)	1Q22		4Q21		3Q21		2Q21		1Q21		4Q21		1Q21
Investment services fees	$	1,993	$	2,061	$	2,091	$	2,076	$	2,056	(3)	%	(3)	%
Investment management and performance fees:
Investment management fees (a)	849		864		892		875		850		(2)		—
Performance fees	34		32		21		14		40		N/M		(15)
Total investment management and performance fees (b)	883		896		913		889		890		(1)		(1)
Foreign exchange revenue	207		199		185		184		231		4		(10)
Financing-related fees	45		47		48		48		51		(4)		(12)
Distribution and servicing fees	30		28		28		27		29		7		3
Total fee revenue	3,158		3,231		3,265		3,224		3,257		(2)		(3)
Investment and other revenue:
(Loss) income from consolidated investment management funds	(20)		9		(7)		13		17		N/M		N/M
Seed capital (losses) gains (c)	(8)		12		7		18		3		N/M		N/M
Other trading revenue (loss)	5		(6)		20		(1)		(7)		N/M		N/M
Renewable energy investment (losses)	(44)		(37)		(42)		(41)		(81)		N/M		N/M
Corporate/bank-owned life insurance	33		45		33		29		33		N/M		N/M
Other investments gains (d)	61		55		70		23		11		N/M		N/M
Disposal gains	—		—		7		6		—		N/M		N/M
Expense reimbursements from joint venture	27		23		25		25		23		N/M		N/M
Other income	12		5		14		17		10		N/M		N/M
Net securities gains	4		1		2		2		—		N/M		N/M
Total investment and other revenue	70		107		129		91		9		N/M		N/M
Total fee and other revenue	$	3,228	$	3,338	$	3,394	$	3,315	$	3,266	(3)	%	(1)	%
(a) Excludes seed capital gains (losses) related to consolidated investment management funds.
(b) On a constant currency basis (Non-GAAP), investment management and performance fees increased 1% compared with 1Q21. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of this Non-GAAP measure.
(c) Includes gains (losses) on investments in BNY Mellon funds which hedge deferred incentive awards.
(d) Includes strategic equity, private equity and other investments.
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
AVERAGE BALANCES AND INTEREST RATES
	1Q22				4Q21				3Q21				2Q21				1Q21
	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	$	100,303	0.01	%	$	105,065	(0.06)	%	$	108,110	(0.07)	%	$	114,564	(0.09)	%	$	125,930	(0.05)	%
Interest-bearing deposits with banks (primarily foreign banks)	17,181		0.33		18,818		0.23		20,465		0.22		22,465		0.20		21,313		0.27
Federal funds sold and securities purchased under resale agreements (a)	27,006		0.56		27,780		0.45		29,304		0.44		27,857		0.36		29,186		0.44
Loans	66,810		1.57		64,650		1.55		61,206		1.55		60,520		1.57		56,789		1.63
Securities:
U.S. government obligations	40,868		0.74		39,169		0.73		36,255		0.73		33,212		0.71		28,759		0.90
U.S. government agency obligations	67,055		1.46		69,691		1.35		70,199		1.34		72,809		1.34		77,623		1.40
State and political subdivisions (b)	2,337		2.16		2,569		2.11		2,628		2.07		2,768		1.94		2,526		1.92
Other securities (b)	45,541		1.02		47,493		0.97		47,334		0.94		47,451		0.95		47,030		0.99
Total investment securities (b)	155,801		1.15		158,922		1.10		156,416		1.09		156,240		1.10		155,938		1.19
Trading securities (b)	6,085		1.43		6,447		0.93		5,564		0.53		6,639		0.72		8,141		0.95
Total securities (b)	161,886		1.16		165,369		1.09		161,980		1.07		162,879		1.08		164,079		1.18
Total interest-earning assets (b)	$	373,186	0.84	%	$	381,682	0.76	%	$	381,065	0.73	%	$	388,285	0.71	%	$	397,297	0.75	%
Noninterest-earning assets	67,016				67,956				65,696				64,044				63,082
Total assets	$	440,202			$	449,638			$	446,761			$	452,329			$	460,379

Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits	$	223,243	(0.07)	%	$	231,086	(0.08)	%	$	233,363	(0.08)	%	$	239,466	(0.08)	%	$	245,115	(0.06)	%
Federal funds purchased and securities sold under repurchase agreements (a)	12,864		0.36		12,421		0.07		13,415		0.08		13,773		(0.17)		15,288		(0.07)
Trading liabilities	3,372		0.53		3,019		0.28		2,821		0.11		2,282		0.38		2,227		0.53
Other borrowed funds	458		2.36		517		1.80		383		2.53		298		2.21		331		2.01
Commercial paper	4		0.09		—		—		11		0.07		—		—		—		—
Payables to customers and broker-dealers	16,661		0.01		16,414		(0.01)		16,648		(0.01)		16,811		(0.01)		17,691		(0.01)
Long-term debt	25,588		1.53		25,932		1.36		25,751		1.39		25,275		1.43		26,199		1.81
Total interest-bearing liabilities	$	282,190	0.11	%	$	289,389	0.07	%	$	292,392	0.07	%	$	297,905	0.05	%	$	306,851	0.11	%
Total noninterest-bearing deposits	90,179				91,535				85,581				85,802				83,429
Other noninterest-bearing liabilities	25,419				25,481				24,164				23,317				24,556
Total The Bank of New York Mellon Corporation shareholders’ equity	42,201				42,968				44,296				44,934				45,261
Noncontrolling interests	213				265				328				371				282
Total liabilities and equity	$	440,202			$	449,638			$	446,761			$	452,329			$	460,379
Net interest margin			0.75	%			0.71	%			0.67	%			0.67	%			0.66	%
Net interest margin (FTE) – Non-GAAP (c)			0.76	%			0.71	%			0.68	%			0.67	%			0.67	%
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $53 billion for 1Q22, $54 billion for 4Q21, $47 billion for 3Q21, $41 billion for 2Q21 and $37 billion for 1Q21. On a Non-GAAP basis, excluding the impact of offsetting, the yield on federal funds sold and securities purchased under resale agreements would have been 0.19% for 1Q22, 0.15% for 4Q21, 0.17% for 3Q21, 0.15% for 2Q21 and 0.19% for 1Q21. On a Non-GAAP basis, excluding the impact of offsetting, the rate on federal funds purchased and securities sold under repurchase agreements would have been 0.07% for 1Q22, 0.01% for 4Q21, 0.02% for 3Q21, (0.04)% for 2Q21 and (0.02)% for 1Q21. We believe providing the rates excluding the impact of netting is useful to investors as it is more reflective of the actual rates earned and paid.
(b) Average rates were calculated on an FTE basis, at tax rates of approximately 21%.
(c) See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of this Non-GAAP measure.


THE BANK OF NEW YORK MELLON CORPORATION
CAPITAL AND LIQUIDITY

	2022			2021
(dollars in millions)	March 31			Dec. 31			Sept. 30			June 30			March 31
Consolidated regulatory capital ratios (a)
Standardized Approach:
CET1 capital	$	17,583		$	18,746		$	19,844		$	21,456		$	21,090
Tier 1 capital	22,339			23,485			24,292			25,896			25,534
Total capital	23,839			24,972			25,816			27,464			27,190
Risk-weighted assets	173,353			167,608			169,216			169,885			167,510

CET1 ratio	10.1		%	11.2		%	11.7		%	12.6		%	12.6		%
Tier 1 capital ratio	12.9			14.0			14.4			15.2			15.2
Total capital ratio	13.8			14.9			15.3			16.2			16.2

Advanced Approaches:
CET1 capital	$	17,583		$	18,746		$	19,844		$	21,456		$	21,090
Tier 1 capital	22,339			23,485			24,292			25,896			25,534
Total capital	23,586			24,722			25,534			27,183			26,908
Risk-weighted assets	168,993			165,067			167,607			169,380			167,035

