PR Newswire | Jul 15, 2021 06:31AM EDT

Common Share

07/15 05:30 CDT

BNY Mellon Reports Second Quarter 2021 Earnings Of $991 Million Or $1.13 Per Common Share NEW YORK, July 15, 2021

NEW YORK, July 15, 2021 /PRNewswire/ --

Fee & other rev. up 3% ROE 10% CET1 12.6% EPS up 12% NIR down 17% ROTCE 19% (a)Tier 1 leverage 6.0%

The Bank of New York Mellon Corporation ("BNY Mellon") (NYSE: BK) today reported:

2Q21 vs.

2Q21 1Q21 2Q20 1Q212Q20

Net income applicable to common shareholders$991 $858 $901 16%10%(in millions)

Diluted earnings per common share $1.13$0.97$1.0116%12%

Second Quarter Results CEO Commentary

Total revenue of $4.0 billion, decreased 1%

? Fee revenue increased 4%

? Fee revenue increased 10% excluding money market fee waivers (a)

? Other revenue decreased $50 million

? Net interest revenue decreased 17%

? Weaker U.S. dollar increased total revenue ~ 2%

"We delivered another strong quarter with EPS of $1.13 on $4Provision for credit losses was a benefit of $86 million billion of revenue, and generated returns on common equity and tangible common equity of 10 percent and 19 percent. Fee revenue was up 4 percent, or 10 percent excluding the impact of money market fee waivers, reflecting the benefit ofTotal noninterest expense of $2.8 billion, increased 3% higher market levels as well as continued organic growth, driven by higher client activity levels and net new business? Weaker U.S. dollar increased expenses ~ 2% momentum," Todd Gibbons, Chief Executive Officer, said.



Investment Services Mr. Gibbons added, "Our investments in digitization and open-architecture modular solutions continue to pay off and? Total revenue decreased 4% we are being recognized as a leading innovator enabling clients to optimize, scale and grow their businesses."? Income before taxes increased 3% ? AUC/A of $45.0 trillion, increased 21% "As we continued to generate further excess capital in the quarter, we were pleased with the results of this year's supervisory stress tests. The stress capital buffer frameworkInvestment and Wealth Management allows us to start returning our significant excess capital to our shareholders beginning in the third quarter. We? Total revenue increased 13% increased our common dividend by 10 percent to 34 cents per share, and received authorization from our Board to? Income before taxes increased 48% repurchase up to $6 billion of common stock through the fourth quarter of 2022," Mr. Gibbons concluded.? AUM of $2.3 trillion, increased 18%

Capital

? Repurchased 12.8 million common shares for $618 million

? Dividends of $273 million to common shareholders (including dividend-equivalents on share-based awards)

? Authorized to repurchase up to $6.0 billion of common shares through 4Q22 and increased quarterly dividend 10% to $0.34 per common share in 3Q21



Media Relations: Erin Smith (212) Investor Relations: Marius Merz (212) 815-7170 298-1480

(a) For information on these Non-GAAP measures, see "Supplemental Information - Explanation of GAAP and Non-GAAP financial measures" on page 9.

Note: Above comparisons are 2Q21 vs. 2Q20, unless otherwise noted.

CONSOLIDATED FINANCIAL HIGHLIGHTS



(in millions, except per share amounts and unless otherwise noted; not 2Q21 vs. meaningful - N/M) 2Q21 1Q21 2Q20 1Q21 2Q20

Fee revenue $3,224 $3,257 $3,089 (1)% 4 %

Other revenue 91 9 141 N/M N/M

Total fee and other revenue 3,315 3,266 3,230 2 3

Net interest revenue 645 655 780 (2) (17)

Total revenue 3,960 3,921 4,010 1 (1)

Provision for credit losses (86) (83) 143 N/M N/M

Noninterest expense 2,778 2,851 2,686 (3) 3

Income before income taxes 1,268 1,153 1,181 10 7

Provision for income taxes 241 221 216 9 12

Net income $1,027 $932 $965 10 % 6 %

Net income applicable to common shareholders of The Bank of New York $991 $858 $901 16 % 10 % Mellon Corporation

Operating leverage (a) 356 bps(467) bps

Diluted earnings per common share $1.13 $0.97 $1.01 16 % 12 %

Average common shares and equivalents outstanding - diluted (in thousands)873,475 885,655 890,561

Pre-tax operating margin 32 %29 %29 %

(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 2Q21 vs. 2Q20, unless otherwise stated)

* Total revenue decreased 1%, primarily reflecting: * Fee revenue increased 4% primarily reflecting the positive impact of higher markets, the favorable impact of a weaker U.S. dollar and higher client volumes, partially offset by money market fee waivers. Excluding money market fee waivers, fee revenue increased 10% (a). * Other revenue decreased primarily reflecting lower gains related to seed capital investments. * Net interest revenue decreased 17% primarily reflecting lower interest rates on interest-earning assets. This was partially offset by the benefit of lower funding and deposit rates, lower debt balances, a larger securities portfolio and higher deposit balances.

