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The Bank of New York Mellon Annual Report 2019

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The Bank of New York Mellon Annual Report 2019 For more than 235 years, BNY Mellon has been a trusted steward of our clients’ business and a respected corporate citizen. With each decade comes a new era of change and, as we enter 2020, I am excited for what the future holds for our organization. In my 30-plus years with the company, we have undergone an incredible transformation. Not long ago, we were the largest retail bank in the greater New York suburban area, a large credit card player and an active participant in capital markets, leveraged loans and emerging markets. Today, we are a globally significant, broad-based services company with a low-risk balance sheet – a considerable evolution from the traditional commercial bank we once were. This spirit of transformation and innovation has been part of our DNA for more than two centuries and, now more than ever, we must continue to drive an aggressive agenda. While our growth as an organization has been noteworthy, we know there is more we need to do to continuously deliver on our promise to our shareholders. Annual Report 2019 I We feel good about our business model and portfolio of client services, and are confident in our ability to provide consistent returns to our shareholders. We take pride in our strong risk management culture, and in our digital- and technology-enabled capabilities – all of which have us well situated to provide scalable and efficient solutions to investors worldwide. As we move forward, we want to accelerate our evolution and innovation as this will ensure we are well positioned for the future and able to meet the ever-changing needs of our clients. This is the legacy we’ve built and will carry forward. Drive Exceptional Execution, Accelerate Our Evolution As an organization, we are determined to do more and do better, with a greater sense of urgency to drive exceptional execution and accelerate our transformation. We have a strong business model that generates significant cash and requires relatively low amounts of capital to grow. As such, we believe we are in a strong position in terms of what we do and are intently focused on how we do things to enhance our performance. With that objective, we are investing time and capital in the following: Building a Technology-driven and Digital Culture We’ve made large investments in our technology and digital ecosystem. The aim is simple: drive resiliency and security, enhance operational effectiveness and deliver more value for our clients across a broader set of their needs. We firmly believe that our digital mindset and open-platform approach are competitive advantages for us in the sector. II BNY Mellon Enhancing Our Operating Model Under the leadership of our Head of Operations, Lester Owens, our operations function is automating our end-to-end processes, which improves quality, reduces structural costs and increases productivity. With an enhanced discipline and rigor around operational performance, we made structural changes to improve oversight and accountability across our company. Employing a digital mindset, we utilize automation, machine learning and artificial intelligence (AI) to further operational efficiency and enhance the client experience. Extending beyond our own in-house capabilities, we are collaborating with fintechs and other financial institutions to accelerate our progress. Our investments have allowed us to upgrade our data centers and infrastructure, improving performance and creating a more resilient platform. We are now upgrading many applications and using advanced technologies to take advantage of this new environment. For example, we used AI to develop a solution to help address the hundreds of thousands of inbound client inquiries we receive each month. After a successful pilot, we are deploying that solution to facilitate client inquiries in a seamless, more timely manner. The result is a better client experience that costs less to deliver. We believe these technology investments will be a source of competitive differentiation. Deepening Relationships, Boosting Client Value Simply put, our clients are at the center of everything we do. Our technological advancements and operational improvements allow us to fundamentally change the nature of our client service model. However, it doesn’t stop with technology and operations. We are revamping our global client management and service functions to strengthen how we interact with, service and anticipate the needs of our clients. In addition, our open-platform approach provides significant opportunities for us to deliver new and unique client-centric solutions by partnering with other financial institutions, big tech and fintechs. The result of this open, platform-agnostic partnership model is the greater flexibility, quality, transparency and efficiency that our clients demand. It also enables us to grow and bolster our product portfolio while enhancing what is already industry-leading client service and retention. Annual Report 2019 III Expanding Our Relevance, Driving Growth We remain focused on growth across key geographies, as well as business and client segments, as we increase our influence and relevance across our industry. GEOGRAPHIC EXPANSION We must continue to deepen our presence in key international markets. We have enduring long-term investments in Northern and Western Europe; in the Middle East, where we’ve operated for more than 50 years; and in Asia, where our investments in China, Korea and Japan remain steadfast. Hani Kablawi, a leader with years of experience in our businesses, was recently named Head of International and will be focused on growth within these significant regions. BUSINESSES Asset Servicing – We continue to expand our capabilities internally and through external partnerships, and over the past year we announced market- leading (and industry-first) partnerships with important institutions across the front-to-back value chain. We’re enhancing capabilities in alternatives and exchange-traded funds (ETFs), which have strong growth prospects, and feel we are well positioned to capture our share as we leverage enterprise-wide relationships and help our clients diversify their asset classes. We are also expanding our data and analytics solutions offering, which we believe will be a real differentiator over time. We have more than $30 trillion in assets on our data and analytics platform and clients are increasingly using this data to improve their investment decision making and earnings outcomes. In 2019, we continued to win new mandates across geographies and client segments, including both asset managers and asset owners, segments in which we are a recognized leader across the globe. We take pride in our offering of tailored and comprehensive client solutions, which helps them overcome a range of issues such as liquidity, changing technologies and an increasingly volatile investment landscape. To drive change, Roman Regelman was recently named head of Asset Servicing. Roman brings a combination of digital and business skills that will accelerate the development of our already leading capabilities. IV BNY Mellon Clearance and Collateral Management – This business is a significant area of differentiation for us. We are focused on enabling market participants to more efficiently mobilize their collateral and realize funding and operational efficiencies. And our new collateral platform should significantly boost our ability to attract new market participants, support new collateral types and increase velocity across the platform. Pershing – Our Pershing service offering provides the end-to-end solutions that broker-dealers need to transform their business and that Registered Investment Advisors (RIAs) need to help grow and serve their clients. We entered 2020 with the strongest pipeline in many years and, at a time when industry consolidation is limiting choice, we believe our transparency, flexibility and alignment with our clients’ interests will prove attractive to the market. Treasury Services – We are refocusing on, and investing in, higher-margin and higher-growth businesses such as global payments, including real-time payments, as well as liquidity and trade finance – enabling us to grow deposits and maintain the scale needed to succeed. Issuer Services – In Corporate Trust, we see good business momentum as we gain market share in a number of key debt products and benefit from our investments in structured products. Additionally, our Depositary Receipts business continues to be well positioned in key markets where we will benefit from market activity. Investment Management – We are encouraged by our investment performance in some of our larger strategies, particularly in equities and multi-asset classes, the new areas of focus in our product pipeline, and believe that our multi-boutique model positions us well for the future. We are introducing new products across a number of areas where there is growing interest, including fixed income; environmental, social and governance (ESG) investing; enhanced beta; multi-asset solutions and ETFs. However, we recognize we have more work to do, especially in areas of the franchise that are facing structural headwinds. Annual Report 2019 V Wealth Management – We have a great Wealth Management franchise with a strong heritage and brand, but we must invest further to unlock its full potential. We are expanding our sales force, strengthening our banking and investment product set and delivering new digital tools to empower advisors and benefit clients. In addition, we are taking advantage of synergies
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