8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) – April 17, 2019

THE BANK OF NEW YORK MELLON CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	001-35651	13-2614959
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
240 Greenwich Street New York, New York 10286
(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code – (212) 495-1784

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).    

Emerging growth companyo

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

ITEM 2.02.    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On April 17, 2019, The Bank of New York Mellon Corporation (“BNY Mellon”) issued an Earnings Release announcing its financial results for the first quarter of 2019. A copy of each of the Earnings Release and a Financial Supplement is attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and is incorporated herein by reference. The quotation included in Exhibit 99.1 (the “Excluded Section”) is “furnished” by this Current Report on Form 8-K pursuant to General Instruction B.2 of Form 8-K and is not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filings BNY Mellon has made or may make under the Securities Act of 1933 (the “Securities Act”) or the Exchange Act, except as otherwise expressly stated in such filing. The information included in Exhibit 99.1, other than in the Excluded Section, and Exhibit 99.2 is to be considered “filed” under the Exchange Act and is incorporated by reference into all filings made by BNY Mellon under the Securities Act and the Exchange Act that state that this Current Report on Form 8-K is incorporated therein by reference.

ITEM 7.01.    REGULATION FD DISCLOSURE.

On April 17, 2019, in conjunction with a conference call and webcast regarding BNY Mellon’s financial results, the Earnings Release, the Financial Supplement and a First Quarter 2019 Financial Highlights presentation are available on BNY Mellon’s website, www.bnymellon.com. A copy of the First Quarter 2019 Financial Highlights presentation is “furnished” as Exhibit 99.3 to this Current Report on Form 8-K pursuant to General Instruction B.2 of Form 8-K and is not “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that Section. This exhibit shall not be incorporated by reference into any filings BNY Mellon has made or may make under the Securities Act or the Exchange Act, except as otherwise expressly stated in such filing. The contents of BNY Mellon’s website referenced herein and in the exhibits are not incorporated into this Current Report on Form 8-K.

ITEM 9.01.    FINANCIAL STATEMENTS AND EXHIBITS.

Each of Exhibit 99.1 (other than the Excluded Section) and Exhibit 99.2 shall be deemed filed herewith. The Excluded Section and Exhibit 99.3 shall be deemed furnished herewith.

(d)    EXHIBITS.

Exhibit
Number	Description
99.1	The Bank of New York Mellon Corporation Earnings Release dated April 17, 2019, announcing financial results for the first quarter of 2019.
99.2	The Bank of New York Mellon Corporation Financial Supplement dated April 17, 2019, for the first quarter of 2019.
99.3	First Quarter 2019 Financial Highlights Presentation dated April 17, 2019.

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	The Bank of New York Mellon Corporation (Registrant)
Date: April 17, 2019	By: /s/ Kathleen B. McCabe
	Name: Kathleen B. McCabe Title: Assistant Secretary

3

EX-99.1

News Release

BNY MELLON REPORTS FIRST QUARTER 2019 EARNINGS OF

$910 MILLION OR $0.94 PER COMMON SHARE

Revenue down 7% EPS down 15% ROE 10% ROTCE 21% (a) CET1 11.0% SLR 6.3%

NEW YORK, April 17, 2019 – The Bank of New York Mellon Corporation (“BNY Mellon”) (NYSE: BK) today reported:

							1Q19 vs.
	1Q19		4Q18		1Q18		4Q18		1Q18
Net income applicable to common shareholders (in millions)	$	910	$	832	$	1,135	9	%	(20	)%
Diluted earnings per common share	$	0.94	$	0.84	$	1.10	12	%	(15	)%

First Quarter Results

Total revenue of $3.9 billion, decreased 7%

• Fee revenue decreased 9%

• Net interest revenue decreased 8%

Total noninterest expense of $2.7 billion, decreased 1%

• Continued investments in technology more than offset by lower other expenses

Investment Services

• Total revenue decreased 5%

• Income before taxes decreased 16%

• AUC/A of $34.5 trillion, increased 3%

Investment Management

• Total revenue decreased 14%

• Income before taxes decreased 29%

• AUM of $1.8 trillion, decreased 1%

Returned $825 million to common shareholders

• Repurchased 10.5 million common shares for $555 million

• Paid dividends of $270 million to common shareholders

CEO Commentary

“Our performance this quarter was mixed. Several of our fee-based metrics in Investment Services were consistent with recent results, while we experienced weakness in Investment Management and net interest income. The year-over-year declines in revenue and earnings per share were primarily driven by the changing mix and cost of our deposits and the impact of the prior year asset management outflows. The impact of divestitures, asset gains and the particularly strong markets and deposit balances in last year’s first quarter also made the year-over-year comparison more difficult. Our overall expenses remained well controlled while we continued to increase our investment in technology and infrastructure,” Charlie Scharf, chairman and chief executive officer, said.

“While the current expectations for the yield curve will likely negatively impact our revenue growth for the next several quarters, we will remain disciplined on expenses and continue to build out capabilities, which should eventually enable stronger growth. The strategic alliance that we announced with BlackRock Solutions is an example as common clients can immediately gain value. We have said we will work with third parties to more closely integrate the front-to-back operating model, and this is one meaningful example of how we will use our data and tools to benefit our clients, working on our own solutions and with third parties,” Mr. Scharf added.

“During the quarter, we generated more than $900 million of earnings and continued to return a significant portion of that to our shareholders. Our capital remains strong with a CET1 ratio of 11 percent. We are progressing on our priorities and remain confident in our future,” Mr. Scharf concluded.

Investor Relations: Magda Palczynska (212) 635-8529	Media Relations: Jennifer Hendricks Sullivan (212) 635-1374
(a) For information on this Non-GAAP measure, see “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” on page 8.
Note: Above comparisons are 1Q19 vs. 1Q18.

BNY Mellon 1Q19 Earnings Release

CONSOLIDATED FINANCIAL HIGHLIGHTS

(in millions, except per share amounts and unless otherwise noted; not meaningful - N/M)										1Q19 vs.
	1Q19			4Q18 (a)			1Q18			4Q18		1Q18
Fee revenue	$	3,031		$	3,146		$	3,319		(4	)%	(9	)%
Net securities gains (losses)	1			—			(49		)	N/M		N/M
Total fee and other revenue	3,032			3,146			3,270			(4	)	(7	)
Income (loss) from consolidated investment management funds	26			(24		)	(11		)	N/M		N/M
Net interest revenue	841			885			919			(5	)	(8	)
Total revenue	3,899			4,007			4,178			(3	)	(7	)
Provision for credit losses	7			—			(5		)	N/M		N/M
Noninterest expense	2,699			2,987			2,739			(10	)	(1	)
Income before income taxes	1,193			1,020			1,444			17		(17	)
Provision for income taxes	237			150			282			58		(16	)
Net income	$	956		$	870		$	1,162		10	%	(18	)%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	910		$	832		$	1,135		9	%	(20	)%
Operating leverage (b)										694	bps	(522	) bps
Diluted earnings per common share	$	0.94		$	0.84		$	1.10		12	%	(15	)%
Average common shares and equivalents outstanding - diluted (in thousands)	965,960			988,650			1,021,731
Pre-tax operating margin	31		%	25		%	35		%

(a) Includes a net charge of $155 million, or $(0.16) per diluted common share, related to severance, expenses associated with consolidating real estate and litigation expense, partially offset by adjustments to provisional estimates for U.S. tax legislation and other changes.

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

KEY DRIVERS (comparisons are 1Q19 vs. 1Q18, unless otherwise stated)

• Total revenue decreased 7% primarily reflecting:

• Fee revenue decreased 9%. Approximately one-third of the decrease resulted from the negative impact of foreign currency translation, the 2018 divestitures in Asset Management and asset-related gains recorded in 1Q18. The rest of the decrease reflects the impact of the cumulative AUM outflows since 1Q18 and lower foreign exchange revenue, client activity and performance fees, partially offset by growth in collateral management and clearance volumes.

• Net interest revenue decreased 8% primarily driven by lower noninterest-bearing deposit and loan balances, higher deposit rates and hedging activities, partially offset by the benefit of higher asset yields. The impact of hedging activities is offset in foreign exchange and other trading revenue.

• Provision for credit losses of $7 million was driven by our exposure to a California utility company that filed for bankruptcy.

• Noninterest expense decreased 1%. The stronger dollar had a favorable impact of approximately 1%. Our continued investments in technology were offset by lower incentive expense, volume-related expenses and lower bank assessment charges.

• Effective tax rate of 19.9%.

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

• AUC/A of $34.5 trillion, increased 3%, primarily reflecting higher market values and net new business, partially offset by the unfavorable impact of a stronger U.S. dollar.

• AUM of $1.8 trillion, decreased 1%, primarily reflecting the unfavorable impact of a stronger U.S. dollar (principally versus the British pound) and net outflows, partially offset by higher market values.

Capital and liquidity

• Repurchased 10.5 million common shares for $555 million and paid $270 million in dividends to common shareholders.

• Return on common equity (“ROE”) of 10%; Return on tangible common equity (“ROTCE”) of 21%(a).

• Common Equity Tier 1 (“CET1”) ratio – 11.0%.

• Supplementary leverage ratio (“SLR”) – 6.3%.

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

• Total Loss Absorbing Capacity (“TLAC”) ratios exceed minimum requirements that became effective in 1Q19.

(a) See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” on page 8 for additional information.