* Provision for credit losses was a benefit of $86 million primarily driven by an improvement in the macroeconomic forecast. * Noninterest expense increased 3% primarily reflecting the unfavorable impact of a weaker U.S. dollar, investments in efficiency and growth initiatives and higher revenue-related expenses. * Effective tax rate of 19.0%.

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

* AUC/A of $45.0 trillion, increased 21%, primarily reflecting higher market values, net new business and the favorable impact of a weaker U.S. dollar. * AUM of $2.3 trillion, increased 18%, primarily reflecting higher market values, the favorable impact of a weaker U.S. dollar (principally versus the British pound) and net inflows.

Capital and liquidity

* Repurchased 12.8 million common shares for $618 million; Dividends of $273 million to common shareholders (including dividend-equivalents on share-based awards). * Return on common equity ("ROE") of 10%; Return on tangible common equity ("ROTCE") of 19% (a). * Common Equity Tier 1 ("CET1") ratio - 12.6%. * Tier 1 leverage ratio - 6.0%. * Average liquidity coverage ratio ("LCR") - 110%. * Total Loss Absorbing Capacity ("TLAC") ratios exceed minimum requirements.

(a) See "Supplemental information - Explanation of GAAP and Non-GAAP financial measures" on page 9 for additional information.

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

INVESTMENT SERVICES BUSINESS HIGHLIGHTS



2Q21 vs. (dollars in millions, unless otherwise noted; not meaningful - N/M) 2Q21 1Q21 2Q20 1Q21 2Q20

Total revenue by line of business:

Asset Servicing $1,382 $1,424 $1,463 (3) %(6) %

Pershing 590 605 578 (2) 2

Issuer Services 405 363 431 12 (6)

Treasury Services 319 317 340 1 (6)

Clearance and Collateral Management 283 281 295 1 (4)

Total revenue by line of business 2,979 2,990 3,107 - (4)

Provision for credit losses (77) (79) 145 N/M N/M

Noninterest expense 2,052 2,101 1,989 (2) 3

Income before taxes $1,004 $968 $973 4 %3 %



Pre-tax operating margin 34 %32 %31 %



Foreign exchange revenue $152 $193 $164 (21)%(7) %

Securities lending revenue $42 $41 $51 2 %(18)%

Net interest revenue $643 $645 $768 - %(16)%



Metrics:

Average loans $46,845 $43,468 $43,113 8 %9 %

Average deposits $313,923 $315,088 $268,467 - %17 %



AUC/A at period end (in trillions) (current period is preliminary) (a)$45.0 $41.7 $37.3 8 %21 %

Market value of securities on loan at period end (in billions) (b) $456 $445 $384 2 %19 %

Consists of AUC/A primarily from the Asset Servicing business and, to a lesser extent, the Clearance and Collateral Management, Issuer Services,(a) Pershing and Wealth Management businesses. Includes the AUC/A of CIBC Mellon Global Securities Services Company ("CIBC Mellon"), a joint venture with the Canadian Imperial Bank of Commerce, of $1.7 trillion at June 30, 2021, $1.6 trillion at March 31, 2021 and $1.3 trillion at June 30, 2020.

Represents the total amount of securities on loan in our agency securities(b) lending program managed by the Investment Services business. Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $63 billion at June 30, 2021, $64 billion at March 31, 2021 and $62 billion at June 30, 2020.