CET1 ratio	10.4		%	11.4		%	11.8		%	12.7		%	12.6		%
Tier 1 capital ratio	13.2			14.2			14.5			15.3			15.3
Total capital ratio	14.0			15.0			15.2			16.0			16.1

Tier 1 leverage ratio:
Average assets for Tier 1 leverage ratio	$	420,782		$	430,102		$	427,461		$	432,954		$	440,968
Tier 1 leverage ratio	5.3		%	5.5		%	5.7		%	6.0		%	5.8		%

SLR:
Leverage exposure	$	360,859		$	354,033		$	347,856		$	346,455		$	314,334		(b)
SLR	6.2		%	6.6		%	7.0		%	7.5		%	8.1		%	(b)

Average liquidity coverage ratio	109		%	109		%	111		%	110		%	110		%
(a) Regulatory capital ratios for March 31, 2022 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for March 31, 2022 and Dec. 31, 2021 was the Standardized Approach, and for Sept. 30, 2021, June 30, 2021 and March 31, 2021 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio.
(b) Reflects the temporary exclusion of U.S. Treasury securities from the leverage exposure used in the SLR calculation which increased our consolidated SLR by 68 basis points at March 31, 2021. The temporary exclusion ceased to apply beginning April 1, 2021.


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES SERVICES BUSINESS SEGMENT

																1Q22 vs.
(dollars in millions)	1Q22			4Q21			3Q21			2Q21			1Q21			4Q21		1Q21
Income statement:
Revenue:
Investment services fees:
Asset Servicing	$	999		$	984		$	979		$	960		$	953		2	%	5	%
Issuer Services	141			253			281			281			246			(44)		(43)
Total investment services fees	1,140			1,237			1,260			1,241			1,199			(8)		(5)
Foreign exchange revenue	148			148			125			129			172			—		(14)
Other fees (a)	41			28			30			25			30			46		37
Total fee revenue	1,329			1,413			1,415			1,395			1,401			(6)		(5)
Investment and other revenue	74			53			73			38			30			N/M		N/M
Total fee and other revenue	1,403			1,466			1,488			1,433			1,431			(4)		(2)
Net interest revenue	377			367			349			354			356			3		6
Total revenue	1,780			1,833			1,837			1,787			1,787			(3)		—
Provision for credit losses	(10)			(7)			(19)			(58)			(50)			N/M		N/M
Noninterest expense (ex. amortization of intangible assets)	1,502			1,481			1,535			1,393			1,411			1		6
Amortization of intangible assets	8			9			8			7			8			(11)		—
Total noninterest expense	1,510			1,490			1,543			1,400			1,419			1		6
Income before income taxes	$	280		$	350		$	313		$	445		$	418		(20)	%	(33)	%


Total revenue by line of business:
Asset Servicing	$	1,512		$	1,456		$	1,437		$	1,382		$	1,424		4	%	6	%
Issuer Services	268			377			400			405			363			(29)		(26)
Total revenue by line of business	$	1,780		$	1,833		$	1,837		$	1,787		$	1,787		(3)	%	—	%

Financial ratios:
Pre-tax operating margin	16		%	19		%	17		%	25		%	23		%

Memo: Securities lending revenue (b)	$	39		$	45		$	45		$	42		$	41		(13)	%	(5)	%
(a) Other fees primarily include financing-related fees.
(b) Included in investment services fees reported in the Asset Servicing line of business.
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES SERVICES BUSINESS SEGMENT

											1Q22 vs.
(dollars in millions, unless otherwise noted)	1Q22		4Q21		3Q21		2Q21		1Q21		4Q21		1Q21
Selected balance sheet data:
Average loans	$	10,150	$	9,764	$	8,389	$	8,485	$	8,374	4	%	21	%
Average assets (a)	$	220,889	$	229,511	$	226,930	$	231,152	$	228,071	(4)	%	(3)	%
Average deposits	$	192,156	$	200,272	$	198,680	$	203,147	$	199,845	(4)	%	(4)	%

