The Bank of New York Mellon Corporation (BK) 8-K Other Events

Exhibit 99.1

The Bank of New York Mellon Corporation

Revised Financial Supplement

(Adoption of New Accounting Guidance and
Certain Business Realignments)

Five Quarter Trend Through 4Q23

and Full Years 2023 and 2022

Table of Contents
		Page
Adoption of New Accounting Guidance and Certain Business Realignments		3
Restatements to Reflect Adoption of New Accounting Guidance		4
Reclassifications to Reflect Certain Business Realignments		6
Consolidated Results
Consolidated Financial Highlights		8
Condensed Consolidated Income Statement		9
Condensed Consolidated Balance Sheet		10
Fee and Other Revenue		11
Average Balances and Interest Rates		12
Capital and Liquidity		13
Business Segment Results
Securities Services Business Segment		14
Market and Wealth Services Business Segment		16
Investment and Wealth Management Business Segment		18
AUM by Product Type, Changes in AUM and Wealth Management Client Assets		19
Other Segment		20
Other
Securities Portfolio		21
Allowance for Credit Losses and Nonperforming Assets		22
Supplemental Information
Explanation of GAAP and Non-GAAP Financial Measures		23

THE BANK OF NEW YORK MELLON CORPORATION
ADOPTION OF NEW ACCOUNTING GUIDANCE AND CERTAIN BUSINESS REALIGNMENTS
The following disclosures reflect the restatement of prior period financial information to reflect the impact of the retrospective application of new accounting guidance. On Jan. 1, 2024, we adopted Accounting Standards Update (“ASU”) 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method on a retrospective basis for our investments in renewable energy projects that have met the eligibility criteria. The impact of adopting this guidance increased investment and other revenue and the provision for income taxes on the consolidated income statement. The results of our investments in renewable energy projects are included in the Other segment.
In the first quarter of 2024, we also made certain realignments of similar products and services within our lines of business consistent with the firm’s ongoing transition to a platforms operating model uniting related capabilities and enabling streamlining of internal processes to drive growth, efficiency, resiliency, and enhanced risk management. The largest change was the movement of Institutional Solutions from Pershing to Clearance and Collateral Management, both in the Market and Wealth Services business segment. We made other smaller changes that moved activity from Asset Servicing in the Securities Services business segment to Treasury Services in the Market and Wealth Services business segment, and from Wealth Management in the Investment and Wealth Management business segment and Pershing in the Market and Wealth Services business segment to Investment Management in the Investment and Wealth Management business segment. The following disclosures provide detailed reclassified financial information to assist investors in understanding how the business segment results would have been presented in previously filed reports. The Other segment was not impacted by the changes.
This exhibit also reflects the subsequent event reflected in our Annual Report on Form 10-K for the year ended Dec. 31, 2023 filed on Feb. 28, 2024 whereby we included an additional $127 million pre-tax ($97 million after-tax) increase in noninterest expense related to a revised estimate of the FDIC special assessment for the fourth quarter and full year ended Dec. 31, 2023 as a result of new information published by the FDIC in February 2024.
Cautionary Statement on Forward-Looking Statements
Certain statements in this 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 and transition to a platforms operating model. 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.

3

THE BANK OF NEW YORK MELLON CORPORATION
RESTATEMENTS TO REFLECT ADOPTION OF NEW ACCOUNTING GUIDANCE
The following tables disclose the impact to the financial statements from the retrospective adoption of ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method for our investments in renewable energy projects that have met the eligibility criteria.
Impact to the Consolidated Income Statement	Quarters												Full years
(dollars in millions, except per share amounts)	4Q23		3Q23			2Q23		1Q23			4Q22		FY23		FY22
Investment and other revenue - previously reported	$	(4)	$	113		$	97	$	79		$	(360)	$	285	$	(82)
Impact of adopting ASU 2023-02	47		46			50		52			28		195		152
Investment and other revenue	$	43	$	159		$	147	$	131		$	(332)	$	480	$	70
Total revenue - previously reported	$	4,311	$	4,374		$	4,454	$	4,363		$	3,918	$	17,502	$	16,377
Impact of adopting ASU 2023-02	47		46			50		52			28		195		152
Total revenue	$	4,358	$	4,420		$	4,504	$	4,415		$	3,946	$	17,697	$	16,529
Income before income taxes - previously reported	$	232	$	1,282		$	1,338	$	1,236		$	685	$	4,088	$	3,328
Impact of adopting ASU 2023-02	47		46			50		52			28		195		152
Income before income taxes	$	279	$	1,328		$	1,388	$	1,288		$	713	$	4,283	$	3,480
Provision for income taxes - previously reported	$	29	$	241		$	270	$	260		$	142	$	800	$	768
Impact of adopting ASU 2023-02	44		44			45		46			37		179		169
Provision for income taxes	$	73	$	285		$	315	$	306		$	179	$	979	$	937
Net income - previously reported	$	203	$	1,041		$	1,068	$	976		$	543	$	3,288	$	2,560
Impact of adopting ASU 2023-02	3		2			5		6			(9)		16		(17)
Net income	$	206	$	1,043		$	1,073	$	982		$	534	$	3,304	$	2,543
Net income applicable to common shareholders of The Bank of New York Mellon Corporation - previously reported	$	159	$	956		$	1,031	$	905		$	509	$	3,051	$	2,362
Impact of adopting ASU 2023-02	3		2			5		6			(9)		16		(17)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	162	$	958		$	1,036	$	911		$	500	$	3,067	$	2,345
Earnings per common share (Basic) - previously reported	$	0.21	$	1.23		$	1.31	$	1.13		$	0.63	$	3.89	$	2.91
Impact of adopting ASU 2023-02	—		—			0.01		0.01			(0.01)		0.02		(0.02)
Earnings per common share (Basic)	$	0.21	$	1.23		$	1.32	$	1.13	(a)	$	0.62	$	3.91	$	2.89
Earnings per common share (Diluted) - previously reported	$	0.21	$	1.22		$	1.30	$	1.12		$	0.62	$	3.87	$	2.90
Impact of adopting ASU 2023-02	—		—			0.01		0.01			(0.01)		0.02		(0.02)
Earnings per common share (Diluted)	$	0.21	$	1.23	(a)	$	1.31	$	1.13		$	0.61	$	3.89	$	2.88
(a) Does not foot due to rounding.