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

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BNY Mellon 1Q19 Earnings Release

INVESTMENT SERVICES BUSINESS HIGHLIGHTS

(dollars in millions, unless otherwise noted; not meaningful - N/M)										1Q19 vs.
	1Q19			4Q18			1Q18			4Q18		1Q18
Total revenue by line of business:
Asset Servicing	$	1,407		$	1,435		$	1,519		(2	)%	(7	)%
Pershing	554			558			581			(1	)	(5	)
Issuer Services	396			441			418			(10	)	(5	)
Treasury Services	317			328			321			(3	)	(1	)
Clearance and Collateral Management	276			278			255			(1	)	8
Total revenue by line of business	2,950			3,040			3,094			(3	)	(5	)
Provision for credit losses	8			6			(7		)	N/M		N/M
Noninterest expense	1,969			2,112			1,949			(7	)	1
Income before taxes	$	973		$	922		$	1,152		6	%	(16	)%
Pre-tax operating margin	33		%	30		%	37		%
Foreign exchange and other trading revenue	$	157		$	163		$	169		(4	)%	(7	)%
Securities lending revenue	$	44		$	43		$	48		2	%	(8	)%
Metrics:
Average loans	$	33,171		$	35,540		$	39,200		(7	)%	(15	)%
Average deposits	$	195,082		$	203,416		$	214,130		(4	)%	(9	)%
AUC/A at period end (in trillions) (current period is preliminary) (a)	$	34.5		$	33.1		$	33.5		4	%	3	%
Market value of securities on loan at period end (in billions) (b)	$	377		$	373		$	436		1	%	(14	)%

(a) Includes the AUC/A of CIBC Mellon Global Securities Services Company (“CIBC Mellon”), a joint venture with the Canadian Imperial Bank of Commerce, of $1.3 trillionatMarch 31, 2019, $1.2 trillion at Dec. 31, 2018 and $1.3 trillionatMarch 31, 2018.

(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 $62 billionatMarch 31, 2019, $58 billion at Dec. 31, 2018 and $73 billionatMarch 31, 2018.

KEY DRIVERS

• Total revenue decreased year-over-year and sequentially. The drivers of the decreases by line of business are indicated below.

• Asset Servicing - Both decreases primarily reflect lower foreign exchange revenue, net interest revenue due to lower deposits, and lower client activity. The year-over-year decrease also reflects the unfavorable impact of a stronger U.S. dollar.

• Pershing - The year-over-year decrease primarily reflects the previously disclosed lost business and lower clearance volumes. The sequential decrease reflects lower net interest revenue primarily due to lower margin loans.

• Issuer Services - The year-over-year decrease primarily reflects lower fees in Depositary Receipts and lower net interest revenue due to lower deposits in Corporate Trust, partially offset by slightly higher volumes in Corporate Trust. The sequential decrease primarily reflects lower Depositary Receipt fees and volumes and net interest revenue in Corporate Trust.

• Treasury Services - Both decreases primarily reflect lower net interest revenue.

• Clearance and Collateral Management - The year-over-year increase primarily reflects growth in collateral management and clearance volumes. The sequential decrease primarily reflects lower net interest revenue due to lower deposits, partially offset by growth in clearance volumes.

• Noninterest expense increased year-over-year primarily driven by investments in technology, partially offset by the favorable impact of a stronger U.S. dollar and lower incentive expense and bank assessment charges. The sequential decrease primarily reflects lower severance and litigation expense.

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BNY Mellon 1Q19 Earnings Release

INVESTMENT MANAGEMENT BUSINESS HIGHLIGHTS

(dollars in millions, unless otherwise noted; not meaningful - N/M)										1Q19 vs.
	1Q19			4Q18			1Q18			4Q18		1Q18
Total revenue by line of business:
Asset Management	$	637		$	660		$	770		(3	)%	(17	)%
Wealth Management	302			303			318			—		(5	)
Total revenue by line of business	939			963			1,088			(2	)	(14	)
Provision for credit losses	1			1			2			N/M		N/M
Noninterest expense	669			715			705			(6	)	(5	)
Income before taxes	$	269		$	247		$	381		9	%	(29	)%
Pre-tax operating margin	29		%	26		%	35		%
Adjusted pre-tax operating margin – Non-GAAP (a)	32		%	29		%	39		%
Metrics:
Average loans	$	16,403		$	16,485		$	16,876		—	%	(3	)%
Average deposits	$	15,815		$	14,893		$	13,363		6	%	18	%
AUM (in billions) (current period is preliminary) (b)	$	1,841		$	1,722		$	1,868		7	%	(1	)%
Wealth Management client assets (in billions) (current period is preliminary) (c)	$	253		$	239		$	255		6	%	(1	)%

(a) Net of distribution and servicing expense. See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” on page 8 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. The 1Q18 amount was revised to include additional AUC/A.

KEY DRIVERS

• Total revenue decreased year-over-year and sequentially.

• Asset Management - Almost half of the year-over-year decrease resulted from the impact of the 2018 divestitures and the unfavorable impact of a stronger U.S. dollar (principally versus the British pound). The rest of the decrease primarily reflects the impact of the cumulative AUM outflows since 1Q18 and lower performance fees. The sequential decrease primarily reflects timing of performance fees and the impact of outflows, partially offset by higher equity market values.

• Wealth Management - The year-over year decrease primarily reflects lower net interest revenue and fees.

• Noninterest expense decreased year-over-year primarily reflecting lower distribution and servicing expense, the favorable impact of a stronger U.S. dollar and lower incentive expense. The sequential decrease was primarily driven by lower severance and business development expenses.

Page - 4

BNY Mellon 1Q19 Earnings Release

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

(in millions)	1Q19			4Q18			1Q18
Fee revenue	$	29		$	29		$	57
Net securities gains (losses)	1			—			(49		)
Total fee and other revenue	30			29			8
Net interest (expense)	(30		)	(15		)	(1		)
Total revenue	—			14			7
Provision for credit losses	(2		)	(7		)	—
Noninterest expense	61			160			87
(Loss) before taxes	$	(59	)	$	(139	)	$	(80	)

KEY DRIVERS

• Fee revenue decreased year-over-year primarily reflecting asset-related gains recorded in 1Q18.

• Net interest expense increased year-over-year primarily resulting from corporate treasury activity.

• Noninterest expense decreased year-over-year reflecting lower incentive expense. The sequential decrease primarily reflects severance and the expenses associated with relocating our corporate headquarters, both recorded in 4Q18.

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BNY Mellon 1Q19 Earnings Release

CAPITAL AND LIQUIDITY

Our consolidated capital and liquidity ratios are shown in the following table.

Capital and liquidity ratios	March 31, 2019			Dec. 31, 2018
Consolidated regulatory capital ratios: (a)
CET1 ratio	11.0		%	10.7		%
Tier 1 capital ratio	13.1			12.8
Total capital ratio	13.9			13.6
Tier 1 leverage ratio	6.8			6.6
SLR	6.3			6.0
BNY Mellon shareholders’ equity to total assets ratio	11.9		%	11.2		%
BNY Mellon common shareholders’ equity to total assets ratio	10.9		%	10.2		%
Average LCR	118		%	118		%
Book value per common share (b)	$	39.36		$	38.63
Tangible book value per common share – Non-GAAP (b)	$	19.74		$	19.04
Common shares outstanding (in thousands)	957,517			960,426

(a) Regulatory capital ratios for March 31, 2019 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 periods noted above was the Advanced Approaches.

(b) Tangible book value per common share – Non-GAAP excludes goodwill and intangible assets, net of deferred tax liabilities. See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” on page 8 for information on this Non-GAAP measure.

CET1 capital totaled $18.2 billion at March 31, 2019, an increase of $590 million compared with Dec. 31, 2018. The increase primarily reflects capital generated through earnings, the unrealized gain in our investment securities portfolio and additional paid-in capital resulting from stock awards, partially offset by capital deployed through common stock repurchased and dividends paid.

NET INTEREST REVENUE

Net interest revenue										1Q19 vs.
(dollars in millions; not meaningful - N/M)	1Q19			4Q18			1Q18			4Q18		1Q18
Net interest revenue	$	841		$	885		$	919		(5	)%	(8	)%
Add: Tax equivalent adjustment	4			4			6			N/M		N/M
Net interest revenue, on a fully taxable equivalent (“FTE”) basis – Non-GAAP (a)	$	845		$	889		$	925		(5	)%	(9	)%
Net interest margin	1.20		%	1.24		%	1.22		%	(4	) bps	(2	) bps
Net interest margin (FTE) – Non-GAAP (a)	1.20		%	1.24		%	1.23		%	(4	) bps	(3	) bps

(a) Net interest revenue (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP include the tax equivalent adjustments on tax-exempt income which allows for comparisons 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.

bps – basis points.

Net interest revenue decreased year-over-year primarily driven by lower noninterest-bearing deposit and loan balances, higher deposit rates and hedging activities. The sequential decrease was primarily driven by lower deposit and loan balances, higher deposit rates and hedging activities. Both decreases were partially offset by the benefit of higher asset yields. The impact of hedging activities is offset in foreign exchange and other trading revenue. 

Page - 6

BNY Mellon 1Q19 Earnings Release

THE BANK OF NEW YORK MELLON CORPORATION

Condensed Consolidated Income Statement

(in millions)	Quarter ended
	March 31, 2019			Dec. 31, 2018			March 31, 2018
Fee and other revenue
Investment services fees:
Asset servicing fees	$	1,122		$	1,126		$	1,168
Clearing services fees (a)	398			398			424
Issuer services fees	251			286			260
Treasury services fees	132			139			138
Total investment services fees (a)	1,903			1,949			1,990
Investment management and performance fees (a)	841			884			950
Foreign exchange and other trading revenue	170			181			209
Financing-related fees	51			50			52
Distribution and servicing	31			35			36
Investment and other income	35			47			82
Total fee revenue	3,031			3,146			3,319
Net securities gains (losses)	1			—			(49		)
Total fee and other revenue	3,032			3,146			3,270
Operations of consolidated investment management funds
Investment income (loss)	26			(24		)	(11		)
Interest of investment management fund note holders	—			—			—
Income (loss) from consolidated investment management funds	26			(24		)	(11		)
Net interest revenue
Interest revenue	1,920			1,864			1,381
Interest expense	1,079			979			462
Net interest revenue	841			885			919
Total revenue	3,899			4,007			4,178
Provision for credit losses	7			—			(5		)
Noninterest expense
Staff	1,524			1,602			1,576
Professional, legal and other purchased services	325			383			291
Software and equipment	283			300			234
Net occupancy	137			196			139
Sub-custodian and clearing	105			115			119
Distribution and servicing	91			95			106
Business development	45			64			51
Bank assessment charges	31			22			52
Amortization of intangible assets	29			35			49
Other	129			175			122
Total noninterest expense	2,699			2,987			2,739
Income
Income before income taxes	1,193			1,020			1,444
Provision for income taxes	237			150			282
Net income	956			870			1,162
Net (income) loss attributable to noncontrolling interests (includes $(10), $11 and $11 related to consolidated investment management funds, respectively)	(10		)	11			9
Net income applicable to shareholders of The Bank of New York Mellon Corporation	946			881			1,171
Preferred stock dividends	(36		)	(49		)	(36		)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	910		$	832		$	1,135

(a) In 1Q19, we reclassified certain platform-related fees to clearing services fees from investment management and performance fees. Prior periods have been reclassified.