Selected metrics:
AUC/A at period end (in trillions) (b)(c)	$	33.7	$	34.6	$	33.8	$	33.7	$	31.5	(3)	%	7	%
Market value of securities on loan at period end (in billions) (d)	$	449	$	447	$	443	$	456	$	445	—	%	1	%
(a) In business segments where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.
(b) March 31, 2022 information is preliminary.
(c) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Issuer Services business. Includes the AUC/A of CIBC Mellon of $1.7 trillion at March 31, 2022, Dec. 31, 2021, Sept. 30, 2021 and June 30, 2021 and $1.6 trillion at March 31, 2021.
(d) Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $78 billion at March 31, 2022, $71 billion at Dec. 31, 2021, $68 billion at Sept. 30, 2021, $63 billion at June 30, 2021 and $64 billion at March 31, 2021.


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

																1Q22 vs.
(dollars in millions)	1Q22			4Q21			3Q21			2Q21			1Q21			4Q21		1Q21
Income statement:
Revenue:
Investment services fees:
Pershing	$	433		$	412		$	427		$	439		$	459		5	%	(6)	%
Treasury Services	170			170			168			160			164			—		4
Clearance and Collateral Management	243			236			228			228			226			3		8
Total investment services fees	846			818			823			827			849			3		—
Foreign exchange revenue	26			21			23			23			21			24		24
Other fees (a)	34			31			31			32			37			10		(8)
Total fee revenue	906			870			877			882			907			4		—
Investment and other revenue	—			6			13			21			7			N/M		N/M
Total fee and other revenue	906			876			890			903			914			3		(1)
Net interest revenue	296			297			283			289			289			—		2
Total revenue	1,202			1,173			1,173			1,192			1,203			2		—
Provision for credit losses	(2)			(3)			(16)			(19)			(29)			N/M		N/M
Noninterest expense (ex. amortization of intangible assets)	706			670			665			647			673			5		5
Amortization of intangible assets	2			4			3			5			9			(50)		(78)
Total noninterest expense	708			674			668			652			682			5		4
Income before income taxes	$	496		$	502		$	521		$	559		$	550		(1)	%	(10)	%


Total revenue by line of business:
Pershing	$	570		$	553		$	566		$	590		$	605		3	%	(6)	%
Treasury Services	338			331			326			319			317			2		7
Clearance and Collateral Management	294			289			281			283			281			2		5
Total revenue by line of business	$	1,202		$	1,173		$	1,173		$	1,192		$	1,203		2	%	—	%


Financial ratios:
Pre-tax operating margin	41		%	43		%	44		%	47		%	46		%
(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

											1Q22 vs.
(dollars in millions, unless otherwise noted)	1Q22		4Q21		3Q21		2Q21		1Q21		4Q21		1Q21
Selected balance sheet data:
Average loans	$	42,113	$	40,812	$	39,041	$	38,360	$	35,094	3	%	20	%
Average assets (a)	$	141,183	$	143,816	$	143,630	$	144,297	$	148,820	(2)	%	(5)	%
Average deposits	$	95,704	$	100,653	$	101,253	$	102,896	$	107,079	(5)	%	(11)	%

Selected metrics:
AUC/A at period end (in trillions) (b)(c)	$	11.6	$	11.8	$	11.2	$	11.1	$	9.9	(2)	%	17	%

Pershing
AUC/A at period end (in trillions) (b)	$	2.5	$	2.6	$	2.6	$	2.8	$	2.6	(4)	%	(4)	%
Net new assets (U.S. platform) (in billions) (d)	$	18	$	69	$	13	$	47	$	32	N/M		N/M
Average active clearing accounts (in thousands)	7,432		7,334		7,259		7,290		7,143		1	%	4	%

Treasury Services
Average daily U.S. dollar payment volumes	240,403		245,634		232,144		230,346		235,975		(2)	%	2	%

Clearance and Collateral Management
Average tri-party collateral management balances (in billions)	$	5,026	$	4,972	$	4,516	$	3,898	$	3,638	1	%	38	%
(a) In business segments where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.
(b) March 31, 2022 information is preliminary.
(c) Consists of AUC/A from the Clearance and Collateral Management and Pershing lines of business.
(d) Net new assets represent net flows of assets (e.g., net cash deposits and net securities transfers, including dividends and interest) in customer accounts in Pershing LLC, a U.S. broker-dealer.
N/M – Not meaningful.