4

THE BANK OF NEW YORK MELLON CORPORATION
RESTATEMENTS TO REFLECT ADOPTION OF NEW ACCOUNTING GUIDANCE
Impact to the Consolidated Balance Sheet	2023								2022
(dollars in millions)	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
Other assets - previously reported	$	25,985	$	25,231	$	25,656	$	27,335	$	25,855
Impact of adopting ASU 2023-02	(76)		(196)		(201)		(213)		(223)
Other assets	$	25,909	$	25,035	$	25,455	$	27,122	$	25,632
Total assets - previously reported	$	409,953	$	405,248	$	430,382	$	425,112	$	405,783
Impact of adopting ASU 2023-02	(76)		(196)		(201)		(213)		(223)
Total assets	$	409,877	$	405,052	$	430,181	$	424,899	$	405,560
Accrued taxes and other expenses - previously reported	$	5,567	$	5,389	$	5,160	$	4,732	$	5,410
Impact of adopting ASU 2023-02	(156)		(164)		(174)		(184)		(195)
Accrued taxes and other expenses	$	5,411	$	5,225	$	4,986	$	4,548	$	5,215
Other liabilities - previously reported	$	8,844	$	11,758	$	9,553	$	10,414	$	8,543
Impact of adopting ASU 2023-02	184		76		82		86		93
Other liabilities	$	9,028	$	11,834	$	9,635	$	10,500	$	8,636
Total liabilities - previously reported	$	368,944	$	364,117	$	389,280	$	384,310	$	364,933
Impact of adopting ASU 2023-02	28		(88)		(92)		(98)		(102)
Total liabilities	$	368,972	$	364,029	$	389,188	$	384,212	$	364,831
Retained earnings - previously reported	$	39,653	$	39,822	$	39,199	$	38,465	$	37,864
Impact of adopting ASU 2023-02	(104)		(108)		(109)		(115)		(121)
Retained earnings	$	39,549	$	39,714	$	39,090	$	38,350	$	37,743
Total The Bank of New York Mellon Corporation shareholders’ equity - previously reported	$	40,874	$	40,966	$	40,933	$	40,634	$	40,734
Impact of adopting ASU 2023-02	(104)		(108)		(109)		(115)		(121)
Total The Bank of New York Mellon Corporation shareholders’ equity	$	40,770	$	40,858	$	40,824	$	40,519	$	40,613

5

THE BANK OF NEW YORK MELLON CORPORATION
RECLASSIFICATIONS TO REFLECT CERTAIN BUSINESS REALIGNMENTS
The following tables below disclose the impact to the business segments as a result of the business realignments.
Impact to the business segments	Quarters										Full years
(dollars in millions)	4Q23		3Q23		2Q23		1Q23		4Q22		FY23		FY22
Securities Services business segment
Investment services fees by line of business - previously reported	$	1,260	$	1,265	$	1,310	$	1,184	$	1,242	$	5,019	$	4,927
Impact of business reporting changes - Asset Servicing	—		(8)		(11)		(7)		(6)		(26)		(30)
Total investment services fees	$	1,260	$	1,257	$	1,299	$	1,177	$	1,236	$	4,993	$	4,897
Total revenue by line of business - previously reported	$	2,179	$	2,089	$	2,240	$	2,116	$	2,172	$	8,624	$	8,032
Impact of business reporting changes - Asset Servicing	—		(8)		(11)		(7)		(6)		(26)		(30)
Total revenue	$	2,179	$	2,081	$	2,229	$	2,109	$	2,166	$	8,598	$	8,002
Total noninterest expense - previously reported	$	1,653	$	1,585	$	1,582	$	1,556	$	1,576	$	6,376	$	6,299
Impact of business reporting changes	—		13		(15)		(16)		(4)		(18)		(18)
Total noninterest expense	$	1,653	$	1,598	$	1,567	$	1,540	$	1,572	$	6,358	$	6,281
Income before income taxes - previously reported	$	462	$	485	$	642	$	560	$	585	$	2,149	$	1,725
Impact of business reporting changes	—		(21)		4		9		(2)		(8)		(12)
Income before income taxes	$	462	$	464	$	646	$	569	$	583	$	2,141	$	1,713
Market and Wealth Services business segment
Investment services fees by line of business - previously reported	$	973	$	955	$	933	$	927	$	921	$	3,788	$	3,568
Impact of business reporting changes:
Pershing	(34)		(28)		(30)		(30)		(30)		(122)		(115)
Treasury Services	—		8		11		7		6		26		30
Clearance and Collateral Management	34		28		30		30		30		122		115
Total investment services fees	$	973	$	963	$	944	$	934	$	927	$	3,814	$	3,598
Total revenue by line of business - previously reported	$	1,499	$	1,445	$	1,445	$	1,467	$	1,399	$	5,856	$	5,282
Impact of business reporting changes:
Pershing	(42)		(42)		(45)		(44)		(43)		(173)		(207)
Treasury Services	—		8		11		7		6		26		31
Clearance and Collateral Management	39		39		42		41		40		161		193
Total revenue	$	1,496	$	1,450	$	1,453	$	1,471	$	1,402	$	5,870	$	5,299
Total noninterest expense - previously reported	$	839	$	808	$	781	$	769	$	785	$	3,197	$	2,932
Impact of business reporting changes	(2)		(16)		13		13		(1)		8		4
Total noninterest expense	$	837	$	792	$	794	$	782	$	784	$	3,205	$	2,936
Income before income taxes - previously reported	$	632	$	631	$	657	$	698	$	608	$	2,618	$	2,343
Impact of business reporting changes	(1)		21		(5)		(9)		4		6		13
Income before income taxes	$	631	$	652	$	652	$	689	$	612	$	2,624	$	2,356

6

THE BANK OF NEW YORK MELLON CORPORATION
RECLASSIFICATIONS TO REFLECT CERTAIN BUSINESS REALIGNMENTS
Impact to the business segments	Quarters										Full years
(dollars in millions)	4Q23		3Q23		2Q23		1Q23		4Q22		FY23		FY22
Investment and Wealth Management business segment
Total revenue - previously reported	$	676	$	827	$	813	$	827	$	825	$	3,143	$	3,550
Impact of business reporting changes:
Investment Management	7		8		7		7		8		29		33
Wealth Management	(4)		(5)		(4)		(4)		(5)		(17)		(20)
Total revenue	$	679	$	830	$	816	$	830	$	828	$	3,155	$	3,563
Total noninterest expense - previously reported	$	683	$	672	$	677	$	734	$	699	$	2,766	$	3,501
Impact of business reporting changes	2		3		2		3		4		10		14
Total noninterest expense	$	685	$	675	$	679	$	737	$	703	$	2,776	$	3,515
(Loss) income before income taxes - previously reported	$	(5)	$	164	$	129	$	93	$	125	$	381	$	48
Impact of business reporting changes	1		—		1		—		(1)		2		(1)
(Loss) income before income taxes	$	(4)	$	164	$	130	$	93	$	124	$	383	$	47

