bk-20230113


News Release

BNY MELLON REPORTS FOURTH QUARTER 2022 EARNINGS OF

$509 MILLION OR $0.62 PER COMMON SHARE;

$1.1 BILLION OR $1.30 PER SHARE EXCLUDING NOTABLE ITEMS(a)

Revenue down 2%

EPS down 39%

ROE 6%

ROTCE 12%(a)

CET1 11.2%

Tier 1 leverage 5.8%

Adj. Revenue up 9%(a)

Adj. EPS up 25%(a)

Adj. ROE 12%(a)

Adj. ROTCE 24%(a)

CET1 11.2%

Tier 1 leverage 5.8%

NEW YORK, January 13, 2023 – The Bank of New York Mellon Corporation (“BNY Mellon”) (NYSE: BK) today reported:


							4Q22 vs.
(dollars in millions, except per share amounts)	4Q22		3Q22		4Q21		3Q22		4Q21
Net income applicable to common shareholders	$	509	$	319	$	822	60	%	(38)	%
Adjusted net income applicable to common shareholders – Non-GAAP (a)	$	1,057	$	983	$	852	8	%	24	%
Diluted earnings per common share	$	0.62	$	0.39	$	1.01	59	%	(39)	%
Adjusted diluted earnings per common share – Non-GAAP (a)	$	1.30	$	1.21	$	1.04	7	%	25	%


Notable items (a)

4Q22 results include $(548) million, or $(0.67) per share, primarily related to a net loss from repositioning the securities portfolio and severance.

4Q21 results include $(30) million, or $(0.04) per share, primarily related to severance.


Fourth Quarter Results

Total revenue of $3.9 billion, decreased 2%; or increased 9% excluding notable items (a)

•Net interest revenue increased 56%

•Fee revenue was flat

•Investment and other revenue in 4Q22 included $449 million net loss from repositioning the securities portfolio

Total noninterest expense of $3.2 billion, increased 8%; or 2% excluding notable items (a)

AUC/A of $44.3 trillion, decreased 5%, primarily market impact

AUM of $1.8 trillion, decreased 25%, primarily market impact

Securities Services

•Total revenue increased 18%

•Income before taxes increased 67%

•Pre-tax operating margin of 27%

Market and Wealth Services

•Total revenue increased 19%

•Income before taxes increased 21%

•Pre-tax operating margin of 43%

Investment and Wealth Management

•Total revenue decreased 19%

•Income before taxes decreased 55%

•Pre-tax operating margin of 15%; Adjusted pre-tax operating margin – Non-GAAP of 17% (a)

Capital

•Board of Directors authorized a new common share repurchase program of $5 billion, effective Jan. 1, 2023.


CEO Commentary

Robin Vince, President and Chief Executive Officer, commented, “BNY Mellon delivered solid underlying performance in the fourth quarter. We continued to derive benefit from higher interest rates, and we saw healthy growth across several of our businesses despite the significant downdraft in market levels across global equity and fixed income markets. Our reported results in the quarter also reflect the impact of a number of deliberate actions to improve our revenue growth and efficiency trajectory for 2023 and beyond.”

“I am proud of our people, who once again demonstrated BNY Mellon’s characteristic resilience and ability to support our clients in a challenging environment, while continuing to execute against our long-term growth initiatives,” Mr. Vince added.

“As we enter 2023, we remain focused on growing and deepening our strong client franchise, together with driving greater efficiency in our operating model. I am confident in BNY Mellon’s ability to create further value for all our stakeholders in the years ahead,” Mr. Vince concluded.


Media Relations: Garrett Marquis (949) 683-1503			Investor Relations: Marius Merz (212) 298-1480
(a) Adjusted results exclude notable items. For information on the Non-GAAP measures, see “Explanation of GAAP and Non-GAAP financial measures” beginning on page 12.
Note: Above comparisons are 4Q22 vs. 4Q21, unless otherwise noted.


BNY Mellon 4Q22 Earnings Release

CONSOLIDATED FINANCIAL HIGHLIGHTS


(in millions, except per share amounts and unless otherwise noted; not meaningful - N/M)										4Q22 vs.
	4Q22			3Q22			4Q21			3Q22		4Q21
Fee revenue	$	3,222		$	3,236		$	3,231		—	%	—	%
Investment and other revenue	(360)			117			107			N/M		N/M
Total fee and other revenue	2,862			3,353			3,338			(15)		(14)
Net interest revenue	1,056			926			677			14		56
Total revenue	3,918			4,279			4,015			(8)		(2)
Provision for credit losses	20			(30)			(17)			N/M		N/M
Noninterest expense	3,213			3,679			2,967			(13)		8
Income before taxes	685			630			1,065			9		(36)
Provision for income taxes	142			242			196			(41)		(28)
Net income	$	543		$	388		$	869		40	%	(38)%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	509		$	319		$	822		60	%	(38)%
Operating leverage (a)										423	bps	(1,071)	bps
Diluted earnings per common share	$	0.62		$	0.39		$	1.01		59	%	(39)%
Average common shares and equivalents outstanding - diluted (in thousands)	815,846			814,516			817,345
Pre-tax operating margin	17		%	15		%	27		%
Non-GAAP measures, excluding notable items: (b)
Adjusted total revenue	$	4,378		$	4,242		$	4,015		3	%	9	%
Adjusted noninterest expense	$	3,000		$	2,965		$	2,930		1	%	2	%
Adjusted operating leverage (a)										203	bps	665	bps
Adjusted diluted earnings per common share	$	1.30		$	1.21		$	1.04		7	%	25	%
Adjusted pre-tax operating margin	31		%	31		%	27		%

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

(b) See “Notable items by business segment” beginning on page 8 for additional information on the notable items. Also see “Explanation of GAAP and Non-GAAP financial measures” beginning on page 12.

bps – basis points.

KEY DRIVERS (comparisons are 4Q22 vs. 4Q21, unless otherwise stated)

Total revenue decreased 2%, primarily reflecting:

•Fee revenue was flat, primarily reflecting lower market values and the unfavorable impact of a stronger U.S. dollar, offset by lower money market fee waivers.

•Investment and other revenue decreased primarily reflecting the $449 million net loss from repositioning the securities portfolio.

•Net interest revenue increased 56%, primarily reflecting higher interest rates on interest-earning assets, partially offset by higher funding expense.

•Provision for credit losses was $20 million, primarily reflecting changes in the macroeconomic forecast.

•Noninterest expense increased 8%, primarily reflecting higher severance expense. Excluding notable items, noninterest expense increased 2% (a), primarily reflecting higher investments in growth, infrastructure and efficiency initiatives and higher revenue-related expenses, as well as the impact of inflation, partially offset by the favorable impact of a stronger U.S. dollar.

•Effective tax rate of 20.7%, or 19.7% (a) excluding notable items.

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

•AUC/A of $44.3 trillion, decreased 5%, primarily reflecting lower market values and the unfavorable impact of a stronger U.S. dollar, partially offset by client inflows and net new business.

•AUM of $1.8 trillion, decreased 25%, primarily reflecting lower market values, the unfavorable impact of a stronger U.S. dollar and the divestiture of Alcentra, partially offset by net inflows.

Capital and liquidity

•Dividends of $305 million to common shareholders (including dividend-equivalents on share-based awards).

•Return on common equity (“ROE”) – 6%; Adjusted ROE – 12% (a).

•Return on tangible common equity (“ROTCE”) – 12% (a); Adjusted ROTCE – 24% (a).

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

•Tier 1 leverage ratio – 5.8%.

•Average liquidity coverage ratio (“LCR”) – 118%.

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

(a) See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 12 for additional information.

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


Page - 2


BNY Mellon 4Q22 Earnings Release

FULL-YEAR CONSOLIDATED FINANCIAL HIGHLIGHTS


(in millions, except per share amounts and unless otherwise noted; not meaningful - N/M)							2022 vs.
	2022			2021			2021
Fee revenue	$	12,955		$	12,977		—	%
Investment and other revenue	(82)			336			N/M
Total fee and other revenue	12,873			13,313			(3)
Net interest revenue	3,504			2,618			34
Total revenue	16,377			15,931			3
Provision for credit losses	39			(231)			N/M
Noninterest expense	13,010			11,514			13
Income before taxes	3,328			4,648			(28)
Provision for income taxes	768			877			(12)
Net income	$	2,560		$	3,771		(32)%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	2,362		$	3,552		(34)%
Operating leverage (a)							(1,019)	bps
Diluted earnings per common share	$	2.90		$	4.14		(30)%
Average common shares and equivalents outstanding - diluted (in thousands)	814,795			856,359
Pre-tax operating margin	20		%	29		%
Non-GAAP measures, excluding notable items: (b)
Adjusted total revenue	$	16,888		$	15,918		6	%
Adjusted noninterest expense	$	11,981		$	11,385		5	%
Adjusted operating leverage (a)							86	bps
Adjusted diluted earnings per common share	$	4.59		$	4.24		8	%
Adjusted pre-tax operating margin	29		%	30		%

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

bps – basis points.

KEY DRIVERS (comparisons are 2022 vs. 2021, unless otherwise stated)

•Total revenue increased 3%, or 6% excluding notable items (a), primarily reflecting:

•Fee revenue was essentially flat primarily reflecting lower market values, the unfavorable impact of a stronger U.S. dollar and the 1Q22 accelerated amortization of deferred costs for depositary receipts services related to Russia, partially offset by lower money market fee waivers.

•Investment and other revenue decreased primarily reflecting the 4Q22 net loss from repositioning the securities portfolio.

•Net interest revenue increased 34% primarily reflecting higher interest rates on interest-earning assets, partially offset by higher funding expense.

•Provision for credit losses was $39 million compared with a benefit of $231 million in 2021. The increase was primarily driven by changes in the macroeconomic forecast.

•Noninterest expense increased 13% primarily reflecting the 3Q22 goodwill impairment in the Investment Management reporting unit and higher severance expense and litigation reserves. Excluding notable items, noninterest expense increased 5% (a), primarily reflecting higher investments in growth, infrastructure and efficiency initiatives and higher revenue-related expenses, as well as the impact of inflation, partially offset by an approximately 3% favorable impact of a stronger U.S. dollar.

•Effective tax rate of 23.1%, or 19.1% (a) excluding notable items, primarily goodwill impairment.

Capital and liquidity

•Returned $1.3 billion to common shareholders, including dividends of $1.2 billion (including dividend equivalents on share-based awards) and $124 million of common share repurchases.

•ROE – 7%; Adjusted ROE – 10% (a).

•ROTCE – 13% (a); Adjusted ROTCE – 21% (a).

•Board of Directors authorized a new common share repurchase program of $5 billion, effective Jan. 1, 2023.

(a) See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 12 for additional information.


Page - 3


BNY Mellon 4Q22 Earnings Release

SECURITIES SERVICES BUSINESS SEGMENT HIGHLIGHTS


(dollars in millions, unless otherwise noted; not meaningful - N/M)										4Q22 vs.
	4Q22			3Q22			4Q21			3Q22		4Q21
Investment services fees:
Asset Servicing	$	971		$	953		$	984		2	%	(1)	%
Issuer Services	271			288			253			(6)		7
Total investment services fees	1,242			1,241			1,237			—		—
Foreign exchange revenue	149			132			148			13		1
Other fees (a)	55			52			28			6		96
Total fee revenue	1,446			1,425			1,413			1		2
Investment and other revenue	70			111			53			N/M		N/M
Total fee and other revenue	1,516			1,536			1,466			(1)		3
Net interest revenue	656			538			367			22		79
Total revenue	2,172			2,074			1,833			5		18
Provision for credit losses	11			(6)			(7)			N/M		N/M
Noninterest expense	1,576			1,557			1,490			1		6
Income before taxes	$	585		$	523		$	350		12	%	67	%

Total revenue by line of business:
Asset Servicing	$	1,681		$	1,596		$	1,456		5	%	15	%
Issuer Services	491			478			377			3		30
Total revenue by line of business	$	2,172		$	2,074		$	1,833		5	%	18	%

Pre-tax operating margin	27		%	25		%	19		%

Securities lending revenue (b)	$	50		$	48		$	45		4	%	11	%

Metrics:
Average loans	$	11,850		$	11,573		$	9,764		2	%	21	%
Average deposits	$	176,541		$	176,328		$	200,272		—	%	(12)	%

AUC/A at period end (in trillions) (current period is preliminary) (c)	$	31.4		$	30.0		$	34.6		5	%	(9)	%
Market value of securities on loan at period end (in billions) (d)	$	449		$	435		$	447		3	%	—	%

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

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

(c) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Issuer Services line of business. Includes the AUC/A of CIBC Mellon Global Securities Services Company (“CIBC Mellon”), a joint venture with the Canadian Imperial Bank of Commerce, of $1.5 trillion at Dec. 31, 2022, $1.4 trillion at Sept. 30, 2022 and $1.7 trillion at Dec. 31, 2021.

(d) Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $68 billion at Dec. 31, 2022, $75 billion at Sept. 30, 2022 and $71 billion at Dec. 31, 2021.

KEY DRIVERS

•The drivers of the total revenue variances by line of business are indicated below. Also see page 9 for information related to money market fee waivers.

•Asset Servicing – The year-over-year increase primarily reflects higher net interest revenue, lower money market fee waivers and higher client activity, partially offset by lower market values and the unfavorable impact of a stronger U.S. dollar. The sequential increase primarily reflects higher net interest revenue, foreign exchange revenue and client activity, partially offset by a 3Q22 disposal gain.

•Issuer Services – The year-over-year increase primarily reflects higher net interest revenue and lower money market fee waivers. The sequential increase primarily reflects higher net interest revenue, partially offset by lower Depositary Receipts revenue.

•Noninterest expense increased year-over-year, primarily reflecting higher investments in growth, infrastructure and efficiency initiatives, as well as the impact of inflation, partially offset by the favorable impact of a stronger U.S. dollar.


Page - 4


BNY Mellon 4Q22 Earnings Release

MARKET AND WEALTH SERVICES BUSINESS SEGMENT HIGHLIGHTS


(dollars in millions, unless otherwise noted; not meaningful - N/M)										4Q22 vs.
	4Q22			3Q22			4Q21			3Q22		4Q21
Investment services fees:
Pershing	$	502		$	494		$	412		2	%	22	%
Treasury Services	170			173			170			(2)		—
Clearance and Collateral Management	249			239			236			4		6
Total investment services fees	921			906			818			2		13
Foreign exchange revenue	20			20			21			—		(5)
Other fees (a)	47			49			31			(4)		52
Total fee revenue	988			975			870			1		14
Investment and other revenue	15			14			6			N/M		N/M
Total fee and other revenue	1,003			989			876			1		14
Net interest revenue	396			378			297			5		33
Total revenue	1,399			1,367			1,173			2		19
Provision for credit losses	6			(1)			(3)			N/M		N/M
Noninterest expense	785			737			674			7		16
Income before taxes	$	608		$	631		$	502		(4)	%	21	%

Total revenue by line of business:
Pershing	$	673		$	658		$	553		2	%	22	%
Treasury Services	382			390			331			(2)		15
Clearance and Collateral Management	344			319			289			8		19
Total revenue by line of business	$	1,399		$	1,367		$	1,173		2	%	19	%

Pre-tax operating margin	43		%	46		%	43		%

Metrics:
Average loans	$	39,843		$	40,882		$	40,812		(3)	%	(2)	%
Average deposits	$	86,083		$	90,612		$	100,653		(5)	%	(14)	%

AUC/A at period end (in trillions) (current period is preliminary) (b)	$	12.7		$	12.0		$	11.8		6	%	8	%

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

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

KEY DRIVERS

•The drivers of the total revenue variances by line of business are indicated below. Also see page 9 for information related to money market fee waivers.

