BNY Mellon Reports First Quarter 2018 Earnings Of $1.14 Billion Or $1.10 Per Common Share

Revenue up 9%

EPS up 33%

1Q18 vs.

1Q18

4Q17

1Q17

4Q17

1Q17

Net income applicable to common shareholders (in millions)

$

1,135

$

1,126

$

880

1%

29%

Diluted earnings per common share

$

1.10

$

1.08

$

0.83

2%

33%

 First Quarter Results

CEO Commentary

Total revenue of $4.2 billion, increased 9%

• Fee revenue increased 10%
• Net interest revenue increased 16%
• Weaker U.S. dollar increased total revenue ~ 2%

Total noninterest expense of $2.7 billion, increased 4%

• Weaker U.S. dollar increased expense ~ 3%

Investment Services

• Total revenue increased 11%
• Income before taxes increased 22%
• Record AUC/A of $33.5 trillion, up 9%

Investment Management

• Total revenue increased 13%
• Income before taxes increased 38%
• AUM of $1.9 trillion, up 8%

Returned approximately $890 million to common
shareholders

• Repurchased 11 million common shares for $644 million
• Paid $246 million in dividends to common shareholders

"We delivered strong financial results this quarter, with earnings per common share up 33 percent.  Earnings grew by 23 percent, excluding the impact of a lower tax rate and our continued capital return through buybacks, each of which contributed approximately 5 percent.  Strong equity markets and higher interest rates were important drivers and, while we should remain beneficiaries of strong and growing markets over the long term, we are focused on continuing to increase our organic revenue growth," Charles W. Scharf, chairman and chief executive officer, said.

"Importantly, we saw franchise growth in several parts of the company, including foreign exchange trading, tri-party repo activity, collateral management, securities lending and liquidity services.  Average deposit levels were up 6 percent, assets under custody and administration grew 9 percent to a record level, our assets under management saw solid inflows in actively managed strategies, securities on loan increased 39 percent and average long-term mutual fund balances at Pershing increased 12 percent," Mr. Scharf continued.

"While increasing revenue growth and investing significantly in our technology platform remain strategic priorities, we continue to be disciplined across our total expense base and saw minimal growth in total expenses after adjusting for foreign exchange," Mr. Scharf concluded.

Investor Relations: Valerie Haertel (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" beginning on page 11.

Note: Above comparisons are 1Q18 vs. 1Q17.

(dollars in millions, except per share amounts; common shares in thousands)

1Q18 vs.

1Q18

4Q17

1Q17

4Q17

1Q17

Fee revenue

$

3,319

$

2,886

$

3,008

15

%

10

%

Net securities (losses) gains

(49)

(26)

10

N/M

N/M

Fee and other revenue

3,270

2,860

3,018

14

8

(Loss) income from consolidated investment management funds

(11)

17

33

N/M

N/M

Net interest revenue

919

851

792

8

16

Total revenue

4,178

3,728

3,843

12

9

Provision for credit losses

(5)

(6)

(5)

N/M

N/M

Noninterest expense

2,739

3,006

2,642

(9)

4

Income before income taxes

1,444

728

1,206

N/M

20

Provision (benefit) for income taxes

282

(453)

269

N/M

5

Net income

$

1,162

$

1,181

$

937

(2)

%

24

%

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

$

1,135

$

1,126

$

880

1

%

29

%

Operating leverage (a)

N/M

505

bps

Diluted earnings per common share

$

1.10

$

1.08

$

0.83

2

%

33

%

Average common shares and equivalents outstanding - diluted

1,021,731

1,030,404

1,047,746

Pre-tax operating margin

35

%

20

%

31

%

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

N/M ? Not meaningful.

bps ? basis points.

(b)   See "Supplemental information ? Explanation of GAAP and Non-GAAP financial measures" beginning on page 11 for the reconciliation.

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

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

1Q18 vs.

