Bank of New York Mellon Corp - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Attached files

file	filename
EX-99.3 - EXHIBIT 99.3 - Bank of New York Mellon Corp	ex993financialhighlights.htm
EX-99.1 - EXHIBIT 99.1 - Bank of New York Mellon Corp	ex991earningsrelease1q.htm
8-K - FORM 8-K - Bank of New York Mellon Corp	form8-kearningsapril16.htm

The Bank of New York Mellon Corporation

Financial Supplement

First Quarter 2020



Table of Contents




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

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

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

Supplemental Information – Explanation of GAAP and Non-GAAP Financial Measures		16
Segment Reporting Changes		19



THE BANK OF NEW YORK MELLON CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per common share amounts, or unless otherwise noted)																1Q20 vs.
	1Q20			4Q19			3Q19			2Q19			1Q19			4Q19		1Q19
Selected income statement data
Fee revenue	$	3,323		$	3,971		$	3,129		$	3,105		$	3,031		(16	)%	10	%
Net securities gains (losses)	9			(25		)	(1		)	7			1			N/M		N/M
Total fee and other revenue	3,332			3,946			3,128			3,112			3,032			(16	)	10
(Loss) income from consolidated investment management funds	(38		)	17			3			10			26			N/M		N/M
Net interest revenue	814			815			730			802			841			—		(3	)
Total revenue	4,108			4,778			3,861			3,924			3,899			(14	)	5
Provision for credit losses	169			(8		)	(16		)	(8		)	7			N/M		N/M
Noninterest expense	2,712			2,964			2,590			2,647			2,699			(9	)	—
Income before income taxes	1,227			1,822			1,287			1,285			1,193			(33	)	3
Provision for income taxes	265			373			246			264			237			(29	)	12
Net income	$	962		$	1,449		$	1,041		$	1,021		$	956		(34	)%	1	%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	944		$	1,391		$	1,002		$	969		$	910		(32	)%	4	%
Diluted earnings per common share	$	1.05		$	1.52		$	1.07		$	1.01		$	0.94		(31	)%	12	%
Average common shares and equivalents outstanding - diluted (in thousands)	896,689			914,739			935,677			953,928			965,960			(2	)%	(7	)%

Financial ratios (Quarterly returns are annualized)
Pre-tax operating margin	30		%	38		%	33		%	33		%	31		%
Return on common equity	10.1		%	14.6		%	10.6		%	10.4		%	10.0		%
Return on tangible common equity – Non-GAAP (a)	20.4		%	29.3		%	21.4		%	21.2		%	20.7		%
Non-U.S. revenue as a percentage of total revenue	36		%	31		%	37		%	36		%	36		%

Period end
Assets under custody and/or administration (“AUC/A”) (in trillions) (b)	$	35.2		$	37.1		$	35.8		$	35.5		$	34.5		(5	)%	2	%
Assets under management (“AUM”) (in trillions)	$	1.80		$	1.91		$	1.88		$	1.84		$	1.84		(6	)%	(2	)%
Full-time employees	47,900			48,400			48,700			49,100			49,800			(1	)%	(4	)%
Book value per common share	$	42.47		$	42.12		$	40.75		$	40.30		$	39.36
Tangible book value per common share – Non-GAAP (a)	$	21.53		$	21.33		$	20.59		$	20.45		$	19.74
Cash dividends per common share	$	0.31		$	0.31		$	0.31		$	0.28		$	0.28
Common dividend payout ratio	30		%	20		%	29		%	28		%	30		%
Closing stock price per common share	$	33.68		$	50.33		$	45.21		$	44.15		$	50.43
Market capitalization	$	29,822		$	45,331		$	41,693		$	41,619		$	48,288
Common shares outstanding (in thousands)	885,443			900,683			922,199			942,662			957,517

Capital ratios at period end (c)
Common Equity Tier 1 ("CET1") ratio	11.3		%	11.5		%	11.1		%	11.1		%	11.1		%
Tier 1 capital ratio	13.5		%	13.7		%	13.2		%	13.2		%	13.2		%
Total capital ratio	14.3		%	14.4		%	14.0		%	14.0		%	14.0		%
Tier 1 leverage ratio	6.0		%	6.6		%	6.5		%	6.8		%	6.8		%
Supplementary leverage ratio ("SLR")	5.6		%	6.1		%	6.0		%	6.3		%	6.3		%
(a) Non-GAAP information, for all periods presented, excludes goodwill and intangible assets, net of deferred tax liabilities. See "Supplemental Information - Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 16 for the reconciliation of Non-GAAP measures.
(b) Includes the AUC/A of CIBC Mellon Global Securities Services Company ("CIBC Mellon"), a joint venture with the Canadian Imperial Bank of Commerce, of $1.2 trillion at March 31, 2020, $1.5 trillion at Dec. 31, 2019, $1.4 trillion at Sept. 30, 2019 and June 30, 2019 and $1.3 trillion at March 31, 2019.
(c) Regulatory capital ratios for March 31, 2020 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 the prior periods, was the Advanced Approaches, and for March 31, 2020 was the Standardized Approaches for the CET1 and Tier 1 capital ratios and the Advanced Approach for the Total capital ratio.
N/M - Not meaningful.



THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED INCOME STATEMENT
(dollars in millions, except per share amounts; common shares in thousands)																1Q20 vs.
	1Q20			4Q19			3Q19			2Q19			1Q19			4Q19		1Q19
Revenue
Investment services fees:
Asset servicing fees	$	1,159		$	1,148		$	1,152		$	1,141		$	1,122		1	%	3	%
Clearing services fees	470			421			419			410			398			12		18
Issuer services fees	263			264			324			291			251			—		5
Treasury services fees	149			147			140			140			132			1		13
Total investment services fees	2,041			1,980			2,035			1,982			1,903			3		7
Investment management and performance fees	862			883			832			833			841			(2	)	2
Foreign exchange and other trading revenue	319			168			150			166			170			90		88
Financing-related fees	59			46			49			50			51			28		16
Distribution and servicing	31			34			33			31			31			(9	)	—
Investment and other income	11			860			30			43			35			N/M		N/M
Total fee revenue	3,323			3,971			3,129			3,105			3,031			(16	)	10
Net securities gains (losses)	9			(25		)	(1		)	7			1			N/M		N/M
Total fee and other revenue	3,332			3,946			3,128			3,112			3,032			(16	)	10
(Loss) income from consolidated investment management funds	(38		)	17			3			10			26			N/M		N/M
Net interest revenue	814			815			730			802			841			—		(3	)
Total revenue	4,108			4,778			3,861			3,924			3,899			(14	)	5
Provision for credit losses	169			(8		)	(16		)	(8		)	7			N/M		N/M
Noninterest expense
Staff	1,482			1,639			1,479			1,421			1,524			(10	)	(3	)
Professional, legal and other purchased services	330			367			316			337			325			(10	)	2
Software and equipment	326			326			309			304			283			—		15
Net occupancy	135			151			138			138			137			(11	)	(1	)
Sub-custodian and clearing	105			119			111			115			105			(12	)	—
Distribution and servicing	91			92			97			94			91			(1	)	—
Business development	42			65			47			56			45			(35	)	(7	)
Bank assessment charges	35			32			31			31			31			9		13
Amortization of intangible assets	26			28			30			30			29			(7	)	(10	)
Other	140			145			32			121			129			(3	)	9
Total noninterest expense	2,712			2,964			2,590			2,647			2,699			(9	)	—
Income before income taxes	1,227			1,822			1,287			1,285			1,193			(33	)	3
Provision for income taxes	265			373			246			264			237			(29	)	12
Net income	962			1,449			1,041			1,021			956			(34	)	1
Net loss (income) attributable to noncontrolling interests	18			(9		)	(3		)	(4		)	(10		)	N/M		N/M
Preferred stock dividends	(36		)	(49		)	(36		)	(48		)	(36		)	N/M		N/M
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	944		$	1,391		$	1,002		$	969		$	910		(32	)%	4	%

Average common shares and equivalents outstanding: Basic	894,122			911,324			933,264			951,281			962,397			(2	)%	(7	)%
Diluted	896,689			914,739			935,677			953,928			965,960			(2	)%	(7	)%

Earnings per common share: Basic	$	1.05		$	1.52		$	1.07		$	1.01		$	0.94		(31	)%	12	%
Diluted	$	1.05		$	1.52		$	1.07		$	1.01		$	0.94		(31	)%	12	%
N/M - Not meaningful.



THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
	2020			2019
(in millions)	March 31			Dec. 31			Sept. 30			June 30			March 31
Assets
Cash and due from banks	$	5,091		$	4,830		$	6,718		$	5,556		$	5,980
Interest-bearing deposits with the Federal Reserve and other central banks	146,535			95,042			73,811			69,700			60,699
Interest-bearing deposits with banks	22,672			14,811			15,417			15,491			13,681
Federal funds sold and securities purchased under resale agreements	27,363			30,182			43,723			61,201			40,158
Securities	139,273			123,033			122,340			120,142			117,504
Trading assets	12,918			13,571			10,180			8,629			6,868
Loans	62,368			54,953			54,881			52,396			53,487
Allowance for loan losses	(140		)	(122		)	(127		)	(146		)	(146		)
Net loans	62,228			54,831			54,754			52,250			53,341
Premises and equipment	3,514			3,625			3,149			2,970			3,010
Accrued interest receivable	576			624			596			658			651
Goodwill	17,240			17,386			17,248			17,337			17,367
Intangible assets	3,070			3,107			3,124			3,160			3,193
Other assets	27,446			20,221			21,727			23,737			23,228
Subtotal assets of operations	467,926			381,263			372,787			380,831			345,680
Assets of consolidated investment management funds, at fair value	229			245			381			337			452
Total assets	$	468,155		$	381,508		$	373,168		$	381,168		$	346,132
Liabilities
Deposits	$	336,717		$	259,466		$	249,660		$	252,877		$	222,382
Federal funds purchased and securities sold under repurchase agreements	13,128			11,401			11,796			11,757			11,761
Trading liabilities	6,625			4,841			4,756			3,768			3,892
Payables to customers and broker-dealers	24,016			18,758			18,364			18,946			19,310
Commercial paper	1,121			3,959			3,538			8,894			2,773
Other borrowed funds	1,544			599			820			1,921			3,932
Accrued taxes and other expenses	4,705			5,642			5,081			5,045			4,686
Other liabilities	11,425			7,612			9,796			7,916			8,050
Long-term debt	27,494			27,501			27,872			28,203			27,874
Subtotal liabilities of operations	426,775			339,779			331,683			339,327			304,660
Liabilities of consolidated investment management funds, at fair value	1			1			15			6			3
Total liabilities	426,776			339,780			331,698			339,333			304,663
Temporary equity
Redeemable noncontrolling interests	140			143			147			136			122
Permanent equity
Preferred stock	3,542			3,542			3,542			3,542			3,542
Common stock	14			14			14			14			14
Additional paid-in capital	27,644			27,515			27,471			27,406			27,349
Retained earnings	32,601			31,894			30,789			30,081			29,382
Accumulated other comprehensive loss, net of tax	(2,827		)	(2,638		)	(2,893		)	(2,688		)	(2,990		)
Less: Treasury stock, at cost	(19,829		)	(18,844		)	(17,803		)	(16,822		)	(16,072		)
Total The Bank of New York Mellon Corporation shareholders’ equity	41,145			41,483			41,120			41,533			41,225
Nonredeemable noncontrolling interests of consolidated investment management funds	94			102			203			166			122
Total permanent equity	41,239			41,585			41,323			41,699			41,347
Total liabilities, temporary equity and permanent equity	$	468,155		$	381,508		$	373,168		$	381,168		$	346,132



