The Bank of New York Mellon Corporation 8K Bny Mellon Reports Second Quarter 2021 Earnings of | BK 15 Jul 21


The Bank of New York Mellon Corporation

Financial Supplement

Second Quarter 2021


Table of Contents




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

Business Segment Results
Investment Services Business						9
Investment and Wealth Management Business						11
AUM by Product, AUM Flows and Wealth Management Client Assets						12
Other Segment						13

Other
Securities Portfolio						14
Allowance for Credit Losses and Nonperforming Assets						15

Supplemental Information – Explanation of GAAP and Non-GAAP Financial Measures						16


THE BANK OF NEW YORK MELLON CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per common share amounts, or unless otherwise noted)																2Q21 vs.										YTD21 vs.
	2Q21			1Q21			4Q20			3Q20			2Q20			1Q21		2Q20		YTD21			YTD20			YTD20
Selected income statement data
Fee revenue	$	3,224		$	3,257		$	3,114		$	3,074		$	3,089		(1)	%	4	%	$	6,481		$	6,327		2	%
Other revenue	91			9			49			70			141			N/M		N/M		100			197			N/M
Total fee and other revenue	3,315			3,266			3,163			3,144			3,230			2		3		6,581			6,524			1
Net interest revenue	645			655			680			703			780			(2)		(17)		1,300			1,594			(18)
Total revenue	3,960			3,921			3,843			3,847			4,010			1		(1)		7,881			8,118			(3)
Provision for credit losses	(86)			(83)			15			9			143			N/M		N/M		(169)			312			N/M
Noninterest expense	2,778			2,851			2,925			2,681			2,686			(3)		3		5,629			5,398			4
Income before income taxes	1,268			1,153			903			1,157			1,181			10		7		2,421			2,408			1
Provision for income taxes	241			221			148			213			216			9		12		462			481			(4)
Net income	$	1,027		$	932		$	755		$	944		$	965		10	%	6	%	$	1,959		$	1,927		2	%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	991		$	858		$	702		$	876		$	901		16	%	10	%	$	1,849		$	1,845		—	%
Diluted earnings per common share	$	1.13		$	0.97		$	0.79		$	0.98		$	1.01		16	%	12	%	$	2.10		$	2.06		2	%
Average common shares and equivalents outstanding – diluted (in thousands)	873,475			885,655			891,846			891,069			890,561			(1)	%	(2)	%	879,409			893,603			(2)	%

Financial ratios (Returns are annualized)
Pre-tax operating margin	32		%	29		%	24		%	30		%	29		%					31		%	30		%
Return on common equity	9.8		%	8.5		%	6.9		%	8.7		%	9.4		%					9.2		%	9.7		%
Return on tangible common equity – Non-GAAP (a)	18.6		%	16.1		%	13.0		%	16.7		%	18.5		%					17.3		%	19.4		%
Non-U.S. revenue as a percentage of total revenue	38		%	37		%	38		%	37		%	36		%					38		%	36		%

Period end
Assets under custody and/or administration (“AUC/A”) (in trillions) (b)	$	45.0		$	41.7		$	41.1		$	38.6		$	37.3		8	%	21	%
Assets under management (“AUM”) (in trillions)	$	2.32		$	2.21		$	2.21		$	2.04		$	1.96		5	%	18	%
Full-time employees	48,800			48,000			48,500			48,600			48,300			2	%	1	%
Book value per common share	$	47.20		$	46.16		$	46.53		$	45.58		$	44.21
Tangible book value per common share – Non-GAAP (a)	$	25.64		$	24.88		$	25.44		$	24.60		$	23.31
Cash dividends per common share	$	0.31		$	0.31		$	0.31		$	0.31		$	0.31
Common dividend payout ratio	27		%	32		%	39		%	32		%	31		%
Closing stock price per common share	$	51.23		$	47.29		$	42.44		$	34.34		$	38.65
Market capitalization	$	44,220		$	41,401		$	37,634		$	30,430		$	34,239
Common shares outstanding (in thousands)	863,174			875,481			886,764			886,136			885,862

Capital ratios at period end (c)
Common Equity Tier 1 ("CET1") ratio	12.6		%	12.6		%	13.1		%	13.0		%	12.6		%
Tier 1 capital ratio	15.2		%	15.2		%	15.8		%	15.7		%	15.4		%
Total capital ratio	16.0		%	16.1		%	16.7		%	16.6		%	16.3		%
Tier 1 leverage ratio	6.0		%	5.8		%	6.3		%	6.5		%	6.2		%
Supplementary leverage ratio ("SLR")	7.5		%	8.1		%	8.6		%	8.5		%	8.2		%
(a) Non-GAAP information, for all periods presented, excludes goodwill and intangible assets, net of deferred tax liabilities. See "Supplemental Information – Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 16 for the reconciliation of Non-GAAP measures.
(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 June 30, 2021, $1.6 trillion at March 31, 2021, $1.5 trillion at Dec. 31, 2020, $1.4 trillion at Sept. 30, 2020 and $1.3 trillion at June 30, 2020.
(c) Regulatory capital ratios for June 30, 2021 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for June 30, 2021 and March 31, 2021 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, and for Dec. 31, 2020, Sept. 30, 2020 and June 30, 2020, was the Advanced Approaches.
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED INCOME STATEMENT

