morning, Thank you, Charlie. Good everyone.
his Before of work role would my him and Gibbons I Clearing, prepared I Management and CEO accomplishments as Markets on new hard thank his all for congratulate like think Client aspiring Markets to is and here remarks, in Global I Todd begin Clearing, very agree and business at BNY capable hands. Mellon can an the of as and is CFO. Management attest us Client I Todd that leader, all
Fed. was have It quarter. Mellon's positive The enhance we steps in in bankruptcy. resolution and the resolvability enormous our agencies shortcomings we enhance response the deficiencies firm's efforts and the the many facilitate from fronts. XXXX acknowledged no our important we regulators were to I to plan, which busy validates FDIC or to The resolvability. quarter submission mid-December, orderly made BNY found have In the the receive to taken a Title resolution plan Turning on to a pleased our
forward, we continue will move focus on to our resolvability we resiliency. maintain As and
macro improve, our quarter to environment and slightly During Federal expected, basis the net continued improved quarter, as by increased revenue. rates which interest Reserve interest fourth points, XX the the
fully In Consistent reported be on recorded through the are quarter was Additionally, the with and earnings common basis from impact basis. record items on unless date. in quarters, $X.XX. to complex With on a Beginning income legislation in total a the the will our company the foreign results. translation tax impact and strong as a Slide on passed of note performance the AUM. helped we for quarter bill share quarter to the will AUC/A The market our drive net is quarter, aware, Also, currency global late previous earnings essentially equity fourth X had fourth you legislation let that I of me per otherwise. There All from year-over-year impacted release take best The details the amounts neutral significant were reflected run results. impact the an some estimates that, implement. of in the comparisons time to X. represent December.
recorded of million $X.XX investment tax position Charlie portfolio, and new and charges, tax better gain First, will future, we Revenue This and down second, And noted. a which legislation securities related a in by included million X%. which other $X.X to impact asset $X.XX total the us certain per the share impairment after-tax of our negative as litigation related from revenue the was for decreased U.S. $XXX a X%. or U.S. negative also per the million to billion the recorded share severance, $XXX legislation. we after-tax common of impact $XXX sale or majority
of growth for with and increasing X%. up up impact which XX%. performance In litigation severance, and a investment our management saw billion were $X of expense XX% fees by XX%. segments Expenses increased services $XXX in revenue included charges, fees pretax and other addition, million investment each This
X%. up $X.X per reported billion, revenues year and included significant up share increased we and in results XXXX, year decreased expenses The by full XX%. of X%. up and $XX earning $X.XX billion full billion, X% increased revenue of -- share, X% earnings of by were X% common expenses The or and For earnings $XX.X per which items quarter the noninterest by
the quarter, million share in dividend payments we repurchases XXXX. In returned addition, in fourth via to $XXX full year and and $X.X billion shareholders
to Slide Moving X.
tax $XXX the tax table $XXX statutory net new net liabilities certain amounted renewable I'll the other estimated tax million, tax-deferred in a new also on assets. were $X.X tax The in legislation. to the liabilities energy liabilities. repatriation tax of tax corporate our impact our net There as of offset a with deferred of associated resulted million there. tax recorded goodwill income, from rate The will the the We benefit The of capital repatriation investments by remeasurement and $XXX impact the to to was The by minimis associated earnings was income financial driven liabilities. tax investment start and net to by primarily reduced lower the remeasurement XX%. the intangible which our tax of benefit on foreign legislation tax related reduction million. de at pretax The of tax impact. associated by the deferred benefit was a offset discuss income summarizes with deferred remeasurement regulatory billion accounting
how this forward. going to impact Turning us will
new legislation and our us activity, the proved As beneficial help to which we stimulate economic are over be to time. Charlie will mentioned, that clients hopeful had
effective the uncertain, XXXX Our an know be based expected to rate immaterial. XX%. Anti-abuse to The to tax is Erosion we have We today, impact is or do it in approximately Tax XXXX. for be the impact BEAT but on expect not Base beyond what we XXXX expect
buybacks from will capital The cash be and to the repatriate due year's will impacted. the amount expect of entities liquidity CCAR We a not of requirements to be limited the remainder of first those distributions And the half our process. entities. lastly, non-U.S. subject in XXXX of capital our to
$X.X XX% year-over-year. and X. and investment was the down by Slide The and other to fee year-over-year related sale losses tax Turning The the revenue X% legislation fee securities of revenue to certain U.S. sequentially. and billion, reduced consolidated other XX%
lower decreased in servicing British collateral long-term net reflecting credits year-over-year Investment year-over-year provided management; programs, management and a a reflects primarily principally and by primary of periods and due payment values outstanding was year-over-year higher by Depositary business the services of offset revenue. and to The seasonality fees U.S. new fund due primarily by XX% Asset higher values, quarter in performance pound. lending, X% compared sequentially, XX% X% to decrease Issuer balance X% reflecting performance sequentially. of assets. year-over-year performance money fees and X% in reflects services and fees basis, equity reduction Treasury fewer equity with market sequential growth corporate in including fees dollar volumes, favorable The market against revenue increased fees driven the X% Receipts fees. Receipt impact fees year-over-year offset Clearing favorable weaker Both On sequentially. actions, revenue increase shares net reduce sequential market primarily XXXX. market termination increase growth fees. sequentially, lost Trust market year-over-year of higher dollar. impact clients mutual volumes. securities The reflects also X% the XX% increase The X% new Depositary that year-over-year partially the primarily fees services a net and and year-over-year, in interest in investment lower increase and XX% values; compensating reflects primarily U.S. higher and quarter money increased fourth impact The business, fourth increased primarily reflecting decreased management the constant-currency fee primarily higher certain market revenue. higher also fees recorded money to weaker fees equity increase XXXX. business, the reflect and increased Corporate fees of
increased legislation revenue on million the volatility. $XXX Foreign volumes sequentially. XX% renewable FX was higher in sequentially. exchange sequential year-over-year, energy. of by primarily offset million and higher volumes. year-over-year other increase was U.S. unchanged decreased and decreased up Investment lower trading and driven of revenue year-over-year investments impact other Year-over-year, The X% X% reflecting $XXX and were income by tax our
of U.S. tax I on investments legislation As in net renewable the mentioned, energy impact offset our the was tax line.