•Pershing – The year-over-year increase primarily reflects lower money market fee waivers, higher fees on sweep balances and higher net interest revenue, partially offset by the impact of prior year lost business and the impact of lower equity markets. The sequential increase primarily reflects higher fees on sweep balances and net interest revenue.

•Treasury Services – The year-over-year increase primarily reflects higher net interest revenue and lower money market fee waivers.

•Clearance and Collateral Management – The year-over-year increase primarily reflects higher net interest revenue and U.S. government clearance volumes. The sequential increase primarily reflects higher net interest revenue and clearance volumes.


Page - 5


BNY Mellon 4Q22 Earnings Release

INVESTMENT AND WEALTH MANAGEMENT BUSINESS SEGMENT HIGHLIGHTS


(dollars in millions, unless otherwise noted; not meaningful - N/M)											4Q22 vs.
	4Q22			3Q22				4Q21			3Q22			4Q21
Investment management fees	$	754		$	788			$	864		(4)	%		(13)	%
Performance fees	26			10				32			N/M			(19)
Investment management and performance fees	780			798				896			(2)			(13)
Distribution and servicing fees	54			55				28			(2)			93
Other fees (a)	(58)			(45)				22			N/M			N/M
Total fee revenue	776			808				946			(4)			(18)
Investment and other revenue (b)	(3)			(3)				23			N/M			N/M
Total fee and other revenue (b)	773			805				969			(4)			(20)
Net interest revenue	52			57				51			(9)			2
Total revenue	825			862				1,020			(4)			(19)
Provision for credit losses	1			3				(6)			N/M			N/M
Noninterest expense	699			1,356				748			(48)			(7)
Income (loss) before taxes	$	125		$	(497)			$	278		125	%	(c)	(55)	%

Total revenue by line of business:
Investment Management	$	550		$	579			$	709		(5)	%		(22)	%
Wealth Management	275			283				311			(3)			(12)
Total revenue by line of business	$	825		$	862			$	1,020		(4)	%		(19)	%

Pre-tax operating margin	15		%	(57)		%		27		%
Adjusted pre-tax operating margin – Non-GAAP (d)	17		%	(64)		%	(c)	29		%

Metrics:
Average loans	$	14,404		$	14,482			$	12,737		(1)	%		13	%
Average deposits	$	16,416		$	17,225			$	18,374		(5)	%		(11)	%

AUM (in billions) (current period is preliminary) (e)	$	1,836		$	1,776			$	2,434		3	%		(25)	%
Wealth Management client assets (in billions) (current period is preliminary) (f)	$	269		$	256			$	321		5	%		(16)	%

(a) Other fees primarily include investment services fees.

(b) Investment and other revenue and total fee and other revenue are net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds.

(c) Excluding notable items, income before taxes decreased 18% (Non-GAAP) compared with 3Q22. Excluding notable items and net of distribution and servicing expense, the adjusted pre-tax operating margin was 24% (Non-GAAP) for 3Q22. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 12 for information on these Non-GAAP measures.

(d) Net of distribution and servicing expense. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 12 for information on this Non-GAAP measure.

(e) Excludes assets managed outside of the Investment and Wealth Management business segment.

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

KEY DRIVERS

•The drivers of the total revenue variances by line of business are indicated below. Also see page 9 for information related to money market fee waivers.

•Investment Management – The year-over-year decrease primarily reflects lower market values, the mix of cumulative net inflows, the unfavorable impact of a stronger U.S. dollar, the impact of the Alcentra divestiture and strategic equity investment gains recorded in 4Q21, partially offset by lower money market fee waivers. The sequential decrease primarily reflects the impact of the Alcentra divestiture.

•Wealth Management – The year-over-year decrease primarily reflects lower market values.

•Noninterest expense decreased year-over year, primarily reflecting the impact of the Alcentra divestiture, the favorable impact of a stronger U.S. dollar and lower revenue-related expenses, partially offset by higher severance expense. The sequential decrease primarily reflects the 3Q22 goodwill impairment in the Investment Management reporting unit.


Page - 6


BNY Mellon 4Q22 Earnings Release

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



(in millions)	4Q22		3Q22		4Q21
Fee revenue	$	12	$	28	$	2
Investment and other revenue	(442)		(5)		19
Total fee and other revenue	(430)		23		21
Net interest (expense)	(48)		(47)		(38)
Total revenue	(478)		(24)		(17)
Provision for credit losses	2		(26)		(1)
Noninterest expense	153		29		55
(Loss) before taxes	$	(633)	$	(27)	$	(71)

KEY DRIVERS

•Total revenue includes corporate treasury and other investment activity, including hedging activity which has an offsetting impact between fee and other revenue and net interest expense. The year-over-year and sequential decreases in total revenue primarily reflect the $449 million net loss from repositioning the securities portfolio.

•Noninterest expense increased year-over-year and sequentially, primarily driven by higher severance expense.


Page - 7


BNY Mellon 4Q22 Earnings Release

NOTABLE ITEMS BY BUSINESS SEGMENT


Notable items by business segment (a)	4Q22										4Q21
(in millions)	Securities Services		Market and Wealth Services		Investment and Wealth Management		Other		Total			Securities Services		Market and Wealth Services		Investment and Wealth Management		Other		Total
Fee and other revenue	$	—	$	—	$	(11)	$	(449)	$	(460)		$	—	$	—	$	—	$	—	$	—


Noninterest expense	28		41		14		130		213			21		6		1		9		37
(Loss) before taxes	$	(28)	$	(41)	$	(25)	$	(579)	$	(673)		$	(21)	$	(6)	$	(1)	$	(9)	$	(37)


Notable items by business segment (a)	3Q22
(in millions)		Securities Services		Market and Wealth Services		Investment and Wealth Management		Other		Total
Fee and other revenue		$	37	$	—	$	—	$	—	$	37


Noninterest expense		18		6		679		11		714
Income (loss) before taxes		$	19	$	(6)	$	(679)	$	(11)	$	(677)

(a) Notable items in 3Q22 include goodwill impairment, a disposal gain (reflected in investment and other revenue), severance expense and litigation reserves.


Notable items by business segment (a)	2022										2021
(in millions)	Securities Services		Market and Wealth Services		Investment and Wealth Management		Other		Total		Securities Services		Market and Wealth Services		Investment and Wealth Management		Other		Total
Fee and other revenue	$	(45)	$	—	$	(17)	$	(449)	$	(511)	$	—	$	—	$	(1)	$	14	$	13


Noninterest expense	141		49		692		147		1,029		84		23		4		18		129
(Loss) before income taxes	$	(186)	$	(49)	$	(709)	$	(596)	$	(1,540)	$	(84)	$	(23)	$	(5)	$	(4)	$	(116)

(a) Notable items in 2022 include the 3Q22 goodwill impairment, the 4Q22 net loss from repositioning the securities portfolio, severance expense, litigation reserves, the 1Q22 accelerated amortization of deferred costs for depositary receipts services related to Russia and net gains on disposals (reflected in investment and other revenue). Notable items in 2021 include litigation reserves, severance expense and gains on disposals (reflected in investment and other revenue).


Page - 8


BNY Mellon 4Q22 Earnings Release

MONEY MARKET FEE WAIVERS

The following table presents the impact of money market fee waivers on our consolidated fee revenue, net of distribution and servicing expense.


Money market fee waivers
(in millions)	4Q22		3Q22		2Q22		1Q22		4Q21		2022		2021
Investment services fees (see table below)	$	—	$	(1)	$	(26)	$	(126)	$	(148)	$	(153)	$	(547)
Investment management and performance fees	(19)		(21)		(40)		(85)		(116)		(165)		(429)
Distribution and servicing fees	—		—		(2)		(11)		(14)		(13)		(51)
Total fee revenue	(19)		(22)		(68)		(222)		(278)		(331)		(1,027)
Less: Distribution and servicing expense	—		—		2		23		35		25		111
Net impact of money market fee waivers	$	(19)	$	(22)	$	(66)	$	(199)	$	(243)	$	(306)	$	(916)

Impact to investment services fees by line of business (a):
Asset Servicing	$	—	$	—	$	—	$	(19)	$	(31)	$	(19)	$	(105)
Issuer Services	—		—		(1)		(11)		(18)		(12)		(62)
Pershing	—		(1)		(25)		(90)		(89)		(116)		(343)
Treasury Services	—		—		—		(6)		(10)		(6)		(37)
Total impact to investment services fees by line of business	$	—	$	(1)	$	(26)	$	(126)	$	(148)	$	(153)	$	(547)

Impact to fee revenue by line of business (a):
Asset Servicing	$	—	$	—	$	(1)	$	(28)	$	(50)	$	(29)	$	(176)
Issuer Services	—		(1)		(1)		(14)		(24)		(16)		(83)
Pershing	—		(1)		(29)		(107)		(106)		(137)		(401)
Treasury Services	—		—		—		(8)		(14)		(8)		(52)
Investment Management	(19)		(20)		(37)		(63)		(81)		(139)		(303)
Wealth Management	—		—		—		(2)		(3)		(2)		(12)
Total impact to fee revenue by line of business	$	(19)	$	(22)	$	(68)	$	(222)	$	(278)	$	(331)	$	(1,027)

(a) The line of business revenue for management reporting purposes reflects the impact of revenue transferred between the businesses.


Page - 9


BNY Mellon 4Q22 Earnings Release

CAPITAL AND LIQUIDITY


Capital and liquidity ratios	Dec. 31, 2022			Sept. 30, 2022			Dec. 31, 2021
Consolidated regulatory capital ratios: (a)
CET1 ratio	11.2		%	10.0		%	11.2		%
Tier 1 capital ratio	14.2			12.8			14.0
Total capital ratio	15.0			13.7			14.9
Tier 1 leverage ratio	5.8			5.4			5.5
Supplementary leverage ratio	6.8			6.3			6.6
BNY Mellon shareholders’ equity to total assets ratio	10.0		%	9.3		%	9.7		%
BNY Mellon common shareholders’ equity to total assets ratio	8.8		%	8.2		%	8.6		%

Average LCR	118		%	116		%	109		%

Book value per common share	$	44.40		$	43.18		$	47.50
Tangible book value per common share – Non-GAAP (b)	$	23.11		$	21.55		$	24.31




Common shares outstanding (in thousands)	808,445			808,280			804,145

(a) Regulatory capital ratios for Dec. 31, 2022 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for Dec. 31, 2022 was the Advanced Approaches, for Sept. 30, 2022 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, 2021 was the Standardized Approach.

(b) Tangible book value per common share – Non-GAAP excludes goodwill and intangible assets, net of deferred tax liabilities. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 12 for information on this Non-GAAP measure.

•CET1 capital totaled $18.1 billion and Tier 1 capital totaled $22.9 billion at Dec. 31, 2022, both increasing approximately $1.4 billion, compared with Sept. 30, 2022. The increases primarily reflect capital generated through earnings, the impact of the Alcentra sale and a net increase in accumulated other comprehensive income. The Tier 1 leverage ratio increased compared with Sept. 30, 2022, driven by the increase in capital.

NET INTEREST REVENUE


Net interest revenue										4Q22 vs.
(dollars in millions; not meaningful - N/M)	4Q22			3Q22			4Q21			3Q22		4Q21
Net interest revenue	$	1,056		$	926		$	677		14%		56%
Add: Tax equivalent adjustment	2			3			4			N/M		N/M
Net interest revenue, on a fully taxable equivalent (“FTE”) basis – Non-GAAP (a)	$	1,058		$	929		$	681		14%		55%

Net interest margin	1.19		%	1.05		%	0.71		%	14	bps	48	bps
Net interest margin (FTE) – Non-GAAP (a)	1.19		%	1.05		%	0.71		%	14	bps	48	bps

(a) Net interest revenue (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP include the tax equivalent adjustments on tax-exempt income. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 12 for information on this Non-GAAP measure.

bps – basis points.

•Net interest revenue increased year-over-year, primarily reflecting higher interest rates on interest-earning assets, partially offset by higher funding expense.

•Sequentially, the increase primarily reflects higher interest rates on interest-earning assets. This was partially offset by higher funding expense.


Page - 10


BNY Mellon 4Q22 Earnings Release

THE BANK OF NEW YORK MELLON CORPORATION

Condensed Consolidated Income Statement


(in millions)	Quarter ended						Year ended
	Dec. 31, 2022		Sept. 30, 2022		Dec. 31, 2021		Dec. 31, 2022		Dec. 31, 2021

Fee and other revenue
Investment services fees	$	2,173	$	2,157	$	2,061	$	8,529	$	8,284
Investment management and performance fees	783		800		896		3,299		3,588
Foreign exchange revenue	190		203		199		822		799
Financing-related fees	43		43		47		175		194
Distribution and servicing fees	33		33		28		130		112
Total fee revenue	3,222		3,236		3,231		12,955		12,977
Investment and other revenue	(360)		117		107		(82)		336
Total fee and other revenue	2,862		3,353		3,338		12,873		13,313
Net interest revenue
Interest revenue	3,197		1,984		729		7,118		2,845
Interest expense	2,141		1,058		52		3,614		227
Net interest revenue	1,056		926		677		3,504		2,618
Total revenue	3,918		4,279		4,015		16,377		15,931
Provision for credit losses	20		(30)		(17)		39		(231)
Noninterest expense
Staff	1,802		1,673		1,633		6,800		6,337
Software and equipment	432		421		379		1,657		1,478
Professional, legal and other purchased services	415		363		390		1,527		1,459
Net occupancy	143		124		133		514		498
Sub-custodian and clearing	112		124		120		485		505
Distribution and servicing	86		88		75		343		298
Business development	45		34		44		152		107
Bank assessment charges	19		35		30		126		133
Goodwill impairment	—		680		—		680		—
Amortization of intangible assets	16		17		19		67		82
Other	143		120		144		659		617
Total noninterest expense	3,213		3,679		2,967		13,010		11,514
Income
Income before taxes	685		630		1,065		3,328		4,648
Provision for income taxes	142		242		196		768		877
Net income	543		388		869		2,560		3,771
Net loss (income) attributable to noncontrolling interests related to consolidated investment management funds	—		—		(6)		13		(12)
Net income applicable to shareholders of The Bank of New York Mellon Corporation	543		388		863		2,573		3,759
Preferred stock dividends	(34)		(69)		(41)		(211)		(207)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	509	$	319	$	822	$	2,362	$	3,552


Earnings per share applicable to the common shareholders of The Bank of New York Mellon Corporation	Quarter ended						Year ended
	Dec. 31, 2022		Sept. 30, 2022		Dec. 31, 2021		Dec. 31, 2022		Dec. 31, 2021
(in dollars)	Dec. 31, 2022		Sept. 30, 2022		Dec. 31, 2021		Dec. 31, 2022		Dec. 31, 2021
Basic	$	0.63	$	0.39	$	1.01	$	2.91	$	4.17
Diluted	$	0.62	$	0.39	$	1.01	$	2.90	$	4.14


Page - 11


BNY Mellon 4Q22 Earnings Release

EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES

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

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

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

BNY Mellon has presented revenue measures excluding notable items, including a net loss from repositioning the securities portfolio, disposal gains and losses and the accelerated amortization of deferred costs for depositary receipts related to Russia. Expense measures, excluding notable items, including goodwill impairment, severance expense and litigation reserves, are also presented. Litigation reserves represent accruals for loss contingencies that are both probable and reasonably estimable, but exclude standard business-related legal fees. Income before taxes, net income applicable to common shareholders of The Bank of New York Mellon Corporation, diluted earnings per share, operating leverage, return on common equity, return on tangible common equity, pre-tax operating margin and the effective tax rate, excluding the notable items mentioned above, are also provided. These measures have been provided to permit investors to view the financial measures on a basis consistent with how management views the businesses.