(dollars in millions, except per share amounts; common shares in thousands)											2Q21 vs.								YTD21 vs.
	2Q21		1Q21		4Q20		3Q20		2Q20		1Q21		2Q20		YTD21		YTD20		YTD20
Revenue
Investment services fees:
Asset servicing fees	$	1,200	$	1,199	$	1,138	$	1,168	$	1,173	—	%	2	%	$	2,399	$	2,332	3	%
Clearing services fees	435		455		418		397		431		(4)		1		890		901		(1)
Issuer services fees	281		245		257		295		277		15		1		526		540		(3)
Treasury services fees	160		157		156		152		144		2		11		317		293		8
Total investment services fees	2,076		2,056		1,969		2,012		2,025		1		3		4,132		4,066		2
Investment management and performance fees	889		890		884		835		786		—		13		1,779		1,648		8
Foreign exchange revenue	184		231		187		149		193		(20)		(5)		415		438		(5)
Financing-related fees	48		51		46		49		58		(6)		(17)		99		117		(15)
Distribution and servicing	27		29		28		29		27		(7)		—		56		58		(3)
Total fee revenue	3,224		3,257		3,114		3,074		3,089		(1)		4		6,481		6,327		2
Investment and other income	89		9		43		61		132		N/M		N/M		98		179		N/M
Net securities gains	2		—		6		9		9		N/M		N/M		2		18		N/M
Total other revenue	91		9		49		70		141		N/M		N/M		100		197		N/M
Total fee and other revenue	3,315		3,266		3,163		3,144		3,230		2		3		6,581		6,524		1
Net interest revenue	645		655		680		703		780		(2)		(17)		1,300		1,594		(18)
Total revenue	3,960		3,921		3,843		3,847		4,010		1		(1)		7,881		8,118		(3)
Provision for credit losses	(86)		(83)		15		9		143		N/M		N/M		(169)		312		N/M
Noninterest expense
Staff	1,518		1,602		1,554		1,466		1,464		(5)		4		3,120		2,946		6
Software and equipment	365		362		359		340		345		1		6		727		671		8
Professional, legal and other purchased services	363		343		381		355		337		6		8		706		667		6
Sub-custodian and clearing	132		124		116		119		120		6		10		256		225		14
Net occupancy	122		123		173		136		137		(1)		(11)		245		272		(10)
Distribution and servicing	73		74		75		85		85		(1)		(14)		147		176		(16)
Bank assessment charges	35		34		24		30		35		3		—		69		70		(1)
Amortization of intangible assets	20		24		26		26		26		(17)		(23)		44		52		(15)
Business development	22		19		26		17		20		16		10		41		62		(34)
Other	128		146		191		107		117		(12)		9		274		257		7
Total noninterest expense	2,778		2,851		2,925		2,681		2,686		(3)		3		5,629		5,398		4
Income before income taxes	1,268		1,153		903		1,157		1,181		10		7		2,421		2,408		1
Provision for income taxes	241		221		148		213		216		9		12		462		481		(4)
Net income	1,027		932		755		944		965		10		6		1,959		1,927		2
Net (income) loss attributable to noncontrolling interests	(5)		(5)		(5)		(7)		(15)		N/M		N/M		(10)		3		N/M
Preferred stock dividends	(31)		(69)		(48)		(61)		(49)		N/M		N/M		(100)		(85)		N/M
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	991	$	858	$	702	$	876	$	901	16	%	10	%	$	1,849	$	1,845	—	%

Average common shares and equivalents outstanding: Basic	869,460		882,558		889,928		889,499		889,020		(1)	%	(2)	%	876,006		891,642		(2)	%
Diluted	873,475		885,655		891,846		891,069		890,561		(1)	%	(2)	%	879,409		893,603		(2)	%

Earnings per common share: Basic	$	1.14	$	0.97	$	0.79	$	0.98	$	1.01	18	%	13	%	$	2.11	$	2.06	2	%
Diluted	$	1.13	$	0.97	$	0.79	$	0.98	$	1.01	16	%	12	%	$	2.10	$	2.06	2	%
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET

	2021				2020
(in millions)	June 30		March 31			Dec. 31		Sept. 30		June 30
Assets
Cash and due from banks	$	5,154	$	5,991		$	6,252	$	4,104	$	4,776
Interest-bearing deposits with the Federal Reserve and other central banks	126,355		125,524			141,775		106,185		112,728
Interest-bearing deposits with banks	21,270		23,763			17,300		19,027		18,045
Federal funds sold and securities purchased under resale agreements	29,762		28,263			30,907		29,647		36,638
Securities	155,906		155,844			156,441		155,339		154,682
Trading assets	15,520		16,884			15,272		13,074		14,150
Loans	63,547		60,732			56,469		55,491		55,397
Allowance for loan losses	(269)		(327)			(358)		(325)		(302)
Net loans	63,278		60,405			56,111		55,166		55,095
Premises and equipment	3,442		3,521			3,602		3,617		3,598
Accrued interest receivable	492		485			510		489		540
Goodwill	17,487		17,469			17,496		17,357		17,253
Intangible assets	2,964		2,983			3,012		3,026		3,045
Other assets	25,333		23,852			20,955		21,367		21,766
Total assets	$	466,963	$	464,984		$	469,633	$	428,398	$	442,316
Liabilities
Deposits	$	338,670	$	336,768		$	341,545	$	296,312	$	305,470
Federal funds purchased and securities sold under repurchase agreements	12,425		15,150			11,305		15,907		14,512
Trading liabilities	6,451		4,566			6,031		6,084		5,595
Payables to customers and broker-dealers	23,704		23,827			25,085		23,514		25,012
Commercial paper	—		—			—		671		665
Other borrowed funds	451		348			350		420		1,628
Accrued taxes and other expenses	5,213		4,916			5,696		5,347		5,029
Other liabilities	8,626		8,656			7,517		8,675		12,873
Long-term debt	25,629		25,350			25,984		26,121		27,566
Total liabilities	421,169		419,581			423,513		383,051		398,350
Temporary equity
Redeemable noncontrolling interests	169		187			176		179		157
Permanent equity
Preferred stock	4,541		4,541			4,541		4,532		4,532
Common stock	14		14			14		14		14
Additional paid-in capital	28,006		27,928			27,823		27,741		27,702
Retained earnings	35,540		34,822			34,241		33,821		33,224
Accumulated other comprehensive loss, net of tax	(1,670)		(1,819)			(985)		(1,359)		(1,943)
Less: Treasury stock, at cost	(21,150)		(20,532)			(19,833)		(19,832)		(19,832)
Total The Bank of New York Mellon Corporation shareholders’ equity	45,281		44,954			45,801		44,917		43,697
Nonredeemable noncontrolling interests of consolidated investment management funds	344		262			143		251		112
Total permanent equity	45,625		45,216			45,944		45,168		43,809
Total liabilities, temporary equity and permanent equity	$	466,963	$	464,984		$	469,633	$	428,398	$	442,316