income outflows investments. demand of strategies. billion into by of $X billion from flows fixed up equities Management $X by inflows equity Now liability-driven record and $X.X on achieved year-over-year, offset $XX XX% higher of and from and assets to Slide from $X We the strategies and trillion, under our billion, high X, clients experienced investment dollar driven billion long-term of into due Investment U.S. of inflows. weaker values, net reflecting of a total active impact market primarily inflows billion alternative inflows multi-asset active were management These favorable $XX
from had outflows index outflows in of we cash We billion $X experienced Additionally, billion products. quarter. the $X in
our recall, quarters. had first you market for If of grown business, the money the cash the we cash XXXX. three full U.S. largest year in inflows segment have funds, our And XX%
was which and just business Investment new Our quarter. basis net margin pretax the its operating the with significant wealth business, over quarter in continued helped was to X% The loan fees this XXX year-over-year, continued X% points. positive up year-over-year performance X% sequentially. adjusted impacted items margin growth, drive Higher by XX%. management trend Management's higher
of ratio in increased reflecting X% and/or market year-over-year higher XX% the interest quarter, and business deposits custody driven administration of the increased $XX.X declined result regulatory Services fourth total year-over-year, achieved higher managing mainly Now estimate declined quarter. wins and/or requirements, values. by Average deposits $XXX assets under Average up meet X% to this loan and new and assets trillion sequentially, turning our sequentially. under Investment to actively year-over-year, balances lower X% X% custody billion We administration were sequentially. rates XX% record Slide X.
mainly of Lastly, balances clients growth and result year-over-year and of grew from tri-party new organic sequentially, repo onboarding the X% clients. the XX% average existing
interest revenue on to Slide Turning XX. net
a XXX This net X% of interest third see XXX from on will from revenue million period -- X% points. the You resulted fully in year-ago was quarter. that of up and equivalent up basis, the $XXX a of NIM taxable basis
$XX points. by related NIM This items quarter X of million the including included reduced negative These adjustments, lease-related impact new tax basis million legislation. the $X to
or As quarter of both a impacted and these the fourth million in of impact in quarters $XX activities was premium by $XX the adjustment. interest of items growth positively amortization a XXXX reminder The hedging negatively impacted adjusted million following moderate discussed. We deposits have would the been for X% our experienced increase. increased rate with expectations deposit those noninterest-bearing runoff sequentially. NIR you by if line the up NIR Interest-bearing X% in items
you XX, will total sequentially. $XXX XX%. for pretax by includes XX% increased which other severance, increased expense million year-over-year Slide expense to litigation charges, Turning and see and This noninterest XX% that
me a and the the related table. equipment expense severance impacted higher changes an Let primarily by The increase performance. in impairment asset result stronger expenses, The professional, higher driven was of to purchase primarily few expense. staff change other year-over-year by highlight legal was the compensation in year-over-year in increase quarter. sequential expenses incentive in service software of underlying and was the The and also
liquidity Lastly, turning on to ratios our Slide XX. capital and
which modestly buffer. requirement the reasonable of phased-in supplementary to with X.X%, tax Our meets regulatory lower a new the impact fully The capital the ratio leverage were ratios XXXX was due legislation. X% of
the in remained ratio with U.S. compliance liquidity also coverage requirements. full We
LCR quarter. fourth XXX% the in was Our
to things factor turning are in comments, for Charlie's your Q&A, XXXX. to in few Before addition models there a to
quarter, in higher may will typically and the securities be our be continue our of if XXXX as employees takes contract deposits NIM lower other gain to continue million the by for in and expected. investment $XX and rates that first place, boutique, the balances CenterSquare. sale acceleration to expect should should portfolio expense the quarter, line staff to I Also, interest the compensation million for the The range income of to offset a revenue that of that tax end approximately the like year due quarterly by the range Charlie the We to $XX expense we is we incentive similar first to be to would to remind on XXXX. NIR be long-term at benefit to I impacted slightly small about of from full net grow. Net-net, benefit the noninterest-bearing last you be wants and repositioning higher the expect expect With expected In effective to retirement-eligible make rate And of be mentioned, which as the impact year. comments to few XX%. more that, investment XXXX.