7

THE BANK OF NEW YORK MELLON CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per common share amounts, or unless otherwise noted)																4Q23 vs.										FY23 vs.
	4Q23			3Q23			2Q23			1Q23			4Q22			3Q23		4Q22		FY23			FY22			FY22
Selected income statement data
Fee and other revenue	$	3,257		$	3,404		$	3,404		$	3,287		$	2,890		(4)	%	13	%	$	13,352		$	13,025		3	%
Net interest income	1,101			1,016			1,100			1,128			1,056			8		4		4,345			3,504			24
Total revenue	4,358			4,420			4,504			4,415			3,946			(1)		10		17,697			16,529			7
Provision for credit losses	84			3			5			27			20			N/M		N/M		119			39			N/M
Noninterest expense	3,995			3,089			3,111			3,100			3,213			29		24		13,295			13,010			2
Income before income taxes	279			1,328			1,388			1,288			713			(79)		(61)		4,283			3,480			23
Provision for income taxes	73			285			315			306			179			(74)		(59)		979			937			4
Net income	$	206		$	1,043		$	1,073		$	982		$	534		(80)	%	(61)	%	$	3,304		$	2,543		30	%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	162		$	958		$	1,036		$	911		$	500		(83)	%	(68)	%	$	3,067		$	2,345		31	%
Diluted earnings per common share	$	0.21		$	1.23		$	1.31		$	1.13		$	0.61		(83)	%	(66)	%	$	3.89		$	2.88		35	%
Average common shares and equivalents outstanding – diluted (in thousands)	772,102			781,781			790,725			807,718			815,846			(1)	%	(5)	%	787,798			814,795			(3)	%
Financial ratios(Quarterly returns are annualized)
Pre-tax operating margin	6		%	30		%	31		%	29		%	18		%					24		%	21		%
Return on common equity	1.8		%	10.6		%	11.7		%	10.4		%	5.6		%					8.6		%	6.5		%
Return on tangible common equity – Non-GAAP (a)	3.6		%	20.6		%	22.8		%	20.5		%	11.4		%					16.8		%	13.4		%
Non-U.S. revenue as a percentage of total revenue	36		%	36		%	36		%	34		%	38		%					36		%	36		%
Period end
Assets under custody and/or administration (“AUC/A”) (in trillions) (b)	$	47.8		$	45.7		$	46.9		$	46.6		$	44.3		5	%	8	%
Assets under management (“AUM”) (in trillions)	$	1.97		$	1.82		$	1.91		$	1.91		$	1.84		8	%	8	%
Full-time employees	53,400			53,600			53,200			51,600			51,700			—	%	3	%
Book value per common share	$	47.97		$	46.84		$	46.21		$	45.22		$	44.25
Tangible book value per common share – Non-GAAP (a)	$	25.25		$	24.52		$	24.03		$	23.38		$	22.96
Cash dividends per common share	$	0.42		$	0.42		$	0.37		$	0.37		$	0.37
Common dividend payout ratio	202		%	35		%	29		%	33		%	61		%
Closing stock price per common share	$	52.05		$	42.65		$	44.52		$	45.44		$	45.52
Market capitalization	$	39,524		$	32,801		$	34,671		$	35,858		$	36,800
Common shares outstanding (in thousands)	759,344			769,073			778,782			789,134			808,445
Capital ratios at period end(c)
Common Equity Tier 1 ("CET1") ratio	11.5		%	11.3		%	11.0		%	10.9		%	11.1		%
Tier 1 capital ratio	14.2		%	14.3		%	14.0		%	13.9		%	14.1		%
Total capital ratio	14.9		%	15.2		%	14.8		%	14.7		%	14.9		%
Tier 1 leverage ratio	6.0		%	6.1		%	5.7		%	5.8		%	5.7		%
Supplementary leverage ratio ("SLR")	7.3		%	7.2		%	7.0		%	6.8		%	6.8		%
(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 23 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 Dec. 31, 2023, $1.5 trillion at Sept. 30, 2023, $1.6 trillion at June 30, 2023 and $1.5 trillion at March 31, 2023 and Dec. 31, 2022.
(c) 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 the periods presented, was the Advanced Approaches.
N/M – Not meaningful.

8

THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED INCOME STATEMENT
(dollars in millions, except per share amounts; common shares in thousands)											4Q23 vs.								FY23 vs.
	4Q23		3Q23		2Q23		1Q23		4Q22		3Q23		4Q22		FY23		FY22		FY22
Revenue
Investment services fees	$	2,242	$	2,230	$	2,252	$	2,119	$	2,173	1	%	3	%	$	8,843	$	8,529	4	%
Investment management and performance fees	743		777		762		776		783		(4)		(5)		3,058		3,299		(7)
Foreign exchange revenue	143		154		158		176		190		(7)		(25)		631		822		(23)
Financing-related fees	45		45		50		52		43		—		5		192		175		10
Distribution and servicing fees	41		39		35		33		33		5		24		148		130		14
Total fee revenue	3,214		3,245		3,257		3,156		3,222		(1)		—		12,872		12,955		(1)
Investment and other revenue	43		159		147		131		(332)		N/M		N/M		480		70		N/M
Total fee and other revenue	3,257		3,404		3,404		3,287		2,890		(4)		13		13,352		13,025		3
Net interest income	1,101		1,016		1,100		1,128		1,056		8		4		4,345		3,504		24
Total revenue	4,358		4,420		4,504		4,415		3,946		(1)		10		17,697		16,529		7
Provision for credit losses	84		3		5		27		20		N/M		N/M		119		39		N/M
Noninterest expense
Staff	1,831		1,755		1,718		1,791		1,802		4		2		7,095		6,800		4
Software and equipment	486		452		450		429		432		8		13		1,817		1,657		10
Professional, legal and other purchased services	406		368		378		375		415		10		(2)		1,527		1,527		—
Net occupancy	162		140		121		119		143		16		13		542		514		5
Sub-custodian and clearing	117		121		119		118		112		(3)		4		475		485		(2)
Distribution and servicing	88		87		93		85		86		1		2		353		343		3
Bank assessment charges	670		37		41		40		19		N/M		N/M		788		126		N/M
Business development	61		36		47		39		45		69		36		183		152		20
Goodwill impairment	—		—		—		—		—		N/M		N/M		—		680		N/M
Amortization of intangible assets	14		15		14		14		16		(7)		(13)		57		67		(15)
Other	160		78		130		90		143		105		12		458		659		(31)
Total noninterest expense	3,995		3,089		3,111		3,100		3,213		29		24		13,295		13,010		2
Income before income taxes	279		1,328		1,388		1,288		713		(79)		(61)		4,283		3,480		23
Provision for income taxes	73		285		315		306		179		(74)		(59)		979		937		4
Net income	206		1,043		1,073		982		534		(80)		(61)		3,304		2,543		30
Net loss (income) attributable to noncontrolling interests	2		(3)		(1)		—		—		N/M		N/M		(2)		13		N/M
Preferred stock dividends	(46)		(82)		(36)		(71)		(34)		N/M		N/M		(235)		(211)		N/M
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	162	$	958	$	1,036	$	911	$	500	(83)	%	(68)	%	$	3,067	$	2,345	31	%
Average common shares and equivalents outstanding: Basic	767,146		777,813		787,718		803,340		811,669		(1)	%	(5)	%	784,069		811,068		(3)	%
Diluted	772,102		781,781		790,725		807,718		815,846		(1)	%	(5)	%	787,798		814,795		(3)	%
Earnings per common share: Basic	$	0.21	$	1.23	$	1.32	$	1.13	$	0.62	(83)	%	(66)	%	$	3.91	$	2.89	35	%
Diluted	$	0.21	$	1.23	$	1.31	$	1.13	$	0.61	(83)	%	(66)	%	$	3.89	$	2.88	35	%
N/M – Not meaningful.