THE BANK OF NEW YORK MELLON CORPORATION
FEE AND OTHER REVENUE

											2Q21 vs.								YTD21 vs.
(dollars in millions)	2Q21		1Q21		4Q20		3Q20		2Q20		1Q21		2Q20		YTD21		YTD20		YTD20
Investment services fees:
Asset servicing fees (a)	$	1,155	$	1,154	$	1,099	$	1,128	$	1,117	—	%	3	%	$	2,309	$	2,225	4	%
Securities lending revenue	45		45		39		40		56		—		(20)		90		107		(16)
Clearing services fees (b)	435		455		418		397		431		(4)		1		890		901		(1)
Issuer services fees	281		245		257		295		277		15		1		526		540		(3)
Treasury services fees	160		157		156		152		144		2		11		317		293		8
Total investment services fees	2,076		2,056		1,969		2,012		2,025		1		3		4,132		4,066		2
Investment management and performance fees:
Investment management fees (c)	875		850		839		828		781		3		12		1,725		1,593		8
Performance fees	14		40		45		7		5		N/M		N/M		54		55		(2)
Total investment management and performance fees (d)	889		890		884		835		786		—		13		1,779		1,648		8
Foreign exchange revenue	184		231		187		149		193		(20)		(5)		415		438		(5)
Financing-related fees	48		51		46		49		58		(6)		(17)		99		117		(15)
Distribution and servicing	27		29		28		29		27		(7)		—		56		58		(3)
Total fee revenue	3,224		3,257		3,114		3,074		3,089		(1)		4		6,481		6,327		2
Investment and other income:
Income from consolidated investment management funds	13		17		41		27		54		N/M		N/M		30		16		N/M
Seed capital gains (losses) (e)	18		3		22		9		23		N/M		N/M		21		(8)		N/M
Other trading (loss) revenue	(1)		(7)		(31)		(14)		(8)		N/M		N/M		(8)		58		N/M
Renewable energy investment (losses)	(41)		(81)		(27)		(34)		(34)		N/M		N/M		(122)		(68)		N/M
Corporate/bank-owned life insurance	29		33		43		33		36		N/M		N/M		62		72		N/M
Other investments gains (f)	23		11		18		11		13		N/M		N/M		34		6		N/M
Disposal gains (losses)	6		—		(61)		—		—		N/M		N/M		6		—		N/M
Expense reimbursements from joint venture	25		23		22		23		19		N/M		N/M		48		40		N/M
Other income	17		10		16		6		29		N/M		N/M		27		63		N/M
Total investment and other income	89		9		43		61		132		N/M		N/M		98		179		N/M
Net securities gains	2		—		6		9		9		N/M		N/M		2		18		N/M
Total other revenue	91		9		49		70		141		N/M		N/M		100		197		N/M
Total fee and other revenue	$	3,315	$	3,266	$	3,163	$	3,144	$	3,230	2	%	3	%	$	6,581	$	6,524	1	%
(a) Asset servicing fees include the fees from the Clearance and Collateral Management business.
(b) Clearing services fees are almost entirely earned by our Pershing business.
(c) Excludes seed capital gains (losses) related to consolidated investment management funds.
(d) On a constant currency basis (Non-GAAP), investment management and performance fees increased 9% compared with 2Q20. See "Supplemental Information – Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 16 for the reconciliation of this Non-GAAP measure.
(e) Includes gains (losses) on investments in BNY Mellon funds which hedge deferred incentive awards.
(f) Includes strategic equity, private equity and other investments.
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
AVERAGE BALANCES AND INTEREST RATES
	2Q21				1Q21				4Q20				3Q20				2Q20
	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	$	114,564	(0.09)	%	$	125,930	(0.05)	%	$	112,274	(0.04)	%	$	90,670	(0.04)	%	$	94,229	(0.03)	%
Interest-bearing deposits with banks (primarily foreign banks)	22,465		0.20		21,313		0.27		19,281		0.32		19,202		0.42		21,093		0.76
Federal funds sold and securities purchased under resale agreements (a)	27,857		0.36		29,186		0.44		28,389		0.55		30,342		0.63		30,265		0.82
Margin loans	18,995		1.04		15,891		1.14		14,097		1.23		12,870		1.24		12,791		1.28
Non-margin loans:
Domestic offices	36,455		1.90		31,218		2.02		30,855		2.08		30,053		2.12		31,185		2.21
Foreign offices	5,070		1.14		9,680		1.18		9,776		1.31		10,693		1.45		12,743		1.84
Total non-margin loans	41,525		1.81		40,898		1.82		40,631		1.90		40,746		1.94		43,928		2.10
Securities:
U.S. government obligations	33,212		1.42		28,759		1.43		27,783		1.46		30,073		1.36		27,901		1.52
U.S. government agency obligations	72,809		1.46		77,623		1.50		79,712		1.56		78,300		1.68		74,583		1.92
State and political subdivisions (b)	2,768		1.96		2,526		1.92		2,104		2.01		1,500		2.51		1,025		2.98
Other securities (b)	47,451		0.26		47,030		0.50		46,280		0.48		46,719		0.59		45,511		0.82
Total investment securities (b)	156,240		1.10		155,938		1.19		155,879		1.23		156,592		1.30		149,020		1.51
Trading securities (b)	6,639		0.72		8,141		0.95		8,123		0.95		7,212		0.91		6,236		1.13
Total securities (b)	162,879		1.08		164,079		1.18		164,002		1.22		163,804		1.28		155,256		1.50
Total interest-earning assets (b)	$	388,285	0.71	%	$	397,297	0.75	%	$	378,674	0.82	%	$	357,634	0.92	%	$	357,562	1.06	%
Noninterest-earning assets	64,044				63,082				58,814				57,231				57,797
Total assets	$	452,329			$	460,379			$	437,488			$	414,865			$	415,359

Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits:
Domestic offices	$	126,953	(0.02)	%	$	128,543	(0.02)	%	$	119,012	(0.02)	%	$	102,767	(0.01)	%	$	102,135	0.06	%
Foreign offices	112,513		(0.15)		116,572		(0.10)		112,306		(0.10)		108,733		(0.09)		108,508		(0.12)
Total interest-bearing deposits	239,466		(0.08)		245,115		(0.06)		231,318		(0.06)		211,500		(0.05)		210,643		(0.03)
Federal funds purchased and securities sold under repurchase agreements (a)	13,773		(0.17)		15,288		(0.07)		14,452		0.01		16,850		0.13		14,209		0.03
Trading liabilities	2,282		0.38		2,227		0.53		2,408		0.72		2,692		0.30		1,974		0.39
Other borrowed funds	298		2.21		331		2.01		338		1.71		873		1.40		2,272		1.30
Commercial paper	—		—		—		—		275		0.10		2,274		0.09		191		1.02
Payables to customers and broker-dealers	16,811		(0.01)		17,691		(0.01)		17,521		(0.01)		18,501		(0.01)		18,742		(0.01)
Long-term debt	25,275		1.43		26,199		1.81		25,704		1.88		26,511		2.01		28,122		2.42
Total interest-bearing liabilities	$	297,905	0.05	%	$	306,851	0.11	%	$	292,016	0.13	%	$	279,201	0.16	%	$	276,153	0.24	%
Total noninterest-bearing deposits	85,802				83,429				75,840				67,610				72,411
Other noninterest-bearing liabilities	23,317				24,556				23,783				23,393				24,121
Total The Bank of New York Mellon Corporation shareholders’ equity	44,934				45,261				45,539				44,456				42,486
Noncontrolling interests	371				282				310				205				188
Total liabilities and equity	$	452,329			$	460,379			$	437,488			$	414,865			$	415,359
Net interest margin			0.67	%			0.66	%			0.72	%			0.79	%			0.88	%
Net interest margin (FTE) – Non-GAAP (c)			0.67	%			0.67	%			0.72	%			0.79	%			0.88	%
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $41 billion for 2Q21, $37 billion for 1Q21, $41 billion for 4Q20, $43 billion for 3Q20 and $67 billion for 2Q20. On a Non-GAAP basis, excluding the impact of offsetting, the yield on federal funds sold and securities purchased under resale agreements would have been 0.15% for 2Q21, 0.19% for 1Q21, 0.23% for 4Q20 and 0.26% for 3Q20 and 2Q20. 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 (0.04)% for 2Q21, (0.02)% for 1Q21, 0.00% for 4Q20, 0.04% for 3Q20 and 0.00% for 2Q20. We believe providing the rates excluding the impact of netting is useful to investors as it is more reflective of the actual rates earned and paid.
(b) Average rates were calculated on an FTE basis, at tax rates of approximately 21%.
(c) See "Supplemental Information – Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 16 for the reconciliation of this Non-GAAP measure.


THE BANK OF NEW YORK MELLON CORPORATION
CAPITAL AND LIQUIDITY

	2021						2020
(dollars in millions)	June 30			March 31				Dec. 31				Sept. 30				June 30
Consolidated regulatory capital ratios (a)
Standardized Approach:
CET1 capital	$	21,457		$	21,090			$	21,875			$	21,171			$	20,035
Tier 1 capital	25,891			25,534				26,310				25,611				24,478
Total capital	27,459			27,190				28,038				27,327				26,183
Risk-weighted assets	169,870			167,510				163,848				156,698				157,290

CET1 ratio	12.6		%	12.6		%		13.4		%		13.5		%		12.7		%
Tier 1 capital ratio	15.2			15.2				16.1				16.3				15.6
Total capital ratio	16.2			16.2				17.1				17.4				16.6

Advanced Approaches:
CET1 capital	$	21,457		$	21,090			$	21,875			$	21,171			$	20,035
Tier 1 capital	25,891			25,534				26,310				25,611				24,478
Total capital	27,172			26,908				27,795				27,081				25,937
Risk-weighted assets	169,322			167,035				166,426				163,108				159,340

CET1 ratio	12.7		%	12.6		%		13.1		%		13.0		%		12.6		%
Tier 1 capital ratio	15.3			15.3				15.8				15.7				15.4
Total capital ratio	16.0			16.1				16.7				16.6				16.3

Tier 1 leverage ratio:
Average assets for Tier 1 leverage ratio	$	432,948		$	440,968			$	417,982			$	394,945			$	394,394
Tier 1 leverage ratio	6.0		%	5.8		%		6.3		%		6.5		%		6.2		%

SLR:
Leverage exposure	$	347,127		$	314,334		(b)	$	304,823		(b)	$	300,265		(b)	$	297,300		(b)
SLR	7.5		%	8.1		%	(b)	8.6		%	(b)	8.5		%	(b)	8.2		%	(b)

Average liquidity coverage ratio	110		%	110		%		110		%		111		%		112		%
(a) Regulatory capital ratios for June 30, 2021 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for June 30, 2021 and March 31, 2021 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, and for Dec. 31, 2020, Sept. 30, 2020 and June 30, 2020, was the Advanced Approaches.
(b) Reflects the temporary exclusion of U.S. Treasury securities from the leverage exposure used in the SLR calculation which increased our consolidated SLR by 68 basis points at March 31, 2021, 72 basis points at Dec. 31, 2020, 78 basis points at Sept. 30, 2020 and 40 basis points at June 30, 2020. The temporary exclusion ceased to apply beginning April 1, 2021.