Reconciliation of Non-GAAP measures, excluding notable items										4Q22 vs.
(dollars in millions)	4Q22			3Q22			4Q21			3Q22		4Q21
Total revenue – GAAP	$	3,918		$	4,279		$	4,015		(8)	%	(2)	%
Impact of notable items (a)	(460)			37			—
Adjusted total revenue – Non-GAAP	$	4,378		$	4,242		$	4,015		3	%	9	%

Total noninterest expense – GAAP	$	3,213		$	3,679		$	2,967		(13)	%	8	%
Impact of notable items (a)	213			714			37
Adjusted total noninterest expense – Non-GAAP	$	3,000		$	2,965		$	2,930		1	%	2	%

Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	509		$	319		$	822		60	%	(38)	%
Impact of notable items (a)	(548)			(664)			(30)
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation – Non-GAAP	$	1,057		$	983		$	852		8	%	24	%

Diluted earnings per share – GAAP	$	0.62		$	0.39		$	1.01		59	%	(39)	%
Impact of notable items (a)	(0.67)			(0.81)			(0.04)
Adjusted diluted earnings per share – Non-GAAP	$	1.30	(b)	$	1.21	(b)	$	1.04	(b)	7	%	25	%


Operating leverage – GAAP (c)	423	bps	(1,071)	bps
Adjusted operating leverage – Non-GAAP (a)(c)	203	bps	665	bps

(b) Does not foot due to rounding.

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

bps – basis points


Page - 12


BNY Mellon 4Q22 Earnings Release


Reconciliation of Non-GAAP measures, excluding notable items					2022 vs.
(dollars in millions)	2022		2021		2021
Total revenue – GAAP	$	16,377	$	15,931	3	%
Impact of notable items (a)	(511)		13
Adjusted total revenue – Non-GAAP	$	16,888	$	15,918	6	%

Total noninterest expense – GAAP	$	13,010	$	11,514	13	%
Impact of notable items (a)	1,029		129
Adjusted total noninterest expense – Non-GAAP	$	11,981	$	11,385	5	%

Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	2,362	$	3,552	(34)	%
Impact of notable items (a)	(1,378)		(85)
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation – Non-GAAP	$	3,740	$	3,637	3	%

Diluted earnings per share – GAAP	$	2.90	$	4.14	(30)	%
Impact of notable items (a)	(1.69)		(0.10)
Adjusted diluted earnings per share – Non-GAAP	$	4.59	$	4.24	8	%

Operating leverage – GAAP (b)

(1,019)

bps

Adjusted operating leverage – Non-GAAP (a)(b)

bps

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

bps – basis points


Return on common equity and return on tangible common equity reconciliation
(dollars in millions)	4Q22			2022
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	509		$	2,362
Add: Amortization of intangible assets	16			67
Less: Tax impact of amortization of intangible assets	4			16
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP	$	521		$	2,413
Impact of notable items (a)	(548)			(1,378)
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets and notable items – Non-GAAP	$	1,069		$	3,791

Average common shareholders’ equity	$	35,259		$	36,175
Less: Average goodwill	16,229			17,060
Average intangible assets	2,905			2,939
Add: Deferred tax liability – tax deductible goodwill	1,181			1,181
Deferred tax liability – intangible assets	660			660
Average tangible common shareholders’ equity – Non-GAAP	$	17,966		$	18,017

Return on common equity – GAAP (b)	5.7		%	6.5		%
Adjusted return on common equity – Non-GAAP (b)	11.9		%	10.3		%

Return on tangible common equity – Non-GAAP (b)	11.5		%	13.4		%
Adjusted return on tangible common equity – Non-GAAP (b)	23.6		%	21.0		%

(a) Notable items in 4Q22 include the net loss from repositioning the securities portfolio, a disposal loss (reflected in investment and other revenue), severance expense and litigation reserves. Notable items in 3Q22 include goodwill impairment, a disposal gain (reflected in investment and other revenue), severance expense and litigation reserves. Notable items in 2022 include the 3Q22 goodwill impairment, the 4Q22 net loss from repositioning the securities portfolio, severance expense, litigation reserves, the 1Q22 accelerated amortization of deferred costs for depositary receipts services related to Russia and net gains on disposals (reflected in investment and other revenue).

(b) Quarterly returns are annualized.


Page - 13


BNY Mellon 4Q22 Earnings Release


Pre-tax operating margin reconciliation
(dollars in millions)	4Q22			3Q22			4Q21			2022			2021
Income before taxes – GAAP	$	685		$	630		$	1,065		$	3,328		$	4,648
Impact of notable items (a)	(673)			(677)			(37)			(1,540)			(116)
Adjusted income before taxes, excluding notable items – Non-GAAP	$	1,358		$	1,307		$	1,102		$	4,868		$	4,764

Total revenue – GAAP	$	3,918		$	4,279		$	4,015		$	16,377		$	15,931
Impact of notable items (a)	(460)			37			—			(511)			13
Adjusted total revenue, excluding notable items – Non-GAAP	$	4,378		$	4,242		$	4,015		$	16,888		$	15,918

Pre-tax operating margin – GAAP (b)	17		%	15		%	27		%	20		%	29		%
Adjusted pre-tax operating margin – Non-GAAP (b)	31		%	31		%	27		%	29		%	30		%

(a) Notable items in 4Q22 include the net loss from repositioning the securities portfolio, a disposal loss (reflected in investment and other revenue), severance expense and litigation reserves. Notable items in 3Q22 include goodwill impairment, a disposal gain (reflected in investment and other revenue), severance expense and litigation reserves. Notable items in 4Q21 include severance expense and litigation reserves. Notable items in 2022 include the 3Q22 goodwill impairment, the 4Q22 net loss from repositioning the securities portfolio, severance expense, litigation reserves, the 1Q22 accelerated amortization of deferred costs for depositary receipts services related to Russia and net gains on disposals (reflected in investment and other revenue). Notable items in 2021 include litigation reserves, severance expense and gains on disposals (reflected in investment and other revenue).

(b) Income before taxes divided by total revenue.


Effective tax rate reconciliation
(dollars in millions)	4Q22			2022
Provision for income taxes	$	142		$	768
Impact of notable items (a)	(125)			(162)
Adjusted provision for income taxes, excluding notable items – Non-GAAP	$	267		$	930

Income before taxes – GAAP	$	685		$	3,328
Impact of notable items (a)	(673)			(1,540)
Adjusted income before taxes, excluding notable items – Non-GAAP	$	1,358		$	4,868

Effective tax rate – GAAP	20.7		%	23.1		%
Adjusted effective tax rate – Non-GAAP	19.7		%	19.1		%


Reconciliation of Non-GAAP measures, excluding notable items - Investment and Wealth Management						4Q22 vs.
(dollars in millions)	4Q22		3Q22			3Q22




Income (loss) before taxes – GAAP	$	125	$	(497)		125	%
Impact of notable items (a)	(25)		(679)
Adjusted income before taxes – Non-GAAP	$	150	$	182		(18)	%

Total revenue – GAAP			$	862
Less: Distribution and servicing expense			88
Adjusted total revenue – Non-GAAP			$	774

Pre-tax operating margin – GAAP (b)			(57)		%
Adjusted pre-tax operating margin, net of distribution and servicing expense (b)			(64)		%
Adjusted pre-tax operating margin, net of distribution and servicing expense and excluding notable items – Non-GAAP (b)			24		%

(a) Notable items in 4Q22 include severance expense and a disposal loss (reflected in investment and other revenue). Notable items in 3Q22 include goodwill impairment and severance expense.

(b) Income before taxes divided by total revenue.

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


Page - 14


BNY Mellon 4Q22 Earnings Release

CAUTIONARY STATEMENT

A number of statements (i) in this Earnings Release, (ii) in our Financial Supplement, (iii) in our presentations and (iv) in the responses to questions on our conference call discussing our quarterly results and other public events may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our capital plans, strategic priorities, financial goals, organic growth, performance, organizational quality and efficiency, investments, including in technology and product development, resiliency, capabilities, revenue, net interest revenue, money market fee waivers, fees, expenses, cost discipline, sustainable growth, innovation in products and services, company management, human capital management (including related ambitions, objectives, aims and goals), deposits, interest rates and yield curves, securities portfolio, taxes, business opportunities, divestments, volatility, preliminary business metrics and regulatory capital ratios and statements regarding our aspirations, as well as our overall plans, strategies, goals, objectives, expectations, outlooks, estimates, intentions, targets, opportunities, focus and initiatives, including the potential effects of the coronavirus pandemic on any of the foregoing. These statements may be expressed in a variety of ways, including the use of future or present tense language. Words such as “estimate,” “forecast,” “project,” “anticipate,” “likely,” “target,” “expect,” “intend,” “continue,” “seek,” “believe,” “plan,” “goal,” “could,” “should,” “would,” “may,” “might,” “will,” “strategy,” “synergies,” “opportunities,” “trends,” “ambition,” “objective,” “aim,” “future,” “potentially,” “outlook” and words of similar meaning may signify forward-looking statements. These statements and other forward-looking statements contained in other public disclosures of BNY Mellon which make reference to the cautionary factors described in this Earnings Release are based upon current beliefs and expectations and are subject to significant risks and uncertainties (some of which are beyond BNY Mellon’s control). Actual results may differ materially from those expressed or implied as a result of a number of factors, including, but not limited to, the risk factors and other uncertainties set forth in BNY Mellon’s Annual Report on Form 10-K for the year ended Dec. 31, 2021 and BNY Mellon’s other filings with the Securities and Exchange Commission. Statements about the effects of the current and near-term market and macroeconomic outlook on BNY Mellon, including on its business, operations, financial performance and prospects, may constitute forward-looking statements, and are based on assumptions that involve risks and uncertainties and that are subject to change based on various important factors (some of which are beyond BNY Mellon’s control), including geopolitical risks (including those related to Russia’s invasion of Ukraine), as well as the scope and duration of the pandemic, actions taken by governmental authorities and other third parties in response to the pandemic, the availability, use and effectiveness of vaccines and the direct and indirect impact of the pandemic on us, our clients, customers and third parties. Preliminary business metrics and regulatory capital ratios are subject to change, possibly materially, as BNY Mellon completes its Annual Report on Form 10-K for the year ended Dec. 31, 2022. All forward-looking statements in this Earnings Release speak only as of Jan. 13, 2023, and BNY Mellon undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events.

ABOUT BNY MELLON

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of Dec. 31, 2022, BNY Mellon had $44.3 trillion in assets under custody and/or administration, and $1.8 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.


Page - 15


BNY Mellon 4Q22 Earnings Release

CONFERENCE CALL INFORMATION

Robin Vince, President and Chief Executive Officer, Emily Portney, Chief Financial Officer, will host a conference call and simultaneous live audio webcast at 10:00 a.m. ET on Jan. 13, 2023. This conference call and audio webcast will include forward-looking statements and may include other material information.

Investors and analysts wishing to access the conference call and audio webcast may do so by dialing (800) 390-5696 (U.S.) or (720) 452-9082 (International), and using the passcode: 200200, or by logging onto www.bnymellon.com/investorrelations. Earnings materials will be available at www.bnymellon.com/investorrelations beginning at approximately 6:30 a.m. ET on Jan. 13, 2023. An archived version of the fourth quarter conference call and audio webcast will be available beginning on Jan. 13, 2023 at approximately 2:00 p.m. ET through Feb. 13, 2023 at www.bnymellon.com/investorrelations.


Page - 16


The Bank of New York Mellon Corporation

Financial Supplement

Fourth Quarter 2022


Table of Contents




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

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

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

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


THE BANK OF NEW YORK MELLON CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per common share amounts, or unless otherwise noted)																4Q22 vs.										FY22 vs.
	4Q22			3Q22			2Q22			1Q22			4Q21			3Q22		4Q21		FY22			FY21			FY21
Selected income statement data


Fee and other revenue	$	2,862		$	3,353		$	3,430		$	3,228		$	3,338		(15)	%	(14)	%	$	12,873		$	13,313		(3)	%
Net interest revenue	1,056			926			824			698			677			14		56		3,504			2,618			34
Total revenue	3,918			4,279			4,254			3,926			4,015			(8)		(2)		16,377			15,931			3
Provision for credit losses	20			(30)			47			2			(17)			N/M		N/M		39			(231)			N/M
Noninterest expense	3,213			3,679			3,112			3,006			2,967			(13)		8		13,010			11,514			13
Income before income taxes	685			630			1,095			918			1,065			9		(36)		3,328			4,648			(28)
Provision for income taxes	142			242			231			153			196			(41)		(28)		768			877			(12)
Net income	$	543		$	388		$	864		$	765		$	869		40	%	(38)	%	$	2,560		$	3,771		(32)	%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	509		$	319		$	835		$	699		$	822		60	%	(38)	%	$	2,362		$	3,552		(34)	%
Diluted earnings per common share	$	0.62		$	0.39		$	1.03		$	0.86		$	1.01		59	%	(39)	%	$	2.90		$	4.14		(30)	%
Average common shares and equivalents outstanding – diluted (in thousands)	815,846			814,516			813,590			813,986			817,345			—	%	—	%	814,795			856,359			(5)	%

Financial ratios (Returns are annualized)
Pre-tax operating margin	17		%	15		%	26		%	23		%	27		%					20		%	29		%
Return on common equity	5.7		%	3.5		%	9.3		%	7.6		%	8.6		%					6.5		%	8.9		%
Return on tangible common equity – Non-GAAP (a)	11.5		%	7.5		%	19.2		%	15.4		%	17.2		%					13.4		%	17.1		%
Non-U.S. revenue as a percentage of total revenue	39		%	35		%	36		%	35		%	38		%					36		%	38		%