9

THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
	2023								2022
(in millions)	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
Assets
Cash and due from banks	$	4,922	$	4,904	$	5,720	$	5,564	$	5,030
Interest-bearing deposits with the Federal Reserve and other central banks	111,550		107,419		118,908		117,042		91,655
Interest-bearing deposits with banks	12,139		12,999		12,316		15,114		17,169
Federal funds sold and securities purchased under resale agreements	28,900		26,299		35,378		26,894		24,298
Securities	126,395		128,225		134,233		138,678		142,816
Trading assets	10,058		10,699		10,562		9,024		9,908
Loans	66,879		66,290		64,469		62,323		66,063
Allowance for loan losses	(303)		(211)		(191)		(170)		(176)
Net loans	66,576		66,079		64,278		62,153		65,887
Premises and equipment	3,163		3,234		3,241		3,248		3,256
Accrued interest receivable	1,150		1,141		963		978		858
Goodwill	16,261		16,159		16,246		16,192		16,150
Intangible assets	2,854		2,859		2,881		2,890		2,901
Other assets	25,909		25,035		25,455		27,122		25,632
Total assets	$	409,877	$	405,052	$	430,181	$	424,899	$	405,560
Liabilities
Deposits	$	283,669	$	277,467	$	292,045	$	281,294	$	278,970
Federal funds purchased and securities sold under repurchase agreements	14,507		14,771		21,285		26,540		12,335
Trading liabilities	6,226		7,358		6,319		5,705		5,385
Payables to customers and broker-dealers	18,395		17,441		21,084		22,598		23,435
Other borrowed funds	479		728		1,371		2,538		397
Accrued taxes and other expenses	5,411		5,225		4,986		4,548		5,215
Other liabilities	9,028		11,834		9,635		10,500		8,636
Long-term debt	31,257		29,205		32,463		30,489		30,458
Total liabilities	368,972		364,029		389,188		384,212		364,831
Temporary equity
Redeemable noncontrolling interests	85		109		104		96		109
Permanent equity
Preferred stock	4,343		4,838		4,838		4,838		4,838
Common stock	14		14		14		14		14
Additional paid-in capital	28,908		28,793		28,726		28,650		28,508
Retained earnings	39,549		39,714		39,090		38,350		37,743
Accumulated other comprehensive loss, net of tax	(4,893)		(5,805)		(5,602)		(5,543)		(5,966)
Less: Treasury stock, at cost	(27,151)		(26,696)		(26,242)		(25,790)		(24,524)
Total The Bank of New York Mellon Corporation shareholders’ equity	40,770		40,858		40,824		40,519		40,613
Nonredeemable noncontrolling interests of consolidated investment management funds	50		56		65		72		7
Total permanent equity	40,820		40,914		40,889		40,591		40,620
Total liabilities, temporary equity and permanent equity	$	409,877	$	405,052	$	430,181	$	424,899	$	405,560

10

THE BANK OF NEW YORK MELLON CORPORATION
FEE AND OTHER REVENUE
											4Q23 vs.								FY23 vs.
(dollars in millions)	4Q23		3Q23		2Q23		1Q23		4Q22		3Q23		4Q22		FY23		FY22		FY22
Investment services fees	$	2,242	$	2,230	$	2,252	$	2,119	$	2,173	1	%	3	%	$	8,843	$	8,529	4	%
Investment management and performance fees:
Investment management fees (a)	724		747		752		754		757		(3)		(4)		2,977		3,224		(8)
Performance fees	19		30		10		22		26		N/M		N/M		81		75		8
Total investment management and performance fees (b)	743		777		762		776		783		(4)		(5)		3,058		3,299		(7)
Foreign exchange revenue	143		154		158		176		190		(7)		(25)		631		822		(23)
Financing-related fees	45		45		50		52		43		—		5		192		175		10
Distribution and servicing fees	41		39		35		33		33		5		24		148		130		14
Total fee revenue	3,214		3,245		3,257		3,156		3,222		(1)		—		12,872		12,955		(1)
Investment and other revenue:
Income (loss) from consolidated investment management funds	26		(11)		10		5		9		N/M		N/M		30		(42)		N/M
Seed capital gains (losses) (c)	18		(4)		7		8		6		N/M		N/M		29		(37)		N/M
Other trading revenue	47		86		53		45		34		N/M		N/M		231		149		N/M
Renewable energy investment gains (losses)	2		1		5		20		(4)		N/M		N/M		28		(12)		N/M
Corporate/bank-owned life insurance	39		29		23		27		35		N/M		N/M		118		128		N/M
Other investments gains (losses) (d)	55		(9)		10		(9)		7		N/M		N/M		47		159		N/M
Disposal (losses) gains	(6)		2		(1)		(1)		(11)		N/M		N/M		(6)		26		N/M
Expense reimbursements from joint venture	28		29		31		29		28		N/M		N/M		117		108		N/M
Other (loss) income	(118)		55		9		8		12		N/M		N/M		(46)		34		N/M
Net securities (losses) gains	(48)		(19)		—		(1)		(448)		N/M		N/M		(68)		(443)		N/M
Total investment and other revenue	43		159		147		131		(332)		N/M		N/M		480		70		N/M
Total fee and other revenue	$	3,257	$	3,404	$	3,404	$	3,287	$	2,890	(4)	%	13	%	$	13,352	$	13,025	3	%
(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 decreased 6% compared with 4Q22. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 23 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.

11

THE BANK OF NEW YORK MELLON CORPORATION
AVERAGE BALANCES AND INTEREST RATES
	4Q23					3Q23					2Q23					1Q23					4Q22
	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	$	107,291	4.72	%		$	98,767	4.57	%		$	114,578	4.29	%		$	94,899	3.59	%		$	94,868	2.60	%
Interest-bearing deposits with banks	12,110		4.26			12,287		4.04			13,919		3.68			16,225		3.51			15,750		2.70
Federal funds sold and securities purchased under resale agreements	25,753		35.55		(a)	26,915		30.47		(a)	26,989		26.38		(a)	24,631		16.32		(a)	25,657		11.22		(a)
Loans	65,677		6.43			63,962		6.39			63,459		6.05			63,261		5.54			67,364		4.65
Securities:
U.S. government obligations	28,641		3.40			32,224		3.08			34,147		2.90			38,852		2.89			39,382		2.46
U.S. government agency obligations	59,067		2.95			59,481		2.87			61,565		2.78			62,280		2.60			61,426		2.30
State and political subdivisions (b)	12		4.40			13		4.42			13		4.45			23		7.07			1,178		2.77
Other securities (b)	39,403		4.03			39,861		3.93			40,976		3.59			42,429		3.21			41,732		2.66
Total investment securities (b)	127,123		3.39			131,579		3.24			136,701		3.05			143,584		2.86			143,718		2.45
Trading securities (b)	6,220		5.59			5,534		5.49			6,403		5.02			5,778		4.97			5,630		4.51
Total securities (b)	133,343		3.49			137,113		3.33			143,104		3.14			149,362		2.94			149,348		2.53
Total interest-earning assets (b)	$	344,174	6.86	%		$	339,044	6.45	%		$	362,049	5.77	%		$	348,378	4.56	%		$	352,987	3.59	%
Noninterest-earning assets	57,431					58,247					58,912					58,900					61,315
Total assets	$	401,605				$	397,291				$	420,961				$	407,278				$	414,302
Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits	$	220,408	3.79	%		$	209,641	3.62	%		$	215,057	3.24	%		$	204,114	2.71	%		$	207,875	2.00	%
Federal funds purchased and securities sold under repurchase agreements	16,065		52.41		(a)	21,512		36.07		(a)	26,282		26.39		(a)	18,316		19.75		(a)	13,985		16.88		(a)
Trading liabilities	2,857		4.83			3,959		4.80			3,893		4.46			3,025		4.05			3,572		3.45
Other borrowed funds	465		5.56			540		4.47			2,702		4.60			711		1.75			619		1.69
Commercial paper	5		5.40			7		4.13			5		5.11			—		—			6		3.87
Payables to customers and broker-dealers	12,586		4.67			13,515		4.30			14,801		3.85			16,954		3.08			17,147		2.27
Long-term debt	30,702		5.70			31,161		5.52			31,970		5.45			30,246		5.22			29,508		4.90
Total interest-bearing liabilities	$	283,088	6.81	%		$	280,335	6.37	%		$	294,710	5.61	%		$	273,366	4.17	%		$	272,712	3.11	%
Total noninterest-bearing deposits	52,667					52,467					62,152					69,886					75,862
Other noninterest-bearing liabilities	24,962					23,699					23,526					23,687					25,704
Total The Bank of New York Mellon Corporation shareholders’ equity	40,823					40,711					40,493					40,321					39,986
Noncontrolling interests	65					79					80					18					38
Total liabilities and equity	$	401,605				$	397,291				$	420,961				$	407,278				$	414,302
Net interest margin			1.26	%				1.18	%				1.20	%				1.29	%				1.19	%
Net interest margin (FTE) – Non-GAAP (c)			1.26	%				1.18	%				1.20	%				1.29	%				1.19	%
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $141 billion for 4Q23, $126 billion for 3Q23, $113 billion for 2Q23, $62 billion for 1Q23 and $51 billion for 4Q22. 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 5.48% for 4Q23, 5.36% for 3Q23, 5.10% for 2Q23, 4.62% for 1Q23 and 3.76% for 4Q22. 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 5.35% for 4Q23, 5.26% for 3Q23, 4.99% for 2Q23, 4.49% for 1Q23 and 3.63% for 4Q22. 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 23 for the reconciliation of this Non-GAAP measure.