THE BANK OF NEW YORK MELLON CORPORATION
INVESTMENT SERVICES BUSINESS

																2Q21 vs.										YTD21 vs.
(dollars in millions)	2Q21			1Q21			4Q20			3Q20			2Q20			1Q21		2Q20		YTD21			YTD20			YTD20
Revenue:
Investment services fees:
Asset servicing fees (ex. securities lending revenue) (a)	$	1,150		$	1,150		$	1,094		$	1,119		$	1,113		—	%	3	%	$	2,300		$	2,214		4	%
Securities lending revenue	42			41			36			37			51			2		(18)		83			97			(14)
Clearing services fees (b)	435			455			418			397			431			(4)		1		890			901			(1)
Issuer services fees	281			245			257			295			277			15		1		526			540			(3)
Treasury services fees	160			157			156			152			144			2		11		317			293			8
Total investment services fees	2,068			2,048			1,961			2,000			2,016			1		3		4,116			4,045			2
Foreign exchange revenue	152			193			163			126			164			(21)		(7)		345			392			(12)
Other (c)	116			104			111			120			159			12		(27)		220			338			(35)
Total fee and other revenue	2,336			2,345			2,235			2,246			2,339			—		—		4,681			4,775			(2)
Net interest revenue	643			645			670			681			768			—		(16)		1,288			1,574			(18)
Total revenue	2,979			2,990			2,905			2,927			3,107			—		(4)		5,969			6,349			(6)
Provision for credit losses	(77)			(79)			31			(10)			145			N/M		N/M		(156)			294			N/M
Noninterest expense (ex. amortization of intangible assets)	2,040			2,084			2,157			2,002			1,971			(2)		4		4,124			3,940			5
Amortization of intangible assets	12			17			17			18			18			(29)		(33)		29			36			(19)
Total noninterest expense	2,052			2,101			2,174			2,020			1,989			(2)		3		4,153			3,976			4
Income before taxes	$	1,004		$	968		$	700		$	917		$	973		4	%	3	%	$	1,972		$	2,079		(5)	%

Pre-tax operating margin	34		%	32		%	24		%	31		%	31		%					33		%	33		%

Total revenue by line of business:
Asset Servicing	$	1,382		$	1,424		$	1,357		$	1,354		$	1,463		(3)	%	(6)	%	$	2,806		$	2,994		(6)	%
Pershing	590			605			563			538			578			(2)		2		1,195			1,231			(3)
Issuer Services	405			363			385			435			431			12		(6)		768			850			(10)
Treasury Services	319			317			325			323			340			1		(6)		636			679			(6)
Clearance and Collateral Management	283			281			275			277			295			1		(4)		564			595			(5)
Total revenue by line of business	$	2,979		$	2,990		$	2,905		$	2,927		$	3,107		—	%	(4)	%	$	5,969		$	6,349		(6)	%
(a) Asset servicing fees include the fees from the Clearance and Collateral Management business.
(b) Clearing services fees are almost entirely earned by our Pershing business.
(c) Other revenue includes investment management fees, financing-related fees, distribution and servicing revenue, securities gains and losses and investment and other income.
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
INVESTMENT SERVICES BUSINESS

											2Q21 vs.								YTD21 vs.
(dollars in millions, unless otherwise noted)	2Q21		1Q21		4Q20		3Q20		2Q20		1Q21		2Q20		YTD21		YTD20		YTD20
Average loans	$	46,845	$	43,468	$	41,437	$	40,308	$	43,113	8	%	9	%	$	45,166	$	42,451	6	%
Average assets	$	383,330	$	385,054	$	358,270	$	329,324	$	335,288	—	%	14	%	$	384,187	$	319,689	20	%
Average deposits	$	313,923	$	315,088	$	292,631	$	263,621	$	268,467	—	%	17	%	$	314,502	$	255,327	23	%

AUC/A at period end (in trillions) (a)(b)	$	45.0	$	41.7	$	41.1	$	38.6	$	37.3	8	%	21	%
Market value of securities on loan at period end (in billions) (c)	$	456	$	445	$	435	$	378	$	384	2	%	19	%

Pershing
Net new assets (U.S. platform) (in billions) (d)	$	40	$	28	$	28	$	12	$	11	N/M		N/M
Average active clearing accounts (U.S. platform) (in thousands)	6,889		6,757		6,635		6,556		6,507		2	%	6	%
Average long-term mutual fund assets (U.S. platform)	$	730,954	$	678,556	$	630,086	$	597,312	$	547,579	8	%	33	%
Average investor margin loans (U.S. platform)	$	12,097	$	10,937	$	10,097	$	9,350	$	9,235	11	%	31	%

Clearance and Collateral Management
Average tri-party collateral management balances (in billions)	$	3,898	$	3,638	$	3,555	$	3,417	$	3,573	7	%	9	%
(a) June 30, 2021 information is preliminary.
(b) Consists of AUC/A primarily from the Asset Servicing business and, to a lesser extent, the Clearance and Collateral Management, Issuer Services, Pershing and Wealth Management businesses. Includes the AUC/A of CIBC Mellon of $1.7 trillion at June 30, 2021, $1.6 trillion at March 31, 2021, $1.5 trillion at Dec. 31, 2020, $1.4 trillion at Sept. 30, 2020 and $1.3 trillion at June 30, 2020.
(c) Represents the total amount of securities on loan in our agency securities lending program managed by the Investment Services business. Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $63 billion at June 30, 2021, $64 billion at March 31, 2021, $68 billion at Dec. 31, 2020 and $62 billion at Sept. 30, 2020 and June 30, 2020.
(d) Net new assets represent net flows of assets excluding dividends and interest (e.g., net cash deposits and net securities transfers) in customer accounts in Pershing LLC, a U.S. broker-dealer.
N/M – Not meaningful.