Period end
Assets under custody and/or administration (“AUC/A”) (in trillions) (b)	$	44.3		$	42.2		$	43.0		$	45.5		$	46.7		5	%	(5)	%
Assets under management (“AUM”) (in trillions)	$	1.84		$	1.78		$	1.94		$	2.27		$	2.43		3	%	(25)	%
Full-time employees	51,700			51,100			50,800			49,600			49,100			1	%	5	%
Book value per common share	$	44.40		$	43.18		$	44.73		$	45.76		$	47.50
Tangible book value per common share – Non-GAAP (a)	$	23.11		$	21.55		$	22.02		$	22.76		$	24.31
Cash dividends per common share	$	0.37		$	0.37		$	0.34		$	0.34		$	0.34
Common dividend payout ratio	60		%	95		%	33		%	40		%	34		%
Closing stock price per common share	$	45.52		$	38.52		$	41.71		$	49.63		$	58.08
Market capitalization	$	36,800		$	31,135		$	33,706		$	40,091		$	46,705
Common shares outstanding (in thousands)	808,445			808,280			808,103			807,798			804,145

Capital ratios at period end (c)
Common Equity Tier 1 ("CET1") ratio	11.2		%	10.0		%	10.0		%	10.1		%	11.2		%
Tier 1 capital ratio	14.2		%	12.8		%	12.8		%	12.9		%	14.0		%
Total capital ratio	15.0		%	13.7		%	13.6		%	13.7		%	14.9		%
Tier 1 leverage ratio	5.8		%	5.4		%	5.2		%	5.3		%	5.5		%
Supplementary leverage ratio ("SLR")	6.8		%	6.3		%	6.2		%	6.2		%	6.6		%
(a) Non-GAAP information, for all periods presented, excludes goodwill and intangible assets, net of deferred tax liabilities. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of Non-GAAP measures.
(b) Includes the AUC/A of CIBC Mellon Global Securities Services Company ("CIBC Mellon"), a joint venture with the Canadian Imperial Bank of Commerce, of $1.5 trillion at Dec. 31, 2022, $1.4 trillion at Sep. 30, 2022, $1.5 trillion at June 30, 2022 and $1.7 trillion at March 31, 2022 and Dec. 31, 2021.
(c) Regulatory capital ratios for Dec. 31, 2022 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for Dec. 31, 2022 was the Advanced Approaches, for Sept. 30, 2022 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, for June 30, 2022 was the Advanced Approaches, and for March 31, 2022 and Dec. 31, 2021 was the Standardized Approach.
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)											4Q22 vs.								FY22 vs.
	4Q22		3Q22		2Q22		1Q22		4Q21		3Q22		4Q21		FY22		FY21		FY21
Revenue
Investment services fees	$	2,173	$	2,157	$	2,206	$	1,993	$	2,061	1	%	5	%	$	8,529	$	8,284	3	%
Investment management and performance fees	783		800		833		883		896		(2)		(13)		3,299		3,588		(8)
Foreign exchange revenue	190		203		222		207		199		(6)		(5)		822		799		3
Financing-related fees	43		43		44		45		47		—		(9)		175		194		(10)
Distribution and servicing fees	33		33		34		30		28		—		18		130		112		16
Total fee revenue	3,222		3,236		3,339		3,158		3,231		—		—		12,955		12,977		—
Investment and other revenue	(360)		117		91		70		107		N/M		N/M		(82)		336		N/M
Total fee and other revenue	2,862		3,353		3,430		3,228		3,338		(15)		(14)		12,873		13,313		(3)
Net interest revenue	1,056		926		824		698		677		14		56		3,504		2,618		34
Total revenue	3,918		4,279		4,254		3,926		4,015		(8)		(2)		16,377		15,931		3
Provision for credit losses	20		(30)		47		2		(17)		N/M		N/M		39		(231)		N/M
Noninterest expense
Staff	1,802		1,673		1,623		1,702		1,633		8		10		6,800		6,337		7
Software and equipment	432		421		405		399		379		3		14		1,657		1,478		12
Professional, legal and other purchased services	415		363		379		370		390		14		6		1,527		1,459		5
Net occupancy	143		124		125		122		133		15		8		514		498		3
Sub-custodian and clearing	112		124		131		118		120		(10)		(7)		485		505		(4)
Distribution and servicing	86		88		90		79		75		(2)		15		343		298		15
Business development	45		34		43		30		44		32		2		152		107		42
Bank assessment charges	19		35		37		35		30		(46)		(37)		126		133		(5)
Goodwill impairment	—		680		—		—		—		N/M		N/M		680		—		N/M
Amortization of intangible assets	16		17		17		17		19		(6)		(16)		67		82		(18)
Other	143		120		262		134		144		19		(1)		659		617		7
Total noninterest expense	3,213		3,679		3,112		3,006		2,967		(13)		8		13,010		11,514		13
Income before income taxes	685		630		1,095		918		1,065		9		(36)		3,328		4,648		(28)
Provision for income taxes	142		242		231		153		196		(41)		(28)		768		877		(12)
Net income	543		388		864		765		869		40		(38)		2,560		3,771		(32)
Net loss (income) attributable to noncontrolling interests	—		—		5		8		(6)		N/M		N/M		13		(12)		N/M
Preferred stock dividends	(34)		(69)		(34)		(74)		(41)		N/M		N/M		(211)		(207)		N/M
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	509	$	319	$	835	$	699	$	822	60	%	(38)	%	$	2,362	$	3,552	(34)	%

Average common shares and equivalents outstanding: Basic	811,586		811,304		810,903		809,469		811,463		—	%	—	%	811,047		851,905		(5)	%
Diluted	815,846		814,516		813,590		813,986		817,345		—	%	—	%	814,795		856,359		(5)	%

Earnings per common share: Basic	$	0.63	$	0.39	$	1.03	$	0.86	$	1.01	62	%	(38)	%	$	2.91	$	4.17	(30)	%
Diluted	$	0.62	$	0.39	$	1.03	$	0.86	$	1.01	59	%	(39)	%	$	2.90	$	4.14	(30)	%
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET

	2022								2021
(in millions)	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
Assets
Cash and due from banks	$	5,030	$	4,707	$	5,185	$	6,143	$	6,061
Interest-bearing deposits with the Federal Reserve and other central banks	91,655		107,427		125,372		135,691		102,467
Interest-bearing deposits with banks	17,169		13,890		16,639		18,268		16,630
Federal funds sold and securities purchased under resale agreements	24,298		23,483		22,940		27,131		29,607
Securities	142,816		144,181		150,844		153,396		158,705
Trading assets	9,908		12,650		10,759		14,703		16,577
Loans	66,063		69,829		69,347		68,052		67,787
Allowance for loan losses	(176)		(164)		(181)		(171)		(196)
Net loans	65,887		69,665		69,166		67,881		67,591
Premises and equipment	3,256		3,311		3,354		3,359		3,431
Accrued interest receivable	858		723		548		467		457
Goodwill	16,150		16,412		17,271		17,462		17,512
Intangible assets	2,901		2,902		2,934		2,968		2,991
Other assets	25,855		28,602		27,609		26,342		22,409
Total assets	$	405,783	$	427,953	$	452,621	$	473,811	$	444,438
Liabilities
Deposits	$	278,970	$	301,989	$	325,813	$	345,565	$	319,694
Federal funds purchased and securities sold under repurchase agreements	12,335		11,339		11,434		13,181		11,566
Trading liabilities	5,385		7,494		5,595		5,587		5,469
Payables to customers and broker-dealers	23,435		23,741		25,769		26,608		25,150

Other borrowed funds	397		357		520		312		749
Accrued taxes and other expenses	5,410		5,316		5,011		4,534		5,767
Other liabilities	8,543		10,001		9,724		10,626		6,721
Long-term debt	30,458		27,820		27,610		25,246		25,931
Total liabilities	364,933		388,057		411,476		431,659		401,047
Temporary equity
Redeemable noncontrolling interests	109		152		154		155		161
Permanent equity
Preferred stock	4,838		4,838		4,838		4,838		4,838
Common stock	14		14		14		14		14
Additional paid-in capital	28,508		28,374		28,316		28,258		28,128
Retained earnings	37,864		37,660		37,644		37,088		36,667
Accumulated other comprehensive loss, net of tax	(5,966)		(6,627)		(5,307)		(3,881)		(2,213)
Less: Treasury stock, at cost	(24,524)		(24,522)		(24,521)		(24,518)		(24,400)
Total The Bank of New York Mellon Corporation shareholders’ equity	40,734		39,737		40,984		41,799		43,034
Nonredeemable noncontrolling interests of consolidated investment management funds	7		7		7		198		196
Total permanent equity	40,741		39,744		40,991		41,997		43,230
Total liabilities, temporary equity and permanent equity	$	405,783	$	427,953	$	452,621	$	473,811	$	444,438


THE BANK OF NEW YORK MELLON CORPORATION
FEE AND OTHER REVENUE

											4Q22 vs.								FY22 vs.
(dollars in millions)	4Q22		3Q22		2Q22		1Q22		4Q21		3Q22		4Q21		FY22		FY21		FY21
Investment services fees	$	2,173	$	2,157	$	2,206	$	1,993	$	2,061	1	%	5	%	$	8,529	$	8,284	3	%
Investment management and performance fees:
Investment management fees (a)	757		790		828		849		864		(4)		(12)		3,224		3,481		(7)
Performance fees	26		10		5		34		32		N/M		(19)		75		107		(30)
Total investment management and performance fees (b)	783		800		833		883		896		(2)		(13)		3,299		3,588		(8)
Foreign exchange revenue	190		203		222		207		199		(6)		(5)		822		799		3
Financing-related fees	43		43		44		45		47		—		(9)		175		194		(10)
Distribution and servicing fees	33		33		34		30		28		—		18		130		112		16
Total fee revenue	3,222		3,236		3,339		3,158		3,231		—		—		12,955		12,977		—
Investment and other revenue:
Income (loss) from consolidated investment management funds	9		(7)		(24)		(20)		9		N/M		N/M		(42)		32		N/M
Seed capital gains (losses) (c)	6		(11)		(24)		(8)		12		N/M		N/M		(37)		40		N/M
Other trading revenue (loss)	34		65		45		5		(6)		N/M		N/M		149		6		N/M
Renewable energy investment (losses)	(32)		(44)		(44)		(44)		(37)		N/M		N/M		(164)		(201)		N/M
Corporate/bank-owned life insurance	35		32		28		33		45		N/M		N/M		128		140		N/M
Other investments gains (d)	7		13		78		61		55		N/M		N/M		159		159		N/M
Disposal (losses) gains	(11)		37		—		—		—		N/M		N/M		26		13		N/M
Expense reimbursements from joint venture	28		27		26		27		23		N/M		N/M		108		96		N/M
Other income	12		4		6		12		5		N/M		N/M		34		46		N/M
Net securities (losses) gains	(448)		1		—		4		1		N/M		N/M		(443)		5		N/M
Total investment and other revenue	(360)		117		91		70		107		N/M		N/M		(82)		336		N/M
Total fee and other revenue	$	2,862	$	3,353	$	3,430	$	3,228	$	3,338	(15)	%	(14)	%	$	12,873	$	13,313	(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 8% compared with 4Q21. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of this Non-GAAP measure.
(c) Includes gains (losses) on investments in BNY Mellon funds which hedge deferred incentive awards.
(d) Includes strategic equity, private equity and other investments.
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
AVERAGE BALANCES AND INTEREST RATES
	4Q22				3Q22				2Q22				1Q22				4Q21
	Average balance		Average rate		Average balance		Average rate		Average balance		Average rate		Average balance		Average rate		Average balance		Average rate
(dollars in millions; average rates are annualized)
Assets
Interest-earning assets:
Interest-bearing deposits with the Federal Reserve and other central banks	$	94,868	2.60	%	$	91,836	1.23	%	$	102,844	0.38	%	$	100,303	0.01	%	$	105,065	(0.06)	%
Interest-bearing deposits with banks	15,750		2.70		16,298		1.62		18,097		0.74		17,181		0.33		18,818		0.23
Federal funds sold and securities purchased under resale agreements (a)	25,657		11.22		22,971		5.55		24,212		1.91		27,006		0.56		27,780		0.45
Loans	67,364		4.65		68,082		3.39		69,036		2.15		66,810		1.57		64,650		1.55
Securities:
U.S. government obligations	39,382		2.46		40,829		1.75		41,267		1.07		40,868		0.74		39,169		0.73
U.S. government agency obligations	61,426		2.30		62,819		1.91		64,939		1.59		67,055		1.46		69,691		1.35
State and political subdivisions (b)	1,178		2.77		1,982		2.39		2,065		2.13		2,337		2.16		2,569		2.11
Other securities (b)	41,732		2.66		42,642		1.90		43,635		1.31		45,541		1.02		47,493		0.97
Total investment securities (b)	143,718		2.45		148,272		1.87		151,906		1.37		155,801		1.15		158,922		1.10
Trading securities (b)	5,630		4.51		4,603		3.06		4,687		1.91		6,085		1.43		6,447		0.93
Total securities (b)	149,348		2.53		152,875		1.91		156,593		1.39		161,886		1.16		165,369		1.09
Total interest-earning assets (b)	$	352,987	3.59	%	$	352,062	2.24	%	$	370,782	1.25	%	$	373,186	0.84	%	$	381,682	0.76	%
Noninterest-earning assets	61,532				63,608				66,841				67,016				67,956
Total assets	$	414,519			$	415,670			$	437,623			$	440,202			$	449,638

Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits	$	207,875	2.00	%	$	203,659	0.95	%	$	219,124	0.16	%	$	223,243	(0.07)	%	$	231,086	(0.08)	%
Federal funds purchased and securities sold under repurchase agreements (a)	13,985		16.88		12,297		8.05		12,610		2.47		12,864		0.36		12,421		0.07
Trading liabilities	3,572		3.45		3,550		2.52		3,231		1.25		3,372		0.53		3,019		0.28
Other borrowed funds	619		1.69		504		1.15		437		2.14		458		2.36		517		1.80
Commercial paper	6		3.87		5		2.34		5		1.61		4		0.09		—		—
Payables to customers and broker-dealers	17,147		2.27		18,030		1.07		16,592		0.21		16,661		0.01		16,414		(0.01)
Long-term debt	29,508		4.90		28,449		3.43		26,195		2.22		25,588		1.53		25,932		1.36
Total interest-bearing liabilities	$	272,712	3.11	%	$	266,494	1.57	%	$	278,194	0.48	%	$	282,190	0.11	%	$	289,389	0.07	%
Total noninterest-bearing deposits	75,862				84,804				91,893				90,179				91,535
Other noninterest-bearing liabilities	25,810				23,547				26,354				25,419				25,481
Total The Bank of New York Mellon Corporation shareholders’ equity	40,097				40,780				41,037				42,201				42,968
Noncontrolling interests	38				45				145				213				265
Total liabilities and equity	$	414,519			$	415,670			$	437,623			$	440,202			$	449,638
Net interest margin			1.19	%			1.05	%			0.89	%			0.75	%			0.71	%
Net interest margin (FTE) – Non-GAAP (c)			1.19	%			1.05	%			0.89	%			0.76	%			0.71	%
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $51 billion for 4Q22, $35 billion for 3Q22, $33 billion for 2Q22, $53 billion for 1Q22 and $54 billion for 4Q21. 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 3.76% for 4Q22, 2.21% for 3Q22, 0.80% for 2Q22, 0.19% for 1Q22 and 0.15% for 4Q21. 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 3.63% for 4Q22, 2.11% for 3Q22, 0.68% for 2Q22, 0.07% for 1Q22 and 0.01% for 4Q21. We believe providing the rates excluding the impact of netting is useful to investors as it is more reflective of the actual rates earned and paid.
(b) Average rates were calculated on an FTE basis, at tax rates of approximately 21%.
(c) See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of this Non-GAAP measure.