KEY DRIVERS

* The drivers of the total revenue variances by line of business are indicated below. Also see page 6 for information related to money market fee waivers. * Asset Servicing - The year-over-year decrease includes lower net interest revenue, higher money market fee waivers and lower foreign exchange revenue, partially offset by higher client activity and market values. The sequential decrease primarily reflects lower foreign exchange revenue and higher money market fee waivers. * Pershing - The year-over-year increase primarily reflects higher market values, client activity and balances, partially offset by higher money market fee waivers. The sequential decrease primarily reflects lower clearance volumes, partially offset by higher market values. * Issuer Services - The year-over-year decrease primarily reflects money market fee waivers and lower net interest revenue in Corporate Trust, partially offset by higher Depositary Receipts revenue. The sequential increase primarily reflects higher Depositary Receipts revenue, partially offset by money market fee waivers in Corporate Trust. * Treasury Services - The year-over-year decrease primarily reflects lower interest rates and higher money market fee waivers, partially offset by higher payment volumes and deposits. The sequential increase primarily reflects higher net interest revenue and net new business, partially offset by higher money market fee waivers. * Clearance and Collateral Management - The year-over-year decrease primarily reflects lower net interest revenue, intraday credit fees and clearance volumes, partially offset by higher tri-party collateral management balances. The sequential increase primarily reflects higher tri-party collateral management balances, partially offset by lower clearance volumes.

* Noninterest expense increased year-over-year primarily reflecting the unfavorable impact of a weaker U.S. dollar, investments in efficiency and growth initiatives and higher revenue-related expenses. Sequentially, noninterest expense decreased primarily reflecting lower staff and litigation expenses, partially offset by higher revenue-related expenses.

INVESTMENT AND WEALTH MANAGEMENT BUSINESS HIGHLIGHTS



2Q21 vs. (dollars in millions, unless otherwise noted; not meaningful - N/M) 2Q21 1Q21 2Q20 1Q21 2Q20

Total revenue by line of business:

Investment Management $700 $698 $621 - %13 %

Wealth Management 299 293 265 2 13

Total revenue by line of business 999 991 886 1 13

Provision for credit losses (4) 4 7 N/M N/M

Noninterest expense 677 709 658 (5) 3

Income before taxes $326 $278 $221 17 %48 %



Pre-tax operating margin 33 %28 %25 %

Adjusted pre-tax operating margin - Non-GAAP (a) 35 %30 %28 %



Net interest revenue $47 $48 $48 (2)%(2)%



Metrics:

Average loans $11,871 $11,610 $11,791 2 %1 %

Average deposits $17,466 $19,177 $17,491 (9)%- %



AUM (in billions) (current period is preliminary) (b) $2,320 $2,214 $1,961 5 %18 %

Wealth Management client assets (in billions) (current period is preliminary) $305 $292 $254 4 %20 %(c)

Net of distribution and servicing expense. See "Supplemental information -(a) Explanation of GAAP and Non-GAAP financial measures" on page 9 for information on this Non-GAAP measure.

(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.

KEY DRIVERS

* The drivers of the total revenue variances by line of business are indicated below. Also see page 6 for information related to money market fee waivers. * Investment Management - The year-over-year increase primarily reflects the impact of higher market values, the favorable impact of a weaker U.S. dollar, higher performance fees and net inflows, partially offset by the impact of money market fee waivers. The slight sequential increase primarily reflects the impact of higher market values, equity investment gains (net of hedges), including seed capital, and net inflows, partially offset by the timing of performance fees and higher money market fee waivers. * Wealth Management - The year-over-year and sequential increases primarily reflect the impact of higher market values.

* Noninterest expense increased year-over-year primarily reflecting the unfavorable impact of a weaker U.S. dollar and higher staff expense, partially offset by lower distribution and servicing expense. Sequentially, the decrease in noninterest expense primarily reflects lower staff expense.

OTHER SEGMENTprimarily includes leasing operations, certain corporate treasury activities, derivatives, business exits and other corporate revenue and expense items.



(in millions) 2Q21 1Q21 2Q20

Fee revenue $13 $9 $10

Other revenue 9 (36) 28

Total fee and other revenue22 (27) 38

Net interest (expense) (45) (38) (36)

Total revenue (23) (65) 2

Provision for credit losses(5) (8) (9)

Noninterest expense 49 41 39

(Loss) before taxes $(67)$(98)$(28)

KEY DRIVERS

* Total revenue includes corporate treasury and other investment activity, including hedging activity which has an offsetting impact in fee and other revenue and net interest expense. The decrease in fee and other revenue year-over-year was impacted by lower net securities gains. The sequential increase primarily reflects an impairment of a renewable energy investment recorded in 1Q21.

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. In 2Q21, the net impact of money market fee waivers was $252 million, up from $188 million in 1Q21, driven by lower short-term interest rates and higher money market balances.