Earnings per share applicable to the common shareholders of The Bank of New York Mellon Corporation	Quarter ended
	March 31, 2019		Dec. 31, 2018		March 31, 2018
(in dollars)
Basic	$	0.94	$	0.84	$	1.11
Diluted	$	0.94	$	0.84	$	1.10

Page - 7

BNY Mellon 1Q19 Earnings Release

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. Tangible common shareholders’ equity excludes goodwill and intangible assets, net of deferred tax liabilities. BNY Mellon believes that the return on tangible common equity measure is an additional useful measure for investors because it presents a measure of those assets that can generate income. BNY Mellon has provided a measure of tangible book value per common share, which it believes provides additional useful information as to the level of tangible assets in relation to shares of common stock outstanding.

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.

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.

CAUTIONARY STATEMENT

A number of statements (i) in this Earnings Release, (ii) in our presentations and (iii) 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 and efficiency, investments, capabilities, revenue, expenses, deposits, interest rates and yield curves, taxes, business opportunities, 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. 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,” “future” and words of similar meaning signify forward-looking statements. These statements and other forward-looking statements contained in other public disclosures of The Bank of New York Mellon Corporation 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 these risks and uncertainties, 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, 2018 and BNY Mellon’s other filings with the Securities and Exchange Commission. All forward-looking statements in this Earnings Release speak only as of April 17, 2019, 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.

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BNY Mellon 1Q19 Earnings Release

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 management and investment services in 35 countries. As of March 31, 2019, BNY Mellon had $34.5 trillion in assets under custody and/or administration, and $1.8 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

CONFERENCE CALL INFORMATION

Charlie Scharf, Chairman and Chief Executive Officer, and Mike Santomassimo, Chief Financial Officer, will host a conference call and simultaneous live audio webcast at 8:00 a.m. EDT on April 17, 2019. 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: 807070, 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. EDT on April 17, 2019. Replays of the conference call and audio webcast will be available beginning April 17, 2019 at approximately 2 p.m. EDT through May 17, 2019 by dialing (888) 203-1112 (U.S.) or (719) 457-0820 (International), and using the passcode: 5953533. The archived version of the conference call and audio webcast will also be available at www.bnymellon.com/investorrelations for the same time period.

Page - 9

EX-99.2

The Bank of New York Mellon Corporation

Financial Supplement

First Quarter 2019

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
Investment Securities Portfolio		14
Allowance for Credit Losses and Nonperforming Assets		15
Supplemental Information – Explanation of GAAP and Non-GAAP Financial Measures		16

THE BANK OF NEW YORK MELLON CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per common share amounts, or unless otherwise noted)																1Q19 vs.
	1Q19			4Q18			3Q18			2Q18			1Q18			4Q18		1Q18
Selected income statement data
Fee revenue	$	3,031		$	3,146		$	3,168		$	3,209		$	3,319		(4	)%	(9	)%
Net securities gains (losses)	1			—			—			1			(49		)	N/M		N/M
Fee and other revenue	3,032			3,146			3,168			3,210			3,270			(4	)	(7	)
Income (loss) from consolidated investment management funds	26			(24		)	10			12			(11		)	N/M		N/M
Net interest revenue	841			885			891			916			919			(5	)	(8	)
Total revenue	3,899			4,007			4,069			4,138			4,178			(3	)	(7	)
Provision for credit losses	7			—			(3		)	(3		)	(5		)	N/M		N/M
Noninterest expense	2,699			2,987			2,738			2,747			2,739			(10	)	(1	)
Income before income taxes	1,193			1,020			1,334			1,394			1,444			17		(17	)
Provision for income taxes	237			150			220			286			282			58		(16	)
Net income	$	956		$	870		$	1,114		$	1,108		$	1,162		10	%	(18	)%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	910		$	832		$	1,075		$	1,055		$	1,135		9	%	(20	)%
Diluted earnings per common share	$	0.94		$	0.84		$	1.06		$	1.03		$	1.10		12	%	(15	)%
Average common shares and equivalents outstanding - diluted (in thousands)	965,960			988,650			1,003,665			1,014,357			1,021,731			(2	)%	(5	)%
Financial ratios(Quarterly returns are annualized)
Pre-tax operating margin	31		%	25		%	33		%	34		%	35		%
Return on common equity (a)	10.0		%	8.7		%	11.2		%	11.2		%	12.2		%
Return on tangible common equity – Non-GAAP (a)	20.7		%	17.9		%	23.1		%	23.5		%	25.9		%
Percent of non-U.S. total revenue	36		%	36		%	37		%	37		%	37		%
Period end
Assets under custody and/or administration (“AUC/A”) (in trillions) (b)	$	34.5		$	33.1		$	34.5		$	33.6		$	33.5		4	%	3	%
Assets under management (“AUM”) (in trillions)	$	1.84		$	1.72		$	1.83		$	1.81		$	1.87		7	%	(1	)%
Full-time employees	49,800			51,300			52,000			52,000			52,100			(3	)%	(4	)%
Book value per common share (a)	$	39.36		$	38.63		$	38.45		$	37.97		$	37.78
Tangible book value per common share – Non-GAAP (a)	$	19.74		$	19.04		$	19.35		$	19.00		$	18.78
Cash dividends per common share	$	0.28		$	0.28		$	0.28		$	0.24		$	0.24
Common dividend payout ratio	30		%	33		%	26		%	23		%	22		%
Closing stock price per common share	$	50.43		$	47.07		$	50.99		$	53.93		$	51.53
Market capitalization	$	48,288		$	45,207		$	50,418		$	53,927		$	52,080
Common shares outstanding (in thousands)	957,517			960,426			988,777			999,945			1,010,676
Capital ratios at period end(c)
Common Equity Tier 1 ("CET1") ratio	11.0		%	10.7		%	11.2		%	11.0		%	10.7		%
Tier 1 capital ratio	13.1		%	12.8		%	13.3		%	13.1		%	12.7		%
Total capital ratio	13.9		%	13.6		%	14.1		%	13.8		%	13.4		%
Supplementary leverage ratio ("SLR")	6.3		%	6.0		%	6.4		%	6.1		%	5.9		%
(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 $1.3 trillion at March 31, 2019, $1.2 trillion at Dec. 31, 2018, $1.4 trillion at Sept. 30, 2018 and June 30, 2018 and $1.3 trillion at March 31, 2018.
(c)    Regulatory capital ratios for March 31, 2019 are preliminary. All risk-based capital ratios are presented using Advanced Approaches risk-weightings.
N/M - Not meaningful.

3

THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED INCOME STATEMENT
(dollars in millions, except per share amounts; common shares in thousands)																1Q19 vs.
	1Q19			4Q18			3Q18			2Q18			1Q18			4Q18		1Q18
Revenue
Investment services fees:
Asset servicing fees	$	1,122		$	1,126		$	1,157		$	1,157		$	1,168		—	%	(4	)%
Clearing services fees (a)	398			398			393			401			424			—		(6	)
Issuer services fees	251			286			287			266			260			(12	)	(3	)
Treasury services fees	132			139			137			140			138			(5	)	(4	)
Total investment services fees (a)	1,903			1,949			1,974			1,964			1,990			(2	)	(4	)
Investment management and performance fees (a)	841			884			912			901			950			(5	)	(11	)
Foreign exchange and other trading revenue	170			181			155			187			209			(6	)	(19	)
Financing-related fees	51			50			52			53			52			2		(2	)
Distribution and servicing	31			35			34			34			36			(11	)	(14	)
Investment and other income	35			47			41			70			82			N/M		N/M
Total fee revenue	3,031			3,146			3,168			3,209			3,319			(4	)	(9	)
Net securities gains (losses)	1			—			—			1			(49		)	N/M		N/M
Total fee and other revenue	3,032			3,146			3,168			3,210			3,270			(4	)	(7	)
Income (loss) from consolidated investment management funds	26			(24		)	10			12			(11		)	N/M		N/M
Net interest revenue	841			885			891			916			919			(5	)	(8	)
Total revenue	3,899			4,007			4,069			4,138			4,178			(3	)	(7	)
Provision for credit losses	7			—			(3		)	(3		)	(5		)	N/M		N/M
Noninterest expense
Staff	1,524			1,602			1,478			1,489			1,576			(5	)	(3	)
Professional, legal and other purchased services	325			383			332			328			291			(15	)	12
Software and equipment	283			300			262			266			234			(6	)	21
Net occupancy	137			196			139			156			139			(30	)	(1	)
Sub-custodian and clearing	105			115			106			110			119			(9	)	(12	)
Distribution and servicing	91			95			99			106			106			(4	)	(14	)
Business development	45			64			51			62			51			(30	)	(12	)
Bank assessment charges	31			22			49			47			52			41		(40	)
Amortization of intangible assets	29			35			48			48			49			(17	)	(41	)
Other	129			175			174			135			122			(26	)	6
Total noninterest expense	2,699			2,987			2,738			2,747			2,739			(10	)	(1	)
Income before income taxes	1,193			1,020			1,334			1,394			1,444			17		(17	)
Provision for income taxes	237			150			220			286			282			58		(16	)
Net income	956			870			1,114			1,108			1,162			10		(18	)
Net (income) loss attributable to noncontrolling interests	(10		)	11			(3		)	(5		)	9			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	$	910		$	832		$	1,075		$	1,055		$	1,135		9	%	(20	)%
Average common shares and equivalents outstanding: Basic	962,397			984,343			999,808			1,010,179			1,016,797			(2	)%	(5	)%
Diluted	965,960			988,650			1,003,665			1,014,357			1,021,731			(2	)%	(5	)%
Earnings per common share: Basic	$	0.94		$	0.84		$	1.07		$	1.04		$	1.11		12	%	(15	)%
Diluted	$	0.94		$	0.84		$	1.06		$	1.03		$	1.10		12	%	(15	)%
(a)    In 1Q19, we reclassified certain platform-related fees to clearing services fees from investment management and performance fees. Prior periods have been reclassified.
N/M - Not meaningful.