THE BANK OF NEW YORK MELLON CORPORATION
CAPITAL AND LIQUIDITY

	2022												2021
(dollars in millions)	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
Consolidated regulatory capital ratios (a)
Standardized Approach:
CET1 capital	$	18,082		$	16,726		$	17,067		$	17,579		$	18,746
Tier 1 capital	22,906			21,495			21,824			22,335			23,485
Total capital	24,436			23,008			23,366			23,835			24,972
Risk-weighted assets	159,088			167,457			169,710			173,629			167,608

CET1 ratio	11.4		%	10.0		%	10.1		%	10.1		%	11.2		%
Tier 1 capital ratio	14.4			12.8			12.9			12.9			14.0
Total capital ratio	15.4			13.7			13.8			13.7			14.9

Advanced Approaches:
CET1 capital	$	18,082		$	16,726		$	17,067		$	17,579		$	18,746
Tier 1 capital	22,906			21,495			21,824			22,335			23,485
Total capital	24,195			22,762			23,112			23,582			24,722
Risk-weighted assets	161,728			165,893			169,919			169,091			165,067

CET1 ratio	11.2		%	10.1		%	10.0		%	10.4		%	11.4		%
Tier 1 capital ratio	14.2			13.0			12.8			13.2			14.2
Total capital ratio	15.0			13.7			13.6			13.9			15.0

Tier 1 leverage ratio:
Average assets for Tier 1 leverage ratio	$	396,693		$	397,428		$	418,467		$	420,778		$	430,102
Tier 1 leverage ratio	5.8		%	5.4		%	5.2		%	5.3		%	5.5		%

SLR:
Leverage exposure	$	338,275		$	340,055		$	351,552		$	361,464		$	354,033
SLR	6.8		%	6.3		%	6.2		%	6.2		%	6.6		%

Average liquidity coverage ratio	118		%	116		%	111		%	109		%	109		%
(a) Regulatory capital ratios for Dec. 31, 2022 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for Dec. 31, 2022 was the Advanced Approaches, for Sept. 30, 2022 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, for June 30, 2022 was the Advanced Approaches, and for March 31, 2022 and Dec. 31, 2021 was the Standardized Approach.


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES SERVICES BUSINESS SEGMENT

																4Q22 vs.										FY22 vs.
(dollars in millions)	4Q22			3Q22			2Q22			1Q22			4Q21			3Q22		4Q21		FY22			FY21			FY21
Revenue:
Investment services fees:
Asset Servicing	$	971		$	953		$	995		$	999		$	984		2	%	(1)	%	$	3,918		$	3,876		1	%
Issuer Services	271			288			309			141			253			(6)		7		1,009			1,061			(5)
Total investment services fees	1,242			1,241			1,304			1,140			1,237			—		—		4,927			4,937			—
Foreign exchange revenue	149			132			155			148			148			13		1		584			574			2
Other fees (a)	55			52			54			41			28			6		96		202			113			79
Total fee revenue	1,446			1,425			1,513			1,329			1,413			1		2		5,713			5,624			2
Investment and other revenue	70			111			36			74			53			N/M		N/M		291			194			N/M
Total fee and other revenue	1,516			1,536			1,549			1,403			1,466			(1)		3		6,004			5,818			3
Net interest revenue	656			538			457			377			367			22		79		2,028			1,426			42
Total revenue	2,172			2,074			2,006			1,780			1,833			5		18		8,032			7,244			11
Provision for credit losses	11			(6)			13			(10)			(7)			N/M		N/M		8			(134)			N/M
Noninterest expense (ex. amortization of intangible assets)	1,568			1,549			1,647			1,502			1,481			1		6		6,266			5,820			8
Amortization of intangible assets	8			8			9			8			9			—		(11)		33			32			3
Total noninterest expense	1,576			1,557			1,656			1,510			1,490			1		6		6,299			5,852			8
Income before income taxes	$	585		$	523		$	337		$	280		$	350		12	%	67	%	$	1,725		$	1,526		13	%


Total revenue by line of business:
Asset Servicing	$	1,681		$	1,596		$	1,534		$	1,512		$	1,456		5	%	15	%	$	6,323		$	5,699		11	%
Issuer Services	491			478			472			268			377			3		30		1,709			1,545			11
Total revenue by line of business	$	2,172		$	2,074		$	2,006		$	1,780		$	1,833		5	%	18	%	$	8,032		$	7,244		11	%

Financial ratios:
Pre-tax operating margin	27		%	25		%	17		%	16		%	19		%					21		%	21		%

Memo: Securities lending revenue (b)	$	50		$	48		$	45		$	39		$	45		4	%	11	%	$	182		$	173		5	%
(a) Other fees primarily include financing-related fees.
(b) Included in investment services fees reported in the Asset Servicing line of business.
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES SERVICES BUSINESS SEGMENT

											4Q22 vs.								FY22 vs.
(dollars in millions, unless otherwise noted)	4Q22		3Q22		2Q22		1Q22		4Q21		3Q22		4Q21		FY22		FY21		FY21
Selected balance sheet data:
Average loans	$	11,850	$	11,573	$	11,386	$	10,150	$	9,764	2	%	21	%	$	11,245	$	8,756	28	%
Average assets (a)	$	206,810	$	203,063	$	219,797	$	220,889	$	229,511	2	%	(10)	%	$	212,575	$	228,915	(7)	%
Average deposits	$	176,541	$	176,328	$	191,191	$	192,156	$	200,272	—	%	(12)	%	$	183,990	$	200,482	(8)	%

Selected metrics:
AUC/A at period end (in trillions) (b)(c)	$	31.4	$	30.0	$	31.0	$	33.7	$	34.6	5	%	(9)	%	$	31.4	$	34.6	(9)	%
Market value of securities on loan at period end (in billions) (d)	$	449	$	435	$	441	$	449	$	447	3	%	—	%	$	449	$	447	—	%
(a) In business segments where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.
(b) Dec. 31, 2022 information is preliminary.
(c) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Issuer Services line of business. Includes the AUC/A of CIBC Mellon of $1.5 trillion at Dec. 31, 2022, $1.4 trillion at Sept. 30, 2022, $1.5 trillion at June 30, 2022 and $1.7 trillion at March 31, 2022 and Dec. 31, 2021.
(d) Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $68 billion at Dec. 31, 2022, $75 billion at Sept. 30, 2022, $70 billion at June 30, 2022, $78 billion at March 31, 2022 and $71 billion at Dec. 31, 2021.


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

																4Q22 vs.										FY22 vs.
(dollars in millions)	4Q22			3Q22			2Q22			1Q22			4Q21			3Q22		4Q21		FY22			FY21			FY21
Revenue:
Investment services fees:
Pershing	$	502		$	494		$	479		$	433		$	412		2	%	22	%	$	1,908		$	1,737		10	%
Treasury Services	170			173			176			170			170			(2)		—		689			662			4
Clearance and Collateral Management	249			239			240			243			236			4		6		971			918			6
Total investment services fees	921			906			895			846			818			2		13		3,568			3,317			8
Foreign exchange revenue	20			20			22			26			21			—		(5)		88			88			—
Other fees (a)	47			49			46			34			31			(4)		52		176			131			34
Total fee revenue	988			975			963			906			870			1		14		3,832			3,536			8
Investment and other revenue	15			14			11			—			6			N/M		N/M		40			47			N/M
Total fee and other revenue	1,003			989			974			906			876			1		14		3,872			3,583			8
Net interest revenue	396			378			340			296			297			5		33		1,410			1,158			22
Total revenue	1,399			1,367			1,314			1,202			1,173			2		19		5,282			4,741			11
Provision for credit losses	6			(1)			4			(2)			(3)			N/M		N/M		7			(67)			N/M
Noninterest expense (ex. amortization of intangible assets)	783			735			700			706			670			7		17		2,924			2,655			10
Amortization of intangible assets	2			2			2			2			4			—		(50)		8			21			(62)
Total noninterest expense	785			737			702			708			674			7		16		2,932			2,676			10
Income before income taxes	$	608		$	631		$	608		$	496		$	502		(4)	%	21	%	$	2,343		$	2,132		10	%


Total revenue by line of business:
Pershing	$	673		$	658		$	636		$	570		$	553		2	%	22	%	$	2,537		$	2,314		10	%
Treasury Services	382			390			373			338			331			(2)		15		1,483			1,293			15
Clearance and Collateral Management	344			319			305			294			289			8		19		1,262			1,134			11
Total revenue by line of business	$	1,399		$	1,367		$	1,314		$	1,202		$	1,173		2	%	19	%	$	5,282		$	4,741		11	%


Financial ratios:
Pre-tax operating margin	43		%	46		%	46		%	41		%	43		%					44		%	45		%
(a) Other fees primarily include financing-related fees.
N/M – Not meaningful.


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

											4Q22 vs.								FY22 vs.
(dollars in millions, unless otherwise noted)	4Q22		3Q22		2Q22		1Q22		4Q21		3Q22		4Q21		FY22		FY21		FY21
Selected balance sheet data:
Average loans	$	39,843	$	40,882	$	42,391	$	42,113	$	40,812	(3)	%	(2)	%	$	41,300	$	38,344	8	%
Average assets (a)	$	132,306	$	138,204	$	141,952	$	141,183	$	143,816	(4)	%	(8)	%	$	138,386	$	145,123	(5)	%
Average deposits	$	86,083	$	90,612	$	94,716	$	95,704	$	100,653	(5)	%	(14)	%	$	91,749	$	102,948	(11)	%

Selected metrics:
AUC/A at period end (in trillions) (b)(c)	$	12.7	$	12.0	$	11.8	$	11.6	$	11.8	6	%	8	%	$	12.7	$	11.8	8	%

Pershing
AUC/A at period end (in trillions) (b)	$	2.3	$	2.1	$	2.2	$	2.5	$	2.6	10	%	(12)	%	$	2.3	$	2.6	(12)	%
Net new assets (U.S. platform) (in billions) (d)	$	42	$	45	$	16	$	18	$	69	N/M		N/M		$	121	$	161	N/M
Average active clearing accounts (in thousands)	7,603		7,466		7,432		7,432		7,334		2	%	4	%	7,483		7,257		3	%

Treasury Services
Average daily U.S. dollar payment volumes	246,189		234,468		237,763		240,403		245,634		5	%	—	%	239,630		235,971		2	%

Clearance and Collateral Management
Average tri-party collateral management balances (in billions)	$	5,451	$	5,457	$	5,207	$	5,026	$	4,972	—	%	10	%	$	5,285	$	4,260	24	%
(a) In business segments where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.
(b) Dec. 31, 2022 information is preliminary.
(c) Consists of AUC/A from the Clearance and Collateral Management and Pershing lines of business.
(d) Net new assets represent net flows of assets (e.g., net cash deposits and net securities transfers, including dividends and interest) in customer accounts in Pershing LLC, a U.S. broker-dealer.
N/M – Not meaningful.


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

																4Q22 vs.										FY22 vs.
(dollars in millions)	4Q22			3Q22			2Q22			1Q22			4Q21			3Q22		4Q21		FY22			FY21			FY21
Revenue:
Investment management fees	$	754		$	788		$	825		$	848		$	864		(4)	%	(13)	%	$	3,215		$	3,483		(8)	%
Performance fees	26			10			5			34			32			N/M		(19)		75			107			(30)
Investment management and performance fees (a)	780			798			830			882			896			(2)		(13)		3,290			3,590			(8)
Distribution and servicing fees	54			55			51			32			28			(2)		93		192			112			71
Other fees (b)	(58)			(45)			(31)			1			22			N/M		N/M		(133)			80			N/M
Total fee revenue	776			808			850			915			946			(4)		(18)		3,349			3,782			(11)
Investment and other revenue (c)	(3)			(3)			(13)			(8)			23			N/M		N/M		(27)			67			N/M
Total fee and other revenue (c)	773			805			837			907			969			(4)		(20)		3,322			3,849			(14)
Net interest revenue	52			57			62			57			51			(9)		2		228			193			18
Total revenue	825			862			899			964			1,020			(4)		(19)		3,550			4,042			(12)
Provision for credit losses	1			3			—			(3)			(6)			N/M		N/M		1			(13)			N/M
Noninterest expense (ex. goodwill impairment and amortization of intangible assets)	693			669			685			748			741			4		(6)		2,795			2,796			—
Goodwill impairment	—			680			—			—			—			N/M		N/M		680			—			N/M
Amortization of intangible assets	6			7			6			7			7			(14)		(14)		26			29			(10)
Total noninterest expense	699			1,356			691			755			748			(48)		(7)		3,501			2,825			24
Income (loss) before income taxes	$	125		$	(497)		$	208		$	212		$	278		125	%	(55)	%	$	48		$	1,230		(96)	%


Total revenue by line of business:
Investment Management	$	550		$	579		$	603		$	658		$	709		(5)	%	(22)	%	$	2,390		$	2,834		(16)	%
Wealth Management	275			283			296			306			311			(3)		(12)		1,160			1,208			(4)
Total revenue by line of business	$	825		$	862		$	899		$	964		$	1,020		(4)	%	(19)	%	$	3,550		$	4,042		(12)	%

Financial ratios:
Pre-tax operating margin	15		%	(57)		%	23		%	22		%	27		%					1		%	30		%
Adjusted pre-tax operating margin – Non-GAAP (d)	17		%	(64)		%	26		%	24		%	29		%					2		%	33		%

Selected balance sheet data:
Average loans	$	14,404		$	14,482		$	14,087		$	13,228		$	12,737		(1)	%	13	%	$	14,055		$	12,120		16	%
Average assets (e)	$	28,488		$	29,996		$	33,668		$	35,629		$	31,306		(5)	%	(9)	%	$	31,920		$	30,980		3	%
Average deposits	$	16,416		$	17,225		$	20,802		$	22,501		$	18,374		(5)	%	(11)	%	$	19,214		$	18,068		6	%
(a) On a constant currency basis, investment management and performance fees decreased 9% (Non-GAAP) compared with 4Q21. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of this Non-GAAP measure.
(b) Other fees primarily include investment services fees.
(c) Investment and other revenue and total fee and other revenue are net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds.
(d) Net of distribution and servicing expense. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of this Non-GAAP measure.
(e) In business segments where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.
N/M – Not meaningful.