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

																2Q21 vs.										YTD21 vs.
(dollars in millions)	2Q21			1Q21			4Q20			3Q20			2Q20			1Q21		2Q20		YTD21			YTD20			YTD20
Revenue:
Investment management fees (a)	$	876		$	850		$	839		$	828		$	782		3	%	12	%	$	1,726		$	1,594		8	%
Performance fees	14			40			45			7			5			N/M		180		54			55			(2)
Investment management and performance fees (b)	890			890			884			835			787			—		13		1,780			1,649			8
Distribution and servicing	28			28			29			31			34			—		(18)		56			77			(27)
Other (a)	34			25			27			5			17			N/M		N/M		59			(42)			N/M
Total fee and other revenue (a)	952			943			940			871			838			1		14		1,895			1,684			13
Net interest revenue	47			48			50			47			48			(2)		(2)		95			100			(5)
Total revenue	999			991			990			918			886			1		13		1,990			1,784			12
Provision for credit losses	(4)			4			(8)			12			7			N/M		N/M		—			16			N/M
Noninterest expense (ex. amortization of intangible assets)	669			702			678			653			650			(5)		3		1,371			1,337			3
Amortization of intangible assets	8			7			9			8			8			14		—		15			16			(6)
Total noninterest expense	677			709			687			661			658			(5)		3		1,386			1,353			2
Income before taxes	$	326		$	278		$	311		$	245		$	221		17	%	48	%	$	604		$	415		46	%

Pre-tax operating margin	33		%	28		%	32		%	27		%	25		%					30		%	23		%
Adjusted pre-tax operating margin – Non-GAAP (c)	35		%	30		%	34		%	29		%	28		%					33		%	26		%

Total revenue by line of business:
Investment Management	$	700		$	698		$	714		$	641		$	621		—	%	13	%	$	1,398		$	1,241		13	%
Wealth Management	299			293			276			277			265			2		13		592			543			9
Total revenue by line of business	$	999		$	991		$	990		$	918		$	886		1	%	13	%	$	1,990		$	1,784		12	%

Average loans	$	11,871		$	11,610		$	11,497		$	11,503		$	11,791		2	%	1	%	$	11,742		$	11,958		(2)	%
Average assets	$	30,370		$	32,066		$	30,804		$	30,160		$	30,327		(5)	%	—	%	$	31,213		$	30,435		3	%
Average deposits	$	17,466		$	19,177		$	18,144		$	17,570		$	17,491		(9)	%	—	%	$	18,317		$	16,817		9	%
(a) Total fee and other revenue includes the impact of the consolidated investment management funds, net of noncontrolling interests. Additionally, other revenue includes asset servicing fees, treasury services fees, foreign exchange revenue and investment and other income.
(b) On a constant currency basis (Non-GAAP), investment management and performance fees increased 9% compared with 2Q20. See "Supplemental Information – Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 16 for the reconciliation of this Non-GAAP measure.
(c) Net of distribution and servicing expense. See "Supplemental Information – Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 16 for the reconciliation of this Non-GAAP measure.
N/M – Not meaningful.


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

											2Q21 vs.								YTD21 vs.
(dollars in billions)	2Q21		1Q21		4Q20		3Q20		2Q20		1Q21		2Q20		YTD21		YTD20		YTD20
AUM by product type (a)(b)
Equity	$	187	$	173	$	170	$	149	$	141	8	%	33	%
Fixed income	272		261		259		241		224		4		21
Index	440		419		393		350		333		5		32
Liability-driven investments	841		802		855		788		752		5		12
Multi-asset and alternative investments	222		214		209		193		185		4		20
Cash	358		345		325		320		326		4		10
Total AUM by product type	$	2,320	$	2,214	$	2,211	$	2,041	$	1,961	5	%	18	%

Changes in AUM (a)(b)
Beginning balance of AUM	$	2,214	$	2,211	$	2,041	$	1,961	$	1,796					$	2,211	$	1,910
Net inflows (outflows):
Long-term strategies:
Equity	(3)		—		(2)		(4)		(2)						(3)		(4)
Fixed income	8		8		5		1		4						16		4
Liability-driven investments	11		8		15		14		(2)						19		(7)
Multi-asset and alternative investments	1		(2)		—		(3)		—						(1)		(1)
Total long-term active strategies inflows (outflows)	17		14		18		8		—						31		(8)
Index	(5)		3		(3)		(3)		9						(2)		12
Total long-term strategies inflows	12		17		15		5		9						29		4
Short-term strategies:
Cash	13		19		5		(10)		11						32		54
Total net inflows (outflows)	25		36		20		(5)		20						61		58
Net market impact	79		(36)		93		41		143						43		52
Net currency impact	2		3		57		44		2						5		(59)

Ending balance of AUM	$	2,320	$	2,214	$	2,211	$	2,041	$	1,961	5	%	18	%	$	2,320	$	1,961	18	%

Wealth Management client assets (a)(c)	$	305	$	292	$	286	$	265	$	254	4	%	20	%
(a) June 30, 2021 information is preliminary.
(b) Excludes securities lending cash management assets and assets managed in the Investment Services business.
(c) Includes AUM and AUC/A in the Wealth Management business.