4

THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
	2019			2018
(in millions)	March 31			Dec. 31			Sept. 30			June 30			March 31
Assets
Cash and due from:
Banks	$	5,980		$	5,864		$	5,047		$	5,361		$	4,636
Interest-bearing deposits with the Federal Reserve and other central banks	60,699			67,988			74,725			75,116			91,431
Interest-bearing deposits with banks	13,681			14,148			14,519			16,134			15,186
Federal funds sold and securities purchased under resale agreements	40,158			46,795			28,722			26,494			28,784
Securities	117,504			119,791			118,641			119,081			118,789
Trading assets	6,868			7,035			7,804			7,035			8,596
Loans	53,487			56,564			53,987			57,776			60,809
Allowance for loan losses	(146		)	(146		)	(140		)	(145		)	(156		)
Net loans	53,341			56,418			53,847			57,631			60,653
Premises and equipment (a)	3,010			1,832			1,832			1,752			1,702
Accrued interest receivable	651			671			640			663			610
Goodwill	17,367			17,350			17,390			17,418			17,596
Intangible assets	3,193			3,220			3,258			3,308			3,370
Other assets	23,228			21,298			22,846			22,507			21,638
Subtotal assets of operations	345,680			362,410			349,271			352,500			372,991
Assets of consolidated investment management funds, at fair value	452			463			499			428			606
Total assets	$	346,132		$	362,873		$	349,770		$	352,928		$	373,597
Liabilities
Deposits	$	222,382		$	238,778		$	231,590		$	230,560		$	241,844
Federal funds purchased and securities sold under repurchase agreements	11,761			14,243			10,158			13,200			21,600
Trading liabilities	3,892			3,479			3,536			3,580			3,365
Payables to customers and broker-dealers	19,310			19,731			18,683			19,123			20,172
Commercial paper	2,773			1,939			735			2,508			3,936
Other borrowed funds	3,932			3,227			2,934			3,053			1,550
Accrued taxes and other expenses	4,686			5,669			5,601			5,452			5,349
Other liabilities (a)	8,050			5,774			6,552			5,443			5,707
Long-term debt	27,874			29,163			28,113			28,260			27,939
Subtotal liabilities of operations	304,660			322,003			307,902			311,179			331,462
Liabilities of consolidated investment management funds, at fair value	3			2			7			3			11
Total liabilities	304,663			322,005			307,909			311,182			331,473
Temporary equity
Redeemable noncontrolling interests	122			129			211			189			184
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	27,349			27,118			27,034			26,981			26,911
Retained earnings	29,382			28,652			28,098			27,306			26,496
Accumulated other comprehensive loss, net of tax	(2,990		)	(3,171		)	(2,983		)	(2,795		)	(2,343		)
Less: Treasury stock, at cost	(16,072		)	(15,517		)	(14,145		)	(13,543		)	(12,892		)
Total The Bank of New York Mellon Corporation shareholders’ equity	41,225			40,638			41,560			41,505			41,728
Nonredeemable noncontrolling interests of consolidated investment management funds	122			101			90			52			212
Total permanent equity	41,347			40,739			41,650			41,557			41,940
Total liabilities, temporary equity and permanent equity	$	346,132		$	362,873		$	349,770		$	352,928		$	373,597
(a)    In 1Q19, we adopted new accounting guidance included in Accounting Standards Update ("ASU") 2016-02, Leases, prospectively, which required the recognition of right-of-use assets (included in premises and equipment) and lease liabilities (included in other liabilities).

5

THE BANK OF NEW YORK MELLON CORPORATION
FEE AND OTHER REVENUE
															1Q19 vs.
(dollars in millions)	1Q19			4Q18			3Q18			2Q18		1Q18			4Q18		1Q18
Investment services fees:
Asset servicing fees	$	1,074		$	1,079		$	1,099		$	1,097	$	1,113		—	%	(4	)%
Securities lending revenue	48			47			58			60		55			2		(13	)
Clearing services fees (a)	398			398			393			401		424			—		(6	)
Issuer services fees	251			286			287			266		260			(12	)	(3	)
Treasury services fees	132			139			137			140		138			(5	)	(4	)
Total investment services fees (a)	1,903			1,949			1,974			1,964		1,990			(2	)	(4	)
Investment management and performance fees (a)(b)(c)	841			884			912			901		950			(5	)	(11	)
Foreign exchange and other trading revenue:
Foreign exchange	160			159			150			171		183			1		(13	)
Other trading revenue	10			22			5			16		26			N/M		N/M
Total foreign exchange and other trading revenue	170			181			155			187		209			(6	)	(19	)
Financing-related fees	51			50			52			53		52			2		(2	)
Distribution and servicing	31			35			34			34		36			(11	)	(14	)
Investment and other income:
Corporate/bank-owned life insurance	30			42			36			31		36			N/M		N/M
Expense reimbursements from joint venture	19			19			17			19		16			N/M		N/M
Asset-related gains	1			2			7			15		46			N/M		N/M
Seed capital (losses) gains (b)	(2		)	(8		)	8			3		—			N/M		N/M
Other (loss) income	(13		)	(8		)	(27		)	2		(16		)	N/M		N/M
Total investment and other income (b)	35			47			41			70		82			N/M		N/M
Total fee revenue	3,031			3,146			3,168			3,209		3,319			(4	)	(9	)
Net securities gains (losses)	1			—			—			1		(49		)	N/M		N/M
Total fee and other revenue	$	3,032		$	3,146		$	3,168		$	3,210	$	3,270		(4	)%	(7	)%
(a)    In 1Q19, we reclassified certain platform-related fees to clearing services fees from investment management and performance fees. Prior periods have been reclassified.
(b)    Excludes seed capital gains related to consolidated investment management funds, which are reflected in operations of consolidated investment management funds.
(c)    On a constant currency basis (Non-GAAP), investment management and performance fees decreased 9% compared with 1Q18. 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.

6

THE BANK OF NEW YORK MELLON CORPORATION
AVERAGE BALANCES AND INTEREST RATES
	1Q19				4Q18				3Q18				2Q18				1Q18
	Average balance		Average rate		Average balance		Average rate		Average balance		Average rate		Average balance		Average rate		Average balance		Average rate
(dollars in millions, presented on an FTE basis)
Assets
Interest-earning assets:
Interest-bearing deposits with banks (primarily foreign banks)	$	13,857	1.85	%	$	14,666	1.67	%	$	14,691	1.58	%	$	15,748	1.41	%	$	13,850	1.25	%
Interest-bearing deposits with the Federal Reserve and other central banks	63,583		0.87		63,916		0.89		61,216		0.80		69,676		0.77		79,068		0.64
Federal funds sold and securities purchased under resale agreements (a)	28,968		6.63		28,843		5.98		26,738		4.18		28,051		3.29		27,903		2.47
Margin loans	12,670		4.34		13,369		4.08		13,738		3.74		14,838		3.46		15,674		2.98
Non-margin loans:
Domestic offices	28,177		3.85		29,576		3.73		28,628		3.59		29,970		3.44		30,415		3.02
Foreign offices	10,511		3.32		10,889		3.10		11,441		2.98		12,258		2.87		12,517		2.51
Total non-margin loans	38,688		3.70		40,465		3.56		40,069		3.42		42,228		3.27		42,932		2.87
Securities:
U.S. government obligations	23,597		2.22		24,531		2.14		24,423		2.09		23,199		2.02		23,460		1.88
U.S. government agency obligations	64,867		2.63		64,496		2.54		64,612		2.40		63,022		2.37		62,975		2.23
State and political subdivisions - tax-exempt	2,206		2.71		2,263		2.63		2,453		2.77		2,677		2.75		2,875		2.62
Other securities	28,647		2.13		27,614		1.91		27,017		1.98		28,863		1.75		29,149		1.69
Trading securities	5,102		2.91		5,543		2.77		4,261		3.05		3,784		3.10		4,183		2.62
Total securities	124,419		2.45		124,447		2.33		122,766		2.28		121,545		2.19		122,642		2.05
Total interest-earning assets	$	282,185	2.75	%	$	285,706	2.60	%	$	279,218	2.33	%	$	292,086	2.14	%	$	302,069	1.85	%
Noninterest-earning assets	53,980				52,885				53,123				54,242				56,106
Total assets	$	336,165			$	338,591			$	332,341			$	346,328			$	358,175
Liabilities and total equity
Interest-bearing liabilities:
Interest-bearing deposits:
Domestic offices	$	70,562	1.29	%	$	72,929	1.19	%	$	57,942	0.97	%	$	54,200	0.78	%	$	51,612	0.55	%
Foreign offices	89,317		0.76		88,734		0.59		90,694		0.42		98,599		0.28		104,092		0.18
Total interest-bearing deposits	159,879		0.99		161,663		0.86		148,636		0.63		152,799		0.45		155,704		0.30
Federal funds purchased and securities sold under repurchase agreements (a)	11,922		11.26		10,980		10.95		14,199		5.33		18,146		3.48		18,963		2.29
Trading liabilities	1,305		2.25		1,330		1.86		1,150		2.32		1,198		2.43		1,569		2.26
Other borrowed funds	3,305		2.87		2,903		2.44		2,747		2.33		2,399		2.40		2,119		1.67
Commercial paper	1,377		2.44		353		2.41		3,102		2.10		3,869		2.13		3,131		1.59
Payables to customers and broker-dealers	16,108		1.76		15,727		1.61		16,252		1.23		16,349		1.10		17,101		0.75
Long-term debt	28,254		3.52		28,201		3.29		28,074		3.17		28,349		3.06		28,407		2.49
Total interest-bearing liabilities	$	222,150	1.96	%	$	221,157	1.75	%	$	214,160	1.37	%	$	223,109	1.14	%	$	226,994	0.82	%
Total noninterest-bearing deposits	54,583				58,972				60,677				64,768				71,005
Other noninterest-bearing liabilities	18,628				16,754				15,660				16,857				18,571
Total The Bank of New York Mellon Corporation shareholders’ equity	40,628				41,428				41,578				41,292				41,135
Noncontrolling interests	176				280				266				302				470
Total liabilities and shareholders’ equity	$	336,165			$	338,591			$	332,341			$	346,328			$	358,175
Net interest margin			1.20	%			1.24	%			1.27	%			1.26	%			1.22	%
Net interest margin (FTE) – Non-GAAP (b)			1.20	%			1.24	%			1.28	%			1.26	%			1.23	%
(a)    Includes the impact of offsetting under enforceable netting agreements of approximately $44 billion for 1Q19, $43 billion for 4Q18, $26 billion for 3Q18, $18 billion for 2Q18 and $14 billion for 1Q18. Excluding the impact of offsetting, the yield on federal funds sold and securities purchased under resale agreements would have been 2.63% for 1Q19, 2.41% for 4Q18, 2.12% for 3Q18, 2.01% for 2Q18 and 1.65% for 1Q18.  Excluding the impact of offsetting, the rate on federal funds purchased and securities sold under repurchase agreements would have been 2.40% for 1Q19, 2.24% for 4Q18, 1.88% for 3Q18, 1.75% for 2Q18 and 1.32% for 1Q18.
(b)    See "Supplemental Information - Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 16 for the reconciliation of this Non-GAAP measure.
Note: Interest and average rates were calculated on an FTE basis, at tax rates of approximately 21%, using dollar amounts in thousands and the actual number of days in the year.