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

																1Q22 vs.
(dollars in millions)	1Q22			4Q21			3Q21			2Q21			1Q21			4Q21		1Q21
Income statement:
Revenue:
Investment management fees	$	848		$	864		$	893		$	876		$	850		(2)	%	—	%
Performance fees	34			32			21			14			40			N/M		(15)
Investment management and performance fees (a)	882			896			914			890			890			(2)		(1)
Distribution and servicing fees	32			28			28			28			28			14		14
Other fees (b)	1			22			20			16			22			N/M		N/M
Total fee revenue	915			946			962			934			940			(3)		(3)
Investment and other revenue (c)	(8)			23			23			18			3			N/M		N/M
Total fee and other revenue (c)	907			969			985			952			943			(6)		(4)
Net interest revenue	57			51			47			47			48			12		19
Total revenue	964			1,020			1,032			999			991			(5)		(3)
Provision for credit losses	(3)			(6)			(7)			(4)			4			N/M		N/M
Noninterest expense (ex. amortization of intangible assets)	748			741			684			669			702			1		7
Amortization of intangible assets	7			7			7			8			7			—		—
Total noninterest expense	755			748			691			677			709			1		6
Income before income taxes	$	212		$	278		$	348		$	326		$	278		(24)	%	(24)	%


Total revenue by line of business:
Investment Management	$	658		$	709		$	727		$	700		$	698		(7)	%	(6)	%
Wealth Management	306			311			305			299			293			(2)		4
Total revenue by line of business	$	964		$	1,020		$	1,032		$	999		$	991		(5)	%	(3)	%

Financial ratios:
Pre-tax operating margin	22		%	27		%	34		%	33		%	28		%
Adjusted pre-tax operating margin – Non-GAAP (d)	24		%	29		%	36		%	35		%	30		%

Selected balance sheet data:
Average loans	$	13,228		$	12,737		$	12,248		$	11,871		$	11,610		4	%	14	%
Average assets (e)	$	35,629		$	31,306		$	30,195		$	30,370		$	32,066		14	%	11	%
Average deposits	$	22,501		$	18,374		$	17,270		$	17,466		$	19,177		22	%	17	%
(a) On a constant currency basis (Non-GAAP), investment management and performance fees increased 1% compared with 1Q21. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of this Non-GAAP measure.
(b) Other fees primarily include investment services fees.
(c) Investment and other revenue and total fee and other revenue are net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds.
(d) Net of distribution and servicing expense. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of this Non-GAAP measure.
(e) In business segments where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.
N/M – Not meaningful.


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

											1Q22 vs.
(dollars in billions)	1Q22		4Q21		3Q21		2Q21		1Q21		4Q21		1Q21
AUM by product type (a)(b):
Equity	$	168	$	187	$	180	$	187	$	173	(10)	%	(3)	%
Fixed income	248		267		269		272		261		(7)		(5)
Index	440		467		436		440		419		(6)		5
Liability-driven investments	812		890		843		841		802		(9)		1
Multi-asset and alternative investments	215		228		218		222		214		(6)		—
Cash	383		395		364		358		345		(3)		11
Total AUM	$	2,266	$	2,434	$	2,310	$	2,320	$	2,214	(7)	%	2	%