THE BANK OF NEW YORK MELLON CORPORATION
OTHER SEGMENT

(in millions)	2Q21		1Q21		4Q20		3Q20		2Q20		YTD21		YTD20
Fee revenue	$	13	$	9	$	11	$	7	$	10	$	22	$	16
Other revenue	9		(36)		(28)		13		28		(27)		52
Total fee and other revenue	22		(27)		(17)		20		38		(5)		68
Net interest (expense)	(45)		(38)		(40)		(25)		(36)		(83)		(80)
Total revenue	(23)		(65)		(57)		(5)		2		(88)		(12)
Provision for credit losses	(5)		(8)		(8)		7		(9)		(13)		2
Noninterest expense	49		41		64		—		39		90		69
(Loss) before taxes	$	(67)	$	(98)	$	(113)	$	(12)	$	(28)	$	(165)	$	(83)

Average loans and leases	$	1,804	$	1,711	$	1,794	$	1,805	$	1,815	$	1,757	$	1,887
Average assets	$	38,629	$	43,259	$	48,414	$	55,381	$	49,744	$	40,932	$	50,194


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES PORTFOLIO

(dollars in millions)	March 31, 2021			2Q21 change in unrealized gain (loss)		June 30, 2021					Fair value as a % of amortized cost (a)		Unrealized gain (loss)			% Floating rate			Ratings (c)
						Amortized cost		Fair value											AAA/ AA-		A+/ A-		BBB+/ BBB-		BB+ and lower		A1+/ A2 & SP-1		Not rated
	Fair value																	(b)
Agency RMBS	$	58,831		$	66	$	53,154	$	53,944		101	%	$	790		14	%		100	%	—	%	—	%	—	%	—	%	—	%
U.S. Treasury	30,595			(28)		34,112		34,267			100		155			53			100		—		—		—		—		—
Sovereign debt/sovereign guaranteed	14,571			(6)		14,098		14,209			101		111			16			75		5		19		1		—		—
Agency commercial MBS	11,730			72		11,360		11,678			103		318			30			100		—		—		—		—		—
Supranational	7,505			—		8,121		8,157			100		36			56			100		—		—		—		—		—
Foreign covered bonds	6,542			(10)		6,752		6,793			101		41			35			100		—		—		—		—		—
U.S. government agencies	5,469			43		5,446		5,460			100		14			25			100		—		—		—		—		—
CLOs	4,754			(1)		5,137		5,139			100		2			100			99		—		—		—		—		1
Non-agency commercial MBS	2,948			41		3,181		3,263			103		82			24			99		1		—		—		—		—
Foreign government agencies	2,697			(4)		2,693		2,708			101		15			13			92		8		—		—		—		—
State and political subdivisions	2,649			27		2,610		2,621			100		11			—			83		10		—		—		6		1
Non-agency RMBS (d)	2,509			(5)		2,391		2,530			106		139			50			74		4		—		11		—		11
Other asset-backed securities	2,628			(1)		2,446		2,456			100		10			19			100		—		—		—		—		—
Corporate bonds	2,238			50		2,348		2,347			100		(1)			—			16		68		16		—		—		—

Other	1			—		1		1			100		—			—			—		—		—		—		—		100
Total securities	$	155,667	(e)	$	244	$	153,850	$	155,573	(e)(f)	101	%	$	1,723	(e)(g)	31	%		96	%	2	%	2	%	—	%	—	%	—	%
(a) Amortized cost reflects historical impairments, and is net of allowance for credit losses.
(b) Includes the impact of hedges.
(c) Represents ratings by S&P, or the equivalent.
(d) Includes RMBS that were included in the former Grantor Trust of $451 million at March 31, 2021 and $416 million at June 30, 2021.
(e) Includes net unrealized losses on derivatives hedging securities available-for-sale (including terminated hedges) of $634 million at March 31, 2021 and $927 million at June 30, 2021.
(f) The fair value of available-for-sale securities totaled $102,654 million at June 30, 2021, net of hedges, or 66% of the fair value of the securities portfolio, net of hedges. The fair value of the held-to-maturity securities totaled $52,919 million at June 30, 2021, or 34% of the fair value of the securities portfolio, net of hedges.
(g) At June 30, 2021, unrealized gains of $1,129 million related to available-for-sale securities, net of hedges, and $594 million related to held-to-maturity securities.
Note: The amortizable purchase premium (net of discount) relating to securities was $1,949 million at June 30, 2021 and the amortization of that net purchase premium was $174 million in 2Q21.


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

	2021						2020
(dollars in millions)	June 30			March 31				Dec. 31			Sept. 30			June 30
Allowance for credit losses – beginning of period:
Allowance for loan losses	$	327		$	358			$	325		$	302		$	140
Allowance for lending-related commitments	73			121				135			152			148
Allowance for other financial instruments (a)	19			22				26			21			41
Allowance for credit losses – beginning of period	$	419		$	501			$	486		$	475		$	329

Net (charge-offs) recoveries:
Charge-offs	(1)			(1)				(1)			—			—
Recoveries	3			2				1			2			3
Total net recoveries	1			1				—			2			3
Provision for credit losses (b)	(86)			(83)				15			9			143
Allowance for credit losses - end of period	$	335		$	419			$	501		$	486		$	475

Allowance for credit losses – end of period:
Allowance for loan losses	$	269		$	327			$	358		$	325		$	302
Allowance for lending-related commitments	50			73				121			135			152
Allowance for other financial instruments (a)	16			19				22			26			21
Allowance for credit losses – end of period	$	335		$	419			$	501		$	486		$	475

Allowance for loan losses as a percentage of total loans	0.42		%	0.54		%		0.63		%	0.59		%	0.55		%

Nonperforming assets	$	90		$	112			$	89		$	84		$	88
(a) Includes allowance for credit losses on federal funds sold and securities purchased under resale agreements, available-for-sale securities, accounts receivable, cash and due from banks and interest-bearing deposits with banks.
(b) Includes all 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
SUPPLEMENTAL INFORMATION – EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES

BNY Mellon has included in this Financial Supplement certain Non-GAAP financial measures on a tangible basis as a supplement to GAAP information, which exclude goodwill and intangible assets, net of deferred tax liabilities. We believe that the return on tangible common equity – 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, net of distribution and servicing expense that was passed to third parties who distribute or service our managed funds. We believe that this measure is useful when evaluating the performance of the Investment and Wealth Management business relative to industry competitors.