7

THE BANK OF NEW YORK MELLON CORPORATION
CAPITAL AND LIQUIDITY
	2019			2018
(dollars in millions)	March 31			Dec. 31			Sept. 30			June 30			March 31
Consolidated regulatory capital ratios (a)
Standardized Approach:
CET1 capital	$	18,157		$	17,567		$	18,517		$	18,386		$	18,334
Tier 1 capital	21,639			21,044			22,002			21,877			21,835
Total capital	23,136			22,536			23,497			23,375			23,340
Risk-weighted assets	151,461			149,618			149,348			154,612			156,472
CET1 ratio	12.0		%	11.7		%	12.4		%	11.9		%	11.7		%
Tier 1 capital ratio	14.3			14.1			14.7			14.1			14.0
Total capital ratio	15.3			15.1			15.7			15.1			14.9
Advanced Approaches:
CET1 capital	$	18,157		$	17,567		$	18,517		$	18,386		$	18,334
Tier 1 capital	21,639			21,044			22,002			21,877			21,835
Total capital	22,946			22,349			23,299			23,174			23,121
Risk-weighted assets	165,532			164,671			165,137			167,580			171,910
CET1 ratio	11.0		%	10.7		%	11.2		%	11.0		%	10.7		%
Tier 1 capital ratio	13.1			12.8			13.3			13.1			12.7
Total capital ratio	13.9			13.6			14.1			13.8			13.4
Tier 1 leverage ratio	6.8		%	6.6		%	7.0		%	6.7		%	6.5		%
SLR:
Leverage exposure	$	344,790		$	347,943		$	341,566		$	355,773		$	367,818
SLR	6.3		%	6.0		%	6.4		%	6.1		%	5.9		%
Average liquidity coverage ratio (“LCR”)	118		%	118		%	121		%	118		%	116		%
(a)    Regulatory capital ratios for March 31, 2019 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 periods noted above was the Advanced Approaches.

8

THE BANK OF NEW YORK MELLON CORPORATION
INVESTMENT SERVICES BUSINESS
																1Q19 vs.
(dollars in millions)	1Q19			4Q18			3Q18			2Q18			1Q18			4Q18		1Q18
Revenue:
Investment services fees:
Asset servicing fees (ex. securities lending revenue) (a)	$	1,059		$	1,063		$	1,084		$	1,080		$	1,095		—	%	(3	)%
Securities lending revenue	44			43			52			55			48			2		(8	)
Clearing services fees (b)	398			398			393			400			424			—		(6	)
Issuer services fees	251			286			288			265			260			(12	)	(3	)
Treasury services fees	132			139			136			140			138			(5	)	(4	)
Total investment services fees (b)	1,884			1,929			1,953			1,940			1,965			(2	)	(4	)
Foreign exchange and other trading revenue	157			163			161			172			169			(4	)	(7	)
Other (b)(c)	113			121			116			121			116			(7	)	(3	)
Total fee and other revenue	2,154			2,213			2,230			2,233			2,250			(3	)	(4	)
Net interest revenue	796			827			827			874			844			(4	)	(6	)
Total revenue	2,950			3,040			3,057			3,107			3,094			(3	)	(5	)
Provision for credit losses	8			6			1			1			(7		)	N/M		N/M
Noninterest expense (ex. amortization of intangible assets)	1,949			2,090			1,995			1,931			1,913			(7	)	2
Amortization of intangible assets	20			22			35			36			36			(9	)	(44	)
Total noninterest expense	1,969			2,112			2,030			1,967			1,949			(7	)	1
Income before taxes	$	973		$	922		$	1,026		$	1,139		$	1,152		6	%	(16	)%
Pre-tax operating margin	33		%	30		%	34		%	37		%	37		%
Total revenue by line of business:
Asset Servicing	$	1,407		$	1,435		$	1,458		$	1,520		$	1,519		(2	)%	(7	)%
Pershing	554			558			558			558			581			(1	)	(5	)
Issuer Services	396			441			453			431			418			(10	)	(5	)
Treasury Services	317			328			324			329			321			(3	)	(1	)
Clearance and Collateral Management	276			278			264			269			255			(1	)	8
Total revenue by line of business	$	2,950		$	3,040		$	3,057		$	3,107		$	3,094		(3	)%	(5	)%
(a)    Asset servicing fees include the fees from the Clearance and Collateral Management business.
(b)    In 1Q19, we reclassified certain platform-related fees to clearing services fees from investment management and performance fees. Prior periods have been reclassified.
(c)    Other revenue includes investment management fees, financing-related fees, distribution and servicing revenue and investment and other income.
N/M - Not meaningful.

9

THE BANK OF NEW YORK MELLON CORPORATION
INVESTMENT SERVICES BUSINESS
											1Q19 vs.
(dollars in millions unless otherwise noted)	1Q19		4Q18		3Q18		2Q18		1Q18		4Q18		1Q18
Average loans	$	33,171	$	35,540	$	35,044	$	38,002	$	39,200	(7	)%	(15	)%
Average assets	$	255,891	$	262,584	$	246,276	$	264,387	$	278,095	(3	)%	(8	)%
Average deposits	$	195,082	$	203,416	$	192,741	$	203,064	$	214,130	(4	)%	(9	)%
AUC/A at period end (in trillions) (a)(b)	$	34.5	$	33.1	$	34.5	$	33.6	$	33.5	4	%	3	%
Market value of securities on loan at period end (in billions) (c)	$	377	$	373	$	415	$	432	$	436	1	%	(14	)%
Pershing
Average active clearing accounts (U.S. platform) (in thousands)	6,169		6,125		6,108		6,080		6,075		1	%	2	%
Average long-term mutual fund assets (U.S. platform)	$	507,606	$	489,491	$	527,336	$	512,645	$	514,542	4	%	(1	)%
Average investor margin loans (U.S. platform)	$	10,093	$	10,921	$	10,696	$	10,772	$	10,930	(8	)%	(8	)%
Clearance and Collateral Management
Average tri-party collateral management balances (in billions)	$	3,266	$	3,181	$	2,995	$	2,801	$	2,698	3	%	21	%
(a)    March 31, 2019 information is preliminary.
(b)    Includes the AUC/A of CIBC Mellon of $1.3 trillion at March 31, 2019, $1.2 trillion at Dec. 31, 2018, $1.4 trillion at Sept. 30, 2018 and June 30, 2018 and $1.3 trillion at March 31, 2018.
(c)    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 $62 billion at March 31, 2019, $58 billion at Dec.31, 2018, $69 billion at Sept. 30, 2018, $70 billion at June 30, 2018 and $73 billion at March 31, 2018.

10

THE BANK OF NEW YORK MELLON CORPORATION
INVESTMENT MANAGEMENT BUSINESS
																1Q19 vs.
(dollars in millions)	1Q19			4Q18			3Q18			2Q18			1Q18			4Q18		1Q18
Revenue:
Investment management fees (a)	$	806		$	826		$	879		$	885		$	898		(2	)%	(10	)%
Performance fees	31			54			30			12			48			N/M		(35	)
Investment management and performance fees (b)	837			880			909			897			946			(5	)	(12	)
Distribution and servicing	45			45			47			48			50			—		(10	)
Other (a)	(18		)	(35		)	(18		)	(4		)	16			N/M		N/M
Total fee and other revenue (a)	864			890			938			941			1,012			(3	)	(15	)
Net interest revenue	75			73			77			77			76			3		(1	)
Total revenue	939			963			1,015			1,018			1,088			(2	)	(14	)
Provision for credit losses	1			1			(2		)	2			2			N/M		N/M
Noninterest expense (ex. amortization of intangible assets)	660			702			688			685			692			(6	)	(5	)
Amortization of intangible assets	9			13			13			12			13			(31	)	(31	)
Total noninterest expense	669			715			701			697			705			(6	)	(5	)
Income before taxes	$	269		$	247		$	316		$	319		$	381		9	%	(29	)%
Pre-tax operating margin	29		%	26		%	31		%	31		%	35		%
Adjusted pre-tax operating margin – Non-GAAP (c)	32		%	29		%	35		%	35		%	39		%
Total revenue by line of business:
Asset Management	$	637		$	660		$	704		$	702		$	770		(3	)%	(17	)%
Wealth Management	302			303			311			316			318			—		(5	)
Total revenue by line of business	$	939		$	963		$	1,015		$	1,018		$	1,088		(2	)%	(14	)%
Average loans	$	16,403		$	16,485		$	16,763		$	16,974		$	16,876		—	%	(3	)%
Average assets	$	31,857		$	31,043		$	31,283		$	31,504		$	31,963		3	%	—	%
Average deposits	$	15,815		$	14,893		$	14,634		$	14,252		$	13,363		6	%	18	%
(a)    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.
(b)    On a constant currency basis, investment management and performance fees decreased 9% (Non-GAAP) compared with 1Q18. See "Supplemental Information - Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 16 for the reconciliation of this Non-GAAP measure.
(c)    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.