1Q18

4Q17

1Q17

4Q17

1Q17

Total revenue by line of business: (a)

Asset Servicing

$

1,519

$

1,459

$

1,346

4

%

13

%

Pershing

581

569

522

2

11

Issuer Services

418

352

396

19

6

Treasury Services

321

322

302

?

6

Clearance and Collateral Management

255

252

225

1

13

   Total revenue by line of business

3,094

2,954

2,791

5

11

Provision for credit losses

(7)

(2)

?

N/M

N/M

Noninterest expense

1,949

2,097

1,849

(7)

5

   Income before taxes

$

1,152

$

859

$

942

34

%

22

%

Pre-tax operating margin

37

%

29

%

34

%

Foreign exchange revenue

$

169

$

168

$

153

1

%

10

%

Securities lending revenue

$

48

$

45

$

40

7

%

20

%

Metrics:

Average loans

$

39,200

$

38,845

$

42,818

1

%

(8)

%

Average deposits

$

214,130

$

204,680

$

197,690

5

%

8

%

AUC/A at period end (in trillions) (current period is preliminary) (b)

$

33.5

$

33.3

$

30.6

1

%

9

%

Market value of securities on loan at period end (in billions) (c)

$

436

$

408

$

314

7

%

39

%

Pershing

Average active clearing accounts (U.S. platform) (in thousands)

6,075

6,126

6,058

(1)

%

?

%

Average long-term mutual fund assets (U.S. platform)

$

514,542

$

508,873

$

460,977

1

%

12

%

Average investor margin loans (U.S. platform)

$

10,930

$

9,822

$

10,740

11

%

2

%

Clearance and Collateral Management

Average tri-party repo balances (in billions)

$

2,698

$

2,606

$

2,373

4

%

14

%

(a)

See "Change in Presentation" on page 13 for additional information on the Investment Services business.

(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, 2018 and Dec. 31, 2017 and $1.2 trillion at March 31, 2017.

(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 $73 billion at March 31, 2018, $71
billion at Dec. 31, 2017 and $65 billion at March 31, 2017.

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

1Q18 vs.

1Q18

4Q17

1Q17

4Q17

1Q17

Total revenue by line of business: (a)

Asset Management

$

770

$

738

$

661

4

%

16

%

Wealth Management

318

310

302

3

5

   Total revenue by line of business

1,088

1,048

963

4

13

Provision for credit losses

2

1

3

N/M

N/M

Noninterest expense

705

771

683

(9)

3

   Income before taxes

$

381

$

276

$

277

38

%

38

%

Pre-tax operating margin

35

%

26

%

29

%

Adjusted pre-tax operating margin ? Non-GAAP (b)

39

%

29

%

32

%

Metrics:

Average loans

$

16,876

$

16,813

$

16,153

?

%

4

%

Average deposits

$

13,363

$

11,633

$

15,781

15

%

(15)

%

Wealth Management client assets (in billions) (current period is preliminary) (c)

$

246

$

251

$

236

(2)

%

4

%

Changes in AUM (in billions) (current period is preliminary): (d)

Beginning balance of AUM

$

1,893

$

1,824

$

1,648

Net inflows (outflows):

Long-term strategies:

   Equity

?

(6)

(4)

   Fixed income

7

(2)

2

   Liability-driven investments, including currency overlay

13

23

14

   Multi-asset and alternative investments

(3)

2

2

   Total long-term active strategies inflows

17

17

14

   Index

(13)

(1)

?

4

16

14

Short term strategies:

   Cash

(14)

(4)

13

   Total net (outflows) inflows

(10)

12

27

Net market impact

(14)

47

41

Net currency impact

29

10

11

Divestiture/Other (e)

(30)

?

?

$

1,868

$

1,893

$

1,727

(1)

%

8

%

(a)

See "Change in Presentation" on page 13 for additional information on the Investment Management business.