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

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

In businesses where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.

Return on common and tangible common equity ratios are annualized.


Return on common equity and tangible common equity reconciliation
(dollars in millions)	2Q21			1Q21			4Q20			3Q20			2Q20			YTD21			YTD20
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	991		$	858		$	702		$	876		$	901		$	1,849		$	1,845
Add: Amortization of intangible assets	20			24			26			26			26			44			52
Less: Tax impact of amortization of intangible assets	5			6			6			7			6			11			12
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP	$	1,006		$	876		$	722		$	895		$	921		$	1,882		$	1,885

Average common shareholders’ equity	$	40,393		$	40,720		$	40,712		$	39,924		$	38,476		40,556			$	38,070
Less: Average goodwill	17,517			17,494			17,411			17,357			17,243			17,506			17,277
Average intangible assets	2,975			3,000			3,019			3,039			3,058			2,987			3,073
Add: Deferred tax liability – tax deductible goodwill	1,163			1,153			1,144			1,132			1,119			1,163			1,119
Deferred tax liability – intangible assets	675			665			667			666			664			675			664
Average tangible common shareholders’ equity – Non-GAAP	$	21,739		$	22,044		$	22,093		$	21,326		$	19,958		$	21,901		$	19,503

Return on common equity – GAAP	9.8		%	8.5		%	6.9		%	8.7		%	9.4		%	9.2		%	9.7		%
Return on tangible common equity – Non-GAAP	18.6		%	16.1		%	13.0		%	16.7		%	18.5		%	17.3		%	19.4		%


THE BANK OF NEW YORK MELLON CORPORATION
SUPPLEMENTAL INFORMATION – EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Book value and tangible book value per common share reconciliation	2021						2020
(dollars in millions, except common shares)	June 30			March 31				Dec. 31			Sept. 30			June 30
BNY Mellon shareholders’ equity at period end – GAAP	$	45,281		$	44,954			$	45,801		$	44,917		$	43,697
Less: Preferred stock	4,541			4,541				4,541			4,532			4,532
BNY Mellon common shareholders’ equity at period end – GAAP	40,740			40,413				41,260			40,385			39,165
Less: Goodwill	17,487			17,469				17,496			17,357			17,253
Intangible assets	2,964			2,983				3,012			3,026			3,045
Add: Deferred tax liability – tax deductible goodwill	1,163			1,153				1,144			1,132			1,119
Deferred tax liability – intangible assets	675			665				667			666			664
BNY Mellon tangible common shareholders’ equity at period end – Non-GAAP	$	22,127		$	21,779			$	22,563		$	21,800		$	20,650

Period-end common shares outstanding (in thousands)	863,174			875,481				886,764			886,136			885,862

Book value per common share – GAAP	$	47.20		$	46.16			$	46.53		$	45.58		$	44.21
Tangible book value per common share – Non-GAAP	$	25.64		$	24.88			$	25.44		$	24.60		$	23.31



Net interest margin reconciliation
(dollars in millions)	2Q21			1Q21				4Q20			3Q20			2Q20
Net interest revenue – GAAP	$	645		$	655			$	680		$	703		$	780
Add: Tax equivalent adjustment	3			3				3			2			2
Net interest revenue (FTE) – Non-GAAP	$	648		$	658			$	683		$	705		$	782

Average interest-earning assets	$	388,285		$	397,297			$	378,674		$	357,634		$	357,562

Net interest margin – GAAP (a)	0.67		%	0.66		%		0.72		%	0.79		%	0.88		%
Net interest margin (FTE) – Non-GAAP (a)	0.67		%	0.67		%		0.72		%	0.79		%	0.88		%
(a) Net interest margin is annualized.


THE BANK OF NEW YORK MELLON CORPORATION
SUPPLEMENTAL INFORMATION – EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Pre-tax operating margin reconciliation - Investment and Wealth Management business
(dollars in millions)	2Q21			1Q21			4Q20			3Q20			2Q20			YTD21			YTD20
Income before income taxes – GAAP	$	326		$	278		$	311		$	245		$	221		$	604		$	415

Total revenue – GAAP	$	999		$	991		$	990		$	918		$	886		$	1,990		$	1,784
Less: Distribution and servicing expense	74			75			76			85			86			149			177
Adjusted total revenue, net of distribution and servicing expense – Non-GAAP	$	925		$	916		$	914		$	833		$	800		$	1,841		$	1,607

Pre-tax operating margin – GAAP (a)	33		%	28		%	32		%	27		%	25		%	30		%	23		%
Adjusted pre-tax operating margin, net of distribution and servicing expense – Non-GAAP (a)	35		%	30		%	34		%	29		%	28		%	33		%	26		%
(a) Income before income taxes divided by total revenue.



Constant currency reconciliations							2Q21 vs.
(dollars in millions)	2Q21			2Q20			2Q20
Consolidated:
Investment management and performance fees – GAAP	$	889		$	786		13		%
Impact of changes in foreign currency exchange rates	—			31
Adjusted investment management and performance fees – Non-GAAP	$	889		$	817		9		%


Investment and Wealth Management business:
Investment management and performance fees – GAAP	$	890		$	787		13		%
Impact of changes in foreign currency exchange rates	—			31
Adjusted investment management and performance fees – Non-GAAP	$	890		$	818		9		%

The Bank of New York Mellon Corporation (BK) 8-KBny Mellon Reports Second Quarter 2021 Earnings of