12

THE BANK OF NEW YORK MELLON CORPORATION
CAPITAL AND LIQUIDITY
	2023												2022
(dollars in millions)	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
Consolidated regulatory capital ratios (a)
Standardized Approach:
CET1 capital	$	18,534		$	18,156		$	18,018		$	17,761		$	17,911
Tier 1 capital	22,863			22,985			22,848			22,595			22,735
Total capital	24,414			24,552			24,413			24,161			24,263
Risk-weighted assets	156,178			153,167			153,158			157,186			158,873
CET1 ratio	11.9		%	11.9		%	11.8		%	11.3		%	11.3		%
Tier 1 capital ratio	14.6			15.0			14.9			14.4			14.3
Total capital ratio	15.6			16.0			15.9			15.4			15.3
Advanced Approaches:
CET1 capital	$	18,534		$	18,156		$	18,018		$	17,761		$	17,911
Tier 1 capital	22,863			22,985			22,848			22,595			22,735
Total capital	24,085			24,305			24,151			23,890			24,022
Risk-weighted assets	161,528			160,262			163,335			162,692			161,449
CET1 ratio	11.5		%	11.3		%	11.0		%	10.9		%	11.1		%
Tier 1 capital ratio	14.2			14.3			14.0			13.9			14.1
Total capital ratio	14.9			15.2			14.8			14.7			14.9
Tier 1 leverage ratio:
Average assets for Tier 1 leverage ratio	$	383,705		$	379,429		$	402,993		$	389,358		$	396,427
Tier 1 leverage ratio	6.0		%	6.1		%	5.7		%	5.8		%	5.7		%
SLR:
Leverage exposure	$	313,555		$	318,664		$	326,002		$	330,278		$	335,833
SLR	7.3		%	7.2		%	7.0		%	6.8		%	6.8		%
Average liquidity coverage ratio	117		%	121		%	120		%	118		%	118		%
Average net stable funding ratio	135		%	136		%	136		%	132		%	N/A			(b)
(a) 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 the periods presented, was the Advanced Approaches.
(b) The reporting requirement for the average net stable funding ratio became effective in 2Q23, inclusive of reporting the average 1Q23 ratio.

13

THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES SERVICES BUSINESS SEGMENT
																4Q23 vs.										FY23 vs.
(dollars in millions)	4Q23			3Q23			2Q23			1Q23			4Q22			3Q23		4Q22		FY23			FY22			FY22
Revenue:
Investment services fees:
Asset Servicing	$	975		$	976		$	980		$	941		$	965		—	%	1	%	$	3,872		$	3,888		—	%
Issuer Services	285			281			319			236			271			1		5		1,121			1,009			11
Total investment services fees	1,260			1,257			1,299			1,177			1,236			—		2		4,993			4,897			2
Foreign exchange revenue	118			107			124			139			149			10		(21)		488			584			(16)
Other fees (a)	54			52			54			55			55			4		(2)		215			202			6
Total fee revenue	1,432			1,416			1,477			1,371			1,440			1		(1)		5,696			5,683			—
Investment and other revenue	112			65			84			72			70			N/M		N/M		333			291			N/M
Total fee and other revenue	1,544			1,481			1,561			1,443			1,510			4		2		6,029			5,974			1
Net interest income	635			600			668			666			656			6		(3)		2,569			2,028			27
Total revenue	2,179			2,081			2,229			2,109			2,166			5		1		8,598			8,002			7
Provision for credit losses	64			19			16			—			11			N/M		N/M		99			8			N/M
Noninterest expense (ex. amortization of intangible assets)	1,645			1,590			1,560			1,532			1,564			3		5		6,327			6,248			1
Amortization of intangible assets	8			8			7			8			8			—		—		31			33			(6)
Total noninterest expense	1,653			1,598			1,567			1,540			1,572			3		5		6,358			6,281			1
Income before income taxes	$	462		$	464		$	646		$	569		$	583		—	%	(21)	%	$	2,141		$	1,713		25	%
Total revenue by line of business:
Asset Servicing	$	1,675		$	1,585		$	1,695		$	1,657		$	1,675		6	%	—	%	$	6,612		$	6,293		5	%
Issuer Services	504			496			534			452			491			2		3		1,986			1,709			16
Total revenue by line of business	$	2,179		$	2,081		$	2,229		$	2,109		$	2,166		5	%	1	%	$	8,598		$	8,002		7	%
Financial ratios:
Pre-tax operating margin	21		%	22		%	29		%	27		%	27		%					25		%	21		%
Memo: Securities lending revenue (b)	$	48		$	46		$	47		$	48		$	50		4	%	(4)	%	$	189		$	182		4	%
(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.

14

THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES SERVICES BUSINESS SEGMENT
											4Q23 vs.								FY23 vs.
(dollars in millions, unless otherwise noted)	4Q23		3Q23		2Q23		1Q23		4Q22		3Q23		4Q22		FY23		FY22		FY22
Selected balance sheet data:
Average loans	$	11,366	$	11,236	$	11,283	$	10,939	$	11,850	1	%	(4)	%	$	11,207	$	11,245	—	%
Average assets (a)	$	200,040	$	190,964	$	202,207	$	196,560	$	206,810	5	%	(3)	%	$	197,434	$	212,575	(7)	%
Average deposits	$	171,086	$	162,509	$	172,863	$	167,209	$	176,541	5	%	(3)	%	$	168,411	$	183,990	(8)	%
Selected metrics:
AUC/A at period end (in trillions) (b)	$	34.2	$	32.3	$	33.2	$	32.6	$	31.4	6	%	9	%	$	34.2	$	31.4	9	%
Market value of securities on loan at period end (in billions) (c)	$	450	$	406	$	415	$	441	$	449	11	%	—	%	$	450	$	449	—	%
Issuer Services
Total debt serviced at period end (in trillions)	$	13.3	$	13.1	$	13.1	$	12.9	$	12.6	2	%	6	%	$	13.3	$	12.6	6	%
Number of sponsored Depositary Receipts programs at period end	543		559		564		577		589		(3)	%	(8)	%	543		589		(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) 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 Dec. 31, 2023, $1.5 trillion at Sept. 30, 2023, $1.6 trillion at June 30, 2023 and $1.5 trillion at March 31, 2023 and Dec. 31, 2022.
(c) 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 $63 billion at Dec. 31, 2023 and Sept. 30, 2023, $66 billion at June 30, 2023, $69 billion at March 31, 2023 and $68 billion at Dec. 31, 2022.