11

THE BANK OF NEW YORK MELLON CORPORATION
AUM BY PRODUCT, AUM FLOWS AND WEALTH MANAGEMENT CLIENT ASSETS
																1Q19 vs.
(dollars in billions)	1Q19			4Q18			3Q18			2Q18			1Q18			4Q18		1Q18
AUM by product type (a)(b)
Equity	$	149		$	135		$	167		$	160		$	161		10	%	(7	)%
Fixed income	208			200			202			197			206			4		1
Index	333			301			352			334			333			11		—
Liability-driven investments	709			659			652			663			700			8		1
Multi-asset and alternative investments	178			167			184			181			185			7		(4	)
Cash	264			260			271			270			283			2		(7	)
Total AUM by product type	$	1,841		$	1,722		$	1,828		$	1,805		$	1,868		7	%	(1	)%
Changes in AUM(a)(b)
Beginning balance of AUM	$	1,722		$	1,828		$	1,805		$	1,868		$	1,893
Net inflows (outflows):
Long-term strategies:
Equity	(4		)	(8		)	(2		)	(3		)	—
Fixed income	3			(1		)	2			(4		)	7
Liability-driven investments	5			14			16			2			13
Multi-asset and alternative investments	(4		)	(2		)	2			(3		)	(3		)
Total long-term active strategies inflows (outflows)	—			3			18			(8		)	17
Index	(2		)	(11		)	(3		)	(7		)	(13		)
Total long-term strategies (outflows) inflows	(2		)	(8		)	15			(15		)	4
Short-term strategies:
Cash	2			(10		)	—			(11		)	(14		)
Total net inflows (outflows)	—			(18		)	15			(26		)	(10		)
Net market impact	103			(69		)	18			17			(14		)
Net currency impact	16			(19		)	(10		)	(53		)	29
Divestiture/Other	—			—			—			(1		)	(30		)
Ending balance of AUM	$	1,841		$	1,722		$	1,828		$	1,805		$	1,868		7	%	(1	)%
Wealth Management client assets (a)(c)	$	253		$	239		$	261		$	254		$	255		6	%	(1	)%
(a)    March 31, 2019 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 1Q18 amount was revised to include additional AUC/A.

12

THE BANK OF NEW YORK MELLON CORPORATION
OTHER SEGMENT
(in millions)	1Q19			4Q18			3Q18			2Q18			1Q18
Fee revenue	$	29		$	29		$	7		$	40		$	57
Net securities gains (losses)	1			—			—			1			(49		)
Total fee and other revenue	30			29			7			41			8
Net interest (expense)	(30		)	(15		)	(13		)	(35		)	(1		)
Total revenue (loss)	—			14			(6		)	6			7
Provision for credit losses	(2		)	(7		)	(2		)	(6		)	—
Noninterest expense	61			160			6			81			87
(Loss) before taxes	$	(59	)	$	(139	)	$	(10	)	$	(69	)	$	(80	)
Average loans and leases	$	1,784		$	1,809		$	2,000		$	2,090		$	2,530
Average assets	$	48,417		$	44,964		$	54,782		$	50,437		$	48,117

13

THE BANK OF NEW YORK MELLON CORPORATION
INVESTMENT SECURITIES PORTFOLIO
(dollars in millions)	Dec. 31, 2018			1Q19 change in unrealized gain (loss)			March 31, 2019					Fair value as a % of amortized cost (a)		Unrealized gain (loss)				Ratings (b)
							Amortized cost		Fair value									AAA/ AA-		A+/ A-		BBB+/ BBB-		BB+ and lower		Not rated
	Fair value
Agency RMBS	$	50,214		$	428		$	51,331	$	50,872		99	%	$	(459	)		100	%	—	%	—	%	—	%	—	%
U.S. Treasury	24,792			55			19,615		19,545			100		(70		)		100		—		—		—		—
Sovereign debt/sovereign guaranteed	11,577			26			12,704		12,811			101		107				76		5		18		1		—
Agency commercial MBS	10,947			39			10,845		10,800			100		(45		)		100		—		—		—		—
U.S. government agencies	3,157			13			3,559		3,556			100		(3		)		100		—		—		—		—
Supranational	3,006			14			3,532		3,541			100		9				100		—		—		—		—
CLOs	3,364			21			3,398		3,373			99		(25		)		98		—		—		1		1
Foreign covered bonds	2,959			13			3,051		3,053			100		2				100		—		—		—		—
State and political subdivisions	2,264			21			2,166		2,183			101		17				78		21		—		—		1
Other asset-backed securities	1,773			1			2,039		2,037			100		(2		)		99		—		1		—		—
Non-agency commercial MBS	1,470			16			1,481		1,476			100		(5		)		97		3		—		—		—
Non-agency RMBS (c)	1,427			(7		)	1,129		1,354			120		225				11		12		6		46		25
Corporate bonds	1,054			23			900		903			100		3				14		68		18		—		—
Other	1,238			—			1,474		1,476			100		2				95		—		—		—		5
Total investment securities	$	119,242	(d)	$	663		$	117,224	$	116,980	(d)	100	%	$	(244	)	(d)(e)	95	%	2	%	2	%	1	%	—	%
(a)    Amortized cost reflects historical impairments.
(b)    Represents ratings by S&P, or the equivalent.
(c)    Includes RMBS that were included in the former Grantor Trust of $832 million at Dec. 31, 2018 and $791 million at March 31, 2019.
(d)    Includes net unrealized gains on derivatives hedging securities available-for-sale of $131 million at Dec. 31, 2018 and net unrealized losses of $252 million at March 31, 2019.
(e)    Includes unrealized gains of $28 million at March 31, 2019 related to available-for-sale securities, net of hedges.

14

THE BANK OF NEW YORK MELLON CORPORATION
ALLOWANCE FOR CREDIT LOSSES AND NONPERFORMING ASSETS
	2019				2018
(dollars in millions)	March 31				Dec. 31			Sept. 30			June 30			March 31
Allowance for credit losses - beginning of period:
Allowance for loan losses	$	146			$	140		$	145		$	156		$	159
Allowance for lending-related commitments	106				111			109			100			102
Allowance for credit losses - beginning of period	$	252			$	251		$	254		$	256		$	261
Net (charge-offs) recoveries :
Charge-offs	(11		)		—			(1		)	—			—
Recoveries	—				1			1			1			—
Total net (charge-offs) recoveries	(11		)		1			—			1			—
Provision for credit losses	7				—			(3		)	(3		)	(5		)
Allowance for credit losses - end of period	$	248			$	252		$	251		$	254		$	256
Allowance for credit losses - end of period:
Allowance for loan losses	$	146			$	146		$	140		$	145		$	156
Allowance for lending-related commitments	102				106			111			109			100
Allowance for credit losses - end of period	$	248			$	252		$	251		$	254		$	256
Allowance for loan losses as a percentage of total loans	0.27		%		0.26		%	0.26		%	0.25		%	0.26		%
Nonperforming assets	$	174		(a)	$	79		$	81		$	82		$	85
(a) Includes nonperforming loans to a California utility company that filed for bankruptcy.

15

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. Tangible common shareholders’ equity excludes goodwill and intangible assets, net of deferred tax liabilities. BNY Mellon believes that the return on tangible common equity measure is an additional useful measure for investors because it presents a measure of those assets that can generate income. BNY Mellon has provided a measure of tangible book value per common share, which we believe provides additional useful information as to the level of tangible assets in relation to shares of common stock outstanding.
Net interest revenue (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP 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 presented 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)	1Q19			4Q18			3Q18			2Q18			1Q18
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	910		$	832		$	1,075		$	1,055		$	1,135
Add: Amortization of intangible assets	29			35			48			48			49
Less: Tax impact of amortization of intangible assets	7			8			11			11			12
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP	$	932		$	859		$	1,112		$	1,092		$	1,172
Average common shareholders’ equity	$	37,086		$	37,886		$	38,036		$	37,750		$	37,593
Less: Average goodwill	17,376			17,358			17,391			17,505			17,581
Average intangible assets	3,209			3,239			3,283			3,341			3,397
Add: Deferred tax liability – tax deductible goodwill	1,083			1,072			1,066			1,054			1,042
Deferred tax liability – intangible assets	690			692			699			709			716
Average tangible common shareholders’ equity – Non-GAAP	$	18,274		$	19,053		$	19,127		$	18,667		$	18,373
Return on common equity – GAAP	10.0		%	8.7		%	11.2		%	11.2		%	12.2		%
Return on tangible common equity – Non-GAAP	20.7		%	17.9		%	23.1		%	23.5		%	25.9		%

16

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	2019			2018
(dollars in millions, except common shares)	March 31			Dec. 31			Sept. 30			June 30			March 31
BNY Mellon shareholders’ equity at period end – GAAP	$	41,225		$	40,638		$	41,560		$	41,505		$	41,728
Less: Preferred stock	3,542			3,542			3,542			3,542			3,542
BNY Mellon common shareholders’ equity at period end – GAAP	37,683			37,096			38,018			37,963			38,186
Less: Goodwill	17,367			17,350			17,390			17,418			17,596
Intangible assets	3,193			3,220			3,258			3,308			3,370
Add: Deferred tax liability – tax deductible goodwill	1,083			1,072			1,066			1,054			1,042
Deferred tax liability – intangible assets	690			692			699			709			716
BNY Mellon tangible common shareholders’ equity at period end – Non-GAAP	$	18,896		$	18,290		$	19,135		$	19,000		$	18,978
Period-end common shares outstanding (in thousands)	957,517			960,426			988,777			999,945			1,010,676
Book value per common share – GAAP	$	39.36		$	38.63		$	38.45		$	37.97		$	37.78
Tangible book value per common share – Non-GAAP	$	19.74		$	19.04		$	19.35		$	19.00		$	18.78
Net interest margin reconciliation
(dollars in millions)	1Q19			4Q18			3Q18			2Q18			1Q18
Net interest revenue – GAAP	$	841		$	885		$	891		$	916		$	919
Add: Tax equivalent adjustment	4			4			5			5			6
Net interest revenue (FTE) – Non-GAAP	$	845		$	889		$	896		$	921		$	925
Average interest-earning assets	$	282,185		$	285,706		$	279,218		$	292,086		$	302,069
Net interest margin – GAAP (a)	1.20		%	1.24		%	1.27		%	1.26		%	1.22		%
Net interest margin (FTE) – Non-GAAP (a)	1.20		%	1.24		%	1.28		%	1.26		%	1.23		%
(a)    Net interest margin is annualized.