(b)

Net of distribution and servicing expense.  See "Supplemental information ? Explanation of GAAP and Non-GAAP financial measures" beginning on
page 11 for the reconciliation of this Non-GAAP measure.  In 1Q18, the adjusted pre-tax margin ? Non-GAAP for prior periods was restated to include
amortization of intangible assets and the provision for credit losses.

(c)

Includes AUM and AUC/A in the Wealth Management business.

(d)

Excludes securities lending cash management assets and assets managed in the Investment Services business.

(e)

Primarily reflects a change in methodology beginning in 1Q18 to exclude AUM related to equity method investments as well as the CenterSquare divestiture.

(in millions)

1Q18

4Q17

1Q17

Fee revenue

$

57

$

(221)

$

62

Net securities (losses) gains

(49)

(26)

10

Total fee and other revenue (loss)

8

(247)

72

Net interest (expense)

(1)

(36)

(1)

Total revenue (loss)

7

(283)

71

Provision for credit losses

?

(5)

(8)

Noninterest expense

87

135

107

(Loss) before taxes

$

(80)

$

(413)

$

(28)

Capital and liquidity ratios

March 31,
2018

Dec. 31,
2017

Consolidated regulatory capital ratios: (a)(b)

CET1 ratio

10.7

%

10.3

%

Tier 1 capital ratio

12.7

12.3

Total capital ratio

13.5

13.0

Tier 1 leverage ratio

6.5

6.4

SLR

5.9

5.9

BNY Mellon shareholders' equity to total assets ratio

11.2

11.1

BNY Mellon common shareholders' equity to total assets ratio

10.2

10.1

Average liquidity coverage ratio ("LCR")

116

%

118

%

Book value per common share (c)

$

37.78

$

37.21

Tangible book value per common share ? Non-GAAP (c)

$

18.78

$

18.24

Cash dividends per common share

$

0.24

$

0.24

Common dividend payout ratio

22

%

22

%

Closing stock price per common share

$

51.53

$

53.86

Market capitalization (in millions)

$

52,080

$

54,584

Common shares outstanding (in thousands)

1,010,676

1,013,442

(a)

Regulatory capital ratios for March 31, 2018 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)

Regulatory capital ratios for Dec. 31, 2017 are presented on a fully phased-in basis.  On a
transitional basis at Dec. 31, 2017, the CET1 ratio was 10.7%, the Tier 1 capital ratio was 12.7%,
the Total capital ratio was 13.4%, the Tier 1 leverage ratio was 6.6% and the SLR was 6.1%.

(c)

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" beginning on page 11 for the reconciliation of this Non-GAAP measure.

Net interest revenue

1Q18 vs.

(dollars in millions; not meaningful - N/M)

1Q18

4Q17

1Q17

4Q17

1Q17

Net interest revenue

$

919

$

851

$

792

8

%

16

%

Add: Tax equivalent adjustment

6

11

12

N/M

N/M

Net interest revenue, on a fully taxable equivalent ("FTE") basis ? Non-GAAP (a)

$

925

$

862

$

804

7

%

15

%

Net interest margin

1.22

%

1.14

%

1.13

%

8

bps

9

bps

Net interest margin (FTE) ? Non-GAAP (a)

1.23

%

1.16

%

1.14

%

7

bps

9

bps

Selected average balances:

Cash/interbank investments

$

120,821

$

117,446

$

106,069

3

%

14

%

Trading account securities

4,183

2,723

2,254

54

86

Securities

118,459

120,225

114,786

(1)

3

Loans

58,606

56,772

60,312

3

(3)

Interest-earning assets

302,069

297,166

283,421

2

7

Interest-bearing deposits

155,704

147,763

139,820

5

11

Federal funds purchased and securities sold under repurchase agreements

18,963

20,211

18,995

(6)

?