THE BANK OF NEW YORK MELLON CORPORATION
FEE AND OTHER REVENUE

																1Q20 vs.
(dollars in millions)	1Q20			4Q19			3Q19			2Q19			1Q19			4Q19		1Q19
Investment services fees:
Asset servicing fees (a)	$	1,108		$	1,104		$	1,109		$	1,097		$	1,074		—	%	3	%
Securities lending revenue	51			44			43			44			48			16		6
Clearing services fees (b)	470			421			419			410			398			12		18
Issuer services fees	263			264			324			291			251			—		5
Treasury services fees	149			147			140			140			132			1		13
Total investment services fees	2,041			1,980			2,035			1,982			1,903			3		7
Investment management and performance fees (c)
Investment management fee	812			835			830			831			810			(3	)	—
Performance fees	50			48			2			2			31			N/M		N/M
Total investment management and performance fees (d)	862			883			832			833			841			(2	)	2
Foreign exchange and other trading revenue:
Foreign exchange	253			138			129			150			160			83		58
Other trading revenue	66			30			21			16			10			N/M		N/M
Total foreign exchange and other trading revenue	319			168			150			166			170			90		88
Financing-related fees	59			46			49			50			51			28		16
Distribution and servicing	31			34			33			31			31			(9	)	—
Investment and other income:
Corporate/bank-owned life insurance	36			43			33			32			30			N/M		N/M
Expense reimbursements from joint venture	21			20			21			19			19			N/M		N/M
Asset-related gains	4			815			2			1			1			N/M		N/M
Seed capital (losses) gains (c)	(31		)	4			—			8			2			N/M		N/M
Other (loss)	(19		)	(22		)	(26		)	(17		)	(17		)	N/M		N/M
Total investment and other income (c)	11			860			30			43			35			N/M		N/M
Total fee revenue	3,323			3,971			3,129			3,105			3,031			(16	)	10
Net securities gains (losses)	9			(25		)	(1		)	7			1			N/M		N/M
Total fee and other revenue	$	3,332		$	3,946		$	3,128		$	3,112		$	3,032		(16	)%	10	%
(a) Asset servicing fees include the fees from the Clearance and Collateral Management business.
(b) Clearing services fees are almost entirely earned by our Pershing business.
(c) Excludes seed capital gains related to consolidated investment management funds, which are reflected in operations of consolidated investment management funds.
(d) On a constant currency basis (Non-GAAP), investment management and performance fees increased 3% compared with 1Q19. See "Supplemental Information - Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 16 for the reconciliation of this Non-GAAP measure.
N/M - Not meaningful.



THE BANK OF NEW YORK MELLON CORPORATION
AVERAGE BALANCES AND INTEREST RATES
	1Q20				4Q19				3Q19					2Q19				1Q19
	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)	Average balance		Average rate		Average balance		Average rate		Average balance		Average rate			Average balance		Average rate		Average balance		Average rate
Assets
Interest-earning assets:
Interest-bearing deposits with the Federal Reserve and other central banks	$	80,403	0.39	%	$	61,627	0.60	%	$	60,030	0.67	%		$	61,756	0.72	%	$	63,583	0.87	%
Interest-bearing deposits with banks (primarily foreign banks)	17,081		1.37		15,788		1.63		15,324		1.89			13,666		1.87		13,857		1.85
Federal funds sold and securities purchased under resale agreements (a)	34,109		4.67		38,846		4.62		40,816		6.42			38,038		5.99		28,968		6.63
Margin loans	12,984		2.69		11,609		3.25		10,303		4.02			10,920		4.36		12,670		4.34
Non-margin loans:
Domestic offices	31,720		3.02		29,690		3.36		29,285		2.75		(b)	29,492		3.86		28,177		3.85
Foreign offices	11,170		2.55		11,418		2.70		11,247		2.97			9,961		3.29		10,511		3.32
Total non-margin loans	42,890		2.89		41,108		3.18		40,532		2.81		(b)	39,453		3.71		38,688		3.70
Securities:
U.S. government obligations	23,175		1.87		18,444		2.08		19,315		2.11			18,870		2.19		23,597		2.22
U.S. government agency obligations	69,046		2.32		67,494		2.36		67,235		2.49			66,445		2.58		64,867		2.63
State and political subdivisions (c)	1,033		3.06		1,134		3.03		1,217		3.05			1,735		2.89		2,206		2.71
Other securities (c)	36,375		0.95		35,242		1.64		33,729		1.75			30,770		2.04		28,647		2.13
Trading securities (c)	6,840		2.36		6,695		2.41		5,653		2.80			5,764		2.72		5,102		2.91
Total securities (c)	136,469		1.88		129,009		2.13		127,149		2.25			123,584		2.40		124,419		2.45
Total interest-earning assets (c)	$	323,936	1.95	%	$	297,987	2.30	%	$	294,154	2.63	%	(b)	$	287,417	2.74	%	$	282,185	2.75	%
Noninterest-earning assets	61,342				56,354				56,525					54,967				53,980
Total assets	$	385,278			$	354,341			$	350,679				$	342,384			$	336,165

Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits:
Domestic offices	$	99,915	0.69	%	$	87,162	0.98	%	$	82,663	1.28	%		$	74,180	1.36	%	$	70,562	1.29	%
Foreign offices	97,717		0.29		95,262		0.49		94,738		0.71			93,365		0.78		89,317		0.76
Total interest-bearing deposits	197,632		0.49		182,424		0.73		177,401		0.98			167,545		1.04		159,879		0.99
Federal funds purchased and securities sold under repurchase agreements (a)	13,919		7.96		12,668		9.11		13,432		13.08			11,809		12.64		11,922		11.26
Trading liabilities	1,626		1.61		1,504		2.25		1,371		2.33			1,735		2.47		1,305		2.25
Other borrowed funds	719		2.27		709		2.83		1,148		3.24			2,455		3.36		3,305		2.87
Commercial paper	1,581		1.56		1,792		1.66		3,796		2.26			2,957		2.43		1,377		2.44
Payables to customers and broker-dealers	16,386		0.73		15,178		1.07		15,440		1.52			15,666		1.76		16,108		1.76
Long-term debt	27,231		2.83		28,117		3.09		28,386		3.24			27,681		3.45		28,254		3.52
Total interest-bearing liabilities	$	259,094	1.17	%	$	242,392	1.48	%	$	240,974	1.99	%		$	229,848	2.03	%	$	222,150	1.96	%
Total noninterest-bearing deposits	60,577				49,632				49,027					52,956				54,583
Other noninterest-bearing liabilities	24,229				20,681				19,280					18,362				18,628
Total The Bank of New York Mellon Corporation shareholders’ equity	41,206				41,384				41,139					41,029				40,628
Noncontrolling interests	172				252				259					189				176
Total liabilities and equity	$	385,278			$	354,341			$	350,679				$	342,384			$	336,165
Net interest margin			1.01	%			1.09	%			0.99	%	(b)			1.12	%			1.20	%
Net interest margin (FTE) – Non-GAAP (d)			1.01	%			1.09	%			1.00	%	(b)			1.12	%			1.20	%
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $80 billion for 1Q20, $60 billion for 4Q19, $68 billion for 3Q19, $51 billion for 2Q19 and $44 billion for 1Q19. 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 1.39% for 1Q20, 1.82% for 4Q19, 2.42% for 3Q19, 2.57% for 2Q19 and 2.63% for 1Q19. 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 1.18% for 1Q20, 1.59% for 4Q19, 2.17% for 3Q19, 2.39% for 2Q19 and 2.40% for 1Q19. 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) Includes the impact of the lease-related impairment of $70 million in 3Q19. On a Non-GAAP basis, excluding the lease-related impairment, the yield on non-margin loans in domestic offices would have been 3.70%, the yield on total non-margin loans would have been 3.50%, the yield on total interest-earning assets would have been 2.72% and the net interest margin and the net interest margin (FTE) – Non-GAAP would have been 1.09% in 3Q19.
(c) Average rates were calculated on an FTE basis, at tax rates of approximately 21%.
(d) See "Supplemental Information - Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 16 for the reconciliation of this Non-GAAP measure.



THE BANK OF NEW YORK MELLON CORPORATION
CAPITAL AND LIQUIDITY
	2020			2019
(dollars in millions)	March 31			Dec. 31			Sept. 30			June 30			March 31
Consolidated regulatory capital ratios (a)
Standardized Approach:
CET1 capital	$	18,465		$	18,540		$	18,196		$	18,534		$	18,156
Tier 1 capital	21,934			21,996			21,677			22,015			21,639
Total capital	23,491			23,449			23,145			23,500			23,136
Risk-weighted assets	162,872			148,695			148,399			149,226			151,101

CET1 ratio	11.3		%	12.5		%	12.3		%	12.4		%	12.0		%
Tier 1 capital ratio	13.5			14.8			14.6			14.8			14.3
Total capital ratio	14.4			15.8			15.6			15.7			15.3

Advanced Approaches:
CET1 capital	$	18,465		$	18,540		$	18,196		$	18,534		$	18,156
Tier 1 capital	21,934			21,996			21,677			22,015			21,639
Total capital	23,241			23,233			22,921			23,300			22,941
Risk-weighted assets	162,386			160,898			164,172			166,570			163,618

CET1 ratio	11.4		%	11.5		%	11.1		%	11.1		%	11.1		%
Tier 1 capital ratio	13.5			13.7			13.2			13.2			13.2
Total capital ratio	14.3			14.4			14.0			14.0			14.0

Tier 1 leverage ratio	6.0		%	6.6		%	6.5		%	6.8		%	6.8		%

SLR:
Leverage exposure	$	392,708		$	362,452		$	359,023		$	350,747		$	344,829
SLR	5.6		%	6.1		%	6.0		%	6.3		%	6.3		%

Average liquidity coverage ratio	115		%	120		%	117		%	117		%	118		%
(a) Regulatory capital ratios for March 31, 2020 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 the prior periods, was the Advanced Approaches, and for March 31, 2020 was the Standardized Approaches for the CET1 and Tier 1 capital ratios and the Advanced Approach for the Total capital ratio. .



THE BANK OF NEW YORK MELLON CORPORATION
INVESTMENT SERVICES BUSINESS

																				1Q20 vs.
(dollars in millions)	1Q20			4Q19			(a)	3Q19			(a)	2Q19			(a)	1Q19			(a)	4Q19		1Q19
Revenue:
Investment services fees:
Asset servicing fees (ex. securities lending revenue) (b)	$	1,101		$	1,098			$	1,099			$	1,086			$	1,067			—	%	3	%
Securities lending revenue	46			40				39				40				44				15		5
Clearing services fees (c)	470			421				419				411				398				12		18
Issuer services fees	263			264				324				291				251				—		5
Treasury services fees	149			147				139				140				132				1		13
Total investment services fees	2,029			1,970				2,020				1,968				1,892				3		7
Foreign exchange and other trading revenue	261			151				160				153				157				73		66
Other (d)	146			115				116				112				112				27		30
Total fee and other revenue	2,436			2,236				2,296				2,233				2,161				9		13
Net interest revenue	806			778				761				783				804				4		—
Total revenue	3,242			3,014				3,057				3,016				2,965				8		9
Provision for credit losses	149			(5		)		(15		)		(4		)		8				N/M		N/M
Noninterest expense (ex. amortization of intangible assets)	1,969			2,160				1,952				1,943				1,961				(9	)	—
Amortization of intangible assets	18			19				21				20				20				(5	)	(10	)
Total noninterest expense	1,987			2,179				1,973				1,963				1,981				(9	)	—
Income before taxes	$	1,106		$	840			$	1,099			$	1,057			$	976			32	%	13	%