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

											4Q22 vs.								FY22 vs.
(dollars in billions)	4Q22		3Q22		2Q22		1Q22		4Q21		3Q22		4Q21		FY22		FY21		FY21
AUM by product type (a)(b):
Equity	$	135	$	125	$	139	$	168	$	187	8	%	(28)	%
Fixed income	198		205		226		248		267		(3)		(26)
Index	395		366		387		440		467		8		(15)
Liability-driven investments	570		546		641		812		890		4		(36)
Multi-asset and alternative investments	153		181		188		215		228		(15)		(33)
Cash	385		353		356		383		395		9		(3)
Total AUM	$	1,836	$	1,776	$	1,937	$	2,266	$	2,434	3	%	(25)	%

Changes in AUM (a)(b):
Beginning balance of AUM	$	1,776	$	1,937	$	2,266	$	2,434	$	2,310					$	2,434	$	2,211
Net inflows (outflows):
Long-term strategies:
Equity	(5)		(5)		(4)		(4)		(4)						(18)		(12)
Fixed income	(12)		(3)		(1)		(5)		—						(21)		17
Liability-driven investments	19		30		12		17		1						78		36
Multi-asset and alternative investments	(4)		2		(5)		(4)		1						(11)		(2)
Total long-term active strategies (outflows) inflows	(2)		24		2		4		(2)						28		39
Index	(4)		(1)		12		(5)		(2)						2		(7)
Total long-term strategies (outflows) inflows	(6)		23		14		(1)		(4)						30		32
Short-term strategies:
Cash	27		(2)		(26)		(11)		31						(12)		70
Total net inflows (outflows)	21		21		(12)		(12)		27						18		102
Net market impact	18		(118)		(241)		(130)		96						(471)		143
Net currency impact	53		(64)		(76)		(26)		1						(113)		(22)
Divestiture	(32)		—		—		—		—						(32)		—
Ending balance of AUM	$	1,836	$	1,776	$	1,937	$	2,266	$	2,434	3	%	(25)	%	$	1,836	$	2,434	(25)	%

Wealth Management client assets (a)(c)	$	269	$	256	$	264	$	305	$	321	5	%	(16)	%
(a) Dec. 31, 2022 information is preliminary.
(b) Excludes assets managed outside of the Investment and Wealth Management business segment.
(c) Includes AUM and AUC/A in the Wealth Management line of business.


THE BANK OF NEW YORK MELLON CORPORATION
OTHER SEGMENT

(in millions)	4Q22		3Q22		2Q22		1Q22		4Q21		FY22		FY21
Revenue:
Fee revenue	$	12	$	28	$	13	$	8	$	2	$	61	$	36
Investment and other revenue	(442)		(5)		62		12		19		(373)		15
Total fee and other revenue	(430)		23		75		20		21		(312)		51
Net interest (expense)	(48)		(47)		(35)		(32)		(38)		(162)		(159)
Total revenue	(478)		(24)		40		(12)		(17)		(474)		(108)
Provision for credit losses	2		(26)		30		17		(1)		23		(17)
Noninterest expense	153		29		63		33		55		278		161
(Loss) before income taxes	$	(633)	$	(27)	$	(53)	$	(62)	$	(71)	$	(775)	$	(252)


Selected balance sheet data:
Average loans and leases	$	1,267	$	1,145	$	1,172	$	1,319	$	1,337	$	1,225	$	1,594
Average assets	$	46,915	$	44,407	$	42,206	$	42,501	$	45,005	$	44,020	$	47,214


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES PORTFOLIO

(dollars in millions)	Sept. 30, 2022			4Q22 change in unrealized gain (loss)		Dec. 31, 2022					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
U.S. Treasury	$	40,031		$	123	$	42,966	$	41,503		97	%	$	(1,463)		51	%	100	%	—	%	—	%	—	%	—	%
Agency RMBS	39,035			386		43,576		38,916			89		(4,660)			15		100		—		—		—		—
Agency commercial MBS	12,005			29		12,670		11,864			94		(806)			42		100		—		—		—		—
Sovereign debt/sovereign guaranteed	11,697			45		12,294		11,756			96		(538)			22		90		5		4		1		—
Supranational	8,135			20		8,572		8,298			97		(274)			64		100		—		—		—		—
CLOs	6,181			98		6,429		6,300			98		(129)			100		100		—		—		—		—
U.S. government agencies	5,807			23		6,671		6,115			92		(556)			36		100		—		—		—		—
Foreign covered bonds	5,293			(12)		6,041		5,776			96		(265)			57		100		—		—		—		—
Non-agency commercial MBS	2,976			14		3,334		3,054			92		(280)			54		100		—		—		—		—
Foreign government agencies	2,404			(17)		2,429		2,307			95		(122)			34		95		5		—		—		—
Non-agency RMBS	2,143			(4)		2,227		2,060			93		(167)			50		85		3		—		7		5
Other asset-backed securities	1,465			5		1,443		1,319			91		(124)			19		100		—		—		—		—
State and political subdivisions	1,914			284		25		23			93		(2)			51		1		52		1		—		46
Corporate bonds	1,270			139		—		—			—		—			—		—		—		—		—		—
Other	1			—		1		1			100		—			—		—		—		—		—		100
Total securities	$	140,357	(d)	$	1,133	$	148,678	$	139,292	(d)(e)	94	%	$	(9,386)	(d)(f)	40	%	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 net unrealized gains on derivatives hedging securities available-for-sale (including terminated hedges) of $2,948 million at Sept. 30, 2022 and $2,678 million at Dec. 31, 2022.
(e) The fair value of available-for-sale securities totaled $89,300 million at Dec. 31, 2022, 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 $49,992 million at Dec. 31, 2022, or 36% of the fair value of the securities portfolio, net of hedges.
(f) At Dec. 31, 2022, net unrealized losses of $3,184 million related to available-for-sale securities, net of hedges, and $6,202 million related to held-to-maturity securities.
Note: The amortizable purchase premium (net of discount) relating to securities was $1,109 million at Dec. 31, 2022 and the amortization of that net purchase premium was $61 million in 4Q22.


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

	2022												2021
(dollars in millions)	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
Allowance for credit losses – beginning of period:
Allowance for loan losses	$	164		$	181		$	171		$	196		$	233
Allowance for lending-related commitments	72			62			53			45			40
Allowance for other financial instruments (a)	44			67			39			19			18
Allowance for credit losses – beginning of period	$	280		$	310		$	263		$	260		$	291

Net (charge-offs) recoveries:
Charge-offs	(9)			(1)			(1)			—			(16)
Recoveries	1			1			1			1			2
Total net (charge-offs) recoveries	(8)			—			—			1			(14)
Provision for credit losses (b)	20			(30)			47			2			(17)
Allowance for credit losses – end of period	$	292		$	280		$	310		$	263		$	260

Allowance for credit losses – end of period:
Allowance for loan losses	$	176		$	164		$	181		$	171		$	196
Allowance for lending-related commitments	78			72			62			53			45
Allowance for other financial instruments (a)	38			44			67			39			19
Allowance for credit losses – end of period	$	292		$	280		$	310		$	263		$	260

Allowance for loan losses as a percentage of total loans	0.27		%	0.23		%	0.26		%	0.25		%	0.29		%

Nonperforming assets	$	109		$	107		$	114		$	119		$	120
(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.


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

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

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

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

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

Notes:


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



Return on common equity and tangible common equity reconciliation
(dollars in millions)	4Q22			3Q22			2Q22			1Q22			4Q21			FY22			FY21
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	509		$	319		$	835		$	699		$	822		$	2,362		$	3,552
Add: Amortization of intangible assets	16			17			17			17			19			67			82
Less: Tax impact of amortization of intangible assets	4			4			4			4			5			16			20
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP	$	521		$	332		$	848		$	712		$	836		$	2,413		$	3,614

Average common shareholders’ equity	$	35,259		$	35,942		$	36,199		$	37,363		$	37,941		$	36,175		$	39,695
Less: Average goodwill	16,229			17,189			17,347			17,490			17,481			17,060			17,492
Average intangible assets	2,905			2,922			2,949			2,979			2,988			2,939			2,979
Add: Deferred tax liability – tax deductible goodwill	1,181			1,175			1,187			1,184			1,178			1,181			1,178
Deferred tax liability – intangible assets	660			660			668			673			676			660			676
Average tangible common shareholders’ equity – Non-GAAP	$	17,966		$	17,666		$	17,758		$	18,751		$	19,326		$	18,017		$	21,078

Return on common equity – GAAP	5.7		%	3.5		%	9.3		%	7.6		%	8.6		%	6.5		%	8.9		%
Return on tangible common equity – Non-GAAP	11.5		%	7.5		%	19.2		%	15.4		%	17.2		%	13.4		%	17.1		%


THE BANK OF NEW YORK MELLON CORPORATION
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Book value and tangible book value per common share reconciliation	2022												2021
(dollars in millions, except common shares and unless otherwise noted)	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
BNY Mellon shareholders’ equity at period end – GAAP	$	40,734		$	39,737		$	40,984		$	41,799		$	43,034
Less: Preferred stock	4,838			4,838			4,838			4,838			4,838
BNY Mellon common shareholders’ equity at period end – GAAP	35,896			34,899			36,146			36,961			38,196
Less: Goodwill	16,150			16,412			17,271			17,462			17,512
Intangible assets	2,901			2,902			2,934			2,968			2,991
Add: Deferred tax liability – tax deductible goodwill	1,181			1,175			1,187			1,184			1,178
Deferred tax liability – intangible assets	660			660			668			673			676
BNY Mellon tangible common shareholders’ equity at period end – Non-GAAP	$	18,686		$	17,420		$	17,796		$	18,388		$	19,547

Period-end common shares outstanding (in thousands)	808,445			808,280			808,103			807,798			804,145

Book value per common share – GAAP	$	44.40		$	43.18		$	44.73		$	45.76		$	47.50
Tangible book value per common share – Non-GAAP	$	23.11		$	21.55		$	22.02		$	22.76		$	24.31



Net interest margin reconciliation
(dollars in millions)	4Q22			3Q22			2Q22			1Q22			4Q21
Net interest revenue – GAAP	$	1,056		$	926		$	824		$	698		$	677
Add: Tax equivalent adjustment	2			3			3			3			4
Net interest revenue (FTE) – Non-GAAP	$	1,058		$	929		$	827		$	701		$	681

Average interest-earning assets	$	352,987		$	352,062		$	370,782		$	373,186		$	381,682

Net interest margin – GAAP (a)	1.19		%	1.05		%	0.89		%	0.75		%	0.71		%
Net interest margin (FTE) – Non-GAAP (a)	1.19		%	1.05		%	0.89		%	0.76		%	0.71		%
(a) Net interest margin is annualized.


THE BANK OF NEW YORK MELLON CORPORATION
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Pre-tax operating margin reconciliation - Investment and Wealth Management business segment
(dollars in millions)	4Q22			3Q22			2Q22			1Q22			4Q21			FY22			FY21
Income (loss) before income taxes – GAAP	$	125		$	(497)		$	208		$	212		$	278		$	48		$	1,230

Total revenue – GAAP	$	825		$	862		$	899		$	964		$	1,020		$	3,550		$	4,042
Less: Distribution and servicing expense	87			88			91			79			75			345			300
Adjusted total revenue, net of distribution and servicing expense – Non-GAAP	$	738		$	774		$	808		$	885		$	945		$	3,205		$	3,742

Pre-tax operating margin – GAAP (a)	15		%	(57)		%	23		%	22		%	27		%	1		%	30		%
Adjusted pre-tax operating margin, net of distribution and servicing expense – Non-GAAP (a)	17		%	(64)		%	26		%	24		%	29		%	2		%	33		%
(a) Income before income taxes divided by total revenue.



Constant currency reconciliations							4Q22 vs.
(dollars in millions)	4Q22			4Q21			4Q21
Consolidated:
Investment management and performance fees – GAAP	$	783		$	896		(13)		%
Impact of changes in foreign currency exchange rates	—			(41)
Adjusted investment management and performance fees – Non-GAAP	$	783		$	855		(8)		%


Investment and Wealth Management business segment:
Investment management and performance fees – GAAP	$	780		$	896		(13)		%
Impact of changes in foreign currency exchange rates	—			(41)
Adjusted investment management and performance fees – Non-GAAP	$	780		$	855		(9)		%

4Q22 Financial Highlights J A N U A R Y 1 3 , 2 0 2 3

2 2022 Financial Highlights Revenue Pre-tax income Pre-tax margin Returns Capital ratios T1L: 5.8% CET1: 11.2% • Revenue up 3% YoY, up 6%(a) excluding the impact of notable items – Fee revenue flat YoY – Net interest revenue up 34% YoY • Expense up 13% YoY, up 5%(a) excluding the impact of notable items, and up 8%(a) excluding the impact of notable items and currency translation • Provision for credit losses was $39mm compared with a provision benefit of $231mm in 2021 • Returned $1.3bn to common shareholders • Board of Directors authorized a new $5bn common equity share repurchase program, effective January 1, 2023 EPS (a) (b) Reported Excluding notable items $16.9bn Reported ReportedReported Reported (a) (a) (a) (a) (a) Excluding notable items Excluding notable items Excluding notable items Excluding notable items $16.4bn 29%20% ROE: 6.5% ROTCE: 13.4% 10.3% 21.0% $2.90 $4.59 $3.3bn $4.9bn (a) Represents a non-GAAP measure. See pages 16, 17 and 18 in the Appendix for the corresponding reconciliations of the non-GAAP measures of revenue, revenue growth, expense growth, pre-tax income, earnings per share, pre-tax margin, ROE and ROTCE excluding notable items and expense growth excluding notable items and currency translation. (b) Represents a non-GAAP measure. See page 15 in the Appendix for the corresponding reconciliation of the non-GAAP measure of ROTCE.