17

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)	1Q19			4Q18			3Q18			2Q18			1Q18
Income before income taxes – GAAP	$	269		$	247		$	316		$	319		$	381
Total revenue – GAAP	$	939		$	963		$	1,015		$	1,018		$	1,088
Less: Distribution and servicing expense	91			95			99			103			110
Adjusted total revenue, net of distribution and servicing expense – Non-GAAP	$	848		$	868		$	916		$	915		$	978
Pre-tax operating margin – GAAP (a)	29		%	26		%	31		%	31		%	35		%
Adjusted pre-tax operating margin, net of distribution and servicing expense – Non-GAAP (a)	32		%	29		%	35		%	35		%	39		%
(a)    Income before income taxes divided by total revenue.
Constant currency reconciliations							1Q19 vs.
(dollars in millions)	1Q19			1Q18			1Q18
Consolidated:
Investment management and performance fees	$	841		$	950		(11		)%
Impact of changes in foreign currency exchange rates	—			(22		)
Adjusted investment management and performance fees – Non-GAAP	$	841		$	928		(9		)%
Investment Management business:
Investment management and performance fees	$	837		$	946		(12		)%
Impact of changes in foreign currency exchange rates	—			(22		)
Adjusted investment management and performance fees – Non-GAAP	$	837		$	924		(9		)%

18

EX-99.3

First Quarter 2019 Financial Highlights April 17, 2019

Profits • Net Income $910 million, (20)% y/y • Diluted EPS $0.94, (15)% y/y Returns • ROE: X.X% 1Q19 Financial Results • ROTCE: XX.X% • Returns XYZ to shareholders Profits Returns Balance Sheet • ROE: 10.0% • Net income: $910 million • CET1: 11.0% • ROTCE: 20.7% (a) Balance Sheet • Diluted EPS: $0.94 • SLR: 6.3% • CET1: 1X.X% • Returned $825 million to shareholders • SLR: X.X% • LCR: XXX% Pre-tax Income Total Revenue ($ millions) ($ millions) (17)% 1,444 3,094 • Challenging revenue growth 1,193 Investment Services 3,040 (5)% 1,020 • Tough comparative period 2,950 • Strong expense control while investing in technology and 1,088 infrastructure Investment Management 963 (14)% • Significant returns on capital 939 (b) 1Q18 4Q18 1Q19 1Q18 4Q18 1Q19 Note: See page 13 for corresponding footnotes in Appendix. 22 First Quarter 2019 – Financial Highlights

Delivering Progress on Our Priorities • Strong demand for offering in U.S. and UK Pershing Asset Servicing • Accelerating investments in RIA servicing and Markets • Launching new platform for CLO and traditional loan products as • Alliance with BlackRock Issuer Services well as improved client reporting Solutions • Added new sales and relationship management • Focused investments in servicing capabilities for • New leadership alternative managers Treasury Services • Focus on growing high-margin payment, FX and associated liability ◦ Real estate deposits from target clients globally ◦ Credit managers Clearance & Collateral • Extending collateral optimization services ◦ Private equity Management • Completed conversion of new government clearing clients • Expanded foreign exchange and securities • Consolidating in North America to create multi-asset capabilities lending options through Mellon Investment Management • Investing in thematic, passives, alternatives, smart beta and LDI • New leadership in Wealth Management • Investing in goals-based advice tools and digital capabilities 33 First Quarter 2019 – Financial Highlights

Financial Highlights Growth vs. (a) Performance Commentary ($ millions) 1Q19 4Q18 1Q18 year-over-year Total revenue $3,899 (3)% (7)% • Fee revenue, down 9%, primarily reflects ◦ Adverse impact of currency, cumulative Fee revenue 3,031 (4) (9) AUM outflows during 2018 and Net interest revenue 841 (5) (8) divestitures Provision for credit losses 7 N/M N/M • Net interest revenue, down 8%, primarily Noninterest expense 2,699 (10) (1) reflects Income before income taxes $1,193 17% (17)% ◦ Lower client deposits and loans Net income applicable to common shareholders $910 9% (20)% • Noninterest expense, down 1%, primarily Operating leverage (b) +694 bps (522) bps reflects ◦ Increased investments in technology Pre-tax operating margin 31% +515 bps (396) bps ◦ Partially offset by favorable impact of a stronger U.S. dollar, lower staff expense Earnings per common share $0.94 12% (15)% and bank assessment charges Net interest margin 1.20% (4) bps (2) bps Note: See page 13 for corresponding footnotes in Appendix. N/M - not meaningful; bps - basis points 44 First Quarter 2019 – Financial Highlights

Capital and Liquidity Performance Commentary 1Q19 4Q18 1Q18 year-over-year Consolidated regulatory capital ratios: (a) • Strong capital and shareholder returns Common Equity Tier 1 (“CET1”) ratio 11.0% 10.7% 10.7% • In compliance with the new TLAC ratio requirements Tier 1 capital ratio 13.1 12.8 12.7 that became effective 1Q19 Total capital ratio 13.9 13.6 13.4 • Total Payout ratio: ~91% Tier 1 leverage ratio 6.8 6.6 6.5 ◦ Dividend: 30% ◦ Share Repurchase: 61% Supplementary leverage ratio (“SLR”) 6.3 6.0 5.9 Average liquidity coverage ratio (“LCR”) 118 118 116 Return on common equity (b) 10.0 8.7 12.2 Return on tangible common equity – (non-GAAP) (c) 20.7% 17.9% 25.9% Book value per common share (d) $39.36 $38.63 $37.78 Tangible book value per common share – (non-GAAP) (d) $19.74 $19.04 $18.78 Cash dividends per common share $0.28 $0.28 $0.24 Common shares outstanding (th) 957,517 960,426 1,010,676 Note: See page 13 for corresponding footnotes in Appendix. 55 First Quarter 2019 – Financial Highlights

Net Interest Revenue Net Interest Revenue and Net Interest Margin Performance Commentary ($ millions) year-over-year (8)% • Lower deposits 919 885 841 ◦ Noninterest-bearing declined ◦ 1Q18 deposits were elevated 1.22% 1.24% 1.20% • Lower loans driven by lower client activity • Higher deposit rates • Improved yields on securities portfolio and loans • Hedging impact offset in foreign exchange and other trading 1Q18 4Q18 1Q19 NIM Average Deposits Average Interest-Earnings Assets ($ billions) ($ billions) (7)% (6)% 302 286 282 227 59 221 214 54 51 71 59 55 123 124 124 162 160 156 2.60% 2.75% 1.85% 0.86% 0.99% 121 107 106 0.30% 1Q18 4Q18 1Q19 1Q18 4Q18 1Q19 Interest-bearing Interest-bearing deposits Noninterest-bearing Total interest-earning assets Cash/Reverse Repo Securities Loans deposits average rate deposits average rate 66 First Quarter 2019 – Financial Highlights

Noninterest Expense Growth vs. Performance Commentary ($ millions) 1Q19 4Q18 1Q18 year-over-year Staff $1,524 (5)% (3)% • Noninterest expense, down 1%; stronger dollar had a Professional, legal and other purchased favorable impact of approximately 1% 325 (15) 12 services Software and equipment 283 (6) 21 • Increase in technology expenses were offset by efficiency efforts, lower incentives and volume-related expenses Net occupancy 137 (30) (1) Sub-custodian and clearing 105 (9) (12) • Technology expenses are included in staff, professional, Distribution and servicing 91 (4) (14) legal and other purchased services and software and equipment expenses Business development 45 (30) (12) Bank assessment charges 31 41 (40) Amortization of intangible assets 29 (17) (41) Other 129 (26) 6 Total noninterest expense $2,699 (10)% (1)% 77 First Quarter 2019 – Financial Highlights

Investment Services Growth vs. Performance Commentary Financial Highlights ($ millions) 1Q19 4Q18 1Q18 year-over-year Total revenue by line of business: Asset Servicing $1,407 (2)% (7)% • Asset Servicing, down 7% on lower foreign exchange Pershing 554 (1) (5) revenue, net interest revenue, lower client activity and Issuer Services 396 (10) (5) impact of a stronger U.S. dollar Treasury Services 317 (3) (1) Clearance and Collateral Management 276 (1) 8 • Pershing, down 5% on previously disclosed lost business Total revenue by line of business 2,950 (3) (5) Provision for credit losses 8 N/M N/M and lower clearance volumes Noninterest expense 1,969 (7) 1 Income before taxes $973 6% (16)% • Issuer Services, down 5% on lower fees in Depositary Pre-tax operating margin 33% 266 bps (425) bps Receipts and lower net interest revenue in Corporate Trust, partially offset by higher volumes in Corporate Trust Key Metrics ($ millions unless otherwise noted) • Treasury Services, down 1% on lower net interest Foreign exchange and other trading revenue $157 (4)% (7)% Securities lending revenue 44 2 (8) revenue Average loans 33,171 (7) (15) Average deposits 195,082 (4) (9) • Clearance and Collateral Management, up 8% on growth in collateral management and clearance volumes AUC/A at period end (tr) (a) 34.5 4 3 Market value of securities on loan at period end (bn) (b) $377 1% (14)% • AUC/A of $34.5 trillion, up 3% on higher market values Pershing Average active clearing accounts (U.S. platform) (th) 6,169 1 2 and net new business, partially offset by the unfavorable Clearance and Collateral Management impact of a stronger U.S. dollar Average tri-party collateral mgmt. balances (tr) $3.3 3% 21% Note: See page 13 for corresponding footnotes in Appendix. N/M - not meaningful; bps - basis points 88 First Quarter 2019 – Financial Highlights