Pre-tax operating margin	34		%	28		%		36		%		35		%		33		%

Total revenue by line of business:
Asset Servicing	$	1,531		$	1,411			$	1,411			$	1,397			$	1,415			9	%	8	%
Pershing	653			579				575				572				561				13		16
Issuer Services	419			415				466				446				396				1		6
Treasury Services	339			329				312				317				317				3		7
Clearance and Collateral Management	300			280				293				284				276				7		9
Total revenue by line of business	$	3,242		$	3,014			$	3,057			$	3,016			$	2,965			8	%	9	%
(a) Prior periods have been restated. See “Segment Reporting Changes” on page 19 for additional information.
(b) Asset servicing fees include the fees from the Clearance and Collateral Management business.
(c) Clearing services fees are almost entirely earned by our Pershing business.
(d) Other revenue includes investment management fees, financing-related fees, distribution and servicing revenue, securities gains and losses and investment and other income.
N/M - Not meaningful.



THE BANK OF NEW YORK MELLON CORPORATION
INVESTMENT SERVICES BUSINESS

															1Q20 vs.
(dollars in millions, unless otherwise noted)	1Q20		4Q19			3Q19			2Q19			1Q19			4Q19		1Q19
Average loans	$	41,789	$	38,721	(a)	$	37,005	(a)	$	36,404	(a)	$	37,235	(a)	8	%	12	%
Average assets	$	304,089	$	278,098	(a)	$	269,926	(a)	$	264,781	(a)	$	256,034	(a)	9	%	19	%
Average deposits	$	242,187	$	215,388	(a)	$	208,044	(a)	$	201,146	(a)	$	195,082	(a)	12	%	24	%

AUC/A at period end (in trillions) (b)(c)	$	35.2	$	37.1		$	35.8		$	35.5		$	34.5		(5	)%	2	%
Market value of securities on loan at period end (in billions) (d)	$	389	$	378		$	362		$	369		$	377		3	%	3	%

Pershing
Net new assets (U.S. platform) (in billions) (e)	$	31	$	33		$	19		$	21		$	—		(6	)%	N/M
Average active clearing accounts (U.S. platform) (in thousands)	6,437		6,340			6,283			6,254			6,169			2	%	4	%
Average long-term mutual fund assets (U.S. platform)	$	549,206	$	573,475		$	547,522		$	532,384		$	507,606		(4	)%	8	%
Average investor margin loans (U.S. platform)	$	9,419	$	9,420		$	9,222		$	9,440		$	10,093		—		(7	)%

Clearance and Collateral Management
Average tri-party collateral management balances (in billions)	$	3,724	$	3,562		$	3,550		$	3,400		$	3,266		5	%	14	%
(a) Prior periods have been restated. See “Segment Reporting Changes” on page 19 for additional information.
(b) March 31, 2020 information is preliminary.
(c) Includes the AUC/A of CIBC Mellon of $1.2 trillion at March 31, 2020, $1.5 trillion at Dec. 31, 2019, $1.4 trillion at Sept. 30, 2019 and June 30, 2019 and $1.3 trillion at March 31, 2019.
(d) Represents the total amount of securities on loan in our agency securities lending program managed by the Investment Services business. Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $59 billion at March 31, 2020, $60 billion at Dec. 31, 2019, $66 billion at Sept. 30, 2019, $64 billion at June 30, 2019 and $62 billion at March 31, 2019.
(e) Net new assets represents net flows of assets (e.g., net cash deposits and net securities transfers) in customer accounts in Pershing LLC, a U.S. broker-dealer.
N/M - Not meaningful.



THE BANK OF NEW YORK MELLON CORPORATION
INVESTMENT MANAGEMENT BUSINESS

																				1Q20 vs.
(dollars in millions)	1Q20			4Q19			(a)	3Q19			(a)	2Q19			(a)	1Q19			(a)	4Q19		1Q19
Revenue:
Investment management fees (b)	$	812		$	836			$	830			$	831			$	810			(3	)%	—	%
Performance fees	50			48				2				2				31				N/M		61
Investment management and performance fees (c)	862			884				832				833				841				(2	)	2
Distribution and servicing	43			44				45				44				45				(2	)	(4	)
Other (b)	(59		)	(4		)		(39		)		(23		)		(17		)		N/M		N/M
Total fee and other revenue (b)	846			924				838				854				869				(8	)	(3	)
Net interest revenue	52			47				49				59				67				11		(22	)
Total revenue	898			971				887				913				936				(8	)	(4	)
Provision for credit losses	9			—				—				(2		)		1				N/M		N/M
Noninterest expense (ex. amortization of intangible assets)	687			722				582				646				660				(5	)	4
Amortization of intangible assets	8			9				10				9				9				(11	)	(11	)
Total noninterest expense	695			731				592				655				669				(5	)	4
Income before taxes	$	194		$	240			$	295			$	260			$	266			(19	)%	(27	)%

Pre-tax operating margin	22		%	25		%		33		%		29		%		28		%
Adjusted pre-tax operating margin – Non-GAAP (d)	24		%	27		%		37		%		32		%		31		%

Total revenue by line of business:
Asset Management	$	620		$	692			$	608			$	622			$	640			(10	)%	(3	)%
Wealth Management	278			279				279				291				296				—		(6	)
Total revenue by line of business	$	898		$	971			$	887			$	913			$	936			(8	)%	(4	)%

Average loans	$	12,124		$	12,022			$	12,013			$	12,205			$	12,339			1	%	(2	)%
Average assets	$	30,543		$	28,481			$	27,840			$	29,793			$	31,857			7	%	(4	)%
Average deposits	$	16,144		$	15,195			$	14,083			$	14,615			$	15,815			6	%	2	%
(a) Prior periods have been restated. See “Segment Reporting Changes” on page 19 for additional information.
(b) Total fee and other revenue includes the impact of the consolidated investment management funds, net of noncontrolling interests. Additionally, other revenue includes asset servicing fees, treasury services fees, foreign exchange and other trading revenue and investment and other income.
(c) On a constant currency basis (Non-GAAP), investment management and performance fees increased 3% compared with 1Q19. See "Supplemental Information - Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 16 for the reconciliation of this Non-GAAP measure.
(d) Net of distribution and servicing expense. See "Supplemental Information - Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 16 for the reconciliation of this Non-GAAP measure.
N/M - Not meaningful.



