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Bank of New York Mellon Corp

For the period ended Mar 31, 2026. Filed May 1, 2026.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2026 · Filed May 1, 2026

BNY$151.14-0.1%Stored close · as of Nov 10, 2026

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Review of business segments

We have an internal information system that produces performance data along product and service lines for our three principal business segments: Securities Services, Market and Wealth Services and Investment and Wealth Management, and the Other segment.

Business segment accounting principles

Our business segment data has been determined on an internal management basis of accounting, rather than the generally accepted accounting principles

(“GAAP”) used for consolidated financial reporting. These measurement principles are designed so that reported results of the businesses will track their economic performance.

Our business segments are consistent with the structure used by the Chief Executive Officer, our Chief Operating Decision Maker (“CODM”), to make key operating decisions and assess performance. Our CODM evaluates the business segments’ operating performance primarily based on fee and other revenue, total revenue, income before income taxes, and pre-tax operating margin. The significant expense information regularly provided to and reviewed by the CODM is total noninterest expense. The CODM considers this information when evaluating the performance of each business segment and in making decisions about allocating capital and other resources to each business segment.

For information on the accounting principles of our business segments, see Note 16 of the Notes to Consolidated Financial Statements. For information on the primary products and services in each line of business, the primary types of revenue by line of business and how our business segments are presented and analyzed, see Note 23 of the Notes to Consolidated Financial Statements in our 2025 Annual Report.

Business segment results are subject to reclassification when organizational changes are made, or for refinements in revenue and expense allocation methodologies. Refinements are typically reflected on a prospective basis. In the first quarter of

10 BNY

2026, we realigned clients in Managed Accounts Solutions from the Asset Servicing line of business in the Securities Services business segment to the Wealth Solutions (formerly Pershing) line of business in the Market and Wealth Services business segment. Prior period amounts were revised for comparability.

The results of our business segments may be influenced by client and other activities that vary by quarter. In the first quarter, staff expense typically increases, reflecting the vesting of long-term stock awards for retirement-eligible employees. The timing of our annual employee merit increases also impacts staff expense. The annual employee merit increases are effective in March. In the third quarter, volume-related fees may decline due to reduced client activity. In the fourth quarter, we typically incur higher business development and marketing expenses. In our Investment and Wealth Management business segment, performance fees are typically higher in the fourth quarter, as that quarter represents the end of the measurement period for many of the performance fee-eligible relationships.

The results of our business segments may also be impacted by the translation of financial results denominated in foreign currencies into the U.S. dollar. We are primarily impacted by activities denominated in the British pound and the euro. On a

consolidated basis and in our Securities Services and Market and Wealth Services business segments, we typically have more foreign currency-denominated expenses than revenues. However, our Investment and Wealth Management business segment typically has more foreign currency-denominated revenues than expenses. Overall, currency fluctuations impact the year-over-year growth rate in the Investment and Wealth Management business segment more than the Securities Services and Market and Wealth Services business segments. However, currency fluctuations, in isolation, are not expected to significantly impact net income on a consolidated basis.

Fee revenue in the Investment and Wealth Management business segment, and, to a lesser extent, in the Securities Services and Market and Wealth Services business segments, is impacted by global market fluctuations. At March 31, 2026, we estimated that a 5% change in global equity markets, spread evenly throughout the year, would impact fee revenue by less than 1% and diluted earnings per common share by $0.05 to $0.08.

See Note 16 of the Notes to Consolidated Financial Statements for the consolidating schedules, which show the contribution of our business segments to our overall profitability.

BNY 11

Securities Services business segment

(dollars in millions, unless otherwise noted) · %
1Q26 · 1Q25 · change
Revenue:
Investment services fees:
Asset Servicing (a)$1,170$1,05011%
Issuer Services2782674
Total investment services fees1,4481,31710
Foreign exchange revenue19613644
Other fees (b)746514
Total fee revenue1,7181,51813
Investment and other revenue203140N/M
Total fee and other revenue1,9211,65816
Net interest income75763020
Total revenue2,6782,28817
Provision for credit losses(11)8N/M
Noninterest expense (a)1,6481,5695
Income before income taxes (a)$1,041$71146%
Pre-tax operating margin (a)39%31%
Securities lending revenue (c)$72$5238%
Total revenue by line of business:
Asset Servicing$2,170$1,77422%
Issuer Services508514(1)
Total revenue by line of business$2,678$2,28817%
Selected average balances:
Average loans$12,265$11,3478%
Average deposits (a)$197,789$175,85312%
Selected metrics:
AUC/A at period end (in trillions) (a)(d)$42.7$37.913%
Market value of securities on loan at period end (in billions) (e)$629$50425%
Issuer Services:
Total debt serviced at period end (in trillions)$15.0$13.98%
Number of Depositary Receipts programs at period end1,6321,5764%

(a) In the first quarter of 2026, we realigned clients in Managed Accounts Solutions from the Asset Servicing line of business to the Wealth Solutions (formerly Pershing) line of business in the Market and Wealth Services business segment. Prior period amounts were revised for comparability.