Changes in AUM (a)(b):
Beginning balance of AUM	$	2,434	$	2,310	$	2,320	$	2,214	$	2,211
Net inflows (outflows):
Long-term strategies:
Equity	(4)		(4)		(5)		(3)		—
Fixed income	(5)		—		1		8		8
Liability-driven investments	17		1		16		11		8
Multi-asset and alternative investments	(4)		1		(2)		1		(2)
Total long-term active strategies inflows (outflows)	4		(2)		10		17		14
Index	(5)		(2)		(3)		(5)		3
Total long-term strategies (outflows) inflows	(1)		(4)		7		12		17
Short-term strategies:
Cash	(11)		31		7		13		19
Total net (outflows) inflows	(12)		27		14		25		36
Net market impact	(130)		96		4		79		(36)
Net currency impact	(26)		1		(28)		2		3

Ending balance of AUM	$	2,266	$	2,434	$	2,310	$	2,320	$	2,214	(7)	%	2	%

Wealth Management client assets (a)(c)	$	305	$	321	$	307	$	305	$	292	(5)	%	4	%
(a) March 31, 2022 information is preliminary.
(b) Excludes assets managed outside of the Investment and Wealth Management business segment.
(c) Includes AUM and AUC/A in the Wealth Management line of business.


THE BANK OF NEW YORK MELLON CORPORATION
OTHER SEGMENT

(in millions)	1Q22		4Q21		3Q21		2Q21		1Q21
Income statement:
Fee revenue	$	8	$	2	$	12	$	13	$	9
Investment and other revenue	12		19		23		9		(36)
Total fee and other revenue	20		21		35		22		(27)
Net interest (expense)	(32)		(38)		(38)		(45)		(38)
Total revenue	(12)		(17)		(3)		(23)		(65)
Provision for credit losses	17		(1)		(3)		(5)		(8)
Noninterest expense	33		55		16		49		41
(Loss) before taxes	$	(62)	$	(71)	$	(16)	$	(67)	$	(98)


Selected balance sheet data:
Average loans and leases	$	1,319	$	1,337	$	1,528	$	1,804	$	1,711
Average assets	$	42,501	$	45,005	$	46,006	$	46,510	$	51,422


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES PORTFOLIO

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


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

	2022			2021
(dollars in millions)	March 31			Dec. 31			Sept. 30			June 30			March 31
Allowance for credit losses – beginning of period:
Allowance for loan losses	$	196		$	233		$	269		$	327		$	358
Allowance for lending-related commitments	45			40			50			73			121
Allowance for other financial instruments (a)	19			18			16			19			22
Allowance for credit losses – beginning of period	$	260		$	291		$	335		$	419		$	501

Net (charge-offs) recoveries:
Charge-offs	—			(16)			—			(1)			(1)
Recoveries	1			2			1			3			2
Total net (charge-offs) recoveries	1			(14)			1			2			1
Provision for credit losses (b)	2			(17)			(45)			(86)			(83)
Allowance for credit losses – end of period	$	263		$	260		$	291		$	335		$	419

Allowance for credit losses – end of period:
Allowance for loan losses	$	171		$	196		$	233		$	269		$	327
Allowance for lending-related commitments	53			45			40			50			73
Allowance for other financial instruments (a)	39			19			18			16			19
Allowance for credit losses – end of period	$	263		$	260		$	291		$	335		$	419

Allowance for loan losses as a percentage of total loans	0.25		%	0.29		%	0.36		%	0.42		%	0.54		%

Nonperforming assets	$	119		$	120		$	108		$	90		$	112
(a) Includes allowance for credit losses on federal funds sold and securities purchased under resale agreements, available-for-sale securities, accounts receivable, cash and due from banks and interest-bearing deposits with banks.
(b) Includes all other instruments within the scope of ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments.


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

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

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

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

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

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

Return on common and tangible common equity ratios are annualized.