Long-term debt

28,407

28,245

25,882

1

10

Other interest-bearing liabilities

23,920

26,086

22,855

(8)

5

Interest-bearing liabilities

226,994

222,305

207,552

2

9

Noninterest-bearing deposits

71,005

69,111

73,555

3

(3)

Selected average yields/rates: (b)

Cash/interbank investments

1.13

%

0.98

%

0.56

%

Trading account securities

2.62

2.02

3.12

Securities

2.03

1.85

1.71

Loans

2.90

2.60

2.15

Interest-earning assets

1.85

1.65

1.38

Interest-bearing deposits

0.30

0.17

0.03

Federal funds purchased and securities sold under repurchase agreements

2.29

1.83

0.51

Long-term debt

2.49

2.29

1.85

Other interest-bearing liabilities

1.04

0.71

0.28

Interest-bearing liabilities

0.82

0.65

0.33

Average cash/interbank investments as a percentage of average interest-earning assets

40

%

40

%

37

%

Average noninterest-bearing deposits as a percentage of average interest-earning assets

24

%

23

%

26

%

(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.

(b)

Yields/rates include the impact of interest rate hedging activities.

bps ? basis points.

Noninterest expense

1Q18 vs.

(dollars in millions)

1Q18

4Q17

1Q17

4Q17

1Q17

Staff (a)

$

1,576

$

1,628

$

1,488

(3)

%

6

%

Professional, legal and other purchased services

291

339

313

(14)

(7)

Software and equipment

234

297

223

(21)

5

Net occupancy

139

153

136

(9)

2

Sub-custodian and clearing (b)

119

102

103

17

16

Distribution and servicing

106

106

100

?

6

Bank assessment charges

52

53

57

(2)

(9)

Business development

51

66

51

(23)

?

Amortization of intangible assets

49

52

52

(6)

(6)

Other (a)(b)(c)

122

210

119

(42)

3

Total noninterest expense

$

2,739

$

3,006

$

2,642

(9)

%

4

%

(a)

In 1Q18, we adopted new accounting guidance included in ASU 2017-07, Compensation-Retirement
Benefits - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement
Benefit Cost, which required the reclassification of the components of pension and other post-
retirement costs, other than the service cost component.  As a result, staff expense increased and
other expense decreased.  Prior periods have been reclassified.

(b)

Beginning in 1Q18, clearing expense, which was previously included in other expense, was included
with sub-custodian expense.  Prior periods have been reclassified.

(c)

Beginning in 1Q18, merger and integration ("M&I"), litigation and restructuring charges are no longer
separately disclosed.  Expenses previously reported in this line have been reclassified to existing
expense categories, primarily other expense.

THE BANK OF NEW YORK MELLON CORPORATION

Condensed Consolidated Income Statement

Quarter ended

March 31,
2018

Dec. 31,
2017

March 31,
2017

Fee and other revenue

Investment services fees:

Asset servicing

$

1,168

$

1,130

$

1,063

Clearing services

414

400

376

Issuer services

260

197

251

Treasury services

138

137

139

   Total investment services fees

1,980

1,864

1,829

Investment management and performance fees

960

962

842

Foreign exchange and other trading revenue

209

166

164

Financing-related fees

52

54

55

Distribution and servicing

36

38

41

Investment and other income (loss)

82

(198)

77

   Total fee revenue

3,319

2,886

3,008

Net securities (losses) gains

(49)

(26)

10

   Total fee and other revenue

3,270

2,860

3,018

Operations of consolidated investment management funds

Investment (loss) income

(11)

17

37

Interest of investment management fund note holders

?

?