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

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

(d) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Issuer Services line of business. Includes the AUC/A of CIBC Mellon of $2.1 trillion at March 31, 2026 and $1.9 trillion at March 31, 2025.

(e) Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY acts as agent on behalf of CIBC Mellon clients, which totaled $73 billion at March 31, 2026 and $62 billion at March 31, 2025.

12 BNY

The Securities Services business segment consists of two distinct lines of business, Asset Servicing and Issuer Services, which provide business solutions across the transaction life cycle to our global asset owner and asset manager clients. We are one of the leading global investment services providers, with $42.7 trillion of AUC/A at March 31, 2026. For information on the drivers of the Securities Services fee revenue, see Note 9 of the Notes to Consolidated Financial Statements in our 2025 Annual Report.

The Asset Servicing business provides a comprehensive suite of solutions. We are one of the largest global custody, fund administrator and front-to-back outsourcing service providers. We offer services for the safekeeping of assets in capital markets globally as well as fund accounting services, exchange-traded funds servicing, transfer agency, trust and depository, front-to-back capabilities, data and analytics solutions and digital asset custody and administration services for our clients. We deliver foreign exchange, and securities lending and financing solutions, on both an agency and principal basis. Our agency securities lending program is one of the largest lenders of U.S. and non-U.S. securities, servicing a lendable asset pool of approximately $6.2 trillion in 35 markets. Our market-leading liquidity services portal enables cash investments for institutional clients and includes fund research and analytics.

The Issuer Services business includes Corporate Trust and Depositary Receipts. Our Corporate Trust business delivers a full range of issuer and related investor services, including trustee, paying agency, fiduciary, escrow and other financial services. We are a leading provider to the debt capital markets, providing customized and market-driven solutions to investors, bondholders and lenders. Our Depositary Receipts business drives global investing by providing servicing and value-added solutions that enable, facilitate and enhance cross-border trading, clearing, settlement and ownership. We are one of the largest providers of depositary receipts services in the world, partnering with leading companies from more than 50 countries.

AUC/A of $42.7 trillion increased 13% compared with March 31, 2025, primarily reflecting net client inflows, higher market values and the favorable impact of the weaker U.S. dollar.

Total revenue of $2.7 billion increased 17% compared with the first quarter of 2025. The drivers of total revenue by line of business are indicated below.

Asset Servicing revenue of $2.2 billion increased 22% compared with the first quarter of 2025, primarily reflecting higher net interest income, first quarter 2026 investment gains and higher client activity, foreign exchange revenue and market values.

Issuer Services revenue of $508 million decreased 1% compared with the first quarter of 2025, primarily reflecting a first quarter 2025 disposal gain, partially offset by higher Corporate Trust revenue.

Market and regulatory trends are driving investable assets toward lower fee asset management products at reduced margins for our clients. These dynamics are also negatively impacting our investment services fees. However, at the same time, these trends are providing additional outsourcing opportunities as clients and other market participants seek to comply with regulations and reduce their operating costs.

Noninterest expense of $1.6 billion increased 5% compared with the first quarter of 2025, primarily reflecting higher investments and revenue-related expenses, the unfavorable impact of the weaker U.S. dollar and employee merit increases, partially offset by efficiency savings.