Money market fee waivers

(in millions) 2Q21 1Q21 4Q20 3Q20 2Q20 YTD21 YTD20

Investment services fees:

Asset servicing fees $(42) $(22) $(13) $(1) $- $(64) $-

Clearing services fees (88) (74) (64) (57) (50) (162) (59)

Issuer services fees (15) (10) (6) (1) (1) (25) (1)

Treasury services fees (3) (3) (2) (3) (2) (6) (2)

Total investment services fees (148) (109) (85) (62) (53) (257) (62)

Investment management and performance fees (115) (89) (56) (42) (30) (204) (44)

Distribution and servicing revenue (13) (13) (8) (6) (3) (26) (3)

Total fee revenue (276) (211) (149) (110) (86) (487) (109)

Less: Distribution and servicing expense 24 23 15 9 7 47 7

Net impact of money market fee waivers $(252)$(188)$(134)$(101)$(79)$(440)$(102)



Impact to revenue by line of business (a):

Asset Servicing $(50) $(29) $(13) $(4) $(1) $(79) $(1)

Pershing (99) (94) (85) (73) (60) (193) (69)

Issuer Services (22) (15) (10) (2) (1) (37) (1)

Treasury Services (16) (9) (5) (1) - (25) -

Investment Management (85) (61) (34) (28) (24) (146) (38)

Wealth Management (4) (3) (2) (2) - (7) -

Total impact to revenue by line of $(276)$(211)$(149)$(110)$(86)$(487)$(109)business

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

CAPITAL AND LIQUIDITY



Capital and liquidity ratios June 30, March 31, Dec. 31, 2021 2021 2020

Consolidated regulatory capital ratios: (a)

CET1 ratio 12.6 %12.6 % 13.1 %

Tier 1 capital ratio 15.2 15.2 15.8

Total capital ratio 16.0 16.1 16.7

Tier 1 leverage ratio 6.0 5.8 6.3

SLR 7.5 8.1 (b)8.6 (b)

BNY Mellon shareholders' equity to total assets ratio 9.7 %9.7 % 9.8 %

BNY Mellon common shareholders' equity to total assets ratio8.7 %8.7 % 8.8 %



Average LCR 110 %110 % 110 %



Book value per common share $47.20 $46.16 $46.53

Tangible book value per common share - Non-GAAP (c) $25.64 $24.88 $25.44

Common shares outstanding (in thousands) 863,174 875,481 886,764

Regulatory capital ratios for June 30, 2021 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the(a) Standardized and Advanced Approaches, which for June 30, 2021 and March 31, 2021, was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, and for Dec. 31, 2020, was the Advanced Approaches.

Reflects the temporary exclusion of U.S. Treasury securities from the(b) leverage exposure used in the SLR calculation which increased our consolidated SLR by 68 basis points at March 31, 2021 and 72 basis points at Dec. 31, 2020. The temporary exclusion ceased to apply beginning April 1, 2021.

Tangible book value per common share - Non-GAAP excludes goodwill and(c) intangible assets, net of deferred tax liabilities. See "Supplemental information - Explanation of GAAP and Non-GAAP financial measures" on page 9 for information on this Non-GAAP measure.

* CET1 capital totaled $21.4 billion at June 30, 2021, an increase of $367 million compared with March 31, 2021. The increase primarily reflects capital generated through earnings, partially offset by capital deployed through common stock repurchases and dividends.

NET INTEREST REVENUE



Net interest revenue 2Q21 vs.

(dollars in millions; not meaningful - N/M) 2Q21 1Q21 2Q20 1Q21 2Q20

Net interest revenue $645 $655 $780 (2)% (17)%

Add: Tax equivalent adjustment 3 3 2 N/M N/M

Net interest revenue, on a fully taxable equivalent ("FTE") basis - Non-GAAP $648 $658 $782 (2)% (17)% (a)



Net interest margin 0.67 %0.66 %0.88 %1 bps(21) bps

Net interest margin (FTE) - Non-GAAP (a) 0.67 %0.67 %0.88 %- bps(21) bps

Net interest revenue (FTE) - Non-GAAP and net interest margin (FTE) -(a) Non-GAAP include the tax equivalent adjustments on tax-exempt income. See "Supplemental information - Explanation of GAAP and Non-GAAP financial measures" on page 9 for information on this Non-GAAP measure.

bps - basis points.

* Net interest revenue decreased year-over-year primarily reflecting lower interest rates on interest-earning assets. This was partially offset by the benefit of lower funding and deposit rates, lower debt balances, a larger securities portfolio and higher deposit balances. * Sequentially, the decrease was primarily driven by lower interest rates on interest-earning assets. This was partially offset by the benefit of lower funding and deposit rates.

