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BNY Mellon Reports Second Quarter 2021 Earnings Of $991 Million Or $1.13 Per Common Share

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

Fee & other rev. up 3%

NIR down 17%


EPS up 12%


ROE 10%

ROTCE 19% (a)


CET1 12.6%

Tier 1 leverage 6.0%

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



2Q21 vs.


2Q21

1Q21

2Q20

1Q21

2Q20

Net income applicable to common shareholders (in millions)

$

991


$

858


$

901


16

%

10

%

Diluted earnings per common share

$

1.13


$

0.97


$

1.01


16

%

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%

Provision for credit losses was a benefit of $86 million

Total noninterest expense of $2.8 billion, increased 3%

Weaker U.S. dollar increased expenses ~ 2%

Investment Services

Total revenue decreased 4%

Income before taxes increased 3%

AUC/A of $45.0 trillion, increased 21%

Investment and Wealth Management

Total revenue increased 13%

Income before taxes increased 48%

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


"We delivered another strong quarter with EPS of $1.13 on $4
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 of
higher market levels as well as continued organic growth,
driven by higher client activity levels and net new business
momentum," Todd Gibbons, Chief Executive Officer, said.

Mr. Gibbons added, "Our investments in digitization and
open-architecture modular solutions continue to pay off and
we are being recognized as a leading innovator enabling
clients to optimize, scale and grow their businesses."

"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 framework
allows us to start returning our significant excess capital to
our shareholders beginning in the third quarter. We
increased our common dividend by 10 percent to 34 cents
per share, and received authorization from our Board to
repurchase up to $6 billion of common stock through the
fourth quarter of 2022," Mr. Gibbons concluded.

Media Relations: Erin Smith (212) 815-7170

Investor Relations: Marius Merz (212) 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

meaningful - N/M)




2Q21 vs.

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 Mellon Corporation

$

991


$

858


$

901


16

%

10

%

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:

  • 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


(dollars in millions, unless otherwise noted; not meaningful - N/M)




2Q21 vs.

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

%

(a)

Consists of AUC/A primarily from the Asset Servicing business and, to a lesser extent, the Clearance and Collateral Management, Issuer Services, 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.

(b)

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 $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.

  • 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


(dollars in millions, unless otherwise noted; not meaningful - N/M)




2Q21 vs.

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) (c)

$

305


$

292


$

254


4

%

20

%

(a)

Net of distribution and servicing expense. See "Supplemental information – 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.

  • 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 SEGMENT primarily 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 revenue

22


(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 business

$

(276)


$

(211)


$

(149)


$

(110)


$

(86)


$

(487)


$

(109)


(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,
2021

March 31,
2021


Dec. 31,
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 ratio

8.7

%

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



(a)

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 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.

(b)

Reflects the temporary exclusion of U.S. Treasury securities from the 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.

(c)

Tangible book value per common shareNon-GAAP excludes goodwill and 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 (a)

$

648


$

658


$

782


(2)

%

(17)

%







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

(a)

Net interest revenue (FTE) – Non-GAAP and net interest margin (FTE) – 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


(in millions)

Quarter ended


Year-to-date


June 30,
2021

March 31,
2021

June 30,
2020


June 30,
2021

June 30,
2020



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 management funds

(5)


(5)


(15)



(10)


3



Net income applicable to shareholders of The Bank of New York Mellon Corporation

1,022


927


950



1,949


1,930



Preferred stock dividends

(31)


(69)


(49)



(100)


(85)



Net income applicable to common shareholders of The Bank of New York Mellon Corporation

$

991


$

858


$

901



$

1,849


$

1,845





Earnings per share applicable to the common shareholders of The Bank of New York Mellon Corporation

Quarter ended


Year-to-date


June 30,
2021

March 31,
2021

June 30,
2020


June 30,
2021

June 30,
2020


(in dollars)


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


$

3,089


4

%

Less: Money market fee waivers

(276)


(86)



Fee revenue, excluding money market fee waivers – Non-GAAP

$

3,500


$

3,175


10

%

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