BNY 13

Market and Wealth Services business segment

(dollars in millions, unless otherwise noted) · %
1Q26 · 1Q25 · change
Revenue:
Investment services fees:
Wealth Solutions (a)$544$5156%
Payments and Trade2202095
Clearance and Collateral Management43036219
Total investment services fees1,1941,08610
Foreign exchange revenue362924
Other fees (b)70658
Total fee revenue1,3001,18010
Investment and other revenue2121N/M
Total fee and other revenue1,3211,20110
Net interest income57149715
Total revenue1,8921,69811
Provision for credit losses(6)4N/M
Noninterest expense (a)9378816
Income before income taxes (a)$961$81318%
Pre-tax operating margin (a)51%48%
Total revenue by line of business:
Wealth Solutions (a)$783$7317%
Payments and Trade54547714
Clearance and Collateral Management56449015
Total revenue by line of business$1,892$1,69811%
Selected average balances:
Average loans$52,921$42,98623%
Average deposits (a)$103,043$91,90612%
Selected metrics:
AUC/A at period end (in trillions) (a)(c)$16.5$14.911%
Wealth Solutions (formerly Pershing):
AUC/A at period end (in trillions) (a)$3.3$2.914%
Net new assets (U.S. platform) (in billions) (d)$22$11N/M
Daily average revenue trades (“DARTs”) (U.S. platform) (in thousands)35229818%
Average active clearing accounts (in thousands)8,6018,4062%
Payments and Trade:
Average daily U.S. dollar payment volumes257,960244,6735%
Clearance and Collateral Management:
Average collateral balances (in billions)$7,783$6,57618%

(a) In the first quarter of 2026, we realigned clients in Managed Accounts Solutions from the Asset Servicing line of business in the Securities Services business segment to the Wealth Solutions (formerly Pershing) line of business. Prior period amounts were revised for comparability.

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

(c) Consists of AUC/A from the Clearance and Collateral Management and Wealth Solutions (formerly Pershing) lines of business.

(d) Net new assets represent net flows of assets (e.g., net cash deposits and net securities transfers, including dividends and interest) in customer accounts in Pershing LLC, a U.S. broker-dealer.

14 BNY

The Market and Wealth Services business segment consists of three distinct lines of business, Wealth Solutions (formerly Pershing), Payments and Trade and Clearance and Collateral Management, which provide business services and technology solutions to entities including financial institutions, corporations, foundations and endowments, public funds and government agencies. For information on the drivers of the Market and Wealth Services fee revenue, see Note 9 of the Notes to Consolidated Financial Statements in our 2025 Annual Report.

Wealth Solutions (formerly Pershing) provides execution, clearing, custody and technology solutions, delivering operational support to broker-dealers, wealth managers and registered investment advisors (“RIAs”) globally.

Our Payments and Trade business is a leading provider of global payments, liquidity management and trade finance services for financial institutions, corporations and the public sector.

Our Clearance and Collateral Management business clears and settles equity and fixed-income transactions globally and serves as custodian for tri-party repo collateral worldwide. We are the primary provider of U.S. government securities clearance and a provider of non-U.S. government securities clearance. Our collateral services include collateral management, administration and segregation. We offer innovative solutions and industry expertise that help financial institutions

and institutional investors with their financing, risk and balance sheet opportunities.

AUC/A of $16.5 trillion increased 11% compared with March 31, 2025, primarily reflecting net client inflows and higher market values.

Total revenue of $1.9 billion increased 11% compared with the first quarter of 2025. The drivers of total revenue by line of business are indicated below.

Wealth Solutions (formerly Pershing) revenue of $783 million increased 7% compared with the first quarter of 2025, primarily reflecting higher net interest income, market values and client activity.

Payments and Trade revenue of $545 million increased 14% compared with the first quarter of 2025, primarily reflecting higher net interest income and net new business.

Clearance and Collateral Management revenue of $564 million increased 15% compared with the first quarter of 2025, primarily reflecting higher collateral management balances and clearance volumes.

Noninterest expense of $937 million increased 6% compared with the first quarter of 2025, primarily reflecting higher investments, employee merit increases, higher revenue-related expenses and the unfavorable impact of the weaker U.S. dollar, partially offset by efficiency savings.

BNY 15

Investment and Wealth Management business segment

%
(dollars in millions)1Q261Q25change
Revenue:
Investment management fees$785$7357%
Performance fees15N/M
Investment management and performance fees (a)7867406
Distribution and servicing fees70683
Other fees (b)(83)(75)N/M
Total fee revenue7737335
Investment and other revenue (c)(1)5N/M
Total fee and other revenue7727385
Net interest income534129
Total revenue8257796
Provision for credit losses92N/M
Noninterest expense7267142
Income before income taxes$90$6343%
Pre-tax operating margin11%8%
Total revenue by line of business:
Investment Management$550$5186%
Wealth Management2752615
Total revenue by line of business$825$7796%
Selected average balances:
Average loans$14,233$13,5375%
Average deposits$9,592$9,917(3)%

(a) On a constant currency basis, investment management and performance fees increased 4% (Non-GAAP) compared with the first quarter of 2025. See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 39 for the reconciliation of this Non-GAAP measure.

(b) Other fees primarily include investment services fees.