4

(Loss) income from consolidated investment management funds

(11)

17

33

Net interest revenue

Interest revenue

1,381

1,219

960

Interest expense

462

368

168

   Net interest revenue

919

851

792

   Total revenue

4,178

3,728

3,843

Provision for credit losses

(5)

(6)

(5)

Noninterest expense

Staff (a)

1,576

1,628

1,488

Professional, legal and other purchased services

291

339

313

Software and equipment

234

297

223

Net occupancy

139

153

136

Sub-custodian and clearing (b)

119

102

103

Distribution and servicing

106

106

100

Bank assessment charges

52

53

57

Business development

51

66

51

Amortization of intangible assets

49

52

52

Other (a)(b)(c)

122

210

119

   Total noninterest expense

2,739

3,006

2,642

Income

Income before income taxes

1,444

728

1,206

Provision (benefit) for income taxes

282

(453)

269

   Net income

1,162

1,181

937

Net loss (income) attributable to noncontrolling interests (includes $11, $(9) and $(18) related to consolidated
   investment management funds, respectively)

9

(6)

(15)

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

1,171

1,175

922

Preferred stock dividends

(36)

(49)

(42)

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

$

1,135

$

1,126

$

880

(a)

In 1Q18, we adopted new accounting guidance included in ASU 2017-07, Compensation-Retirement Benefits - Improving the
Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which required the reclassification
of the components of pension and other post-retirement costs, other than the service cost component.  As a result, staff
expense increased and other expense decreased.  Prior periods have been reclassified.

(b)

Beginning in 1Q18, clearing expense, which was previously included in other expense, was included with sub-custodian expense. 
Prior periods have been reclassified.

(c)

Beginning in 1Q18, M&I, litigation and restructuring charges are no longer separately disclosed.  Expenses previously reported
in this line have been reclassified to existing expense categories, primarily other expense.

THE BANK OF NEW YORK MELLON CORPORATION

Condensed Consolidated Income Statement - continued

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

Quarter ended

   used for the earnings per share calculation

March 31,

Dec. 31,

March 31,

(in millions)

2018

2017

2017

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

$

1,135

$

1,126

$

880

Less:  Earnings allocated to participating securities

8

8

14

Net income applicable to the common shareholders of The Bank of New York Mellon Corporation after
   required adjustments for the calculation of basic and diluted earnings per common share

$

1,127

$

1,118

$

866

Average common shares and equivalents outstanding of The Bank of New York Mellon Corporation

Quarter ended

March 31,

Dec. 31,

March 31,

(in thousands)

2018

2017

2017

Basic

1,016,797

1,024,828

1,041,158

Diluted

1,021,731

1,030,404

1,047,746

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

Quarter ended

   Corporation

March 31,

Dec. 31,

March 31,

(in dollars)

2018

2017

2017

Basic

$

1.11

$

1.09

$

0.83

Diluted

$

1.10

$

1.08

$

0.83

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 presented the operating margin for the Investment Management business net of distribution and servicing expense that is passed to third parties who distribute or service our managed funds.  BNY Mellon believes that this measure is useful when evaluating the business's performance relative to industry competitors.

The following table presents the reconciliation of the return on common equity and tangible common equity.

Return on common equity and tangible common equity reconciliation

(dollars in millions)

1Q18

4Q17

1Q17

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

$

1,135

$

1,126

$

880

Add:  Amortization of intangible assets

49

52

52

Less:  Tax impact of amortization of intangible assets

12

18

18

Adjusted net income applicable to common shareholders of The Bank of New York Mellon
   Corporation, excluding amortization of intangible assets ? Non-GAAP

$

1,172

$

1,160

$

914

Average common shareholders' equity

$

37,593

$

36,952

$

34,965

Less:  Average goodwill

17,581

17,518

17,338

Average intangible assets

3,397

3,437

3,578

Add:   Deferred tax liability ? tax deductible goodwill (a)

1,042

1,034

1,518

Deferred tax liability ? intangible assets (a)

716

718

1,100

$

18,373

$

17,749

$

16,667

Return on common equity (annualized) ? GAAP

12.2

%

12.1

%

10.2

%

Return on tangible common equity (annualized) ? Non-GAAP

25.9

%

25.9

%

22.2

%

(a)   Deferred tax liabilities, for the prior periods, are based on fully phased-in U.S. capital rules.

The following table presents the reconciliation of the book value and tangible book value per common share.