Return on common equity and tangible common equity reconciliation
(dollars in millions)	1Q22			4Q21			3Q21			2Q21			1Q21
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	699		$	822		$	881		$	991		$	858
Add: Amortization of intangible assets	17			19			19			20			24
Less: Tax impact of amortization of intangible assets	4			5			4			5			6
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP	$	712		$	836		$	896		$	1,006		$	876

Average common shareholders’ equity	$	37,363		$	37,941		$	39,755		$	40,393		$	40,720
Less: Average goodwill	17,490			17,481			17,474			17,517			17,494
Average intangible assets	2,979			2,988			2,953			2,975			3,000
Add: Deferred tax liability – tax deductible goodwill	1,184			1,178			1,173			1,163			1,153
Deferred tax liability – intangible assets	673			676			673			675			665
Average tangible common shareholders’ equity – Non-GAAP	$	18,751		$	19,326		$	21,174		$	21,739		$	22,044

Return on common equity – GAAP	7.6		%	8.6		%	8.8		%	9.8		%	8.5		%
Return on tangible common equity – Non-GAAP	15.4		%	17.2		%	16.8		%	18.6		%	16.1		%


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	2022			2021
(dollars in millions, except common shares and unless otherwise noted)	March 31			Dec. 31			Sept. 30			June 30			March 31
BNY Mellon shareholders’ equity at period end – GAAP	$	41,799		$	43,034		$	43,601		$	45,281		$	44,954
Less: Preferred stock	4,838			4,838			4,541			4,541			4,541
BNY Mellon common shareholders’ equity at period end – GAAP	36,961			38,196			39,060			40,740			40,413
Less: Goodwill	17,462			17,512			17,420			17,487			17,469
Intangible assets	2,968			2,991			2,941			2,964			2,983
Add: Deferred tax liability – tax deductible goodwill	1,184			1,178			1,173			1,163			1,153
Deferred tax liability – intangible assets	673			676			673			675			665
BNY Mellon tangible common shareholders’ equity at period end – Non-GAAP	$	18,388		$	19,547		$	20,545		$	22,127		$	21,779

Period-end common shares outstanding (in thousands)	807,798			804,145			825,821			863,174			875,481

Book value per common share – GAAP	$	45.76		$	47.50		$	47.30		$	47.20		$	46.16
Tangible book value per common share – Non-GAAP	$	22.76		$	24.31		$	24.88		$	25.64		$	24.88



Net interest margin reconciliation
(dollars in millions)	1Q22			4Q21			3Q21			2Q21			1Q21
Net interest revenue – GAAP	$	698		$	677		$	641		$	645		$	655
Add: Tax equivalent adjustment	3			4			3			3			3
Net interest revenue (FTE) – Non-GAAP	$	701		$	681		$	644		$	648		$	658

Average interest-earning assets	$	373,186		$	381,682		$	381,065		$	388,285		$	397,297

Net interest margin – GAAP (a)	0.75		%	0.71		%	0.67		%	0.67		%	0.66		%
Net interest margin (FTE) – Non-GAAP (a)	0.76		%	0.71		%	0.68		%	0.67		%	0.67		%
(a) Net interest margin is annualized.


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)	1Q22			4Q21			3Q21			2Q21			1Q21
Income before income taxes – GAAP	$	212		$	278		$	348		$	326		$	278

Total revenue – GAAP	$	964		$	1,020		$	1,032		$	999		$	991
Less: Distribution and servicing expense	79			75			76			74			75
Adjusted total revenue, net of distribution and servicing expense – Non-GAAP	$	885		$	945		$	956		$	925		$	916

Pre-tax operating margin – GAAP (a)	22		%	27		%	34		%	33		%	28		%
Adjusted pre-tax operating margin, net of distribution and servicing expense – Non-GAAP (a)	24		%	29		%	36		%	35		%	30		%
(a) Income before income taxes divided by total revenue.



Constant currency reconciliations							1Q22 vs.
(dollars in millions)	1Q22			1Q21			1Q21
Consolidated:
Investment management and performance fees – GAAP	$	883		$	890		(1)		%
Impact of changes in foreign currency exchange rates	—			(15)
Adjusted investment management and performance fees – Non-GAAP	$	883		$	875		1		%


Investment and Wealth Management business segment:
Investment management and performance fees – GAAP	$	882		$	890		(1)		%
Impact of changes in foreign currency exchange rates	—			(15)
Adjusted investment management and performance fees – Non-GAAP	$	882		$	875		1		%