15

THE BANK OF NEW YORK MELLON CORPORATION
MARKET AND WEALTH SERVICES BUSINESS SEGMENT
																4Q23 vs.										FY23 vs.
(dollars in millions)	4Q23			3Q23			2Q23			1Q23			4Q22			3Q23		4Q22		FY23			FY22			FY22
Revenue:
Investment services fees:
Pershing	$	472		$	478		$	466		$	469		$	472		(1)	%	—	%	$	1,885		$	1,793		5	%
Treasury Services	179			180			183			175			176			(1)		2		717			719			—
Clearance and Collateral Management	322			305			295			290			279			6		15		1,212			1,086			12
Total investment services fees	973			963			944			934			927			1		5		3,814			3,598			6
Foreign exchange revenue	21			21			21			18			20			—		5		81			88			(8)
Other fees (a)	50			49			52			51			44			2		14		202			163			24
Total fee revenue	1,044			1,033			1,017			1,003			991			1		5		4,097			3,849			6
Investment and other revenue	16			16			16			15			15			N/M		N/M		63			40			N/M
Total fee and other revenue	1,060			1,049			1,033			1,018			1,006			1		5		4,160			3,889			7
Net interest income	436			401			420			453			396			9		10		1,710			1,410			21
Total revenue	1,496			1,450			1,453			1,471			1,402			3		7		5,870			5,299			11
Provision for credit losses	28			6			7			—			6			N/M		N/M		41			7			N/M
Noninterest expense (ex. amortization of intangible assets)	836			790			792			781			782			6		7		3,199			2,928			9
Amortization of intangible assets	1			2			2			1			2			(50)		(50)		6			8			(25)
Total noninterest expense	837			792			794			782			784			6		7		3,205			2,936			9
Income before income taxes	$	631		$	652		$	652		$	689		$	612		(3)	%	3	%	$	2,624		$	2,356		11	%
Total revenue by line of business:
Pershing	$	669		$	657		$	641		$	649		$	630		2	%	6	%	$	2,616		$	2,330		12	%
Treasury Services	408			397			413			419			388			3		5		1,637			1,514			8
Clearance and Collateral Management	419			396			399			403			384			6		9		1,617			1,455			11
Total revenue by line of business	$	1,496		$	1,450		$	1,453		$	1,471		$	1,402		3	%	7	%	$	5,870		$	5,299		11	%
Financial ratios:
Pre-tax operating margin	42		%	45		%	45		%	47		%	44		%					45		%	44		%
(a) Other fees primarily include financing-related fees.
N/M – Not meaningful.

16

THE BANK OF NEW YORK MELLON CORPORATION
MARKET AND WEALTH SERVICES BUSINESS SEGMENT
											4Q23 vs.								FY23 vs.
(dollars in millions, unless otherwise noted)	4Q23		3Q23		2Q23		1Q23		4Q22		3Q23		4Q22		FY23		FY22		FY22
Selected balance sheet data:
Average loans	$	39,200	$	37,496	$	36,432	$	36,854	$	39,843	5	%	(2)	%	$	37,502	$	41,300	(9)	%
Average assets (a)	$	132,357	$	129,665	$	131,519	$	132,005	$	132,169	2	%	—	%	$	131,383	$	138,249	(5)	%
Average deposits	$	87,695	$	84,000	$	85,407	$	86,040	$	86,083	4	%	2	%	$	85,785	$	91,749	(7)	%
Selected metrics:
AUC/A at period end (in trillions) (b)	$	13.3	$	13.1	$	13.4	$	13.7	$	12.7	2	%	5	%	$	13.3	$	12.7	5	%
Pershing
AUC/A at period end (in trillions)	$	2.5	$	2.4	$	2.4	$	2.4	$	2.3	4	%	9	%	$	2.5	$	2.3	9	%
Net new assets (U.S. platform) (in billions) (c)	$	(4)	$	23	$	(34)	$	37	$	42	N/M		N/M		$	22	$	121	N/M
Average active clearing accounts (in thousands)	8,012		7,979		7,946		7,849		7,603		—	%	5	%	7,946		7,483		6	%
Treasury Services
Average daily U.S. dollar payment volumes	243,005		233,620		233,931		236,322		246,189		4	%	(1)	%	236,696		239,630		(1)	%
Clearance and Collateral Management
Average tri-party collateral management balances (in billions)	$	5,248	$	5,706	$	6,044	$	5,626	$	5,451	(8)	%	(4)	%	$	5,658	$	5,285	7	%
(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) Consists of AUC/A from the Clearance and Collateral Management and Pershing lines of business.
(c) Net new assets represent net flows of assets (e.g., net cash deposits and net securities transfers, including dividends and interest) in customer accounts in Pershing LLC, a U.S. broker-dealer.
N/M – Not meaningful.