3 4Q22 vs. $mm, except per share data or unless otherwise noted 4Q22 3Q22 4Q21 3Q22 4Q21 Fee revenue $3,222 $3,236 $3,231 —% —% Investment and other revenue (360) 117 107 N/M N/M Net interest revenue 1,056 926 677 14% 56% Total revenue $3,918 $4,279 $4,015 (8)% (2)% Provision for credit losses 20 (30) (17) N/M N/M Noninterest expense 3,213 3,679 2,967 (13)% 8% Income before income taxes $685 $630 $1,065 9% (36)% Net income applicable to common shareholders $509 $319 $822 60% (38)% EPS $0.62 $0.39 $1.01 59% (39)% Avg. common shares and equivalents outstanding (mm) – diluted 816 815 817 —% —% Operating leverage(a) 423 bps N/M Pre-tax margin 17% 15% 27% ROE 5.7% 3.5% 8.6% ROTCE(b) 11.5% 7.5% 17.2% Increase / (decrease) Revenue Expense EPS 4Q22 (460) 213 $(0.67) 3Q22 37 714 $(0.81) 4Q21 — 37 $(0.04) (a) Note: See page 13 in the Appendix for corresponding footnotes. (b) Represents a non-GAAP measure. See page 15 in the Appendix for the corresponding reconciliation of the non-GAAP measure of ROTCE. (c) Represents a non-GAAP measure. See pages 16, 17 and 18 in the Appendix for the corresponding reconciliations of the non-GAAP measures of revenue growth, expense growth, earnings per share growth, operating leverage, pre-tax margin, ROE and ROTCE excluding notable items. N/M – not meaningful. 4Q22 Financial Results Notable items impacting the quarter 4Q22: Impact of net loss from repositioning the securities portfolio, a disposal loss, severance expense and litigation reserves 3Q22: Impact of goodwill impairment, a disposal gain, severance expense and litigation reserves 4Q21: Impact of severance expense and litigation reserves = excluding the impact of notable items +203 bps(c) Up 7%(c) Up 1%(c) Up 2%(c) Up 25%(c) +665 bps(c) 31%(c) 11.9%(c) 23.6%(c) Up 3%(c) Up 9%(c)

4 2022 vs. $mm, except per share data or unless otherwise noted 2022 2021 2021 Fee revenue $12,955 $12,977 —% Investment and other revenue (82) 336 N/M Net interest revenue 3,504 2,618 34% Total revenue $16,377 $15,931 3% Provision for credit losses 39 (231) N/M Noninterest expense 13,010 11,514 13% Income before income taxes $3,328 $4,648 (28)% Net income applicable to common shareholders $2,362 $3,552 (34)% EPS $2.90 $4.14 (30)% Avg. common shares and equivalents outstanding (mm) – diluted 815 856 (5)% Operating leverage(a) N/M Pre-tax margin 20% 29% ROE 6.5% 8.9% ROTCE(b) 13.4% 17.1% Increase / (decrease) Revenue Expense EPS 2022 (511) 1,029 $(1.69) 2021 13 129 $(0.10) (a) Note: See page 13 in the Appendix for corresponding footnotes. (b) Represents a non-GAAP measure. See page 15 in the Appendix for the corresponding reconciliation of the non-GAAP measure of ROTCE. (c) Represents a non-GAAP measure. See pages 16, 17 and 18 in the Appendix for the corresponding reconciliations of the non-GAAP measures of revenue growth, expense growth, earnings per share growth, operating leverage, pre-tax margin, ROE and ROTCE excluding notable items and expense growth excluding notable items and currency translation. N/M – not meaningful. 2022 Financial Results Notable items impacting the year 2022: Impact of goodwill impairment, net loss from repositioning the securities portfolio, severance expense, litigation reserves, accelerated amortization of deferred costs for depositary receipts services related to Russia and net gains on disposals 2021: Impact of litigation reserves, severance expense and gains on disposals Up 5%(c), or up 8%(c) excluding currency translation Up 8%(c) +86 bps(c) 29%(c) 10.3%(c) 21.0%(c) Up 6%(c) = excluding the impact of notable items

5 4Q22 3Q22 4Q21 Consolidated regulatory capital ratios:(a) Tier 1 leverage ratio 5.8% 5.4% 5.5% Supplementary leverage ratio ("SLR") 6.8 6.3 6.6 Common Equity Tier 1 ratio – Advanced Approaches 11.2 10.1 11.4 Common Equity Tier 1 ratio – Standardized Approach 11.4 10.0 11.2 Consolidated regulatory liquidity ratios: Liquidity coverage ratio ("LCR") 118% 116% 109% Cash dividends per common share $0.37 $0.37 $0.34 Common stock dividends ($mm) $305 $303 $280 Common stock repurchases ($mm) 2 2 1,249 Book value per common share $44.40 $43.18 $47.50 Tangible book value per common share(b) 23.11 21.55 24.31 Common shares outstanding (mm) 808 808 804 Capital and Liquidity Note: See page 13 in the Appendix for corresponding footnotes.

6 4Q22 vs. $bn, avg. 4Q22 3Q22 4Q21 Deposits: Noninterest-bearing $76 (11)% (17)% Interest-bearing 208 2% (10)% Total deposits $284 (2)% (12)% Interest-earning assets: Cash and reverse repo 136 4% (10)% Loans 67 (1)% 4% Investment securities: HQLA 119 (2)% (8)% Non-HQLA 25 (9)% (17)% Total investment securities $144 (3)% (10)% Total interest-earning assets $353 —% (8)% Net Interest Revenue and Balance Sheet Trends N e t I n t e r e s t R e v e n u e ( $ m m ) +14% +56% • Avg. deposits of $284bn down 2% QoQ • Avg. interest-earning assets of $353bn flat QoQ • Net interest revenue of $1,056mm up 14% QoQ, primarily reflects higher interest rates on interest-earning assets, partially offset by higher funding expense 677 926 1,056 4Q21 3Q22 4Q22

7 4Q22 vs. $mm, unless otherwise noted 4Q22 3Q22 4Q21 Staff $1,802 8% 10% Software and equipment 432 3% 14% Professional, legal and other purchased services 415 14% 6% Net occupancy 143 15% 8% Sub-custodian and clearing 112 (10)% (7)% Distribution and servicing 86 (2)% 15% Business development 45 32% 2% Bank assessment charges 19 (46)% (37)% Goodwill impairment — N/M N/M Amortization of intangible assets 16 (6)% (16)% Other 143 19% (1)% Total noninterest expense $3,213 (13)% 8% Noninterest Expense • Noninterest expense up 8% YoY, primarily reflecting higher severance expense – Excluding notable items, noninterest expense up 2%(a), primarily reflecting higher investments in growth, infrastructure and efficiency initiatives and higher revenue-related expenses, as well as the impact of inflation, partially offset by the favorable impact of a stronger U.S. dollar • Noninterest expense down 13% QoQ, excluding notable items, noninterest expense up 1%(a) (a) Represents a non-GAAP measure. See page 16 in the Appendix for the corresponding reconciliation of the non-GAAP measures of expense growth excluding notable items. Up 2% (a) excluding notable items Up 1% (a) excluding notable items

8 4Q22 vs. $mm, unless otherwise noted 4Q22 3Q22 4Q21 Total revenue by line of business: Asset Servicing $1,681 5% 15% Issuer Services 491 3% 30% Total revenue $2,172 5% 18% Provision for credit losses 11 N/M N/M Noninterest expense 1,576 1% 6% Income before income taxes $585 12% 67% Fee revenue 1,446 1% 2% Net interest revenue 656 22% 79% Foreign exchange revenue 149 13% 1% Securities lending revenue(a) 50 4% 11% Financial ratios, balance sheet data and metrics: Pre-tax margin 27% 175 bps 787 bps AUC/A ($trn, period end)(b)(c) $31.4 5% (9)% Deposits ($bn, avg.) $177 —% (12)% Market value of securities on loan ($bn, period end)(d) $449 3% —% • Total revenue of $2,172mm up 18% YoY – Asset Servicing up 15% YoY, primarily reflecting higher net interest revenue, lower money market fee waivers and higher client activity, partially offset by lower market values and the unfavorable impact of a stronger U.S. dollar – Issuer Services up 30% YoY, primarily reflecting higher net interest revenue and lower money market fee waivers • Noninterest expense of $1,576mm up 6% YoY, primarily reflecting higher investments in growth, infrastructure and efficiency initiatives, as well as the impact of inflation, partially offset by the favorable impact of a stronger U.S. dollar • Income before income taxes of $585mm up 67% YoY Securities Services Note: See page 13 in the Appendix for the corresponding footnotes. N/M – not meaningful.

9 4Q22 vs. $mm, unless otherwise noted 4Q22 3Q22 4Q21 Total revenue by line of business: Pershing $673 2% 22% Treasury Services 382 (2)% 15% Clearance and Collateral Management 344 8% 19% Total revenue $1,399 2% 19% Provision for credit losses 6 N/M N/M Noninterest expense 785 7% 16% Income before income taxes $608 (4)% 21% Fee revenue 988 1% 14% Net interest revenue 396 5% 33% Financial ratios, balance sheet data and metrics: Pre-tax margin 43% (266) bps 64 bps AUC/A ($trn, end of period)(a)(b) $12.7 6% 8% Deposits ($bn, avg.) $86 (5)% (14)% Pershing: Net new assets (U.S. platform) ($bn)(c) $42 N/M N/M Avg. active clearing accounts ('000) 7,603 2% 4% Treasury Services: Avg. daily U.S. dollar payment volumes ('000) 246 5% —% Clearance and Collateral Management: Avg. tri-party collateral management balances ($bn) $5,451 —% 10% Market and Wealth Services Note: See page 13 in the Appendix for the corresponding footnotes. N/M – not meaningful. • Total revenue of $1,399mm up 19% YoY – Pershing up 22% YoY, primarily reflecting lower money market fee waivers, higher fees on sweep balances and higher net interest revenue, partially offset by the impact of prior year lost business and the impact of lower equity markets – Treasury Services up 15% YoY, primarily reflecting higher net interest revenue and lower money market fee waivers – Clearance and Collateral Management up 19% YoY, primarily reflecting higher net interest revenue and U.S. government clearance volumes • Noninterest expense of $785mm up 16% YoY, primarily reflecting higher investments in growth, infrastructure and efficiency initiatives, as well as the impact of inflation, partially offset by the favorable impact of a stronger U.S. dollar • Income before income taxes of $608mm up 21% YoY

10 4Q22 vs. $mm, unless otherwise noted 4Q22 3Q22 4Q21 Total revenue by line of business: Investment Management $550 (5)% (22)% Wealth Management 275 (3)% (12)% Total revenue $825 (4)% (19)% Provision for credit losses 1 N/M N/M Noninterest expense 699 (48)% (7)% Income before income taxes $125 125% (55)% Fee revenue 776 (4)% (18)% Net interest revenue 52 (9)% 2% Financial ratios, balance sheet data and metrics: Pre-tax margin 15% N/M (1,213) bps Adjusted pre-tax operating margin – Non-GAAP(b) 17% N/M (1,252) bps AUM ($bn, end of period)(c) $1,836 3% (25)% Loans ($bn, avg.) $14 (1)% 13% Deposits ($bn, avg.) $16 (5)% (11)% Wealth Management: Client assets ($bn, end of period)(d) $269 5% (16)% • Total revenue of $825mm down 19% YoY – Investment Management down 22% YoY, primarily reflecting lower market values, the mix of cumulative net inflows, the unfavorable impact of a stronger U.S. dollar, the impact of the Alcentra divestiture and strategic equity investment gains recorded in 4Q21, partially offset by lower money market fee waivers – Wealth Management revenue down 12% YoY, primarily reflecting lower market values • Noninterest expense of $699 down 7% YoY, primarily reflecting the impact of the Alcentra divestiture, the favorable impact of a stronger U.S. dollar, and lower revenue-related expenses, partially offset by higher severance expense – Noninterest expense down 48% QoQ, excluding notable items, noninterest expense up 1%(a) • Income before income taxes of $125mm down 55% YoY • AUM of $1.8trn down 25% YoY, driven by lower market values, the unfavorable impact of a stronger U.S. dollar and the divestiture of Alcentra, partially offset by net inflows • Wealth Management client assets of $269bn down 16% YoY, primarily driven by lower markets Investment and Wealth Management (a) Represents a non-GAAP measure. See page 19 in the Appendix for the corresponding reconciliation of the non-GAAP measures of expense growth, excluding notable items. (b) Adjusted pre-tax operating margin is net of distribution and servicing expense. Represents a non-GAAP measure. See page 19 in the Appendix for corresponding reconciliation of the non-GAAP measure of adjusted pre-tax operating margin. Note: See page 13 in the Appendix for the corresponding footnotes (c) and (d). N/M – not meaningful.

11 • Total revenue includes corporate treasury and other investment activity, including hedging activity which has an offsetting impact between fee and other revenue and net interest expense – YoY and QoQ decreases in total revenue primarily reflect the $449 million net loss from repositioning the securities portfolio • Noninterest expense increased YoY and QoQ, primarily driven by higher severance expense $mm, unless otherwise noted 4Q22 3Q22 4Q21 Fee revenue $12 $28 $2 Investment and other revenue (442) (5) 19 Net interest (expense) (48) (47) (38) Total revenue $(478) $(24) $(17) Provision for credit losses 2 (26) (1) Noninterest expense 153 29 55 (Loss) before income taxes $(633) $(27) $(71) Other Segment

Appendix

13 Footnotes Page 3 – 4Q22 Financial Results (a) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense. Page 4 – 2022 Financial Results (a) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense. Page 5 – Capital and Liquidity (a) Regulatory capital ratios for December 31, 2022 are preliminary. For our CET1, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for December 31, 2022 was the Advanced Approaches, for September 30, 2022 was the Standardized Approach, and for December 31, 2021 was the Standardized Approach. (b) Tangible book value per common share — Non-GAAP excludes goodwill and intangible assets, net of deferred tax liabilities. See page 15 for corresponding reconciliation of this non-GAAP measure. Page 8 – Securities Services (a) Included in investment services fees in the Asset Servicing business. (b) December 31, 2022 information is preliminary. (c) Consists of AUC/A primarily from the Asset Servicing business and, to a lesser extent, the Issuer Services business. Includes the AUC/A of CIBC Mellon Global Securities Services Company (“CIBC Mellon”), a joint venture with the Canadian Imperial Bank of Commerce, of $1.5trn at December 31, 2022, $1.4trn at September 30, 2022, and $1.7trn at December 31, 2021. (d) Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $68 billion at December 31,2022, $75bn at September 30, 2022, and $71bn at December 31, 2021. Page 9 – Market and Wealth Services (a) December 31, 2022 information is preliminary. (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. Page 10 – Investment and Wealth Management (c) December 31, 2022 information is preliminary. Excludes assets managed outside of the Investment and Wealth Management business segment. (d) December 31, 2022 information is preliminary. Includes AUM and AUC/A in the Wealth Management business.

14 4Q22 3Q22 2Q22 1Q22 4Q21 FY22 FY21 Investment services fees (see table below) $ — $ (1) $ (26) $ (126) $ (148) $ (153) $ (547) Investment management and performance fees (19) (21) (40) (85) (116) (165) (429) Distribution and servicing fees — — (2) (11) (14) (13) (51) Total fee revenue (19) (22) (68) (222) (278) (331) (1,027) Less: Distribution and servicing expense — — 2 23 35 25 111 Net impact of money market fee waivers $ (19) $ (22) $ (66) $ (199) $ (243) $ (306) $ (916) Impact to investment services fees by line of business(a) Asset Servicing $ — $ — $ — $ (19) $ (31) $ (19) $ (105) Issuer Services — — (1) (11) (18) (12) (62) Pershing — (1) (25) (90) (89) (116) (343) Treasury Services — — — (6) (10) (6) (37) Total impact to investment services fees by line of business $ — $ (1) $ (26) $ (126) $ (148) $ (153) $ (547) Impact to revenue by line of business(a) Asset Servicing $ — $ — $ (1) $ (28) $ (50) $ (29) $ (176) Issuer Services — (1) (1) (14) (24) (16) (83) Pershing — (1) (29) (107) (106) (137) (401) Treasury Services — — — (8) (14) (8) (52) Investment Management (19) (20) (37) (63) (81) (139) (303) Wealth Management — — — (2) (3) (2) (12) Total impact to revenue by line of business $ (19) $ (22) $ (68) $ (222) $ (278) $ (331) $ (1,027) Money Market Fee Waivers Impact (a) The line of business revenue for management reporting purposes reflects the impact of revenue transferred between the businesses.