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

																1Q20 vs.
(dollars in billions)	1Q20			4Q19			3Q19			2Q19			1Q19			4Q19		1Q19
AUM by product type (a)(b)
Equity	$	120		$	154		$	147		$	152		$	149		(22	)%	(19	)%
Fixed income	211			224			211			209			208			(6	)	1
Index	274			339			321			322			333			(19	)	(18	)
Liability-driven investments	705			728			742			709			709			(3	)	(1	)
Multi-asset and alternative investments	171			192			182			184			178			(11	)	(4	)
Cash	315			273			278			267			264			15		19
Total AUM by product type	$	1,796		$	1,910		$	1,881		$	1,843		$	1,841		(6	)%	(2	)%

Changes in AUM (a)(b)
Beginning balance of AUM	$	1,910		$	1,881		$	1,843		$	1,841		$	1,722
Net (outflows) inflows:
Long-term strategies:
Equity	(2		)	(6		)	(4		)	(2		)	(4		)
Fixed income	—			5			2			(4		)	3
Liability-driven investments	(5		)	(3		)	(4		)	1			5
Multi-asset and alternative investments	(1		)	3			(1		)	1			(4		)
Total long-term active strategies (outflows)	(8		)	(1		)	(7		)	(4		)	—
Index	3			(5		)	(3		)	(22		)	(2		)
Total long-term strategies (outflows)	(5		)	(6		)	(10		)	(26		)	(2		)
Short-term strategies:
Cash	43			(7		)	11			2			2
Total net inflows (outflows)	38			(13		)	1			(24		)	—
Net market impact	(91		)	(20		)	66			42			103
Net currency impact	(61		)	62			(29		)	(16		)	16
Ending balance of AUM	$	1,796		$	1,910		$	1,881		$	1,843		$	1,841		(6	)%	(2	)%

Wealth Management client assets (a)(c)	$	236		$	266		$	259		$	257		$	253		(11	)%	(7	)%
(a) March 31, 2020 information is preliminary.
(b) Excludes securities lending cash management assets and assets managed in the Investment Services business.
(c) Includes AUM and AUC/A in the Wealth Management business.



THE BANK OF NEW YORK MELLON CORPORATION
OTHER SEGMENT

(in millions)	1Q20			4Q19			(a)	3Q19			(a)	2Q19			(a)	1Q19			(a)
Fee revenue	$	21		$	817		(b)	$	(5	)		$	24			$	17
Net securities gains (losses)	9			(23		)		(1		)		7				1
Total fee and other revenue	30			794				(6		)		31				18
Net interest (expense)	(44		)	(10		)		(80		)		(40		)		(30		)
Total (loss) revenue	(14		)	784				(86		)		(9		)		(12		)
Provision for credit losses	11			(3		)		(1		)		(2		)		(2		)
Noninterest expense	30			54				25				29				49
(Loss) income before taxes	$	(55	)	$	733			$	(110	)		$	(36	)		$	(59	)

Average loans and leases	$	1,961		$	1,974			$	1,817			$	1,764			$	1,784
Average assets	$	50,646		$	47,762			$	52,913			$	47,810			$	48,274
(a) Prior periods have been restated. See “Segment Reporting Changes” on page 19 for additional information.
(b) Includes a gain on sale of an equity investment.



THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES PORTFOLIO

(dollars in millions)	Dec. 31, 2019			1Q20 change in unrealized gain (loss)			March 31, 2020					Fair value as a % of amortized cost (a)		Unrealized gain (loss)				Ratings (b)
	Dec. 31, 2019						Amortized cost		Fair value									AAA/ AA-		A+/ A-		BBB+/ BBB-		BB+ and lower		A1+/ A1		Not rated
	Fair value						Amortized cost		Fair value									AAA/ AA-		A+/ A-		BBB+/ BBB-		BB+ and lower		A1+/ A1		Not rated
Agency RMBS	$	54,646		$	809		$	56,002	$	57,078		102	%	$	1,076			100	%	—	%	—	%	—	%	—	%	—	%
U.S. Treasury	18,865			368			24,367		24,803			102		436				100		—		—		—		—		—
Sovereign debt/sovereign guaranteed	13,404			23			13,710		13,833			101		123				72		6		21		1		—		—
Agency commercial MBS	10,613			295			11,183		11,534			103		351				100		—		—		—		—		—
Foreign covered bonds	4,276			(20		)	5,361		5,349			100		(12		)		100		—		—		—		—		—
Supranational	3,734			13			4,316		4,339			101		23				100		—		—		—		—		—
CLOs	4,063			(228		)	4,341		4,098			94		(243		)		99		—		—		—		—		1
Commercial paper and certificates of deposits (c)(d)	—			1			3,464		3,465			100		1				—		—		—		—		100		—
U.S. government agencies	2,933			98			3,303		3,421			104		118				100		—		—		—		—		—
Foreign government agencies	2,641			22			2,736		2,761			101		25				95		5		—		—		—		—
Non-agency commercial MBS	2,165			(80		)	2,501		2,452			98		(49		)		100		—		—		—		—		—
Other asset-backed securities	2,143			(39		)	2,257		2,220			98		(37		)		100		—		—		—		—		—
Non-agency RMBS (e)	1,316			(129		)	1,479		1,548			105		69				47		8		2		26		—		17
State and political subdivisions	1,061			(9		)	983		1,001			102		18				76		23		—		—		—		1
Corporate bonds	853			(7		)	804		818			102		14				18		69		13		—		—		—
Other	1			—			1		1			100		—				—		—		—		—		—		100
Total securities	$	122,714	(f)	$	1,117		$	136,808	$	138,721	(f)(g)	101	%	$	1,913		(f)(h)	94	%	1	%	2	%	—	%	3	%	—	%
(a) Amortized cost reflects historical impairments.
(b) Represents ratings by S&P, or the equivalent.
(c) Includes $2,145 million purchased from affiliated money market funds at March 31, 2020.
(d) Includes $651 million funded by borrowings from the Federal Reserve Bank under its Money Market Mutual Fund Liquidity Facility (“MMLF”) program at March 31, 2020.
(e) Includes RMBS that were included in the former Grantor Trust of $640 million at Dec. 31, 2019 and $535 million at March 31, 2020.
(f) Includes net unrealized losses on derivatives hedging securities available-for-sale of $641 million at Dec. 31, 2019 and $1,665 million at March 31, 2020.
(h) Includes unrealized gains of $800 million at March 31, 2020 related to available-for-sale securities, net of hedges.
(g) At March 31, 2020, the securities portfolio, including the impact of interest rate swap hedges, is 69% fixed rate and 31% floating rate.