17

THE BANK OF NEW YORK MELLON CORPORATION
INVESTMENT AND WEALTH MANAGEMENT BUSINESS SEGMENT
																4Q23 vs.										FY23 vs.
(dollars in millions)	4Q23			3Q23			2Q23			1Q23			4Q22			3Q23		4Q22		FY23			FY22			FY22
Revenue:
Investment management fees	$	725		$	748		$	753		$	755		$	757		(3)	%	(4)	%	$	2,981		$	3,228		(8)	%
Performance fees	19			30			10			22			26			N/M		N/M		81			75			8
Investment management and performance fees (a)	744			778			763			777			783			(4)		(5)		3,062			3,303			(7)
Distribution and servicing fees	66			62			58			55			54			6		22		241			192			26
Other fees (b)	(55)			(50)			(56)			(53)			(58)			N/M		N/M		(214)			(133)			N/M
Total fee revenue	755			790			765			779			779			(4)		(3)		3,089			3,362			(8)
Investment and other revenue (c)	(121)			1			12			6			(3)			N/M		N/M		(102)			(27)			N/M
Total fee and other revenue(c)	634			791			777			785			776			(20)		(18)		2,987			3,335			(10)
Net interest income	45			39			39			45			52			15		(13)		168			228			(26)
Total revenue	679			830			816			830			828			(18)		(18)		3,155			3,563			(11)
Provision for credit losses	(2)			(9)			7			—			1			N/M		N/M		(4)			1			N/M
Noninterest expense (ex. goodwill impairment and amortization of intangible assets)	680			670			674			732			697			1		(2)		2,756			2,809			(2)
Goodwill impairment	—			—			—			—			—			N/M		N/M		—			680			N/M
Amortization of intangible assets	5			5			5			5			6			—		(17)		20			26			(23)
Total noninterest expense	685			675			679			737			703			1		(3)		2,776			3,515			(21)
(Loss) income before income taxes	$	(4)		$	164		$	130		$	93		$	124		(102)	%	(103)	%	$	383		$	47		715	%
Total revenue by line of business:
Investment Management	$	415		$	565		$	553		$	564		$	558		(27)	%	(26)	%	$	2,097		$	2,423		(13)	%
Wealth Management	264			265			263			266			270			—		(2)		1,058			1,140			(7)
Total revenue by line of business	$	679		$	830		$	816		$	830		$	828		(18)	%	(18)	%	$	3,155		$	3,563		(11)	%
Financial ratios:
Pre-tax operating margin	(1)		%	20		%	16		%	11		%	15		%					12		%	1		%
Adjusted pre-tax operating margin – Non-GAAP (d)	(1)		%	22		%	18		%	13		%	17		%					14		%	2		%
Selected balance sheet data:
Average loans	$	13,405		$	13,519		$	13,995		$	13,960		$	14,404		(1)	%	(7)	%	$	13,718		$	14,055		(2)	%
Average assets (e)	$	26,341		$	26,654		$	27,399		$	28,370		$	28,625		(1)	%	(8)	%	$	26,714		$	32,057		(17)	%
Average deposits	$	12,039		$	13,578		$	15,410		$	16,144		$	16,416		(11)	%	(27)	%	$	14,280		$	19,214		(26)	%
(a) On a constant currency basis, investment management and performance fees decreased 6% (Non-GAAP) compared with 4Q22. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 23 for the reconciliation of this Non-GAAP measure.
(b) Other fees includes investment services fees, foreign exchange revenue and financing-related fees.
(c) Investment and other revenue and total fee and other revenue are net of income 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 23 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.

18

THE BANK OF NEW YORK MELLON CORPORATION
AUM BY PRODUCT TYPE, CHANGES IN AUM AND WEALTH MANAGEMENT CLIENT ASSETS
											4Q23 vs.								FY23 vs.
(dollars in billions)	4Q23		3Q23		2Q23		1Q23		4Q22		3Q23		4Q22		FY23		FY22		FY22
AUM by product type (a):
Equity	$	145	$	133	$	145	$	142	$	135	9	%	7	%
Fixed income	205		190		203		207		198		8		4
Index	459		425		440		408		395		8		16
Liability-driven investments	605		534		579		604		570		13		6
Multi-asset and alternative investments	170		156		162		161		153		9		11
Cash	390		383		377		386		385		2		1
Total AUM	$	1,974	$	1,821	$	1,906	$	1,908	$	1,836	8	%	8	%
Changes in AUM (a):
Beginning balance of AUM	$	1,821	$	1,906	$	1,908	$	1,836	$	1,776					$	1,836	$	2,434
Net inflows (outflows):
Long-term strategies:
Equity	(2)		(3)		(3)		(4)		(5)						(12)		(18)
Fixed income	3		(7)		(4)		4		(12)						(4)		(21)
Liability-driven investments	4		1		(3)		10		19						12		78
Multi-asset and alternative investments	(1)		(4)		(1)		(3)		(4)						(9)		(11)
Total long-term active strategies inflows (outflows)	4		(13)		(11)		7		(2)						(13)		28
Index	(10)		(2)		2		(2)		(4)						(12)		2
Total long-term strategies (outflows) inflows	(6)		(15)		(9)		5		(6)						(25)		30
Short-term strategies:
Cash	7		7		(9)		—		27						5		(12)
Total net inflows (outflows)	1		(8)		(18)		5		21						(20)		18
Net market impact	122		(50)		(3)		52		18						121		(471)
Net currency impact	30		(27)		19		15		53						37		(113)
Divestiture	—		—		—		—		(32)						—		(32)
Ending balance of AUM	$	1,974	$	1,821	$	1,906	$	1,908	$	1,836	8	%	8	%	$	1,974	$	1,836	8	%
Wealth Management client assets (b)	$	312	$	292	$	286	$	279	$	269	7	%	16	%
(a) Excludes assets managed outside of the Investment and Wealth Management business segment.
(b) Includes AUM and AUC/A in the Wealth Management line of business.

19

THE BANK OF NEW YORK MELLON CORPORATION
OTHER SEGMENT
(in millions)	4Q23		3Q23		2Q23		1Q23		4Q22		FY23		FY22
Revenue:
Fee revenue	$	(17)	$	6	$	(2)	$	3	$	12	$	(10)	$	61
Investment and other revenue	38		74		34		38		(414)		184		(221)
Total fee and other revenue	21		80		32		41		(402)		174		(160)
Net interest (expense)	(15)		(24)		(27)		(36)		(48)		(102)		(162)
Total revenue	6		56		5		5		(450)		72		(322)
Provision for credit losses	(6)		(13)		(25)		27		2		(17)		23
Noninterest expense	820		24		71		41		154		956		278
(Loss) income before income taxes	$	(808)	$	45	$	(41)	$	(63)	$	(606)	$	(867)	$	(623)
Selected balance sheet data:
Average loans and leases	$	1,706	$	1,711	$	1,749	$	1,508	$	1,267	$	1,669	$	1,225
Average assets	$	42,867	$	50,008	$	59,836	$	50,343	$	46,698	$	51,211	$	43,806

20

THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES PORTFOLIO
(dollars in millions)	Sept. 30, 2023			4Q23 change in unrealized gain (loss)		Dec. 31, 2023					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	$	35,850		$	1,627	$	43,197	$	39,333		91	%	$	(3,864)		21	%	100	%	—	%	—	%	—	%	—	%
U.S. Treasury	31,439			410		27,316		26,476			97		(840)			62		100		—		—		—		—
Non-U.S. government (d)	20,650			238		21,135		20,543			97		(592)			42		94		3		2		1		—
Agency commercial MBS	10,927			220		11,602		11,010			95		(592)			45		100		—		—		—		—
CLOs	6,908			34		7,125		7,119			100		(6)			100		100		—		—		—		—
U.S. government agencies	6,630			164		7,199		6,780			94		(419)			42		100		—		—		—		—
Foreign covered bonds	6,137			55		6,489		6,317			97		(172)			57		100		—		—		—		—
Non-agency commercial MBS	3,012			55		3,245		2,997			92		(248)			53		100		—		—		—		—
Non-agency RMBS	1,763			47		1,909		1,766			92		(143)			46		85		3		—		6		6
Other asset-backed securities	922			21		1,026		943			92		(83)			18		100		—		—		—		—
Other debt securities	11			—		13		11			88		(2)			—		—		—		—		—		100
Total securities	$	124,249	(e)	$	2,871	$	130,256	$	123,295	(e)(f)	95	%	$	(6,961)	(e)(g)	44	%	99	%	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 supranational securities.
(e) Includes net unrealized gains on derivatives hedging securities available-for-sale (including terminated hedges) of $2,820 million at Sept. 30, 2023 and $1,767 million at Dec. 31, 2023.
(f) The fair value of available-for-sale securities totaled $78,584 million at Dec. 31, 2023, net of hedges, or 64% of the fair value of the securities portfolio, net of hedges. The fair value of the held-to-maturity securities totaled $44,711 million at Dec. 31, 2023, or 36% of the fair value of the securities portfolio, net of hedges.
(g) At Dec. 31, 2023, includes pre-tax net unrealized losses of $2,094 million related to available-for-sale securities, net of hedges, and $4,867 million related to held-to-maturity securities. The after-tax unrealized losses, net of hedges, related to available-for-sale securities was $1,580 million and the after-tax equivalent related to held-to-maturity securities was $3,711 million.
Note: The amortizable purchase premium (net of discount) relating to securities was $821 million at Dec. 31, 2023 and the amortization of that net purchase premium was $38 million in 4Q23.