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

16 BNY

AUM trends1Q26 vs.
(dollars in billions)1Q264Q253Q252Q251Q254Q251Q25
AUM by product type: (a)
Equity$172$179$180$168$156(4)%10%
Fixed income261262257248234—12
Index497517512488470(4)6
Liability-driven investments530539537588549(2)(3)
Multi-asset and alternative investments181186181173167(3)8
Cash485495475441432(2)12
Total AUM$2,126$2,178$2,142$2,106$2,008(2)%6%
Changes in AUM: (a)
Beginning balance of AUM$2,178$2,142$2,106$2,008$2,029
Net inflows (outflows):
Long-term strategies:
Equity(4)(4)(8)(3)(3)
Fixed income35752
Liability-driven investments1(15)(23)—1
Multi-asset and alternative investments—(1)(1)(4)(2)
Total long-term active strategies inflows (outflows)—(15)(25)(2)(2)
Index(7)(8)(8)(22)(11)
Total long-term strategies (outflows)(7)(23)(33)(24)(13)
Short-term strategies:
Cash(10)20347(5)
Total net inflows (outflows)(17)(3)1(17)(18)
Net market impact(23)403070(25)
Net currency impact(12)(1)(10)4522
Other——15(b)——
Ending balance of AUM$2,126$2,178$2,142$2,106$2,008(2)%6%
Wealth Management client assets (c)$339$350$348$339$327(3)%4%

(a) Represents assets managed in the Investment and Wealth Management business segment.

(b) Reflects a change in methodology beginning in the third quarter of 2025 to include assets under advisement.

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

The Investment and Wealth Management business segment consists of Investment Management and Wealth Management lines of business. See pages 17 and 18 of our 2025 Annual Report for additional information on our Investment and Wealth Management business segment.

Our Investment Management business is a multi-asset portfolio solutions provider offering products and investments for institutional and retail clients globally. This includes a global distribution platform and seven specialized investment firms: BNY Investments Dreyfus, a liquidity solutions provider; BNY Investments Mellon, an index provider; Insight Investment, our fixed income franchise; BNY Investments Newton, an equity and multi-asset manager; Walter Scott, a specialized equity manager; and Brazilian equity manager ARX. BNY also owns a noncontrolling interest in Siguler Guff, a multi-strategy private equity investment firm. Each highly

experienced investment team has its own proprietary investment process and approach.

Wealth Management provides investment management, custody, wealth and estate planning, private banking services, investment servicing and information management. Wealth Management has more than 30 offices in the U.S. and internationally.

AUM of $2.1 trillion as of March 31, 2026, increased 6% compared with March 31, 2025, primarily reflecting higher market values and the favorable impact of the weaker U.S. dollar, partially offset by cumulative net outflows.

Net long-term strategy outflows were $7 billion in the first quarter of 2026, driven by index and equity investments, partially offset by inflows of fixed income and liability-driven investments. Short-term strategy outflows were $10 billion in the first quarter

BNY 17 of 2026. Market and regulatory trends have resulted in increased demand for lower fee asset management products and for performance-based fees.

Total revenue of $825 million increased 6% compared with the first quarter of 2025. The drivers of total revenue by line of business are indicated below.

Investment Management revenue of $550 million increased 6% compared with the first quarter of 2025, primarily reflecting higher market values and the favorable impact of the weaker U.S. dollar, partially offset by the mix of AUM flows.

Wealth Management revenue of $275 million increased 5% compared with the first quarter of 2025, primarily reflecting higher market values and net interest income, partially offset by changes in product mix.

Revenue generated in the Investment and Wealth Management business segment included 29% from non-U.S. sources in the first quarter of 2026, compared with 28% in the first quarter of 2025.

Noninterest expense of $726 million increased 2% compared with the first quarter of 2025, primarily reflectingthe unfavorable impact of the weaker U.S. dollar, employee merit increases and higher investments, partially offset by efficiency savings.

Other segment

(in millions)1Q261Q25
Fee revenue$(23)$(28)
Investment and other revenue5062
Total fee and other revenue2734
Net interest income (expense)(11)(9)
Total revenue1625
Provision for credit losses14
Noninterest expense8988
(Loss) before income taxes$(74)$(67)
Average loans$1,639$1,800

See page 19 of our 2025 Annual Report for additional information on the Other segment.

Total revenue includes corporate treasury and other investment activity, including hedging activity, which has an offsetting impact between fee and other revenue and net interest expense.

Total revenue decreased $9 million compared with the first quarter of 2025, primarily driven by net investment securities losses, partially offset by higher renewable energy investment gains.

Noninterest expense increased $1 million compared with the first quarter of 2025.

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