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

	2020				2019
(dollars in millions)	March 31				Dec. 31			Sept. 30			June 30				March 31
Allowance for credit losses - beginning of period:
Allowance for loan losses	$	122			$	127		$	146		$	146			$	146
Allowance for lending-related commitments	94				97			95			102				106
Allowance for credit losses - beginning of period	$	216			$	224		$	241		$	248			$	252

Impact of adopting ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments, effective Jan. 1, 2020	(55		)	(a)	N/A			N/A			N/A				N/A

Net (charge-offs) recoveries:
Charge-offs	(1		)		(1		)	(1		)	(1		)		(11		)
Recoveries	—				1			—			2				—
Total net (charge-offs) recoveries	(1		)		—			(1		)	1				(11		)
Provision for credit losses	169			(a)	(8		)	(16		)	(8		)		7
Allowance for credit losses - end of period	$	329			$	216		$	224		$	241			$	248

Allowance for credit losses - end of period:
Allowance for loan losses	$	140			$	122		$	127		$	146			$	146
Allowance for lending-related commitments	148				94			97			95				102
Allowance for other financial instruments	41			(b)	N/A			N/A			N/A				N/A
Allowance for credit losses - end of period	$	329			$	216		$	224		$	241			$	248

Allowance for loan losses as a percentage of total loans	0.22		%		0.22		%	0.23		%	0.28		%		0.27		%

Nonperforming assets	$	88			$	89		$	88		$	186		(c)	$	174		(c)
(a) Includes all instruments within the scope of ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments.
(b) Includes allowance for credit losses on federal funds sold and securities purchased under resale agreements, available-for-sale securities, accounts receivable, cash and due from banks and interest-bearing deposits with banks.
(c) Includes nonperforming loans to a California utility company that filed for bankruptcy that were sold in 3Q19.
N/A - Not applicable.



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

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

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

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

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

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


Return on common equity and tangible common equity reconciliation
(dollars in millions)	1Q20			4Q19			3Q19			2Q19			1Q19
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	944		$	1,391		$	1,002		$	969		$	910
Add: Amortization of intangible assets	26			28			30			30			29
Less: Tax impact of amortization of intangible assets	6			7			7			7			7
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP	$	964		$	1,412		$	1,025		$	992		$	932

Average common shareholders’ equity	$	37,664		$	37,842		$	37,597		$	37,487		$	37,086
Less: Average goodwill	17,311			17,332			17,267			17,343			17,376
Average intangible assets	3,089			3,119			3,141			3,178			3,209
Add: Deferred tax liability – tax deductible goodwill	1,109			1,098			1,103			1,094			1,083
Deferred tax liability – intangible assets	666			670			679			687			690
Average tangible common shareholders’ equity – Non-GAAP	$	19,039		$	19,159		$	18,971		$	18,747		$	18,274

Return on common equity – GAAP	10.1		%	14.6		%	10.6		%	10.4		%	10.0		%
Return on tangible common equity – Non-GAAP	20.4		%	29.3		%	21.4		%	21.2		%	20.7		%



THE BANK OF NEW YORK MELLON CORPORATION
SUPPLEMENTAL INFORMATION – EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Book value and tangible book value per common share reconciliation	2020			2019
(dollars in millions, except common shares)	March 31			Dec. 31			Sept. 30			June 30			March 31
BNY Mellon shareholders’ equity at period end – GAAP	$	41,145		$	41,483		$	41,120		$	41,533		$	41,225
Less: Preferred stock	3,542			3,542			3,542			3,542			3,542
BNY Mellon common shareholders’ equity at period end – GAAP	37,603			37,941			37,578			37,991			37,683
Less: Goodwill	17,240			17,386			17,248			17,337			17,367
Intangible assets	3,070			3,107			3,124			3,160			3,193
Add: Deferred tax liability – tax deductible goodwill	1,109			1,098			1,103			1,094			1,083
Deferred tax liability – intangible assets	666			670			679			687			690
BNY Mellon tangible common shareholders’ equity at period end – Non-GAAP	$	19,068		$	19,216		$	18,988		$	19,275		$	18,896

Period-end common shares outstanding (in thousands)	885,443			900,683			922,199			942,662			957,517

Book value per common share – GAAP	$	42.47		$	42.12		$	40.75		$	40.30		$	39.36
Tangible book value per common share – Non-GAAP	$	21.53		$	21.33		$	20.59		$	20.45		$	19.74



Net interest margin reconciliation
(dollars in millions)	1Q20			4Q19			3Q19			2Q19			1Q19
Net interest revenue – GAAP	$	814		$	815		$	730		$	802		$	841
Add: Tax equivalent adjustment	2			2			3			4			4
Net interest revenue (FTE) – Non-GAAP	$	816		$	817		$	733		$	806		$	845

Average interest-earning assets	$	323,936		$	297,987		$	294,154		$	287,417		$	282,185

Net interest margin – GAAP (a)	1.01		%	1.09		%	0.99		%	1.12		%	1.20		%
Net interest margin (FTE) – Non-GAAP (a)	1.01		%	1.09		%	1.00		%	1.12		%	1.20		%
(a) Net interest margin is annualized.