21

THE BANK OF NEW YORK MELLON CORPORATION
ALLOWANCE FOR CREDIT LOSSES AND NONPERFORMING ASSETS
	2023												2022
(dollars in millions)	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
Allowance for credit losses – beginning of period:
Allowance for loan losses	$	211		$	191		$	170		$	176		$	164
Allowance for lending-related commitments	85			91			83			78			72
Allowance for other financial instruments (a)	29			41			67			38			44
Allowance for credit losses – beginning of period	$	325		$	323		$	320		$	292		$	280
Net (charge-offs) recoveries:
Charge-offs	—			(1)			(4)			—			(9)
Recoveries	5			—			2			1			1
Total net recoveries (charge-offs)	5			(1)			(2)			1			(8)
Provision for credit losses (b)	84			3			5			27			20
Allowance for credit losses – end of period	$	414		$	325		$	323		$	320		$	292
Allowance for credit losses – end of period:
Allowance for loan losses	$	303		$	211		$	191		$	170		$	176
Allowance for lending-related commitments	87			85			91			83			78
Allowance for other financial instruments (a)	24			29			41			67			38
Allowance for credit losses – end of period	$	414		$	325		$	323		$	320		$	292
Allowance for loan losses as a percentage of total loans	0.45		%	0.32		%	0.30		%	0.27		%	0.27		%
Nonperforming assets	$	237		$	48		$	88		$	105		$	109
(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 other instruments within the scope of ASU 2016-13,Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments.

22

THE BANK OF NEW YORK MELLON CORPORATION
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
BNY Mellon has included in this Revised 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 Mellon has included in this Revised Financial Supplement 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 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.
Note: Quarterly returns on common and tangible common equity ratios are annualized.
Return on common equity and tangible common equity reconciliation
(dollars in millions)	4Q23			3Q23			2Q23			1Q23			4Q22			FY23			FY22
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	162		$	958		$	1,036		$	911		$	500		$	3,067		$	2,345
Add: Amortization of intangible assets	14			15			14			14			16			57			67
Less: Tax impact of amortization of intangible assets	4			3			4			3			4			14			16
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP	$	172		$	970		$	1,046		$	922		$	512		$	3,110		$	2,396
Average common shareholders’ equity	$	36,050		$	35,873		$	35,655		$	35,483		$	35,148		$	35,767		$	36,067
Less: Average goodwill	16,199			16,237			16,219			16,160			16,229			16,204			17,060
Average intangible assets	2,858			2,875			2,888			2,899			2,905			2,880			2,939
Add: Deferred tax liability – tax deductible goodwill	1,205			1,197			1,193			1,187			1,181			1,205			1,181
Deferred tax liability – intangible assets	657			657			660			660			660			657			660
Average tangible common shareholders’ equity – Non-GAAP	$	18,855		$	18,615		$	18,401		$	18,271		$	17,855		$	18,545		$	17,909
Return on common equity – GAAP	1.8		%	10.6		%	11.7		%	10.4		%	5.6		%	8.6		%	6.5		%
Return on tangible common equity – Non-GAAP	3.6		%	20.6		%	22.8		%	20.5		%	11.4		%	16.8		%	13.4		%

23

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	2023												2022
(dollars in millions, except common shares and unless otherwise noted)	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
BNY Mellon shareholders’ equity at period end – GAAP	$	40,770		$	40,858		$	40,824		$	40,519		$	40,613
Less: Preferred stock	4,343			4,838			4,838			4,838			4,838
BNY Mellon common shareholders’ equity at period end – GAAP	36,427			36,020			35,986			35,681			35,775
Less: Goodwill	16,261			16,159			16,246			16,192			16,150
Intangible assets	2,854			2,859			2,881			2,890			2,901
Add: Deferred tax liability – tax deductible goodwill	1,205			1,197			1,193			1,187			1,181
Deferred tax liability – intangible assets	657			657			660			660			660
BNY Mellon tangible common shareholders’ equity at period end – Non-GAAP	$	19,174		$	18,856		$	18,712		$	18,446		$	18,565
Period-end common shares outstanding (in thousands)	759,344			769,073			778,782			789,134			808,445
Book value per common share – GAAP	$	47.97		$	46.84		$	46.21		$	45.22		$	44.25
Tangible book value per common share – Non-GAAP	$	25.25		$	24.52		$	24.03		$	23.38		$	22.96
Net interest margin reconciliation
(dollars in millions)	4Q23			3Q23			2Q23			1Q23			4Q22
Net interest income – GAAP	$	1,101		$	1,016		$	1,100		$	1,128		$	1,056
Add: Tax equivalent adjustment	1			—			1			—			2
Net interest income (FTE) – Non-GAAP	$	1,102		$	1,016		$	1,101		$	1,128		$	1,058
Average interest-earning assets	$	344,174		$	339,044		$	362,049		$	348,378		$	352,987
Net interest margin – GAAP (a)	1.26		%	1.18		%	1.20		%	1.29		%	1.19		%
Net interest margin (FTE) – Non-GAAP (a)	1.26		%	1.18		%	1.20		%	1.29		%	1.19		%
(a) Net interest margin is annualized.

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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)	4Q23			3Q23			2Q23			1Q23			4Q22			FY23			FY22
(Loss) income before income taxes – GAAP	$	(4)		$	164		$	130		$	93		$	124		$	383		$	47
Total revenue – GAAP	$	679		$	830		$	816		$	830		$	828		$	3,155		$	3,563
Less: Distribution and servicing expense	89			87			93			86			87			355			345
Adjusted total revenue, net of distribution and servicing expense – Non-GAAP	$	590		$	743		$	723		$	744		$	741		$	2,800		$	3,218
Pre-tax operating margin – GAAP (a)	(1)		%	20		%	16		%	11		%	15		%	12		%	1		%
Adjusted pre-tax operating margin, net of distribution and servicing expense – Non-GAAP (a)	(1)		%	22		%	18		%	13		%	17		%	14		%	2		%
(a) Income before income taxes divided by total revenue.
Constant currency reconciliations							4Q23 vs.
(dollars in millions)	4Q23			4Q22			4Q22
Consolidated:
Investment management and performance fees – GAAP	$	743		$	783		(5)		%
Impact of changes in foreign currency exchange rates	—			11
Adjusted investment management and performance fees – Non-GAAP	$	743		$	794		(6)		%
Investment and Wealth Management business segment:
Investment management and performance fees – GAAP	$	744		$	783		(5)		%
Impact of changes in foreign currency exchange rates	—			11
Adjusted investment management and performance fees – Non-GAAP	$	744		$	794		(6)		%

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