Investment Services - Revenue Drivers ($ millions) (7)% (5)% 1,519 581 (5)% 1,407 554 (1)% 418 396 8% 321 317 255 276 1Q18 1Q19 1Q18 1Q19 1Q18 1Q19 1Q18 1Q19 1Q18 1Q19 Asset Servicing Pershing Issuer Services Treasury Services Clearance and Collateral - FX volumes and + New clients + Volumes in + Interest-bearing + Clients fully on volatility + Active clearing Corporate Trust deposit balances boarded as of 4Q18 - Deposit balances / accounts + Depositary Receipts + Payment volumes + Average tri-party pricing - Long-term mutual transaction volume - Noninterest-bearing balances - Client activity fund assets - Deposit balances / deposits + New clients - Securities on loan - Transaction pricing in Corporate - Deposit pricing - Loan balances volumes Trust - Margin loans - Depositary Receipts fees timing - Previously lost business 99 First Quarter 2019 – Financial Highlights

Investment Management Growth vs. Performance Commentary Financial Highlights ($ millions) 1Q19 4Q18 1Q18 year-over-year Total revenue by line of business: Asset Management $637 (3)% (17)% • Asset Management, down 17% with almost half of the Wealth Management 302 — (5) decrease driven by the impact of 2018 divestitures and a Total revenue by line of business 939 (2) (14) stronger U.S. dollar; remainder primarily reflects Provision for credit losses 1 N/M N/M cumulative AUM outflows since 1Q18 and lower Noninterest expense 669 (6) (5) Income before taxes $269 9% (29)% performance fees Pre-tax operating margin 29% 289 bps (647) bps (a) Pre-tax operating margin – (non-GAAP) 32% 314 bps (735) bps • Wealth Management, down 5% on lower net interest revenue and fees Key Metrics ($ millions unless otherwise noted) Average loans $16,403 —% (3)% • AUM of $1.8 trillion, down 1% on the impact of a stronger Average deposits 15,815 6 18 U.S. dollar and net outflows, partially offset by higher (b) Wealth Management client assets (bn) 253 6% (1)% market values (c) Changes in AUM (bn): 4Q18 1Q18 Beginning balance of AUM $1,722 $1,828 $1,893 Net inflows (outflows): Equity (4) (8) — Fixed income 3 (1) 7 Liability-driven investments 5 14 13 Multi-asset and alternative investments (4) (2) (3) Index (2) (11) (13) Cash 2 (10) (14) Total net inflows (outflows) — (18) (10) Net market impact 103 (69) (14) Net currency impact 16 (19) 29 Divestiture/Other — — (30) Ending balance of AUM $1,841 $1,722 $1,868 Note: See page 13 for corresponding footnotes in Appendix. N/M - not meaningful; bps - basis points 1010 First Quarter 2019 – Financial Highlights

Other Segment Performance Commentary ($ millions) 1Q19 4Q18 1Q18 year-over-year Fee revenue $29 $29 $57 • Fee revenue decreased primarily reflecting asset- Net securities gains (losses) 1 — (49) related gains recorded in 1Q18 Total fee and other revenue 30 29 8 Net interest (expense) (30) (15) (1) • Net interest expense increased primarily resulting from Total revenue — 14 7 corporate treasury activity Provision for credit losses (2) (7) — Noninterest expense 61 160 87 • Noninterest expense decreased reflecting lower (Loss) before taxes $(59) $(139) $(80) incentive expense 1111 First Quarter 2019 – Financial Highlights

Appendix

Footnotes 1Q19 Financial Results - Page 2 (a) Quarterly returns are annualized. See the Appendix for reconciliation of this non-GAAP measure. (b) Includes a net charge of $155 million, or $(0.16) per diluted common share, related to severance, expenses associated with consolidating real estate and litigation expense, partially offset by adjustments to provisional estimates for U.S. tax legislation and other changes. Financial Highlights - Page 4 (a) Includes a net charge of $155 million, or $(0.16) per diluted common share, related to severance, expenses associated with consolidating real estate and litigation expense, partially offset by adjustments to provisional estimates for U.S. tax legislation and other changes. (b) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense. Capital and Liquidity, Page 5 (a) Regulatory capital ratios for March 31, 2019 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 periods included was the Advanced Approaches. (b) Quarterly results are annualized. (c) Quarterly returns are annualized. See the Appendix for reconciliation of this non-GAAP measure. (d) Non-GAAP information, for all periods presented, excludes goodwill and intangible assets, net of deferred tax liabilities. See the Appendix for reconciliation of this non-GAAP measure. Investment Services, Page 8 (a) Current period is preliminary. Includes the AUC/A of CIBC Mellon Global Securities Services Company (“CIBC Mellon”), a joint venture with the Canadian Imperial Bank of Commerce, of $1.3 trillion at March 31, 2019, $1.2 trillion at Dec. 31, 2018 and $1.3 trillion at March 31, 2018. (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 $62 billion at March 31, 2019, $58 billion at Dec. 31, 2018 and $73 billion at March 31, 2018. Investment Management, Page 10 (a) Net of distribution and servicing expense. See the Appendix for reconciliation of this non-GAAP measure. (b) Current period is preliminary. Includes AUM and AUC/A in the Wealth Management business. The 1Q18 amount was revised to include additional AUC/A. (c) Current period is preliminary. Excludes securities lending cash management assets and assets managed in the Investment Services business. 1313 First Quarter 2019 – Financial Highlights

Return on Common Equity and Tangible Common Equity Reconciliation ($ millions) 1Q19 4Q18 1Q18 Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP $910 $832 $1,135 Add: Amortization of intangible assets 29 35 49 Less: Tax impact of amortization of intangible assets 7 8 12 Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, $932 $859 $1,172 excluding amortization of intangible assets – non-GAAP Average common shareholders’ equity $37,086 $37,886 $37,593 Less: Average goodwill 17,376 17,358 17,581 Average intangible assets 3,209 3,239 3,397 Add: Deferred tax liability – tax deductible goodwill 1,083 1,072 1,042 Deferred tax liability – intangible assets 690 692 716 Average tangible common shareholders’ equity – non-GAAP $18,274 $19,053 $18,373 Return on common equity (annualized) – GAAP 10.0% 8.7% 12.2% Return on tangible common equity (annualized) – non-GAAP 20.7% 17.9% 25.9% Book Value and Tangible Book Value Per Share Reconciliation ($ millions, except common shares) March 31, 2019 Dec. 31, 2018 March 31, 2018 BNY Mellon shareholders’ equity at period end – GAAP $41,225 $40,638 $41,728 Less: Preferred stock 3,542 3,542 3,542 BNY Mellon common shareholders’ equity at period end – GAAP 37,683 37,096 38,186 Less: Goodwill 17,367 17,350 17,596 Intangible assets 3,193 3,220 3,370 Add: Deferred tax liability – tax deductible goodwill 1,083 1,072 1,042 Deferred tax liability – intangible assets 690 692 716 BNY Mellon tangible common shareholders’ equity at period end – non-GAAP $18,896 $18,290 $18,978 Period-end common shares outstanding (th) 957,517 960,426 1,010,676 Book value per common share – GAAP $39.36 $38.63 $37.78 Tangible book value per common share – non-GAAP $19.74 $19.04 $18.78 1414 First Quarter 2019 – Financial Highlights

Pre-tax Operating Margin Reconciliation - Investment Management Business 1Q19 4Q18 1Q18 ($ millions) Income before income taxes – GAAP $269 $247 $381 Total revenue – GAAP $939 $963 $1,088 Less: Distribution and servicing expense 91 95 110 Adjusted total revenue, net of distribution and servicing expense – non-GAAP $848 $868 $978 Pre-tax operating margin – GAAP (a) 29% 26% 35% Pre-tax operating margin, net of distribution and servicing expense – non-GAAP (a) 32% 29% 39% (a) Income before income taxes divided by total revenue. 1515 First Quarter 2019 – Financial Highlights (a) Other charges include severance, litigation, an asset impairment and investment securities losses related to the sale of certain securities.

Cautionary Statement A number of statements in our presentations, the accompanying slides and the responses to your questions are “forward-looking statements.” Words such as “estimate,” “forecast,” “project,” “anticipate,” “likely,” “target,” “expect,” “intend,” “continue,” “seek,” “believe,” “plan,” “goal,” “could,” “should,” “would,” “may,” “might,” “will,” “strategy,” “synergies,” “opportunities,” “trends,” “future” and words of similar meaning signify forward-looking statements. These statements relate to, among other things, The Bank of New York Mellon Corporation’s (the “Corporation”) expectations regarding: capital plans, strategic priorities, financial goals, organic growth and efficiency, investments, capabilities, revenue, expenses, deposits, interest rates and yield curves, taxes, business opportunities, preliminary business metrics and regulatory capital ratios; and statements regarding the Corporation's aspirations, as well as the Corporation’s overall plans, strategies, goals, objectives, expectations, outlooks, estimates, intentions, targets, opportunities and initiatives. These forward-looking statements are based on assumptions that involve risks and uncertainties and that are subject to change based on various important factors (some of which are beyond the Corporation’s control). Actual outcomes may differ materially from those expressed or implied as a result of the factors described under “Forward Looking Statements” and “Risk Factors” in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 Annual Report”) and in other filings of the Corporation with the Securities and Exchange Commission (the “SEC”). Such forward-looking statements speak only as of April 17, 2019, and the Corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events. For additional information regarding the Corporation, please refer to the Corporation's SEC filings available at www.bnymellon.com/investorrelations. Non-GAAP Measures: In this presentation we discuss some non-GAAP measures in detailing the Corporation’s performance, which exclude certain items or otherwise include components that differ from GAAP. We believe these measures are useful to the investment community in analyzing the financial results and trends of ongoing operations. We believe they facilitate comparisons with prior periods and reflect the principal basis on which our management monitors financial performance. Additional disclosures relating to non-GAAP measures are contained in the Corporation’s reports filed with the SEC, including the 2018 Annual Report, and are available at www.bnymellon.com/ investorrelations. 1616 First Quarter 2019 – Financial Highlights