THE BANK OF NEW YORK MELLON CORPORATION
SUPPLEMENTAL INFORMATION – EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Pre-tax operating margin reconciliation - Investment Management business
(dollars in millions)	1Q20			4Q19			3Q19			2Q19			1Q19
Income before income taxes – GAAP	$	194		$	240		$	295		$	260		$	266

Total revenue – GAAP	$	898		$	971		$	887		$	913		$	936
Less: Distribution and servicing expense	91			93			98			94			91
Adjusted total revenue, net of distribution and servicing expense – Non-GAAP	$	807		$	878		$	789		$	819		$	845

Pre-tax operating margin – GAAP (a)	22		%	25		%	33		%	29		%	28		%
Adjusted pre-tax operating margin, net of distribution and servicing expense – Non-GAAP (a)	24		%	27		%	37		%	32		%	31		%
(a) Income before income taxes divided by total revenue.



Constant currency reconciliations							1Q20 vs.
(dollars in millions)	1Q20			1Q19			1Q19
Consolidated:
Investment management and performance fees – GAAP	$	862		$	841		2		%
Impact of changes in foreign currency exchange rates	—			(5		)
Adjusted investment management and performance fees – Non-GAAP	$	862		$	836		3		%


Investment Management business:
Investment management and performance fees – GAAP	$	862		$	841		2		%
Impact of changes in foreign currency exchange rates	—			(5		)
Adjusted investment management and performance fees – Non-GAAP	$	862		$	836		3		%



THE BANK OF NEW YORK MELLON CORPORATION
SEGMENT REPORTING CHANGES

In the first quarter of 2020, we reclassified the results of certain services provided between the segments from noninterest expense to fee and other revenue. This activity is offset in the Other segment and relates to services that are also provided to third-parties and provides consistency with the reporting of the revenues. This adjustment had no impact on income before taxes of the businesses. Prior periods have been restated.

In the first quarter of 2020, we reclassified the results related to certain lending activities from the Wealth Management business to the Pershing business. These loans were originated by the Wealth Management business as a service to Pershing clients. This resulted in an increase in total revenue, noninterest expense and income before taxes in the Pershing business and corresponding decrease in the Wealth Management business. Prior periods have been restated.


	INVESTMENT SERVICES BUSINESS											INVESTMENT MANAGEMENT BUSINESS												OTHER SEGMENT
(dollars in millions)	4Q19			3Q19			2Q19			1Q19		4Q19			3Q19			2Q19			1Q19			4Q19			3Q19			2Q19			1Q19
Before restatement
Fee and other revenue	$	2,222		$	2,291		$	2,227		$	2,154	$	919		$	833		$	850		$	864		$	813		$	4		$	41		$	30
Net interest revenue	769			753			775			796		56			57			67			75			(10		)	(80		)	(40		)	(30		)
Total revenue	2,991			3,044			3,002			2,950		975			890			917			939			803			(76		)	1			—
Provision for credit losses	(5		)	(15		)	(4		)	8		—			—			(2		)	1			(3		)	(1		)	(2		)	(2		)
Total noninterest expense	2,161			1,965			1,954			1,969		730			590			654			669			73			35			39			61
Income before taxes	$	835		$	1,094		$	1,052		$	973	$	245		$	300		$	265		$	269		$	733		$	(110	)	$	(36	)	$	(59	)

Restatements: (a)
Fee and other revenue	$	14		$	5		$	6		$	7	$	5		$	5		$	4		$	5		$	(19	)	$	(10	)	$	(10	)	$	(12	)
Net interest revenue	9			8			8			8		(9		)	(8		)	(8		)	(8		)	—			—			—			—
Total revenue	23			13			14			15		(4		)	(3		)	(4		)	(3		)	(19		)	(10		)	(10		)	(12		)
Provision for credit losses	—			—			—			—		—			—			—			—			—			—			—			—
Total noninterest expense	18			8			9			12		1			2			1			—			(19		)	(10		)	(10		)	(12		)
Income before taxes	$	5		$	5		$	5		$	3	$	(5	)	$	(5	)	$	(5	)	$	(3	)	$	—		$	—		$	—		$	—

After restatement
Fee and other revenue	$	2,236		$	2,296		$	2,233		$	2,161	$	924		$	838		$	854		$	869		$	794		$	(6	)	$	31		$	18
Net interest revenue	778			761			783			804		47			49			59			67			(10		)	(80		)	(40		)	(30		)
Total revenue	3,014			3,057			3,016			2,965		971			887			913			936			784			(86		)	(9		)	(12		)
Provision for credit losses	(5		)	(15		)	(4		)	8		—			—			(2		)	1			(3		)	(1		)	(2		)	(2		)
Total noninterest expense	2,179			1,973			1,963			1,981		731			592			655			669			54			25			29			49
Income before taxes	$	840		$	1,099		$	1,057		$	976	$	240		$	295		$	260		$	266		$	733		$	(110	)	$	(36	)	$	(59	)
(a) The impact to fee and other revenue is primarily due to the change in reporting of inter-segment activity and primarily impacted the Asset Servicing and Asset Management lines of business. The impact to net interest revenue is primarily related to the Wealth Management to Pershing reclassification. The impact to noninterest expense reflects the impact of both changes, which had a mostly offsetting impact in Investment Management.

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Bank of New York Mellon Corp - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - April 16, 2020

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