Book value and tangible book value per common share reconciliation

March 31,

December 31,

March 31,

(dollars in millions except common shares)

2018

2017

2017

BNY Mellon shareholders' equity at period end ? GAAP

$

41,728

$

41,251

$

39,138

Less:  Preferred stock

3,542

3,542

3,542

BNY Mellon common shareholders' equity at period end ? GAAP

38,186

37,709

35,596

Less:  Goodwill

17,596

17,564

17,355

 Intangible assets

3,370

3,411

3,549

Add:    Deferred tax liability ? tax deductible goodwill (a)

1,042

1,034

1,518

 Deferred tax liability ? intangible assets (a)

716

718

1,100

        BNY Mellon tangible common shareholders' equity at period end ? Non-GAAP

$

18,978

$

18,486

$

17,310

Period-end common shares outstanding (in thousands)

1,010,676

1,013,442

1,039,877

Book value per common share ? GAAP

$

37.78

$

37.21

$

34.23

Tangible book value per common share ? Non-GAAP

$

18.78

$

18.24

$

16.65

(a)   Deferred tax liabilities, for the prior periods, are based on fully phased-in U.S. capital rules.

The following table presents the reconciliation of the pre-tax operating margin for the Investment Management business.

Pre-tax operating margin reconciliation - Investment Management business

(dollars in millions)

1Q18

4Q17

1Q17

Income before income taxes ? GAAP

$

381

$

276

$

277

Total revenue ? GAAP

$

1,088

$

1,048

$

963

Less:  Distribution and servicing expense

110

107

101

Adjusted total revenue, net of distribution and servicing expense ? Non-GAAP

$

978

$

941

$

862

Pre-tax operating margin ? GAAP (a)

35

%

26

%

29

%

Adjusted pre-tax operating margin, net of distribution and servicing expense ? Non-GAAP (a)

39

%

29

%

32

%

(a)   Income before taxes divided by total revenue.

The following table presents the impact of U.S. tax legislation and other charges recorded in 4Q17.

Amounts included in 4Q17 results

(dollars in millions except earnings per share)

U.S. tax
legislation

Other
charges

(a)

Fee and other revenue

$

(279)

$

(37)

Income from consolidated investment management funds

?

?

Net interest revenue

(4)

?

Total revenue

(283)

(37)

Provision for credit losses

?

?

Total noninterest expense

?

282

Income before taxes

(283)

(319)

(Benefit) provision for income taxes

(710)

(73)

$

427

$

(246)

Diluted earnings per common share

$

0.41

$

(0.24)

(a)   Other charges include severance, litigation, an asset impairment and investment securities losses related to the sale of certain securities.

CHANGE IN PRESENTATION

In 1Q18, we began presenting total revenue for each of the primary lines of business in our two principal businesses.  The table below summarizes the products and services in each line of business and the primary types of revenue generated.  BNY Mellon believes that the updated presentation provides investors a clearer picture of our business results and permits investors to view revenue on a basis consistent with management.

Investment Services business

Lines of business

Primary products and services

Primary types of revenue

Asset Servicing

Custody, accounting, ETF services, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, prime brokerage and data analytics

- Asset servicing fees (includes securities lending revenue)

- Foreign exchange revenue

- Net interest revenue

- Financing-related fees

Pershing

Clearing and custody, investment, wealth and retirement solutions, technology and enterprise data management, trading services and prime brokerage

- Clearing services fees

- Net interest revenue

Issuer Services

Corporate Trust (trustee, administration and agency services and reporting and transparency) and Depositary Receipts  (issuer services and support for brokers and investors)

- Issuer services fees

- Net interest revenue

- Foreign exchange revenue

Treasury Services

Integrated cash management solutions including payments, foreign exchange, liquidity management, receivables processing and payables management and trade finance and processing

- Treasury services fees
- Net interest revenue

Clearance and Collateral Management

U.S. government clearing, global collateral management and tri-party repo

- Asset servicing fees

- Net interest revenue

Investment Management business