THE BANK OF NEW YORK MELLON CORPORATION

Condensed Consolidated Income Statement



Quarter ended Year-to-date (in millions) June 30,March June 30,June 30,June 30, 2021 31, 2020 2021 2020 2021

Fee and other revenue

Investment services fees:

Asset servicing fees $1,200$1,199$1,173$2,399$2,332

Clearing services fees 435 455 431 890 901

Issuer services fees 281 245 277 526 540

Treasury services fees 160 157 144 317 293

Total investment services fees 2,076 2,056 2,025 4,132 4,066

Investment management and performance fees 889 890 786 1,779 1,648

Foreign exchange revenue 184 231 193 415 438

Financing-related fees 48 51 58 99 117

Distribution and servicing 27 29 27 56 58

Total fee revenue 3,224 3,257 3,089 6,481 6,327

Investment and other income 89 9 132 98 179

Net securities gains 2 - 9 2 18

Total other revenue 91 9 141 100 197

Total fee and other revenue 3,315 3,266 3,230 6,581 6,524

Net interest revenue

Interest revenue 685 738 943 1,423 2,513

Interest expense 40 83 163 123 919

Net interest revenue 645 655 780 1,300 1,594

Total revenue 3,960 3,921 4,010 7,881 8,118

Provision for credit losses (86) (83) 143 (169) 312

Noninterest expense

Staff 1,518 1,602 1,464 3,120 2,946

Software and equipment 365 362 345 727 671

Professional, legal and other purchased services 363 343 337 706 667

Sub-custodian and clearing 132 124 120 256 225

Net occupancy 122 123 137 245 272

Distribution and servicing 73 74 85 147 176

Bank assessment charges 35 34 35 69 70

Amortization of intangible assets 20 24 26 44 52

Business development 22 19 20 41 62

Other 128 146 117 274 257

Total noninterest expense 2,778 2,851 2,686 5,629 5,398

Income

Income before income taxes 1,268 1,153 1,181 2,421 2,408

Provision for income taxes 241 221 216 462 481

Net income 1,027 932 965 1,959 1,927

Net (income) loss attributable to noncontrolling interests related to consolidated investment (5) (5) (15) (10) 3 management funds

Net income applicable to shareholders of The Bank 1,022 927 950 1,949 1,930 of New York Mellon Corporation

Preferred stock dividends (31) (69) (49) (100) (85)

Net income applicable to common shareholders of $991 $858 $901 $1,849$1,845The Bank of New York Mellon Corporation





Earnings per share applicable to the common Quarter ended Year-to-date shareholders of The Bank of New York Mellon Corporation June 30,March June 30,June 30,June 30,2021 31, 2020 2021 2020 (in dollars) 2021

Basic $1.14 $0.97 $1.01 $2.11 $2.06

Diluted $1.13 $0.97 $1.01 $2.10 $2.06

SUPPLEMENTAL INFORMATION - 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, net of distribution and servicing expense that was passed to third parties who distribute or service our managed funds. We believe that this measure is useful when evaluating the performance of the Investment and Wealth Management business relative to industry competitors.

For the reconciliations of these Non-GAAP measures, see "Supplemental Information - Explanation of GAAP and Non-GAAP Financial Measures" in the Financial Supplement available at www.bnymellon.com.

BNY Mellon has presented the measure of fee revenue, excluding money market fee waivers - Non-GAAP. We believe that this measure is useful information for investors on the impact of current interest rates and market conditions on fee revenue growth rates and the performance of our business.

Fee revenue reconciliation 2Q21 vs.

(dollars in millions) 2Q21 2Q20 2Q20

Fee revenue $3,224$3,0894 %

Less: Money market fee waivers (276) (86)

Fee revenue, excluding money market fee waivers - $3,500$3,17510 %Non-GAAP

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, 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, 2020 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 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 Quarterly Report on Form 10-Q for the quarter ended June 30, 2021. All forward-looking statements in this Earnings Release speak only as of July 15, 2021, 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 June 30, 2021, BNY Mellon had $45.0 trillion in assets under custody and/or administration, and $2.3 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.

CONFERENCE CALL INFORMATION

Todd Gibbons, Chief Executive Officer, and Emily Portney, Chief Financial Officer, will host a conference call and simultaneous live audio webcast at 8:00 a.m. ET on July 15, 2021. 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: 444308, 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 July 15, 2021. Replays of the conference call and audio webcast will be available beginning July 15, 2021 at approximately 2:00 p.m. ET through Aug. 13, 2021 by dialing (888) 203-1112 (U.S.) or (719) 457-0820 (International), and using the passcode: 3619155. The archived version of the conference call and audio webcast will also be available at www.bnymellon.com/investorrelations for the same time period.

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SOURCE BNY Mellon