15 2022 2021 Dec. 31 Sept. 30 Dec. 31 BNY Mellon shareholders’ equity at period end — GAAP $ 40,734 $ 39,737 $ 43,034 Less: Preferred stock 4,838 4,838 4,838 BNY Mellon common shareholders’ equity at period end — GAAP 35,896 34,899 38,196 Less: Goodwill 16,150 16,412 17,512 Intangible assets 2,901 2,902 2,991 Add: Deferred tax liability — tax deductible goodwill 1,181 1,175 1,178 Deferred tax liability — intangible assets 660 660 676 BNY Mellon tangible common shareholders’ equity at period end — Non-GAAP $ 18,686 $ 17,420 $ 19,547 Period-end common shares outstanding (in thousands) 808,445 808,280 804,145 Book value per common share — GAAP $ 44.40 $ 43.18 $ 47.50 Tangible book value per common share — Non-GAAP $ 23.11 $ 21.55 $ 24.31 4Q22 3Q22 4Q21 FY22 FY21 Net income applicable to common shareholders of The Bank of New York Mellon Corporation — GAAP $ 509 $ 319 $ 822 $ 2,362 $ 3,552 Add: Amortization of intangible assets 16 17 19 67 82 Less: Tax impact of amortization of intangible assets 4 4 5 16 20 Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets — Non-GAAP $ 521 $ 332 $ 836 $ 2,413 $ 3,614 Average common shareholders’ equity $ 35,259 $ 35,942 $ 37,941 $ 36,175 $ 39,695 Less: Average goodwill 16,229 17,189 17,481 17,060 17,492 Average intangible assets 2,905 2,922 2,988 2,939 2,979 Add: Deferred tax liability — tax deductible goodwill 1,181 1,175 1,178 1,181 1,178 Deferred tax liability — intangible assets 660 660 676 660 676 Average tangible common shareholders’ equity — Non-GAAP $ 17,966 $ 17,666 $ 19,326 $ 18,017 $ 21,078 Return on common equity(a) — GAAP 5.7% 3.5% 8.6% 6.5% 8.9% Return on tangible common equity(a) — Non-GAAP 11.5% 7.5% 17.2% 13.4% 17.1% Return on Common Equity and Tangible Common Equity Reconciliation Book Value and Tangible Book Value Per Common Share Reconciliation (a) Quarterly returns are annualized.

16 4Q22 vs. 2022 vs. 4Q22 3Q22 4Q21 3Q22 4Q21 2022 2021 2021 Total revenue — GAAP $ 3,918 $ 4,279 $ 4,015 (8) % (2) % $ 16,377 $ 15,931 3 % Notable items(a) (460) 37 — (511) 13 Total revenue, ex-notables — Non-GAAP $ 4,378 $ 4,242 $ 4,015 3 % 9 % $ 16,888 $ 15,918 6 % Investment and other revenue — GAAP $ (360) $ (82) Notable items(a) (460) (423) Investment and other revenue, ex-notables — Non-GAAP $ 100 $ 341 Noninterest expense — GAAP $ 3,213 $ 3,679 $ 2,967 (13) % 8 % $ 13,010 $ 11,514 13 % Notable items(a) 213 714 37 1,029 129 Noninterest expense, ex-notables — Non-GAAP $ 3,000 $ 2,965 $ 2,930 1 % 2 % $ 11,981 $ 11,385 5 % Income before income taxes — GAAP $ 685 $ 630 $ 1,065 $ 3,328 $ 4,648 Notable items(a) (673) (677) (37) (1,540) (116) Income before income taxes, ex-notables — Non-GAAP $ 1,358 $ 1,307 $ 1,102 $ 4,868 $ 4,764 Net income applicable to common shareholders — GAAP $ 509 $ 319 $ 822 60 % (38) % $ 2,362 $ 3,552 (34) % Notable items(a) (548) (664) (30) (1,378) (85) Net income applicable to common shareholders, ex-notables — Non-GAAP $ 1,057 $ 983 $ 852 8 % 24 % $ 3,740 $ 3,637 3 % Diluted earnings per share — GAAP $ 0.62 $ 0.39 $ 1.01 59 % (39) % $ 2.90 $ 4.14 (30) % Notable items(a) (0.67) (0.81) (0.04) (1.69) (0.10) Diluted earnings per share, ex-notables — Non-GAAP $ 1.30 $ 1.21 $ 1.04 7 % 25 % $ 4.59 $ 4.24 8 % Operating leverage — GAAP(c) 423 bps (1,071) bps (1,019) bps Operating leverage, ex-notables — Non-GAAP(a)(c) 203 bps 665 bps 86 bps (a) Notable items in 4Q22 include the net loss from repositioning the securities portfolio, a disposal loss (reflected in investment and other revenue), severance expense and litigation reserves. Notable items in 3Q22 include goodwill impairment, a disposal gain (reflected in investment and other revenue), severance expense and litigation reserves. Notable items in 4Q21 include severance expense and litigation reserves. Notable items in 2022 include the 3Q22 goodwill impairment, the 4Q22 net loss from repositioning the securities portfolio, severance expense, litigation reserves, the 1Q22 accelerated amortization of deferred costs for depositary receipts services related to Russia and net gains on disposals (reflected in investment and other revenue). Notable items in 2021 include litigation reserves, severance expense and gains on disposals (reflected in investment and other revenue). (b) Does not foot due to rounding. (c) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense. Reconciliation of Non-GAAP measures – Impact of Notable Items (b)(b) (b)

17 4Q22 2022 Results – GAAP Notable items(a) Non-GAAP ex. notable items Results – GAAP Notable items(a) Non-GAAP ex. notable items Total revenue $ 3,918 (460) $ 4,378 $ 16,377 (511) $ 16,888 Provision for credit losses 20 — 20 39 — 39 Noninterest expense 3,213 213 3,000 13,010 1,029 11,981 Income before income taxes $ 685 $ (673) $ 1,358 $ 3,328 $ (1,540) $ 4,868 Pre-tax operating margin(b) 17% 31% 20% 29% (a) Notable items in 4Q22 include the net loss from repositioning the securities portfolio, a disposal loss (reflected in investment and other revenue), severance expense and litigation reserves. Notable items in 2022 include the 3Q22 goodwill impairment, the 4Q22 net loss from repositioning the securities portfolio, severance expense, litigation reserves, the 1Q22 accelerated amortization of deferred costs for depositary receipts services related to Russia and net gains on disposals (reflected in investment and other revenue). (b) Income before income taxes divided by total revenue. Pre-tax Operating Margin Reconciliation – Impact of Notable Items 2022 vs. 2022 2021 2021 Noninterest expense — GAAP $ 13,010 $ 11,514 13% Notable items(a) 1,029 129 Impact of changes in foreign currency exchange rates — (292) Noninterest expense, ex. notables and currency adjustment— Non-GAAP $ 11,981 $ 11,093 8% Noninterest Expense Reconciliation – Impact of Notable Items and Impact of Changes in Foreign Currency Exchange Rates

18 4Q22 2022 Results – GAAP Notable items(a) Non-GAAP ex. notable items Results – GAAP Notable items(a) Non-GAAP ex. notable items Net income applicable to common shareholders of The Bank of New York Mellon Corporation $ 509 $ (548) $ 1,057 $ 2,362 $ (1,378) $ 3,740 Add: Amortization of intangible assets 16 — 16 67 — 67 Less: Tax impact of amortization of intangible assets 4 — 4 16 — 16 Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible asset $ 521 $ (548) $ 1,069 $ 2,413 $ (1,378) $ 3,791 Average common shareholders’ equity $ 35,259 — $ 35,259 $ 36,175 — $ 36,175 Less: Average goodwill 16,229 — 16,229 17,060 — 17,060 Average intangible assets 2,905 — 2,905 2,939 — 2,939 Add: Deferred tax liability — tax deductible goodwill 1,181 — 1,181 1,181 — 1,181 Deferred tax liability — intangible assets 660 — 660 660 — 660 Average tangible common shareholders’ equity $ 17,966 — $ 17,966 $ 18,017 — $ 18,017 Return on common equity(b) 5.7% 11.9% 6.5% 10.3% Return on tangible common equity(b) 11.5% 23.6% 13.4% 21.0% Return on Common Equity and Tangible Common Equity Reconciliation – Impact of Notable Items (a) Notable items in 4Q22 include the net loss from repositioning the securities portfolio, a disposal loss (reflected in investment and other revenue), severance expense and litigation reserves. Notable items in 2022 include the 3Q22 goodwill impairment, the 4Q22 net loss from repositioning the securities portfolio, severance expense, litigation reserves, the 1Q22 accelerated amortization of deferred costs for depositary receipts services related to Russia and net gains on disposals (reflected in investment and other revenue). (b) Quarterly returns are annualized. 4Q22 2022 Results – GAAP Notable items(a) Non-GAAP ex. notable items Results – GAAP Notable items(a) Non-GAAP ex. notable items Provision for income taxes $ 142 $ (125) $ 267 $ 768 $ (162) $ 930 Income before income taxes $ 685 $ (673) $ 1,358 $ 3,328 $ (1,540) $ 4,868 Effective tax rate 20.7% 19.7% 23.1% 19.1% Tax Rate Reconciliation – Impact of Notable Items

19 (a) Income before income taxes divided by total revenue. (b) Notable items in 4Q22 include severance expense. Notable items in 3Q22 include goodwill impairment and severance expense. 4Q22 4Q21 Income before income taxes — GAAP $ 125 $ 278 Total revenue — GAAP $ 825 $ 1,020 Less: Distribution and servicing expense 87 75 Adjusted total revenue, net of distribution and servicing expense — Non-GAAP $ 738 $ 945 Pre-tax operating margin — GAAP(a) 15% 27% Adjusted pre-tax operating margin, net of distribution and servicing expense — Non-GAAP(a) 17% 29% Pre-tax Operating Margin Reconciliation – Investment and Wealth Management Segment Investment and Wealth Management Segment Reconciliation of Non-GAAP measures – Impact of Notable Items 4Q22 vs. 4Q22 3Q22 3Q22 Noninterest expense — GAAP $ 699 $ 1,356 (48) % Notable items(b) 14 679 Noninterest expense, ex-notables — Non-GAAP $ 685 $ 677 1%

20 A number of statements in The Bank of New York Mellon Corporation’s (the “Corporation”) presentations, the accompanying slides and the responses to your questions are “forward-looking statements.” Words such as “estimate,” “forecast,” “project,” “anticipate,” “likely,” “target,” “expect,” “intend,” “continue,” “seek,” “believe,” “plan,” “goal,” “could,” “should,” “would,” “may,” “might,” “will,” “strategy,” “synergies,” “opportunities,” “trends,” “ambition,” “objective,” “aim,” “future,” “potentially,” “outlook” and words of similar meaning may signify forward-looking statements. These statements relate to, among other things, the Corporation’s expectations regarding: capital plans including repurchases, strategic priorities, financial goals, organic growth, performance, organizational quality and efficiency, investments, including in technology and product development, capabilities, resiliency, revenue, net interest revenue, money market fee waivers, fees, expenses, cost discipline, sustainable growth, innovation in products and services, company management, human capital management (including related ambitions, objectives, aims and goals), deposits, interest rates and yield curves, securities portfolio, taxes, business opportunities, divestments, volatility, preliminary business metrics and regulatory capital ratios and statements regarding the Corporation’s aspirations, as well as the Corporation’s overall plans, strategies, goals, objectives, expectations, outlooks, estimates, intentions, targets, opportunities, focus and initiatives, including the potential effects of the coronavirus pandemic on any of the foregoing. These forward-looking statements are based on assumptions that involve risks and uncertainties and that are subject to change based on various important factors (some of which are beyond the Corporation’s control). Actual outcomes may differ materially from those expressed or implied as a result of a number of factors, including, but not limited to, those discussed in “Risk Factors” in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”) and in other filings of the Corporation with the Securities and Exchange Commission (the “SEC”). Statements about the effects of the current and near-term market and macroeconomic outlook on the Corporation, including on its business, operations, financial performance and prospects, may constitute forward-looking statements, and are based on assumptions that involve risks and uncertainties and that are subject to change based on various important factors (some of which are beyond the Corporation's control), including geopolitical risks (including those related to Russia’s invasion of Ukraine), as well as the scope and duration of the pandemic, actions taken by governmental authorities and other third parties in response to the pandemic, the availability, use and effectiveness of vaccines, and the direct and indirect impact of the pandemic on the Corporation, its clients, customers and third parties. The timing, manner and amount of repurchases is subject to various factors, including our capital position, capital deployment opportunities, prevailing market conditions, legal and regulatory considerations, and our outlook for the economic environment. Preliminary business metrics and regulatory capital ratios are subject to change, possibly materially, as the Corporation completes its Annual Report on Form 10-K for the year ended December 31, 2022. All forward-looking statements speak only as of January 13, 2023, and the Corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events. For additional information regarding the Corporation, please refer to the Corporation's SEC filings available at www.bnymellon.com/investorrelations. Non-GAAP Measures: In this presentation we discuss certain non-GAAP measures in detailing the Corporation’s performance, which exclude certain items or otherwise include components that differ from GAAP. We believe these measures are useful to the investment community in analyzing the financial results and trends of ongoing operations. We believe they facilitate comparisons with prior periods and reflect the principal basis on which the Corporation’s management monitors financial performance. Additional disclosures relating to non-GAAP measures are contained in the Corporation’s reports filed with the SEC, including the 2021 Annual Report, and the fourth quarter 2022 earnings release and the fourth quarter 2022 financial supplement, and are available at www.bnymellon.com/investorrelations. Cautionary Statement


Delaware	001-35651	13-2614959
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	BK	New York Stock Exchange

6.244% Fixed-to-Floating Rate Normal Preferred Capital Securities of Mellon Capital IV	BK/P	New York Stock Exchange
(fully and unconditionally guaranteed by The Bank of New York Mellon Corporation)


Exhibit
Number						Description

99.1						The Bank of New York Mellon Corporation Earnings Release dated January 13, 2023, announcing financial results for the fourth quarter of 2022.
						The quotation in Exhibit 99.1 (the “Excluded Section”) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (“Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of BNY Mellon under the Securities Act of 1933 or the Exchange Act. The information included in Exhibit 99.1, other than in the Excluded Section, shall be deemed “filed” for purposes of the Exchange Act.

99.2						The Bank of New York Mellon Corporation Financial Supplement dated January 13, 2023, for the fourth quarter of 2022.
						The information included in Exhibit 99.2 shall be deemed “filed” for purposes of the Exchange Act.

99.3						Fourth Quarter 2022 Financial Highlights Presentation dated January 13, 2023.
						The information included in Exhibit 99.3 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of BNY Mellon under the Securities Act of 1933 or the Exchange Act.

104						Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.


			The Bank of New York Mellon Corporation (Registrant)
Date: January 13, 2023			By: /s/ James J. Killerlane III
			Name: James J. Killerlane III Title: Secretary