Annual Report 2020 From any vantage point, and by any measure, 2020 was an unprecedented year. Yet for all of its unique challenges, the year also inspired exceptional levels of innovation, collaboration and determination.
Through it all, BNY Mellon adapted and adjusted to ensure we continued to deliver on our commitments. I am so proud of how our company rose to the occasion — demonstrating, again, why we are a trusted steward for our clients and the global financial markets. That trust has been earned over the course of our rich 236-year history, and is the foundation of who we are and what we do.
Throughout the pandemic, we have supported our employees, clients and communities. We were proud to provide the infrastructure for several critical government programs for COVID-19 relief, including the Term Asset-Backed Securities Loan Facility, the Municipal Liquidity Facility, the Primary Dealer Credit Facility and the Payment Protection Program. In addition, given our strong capital and liquidity position, we used our balance sheet to support our clients through this period, including by accommodating elevated deposits and funding increased loan demand.
We take great pride in the unique and important role we play in the global capital markets ecosystem, and we are confident in our business model, our value proposition and our prospects.
Annual Report 2020 I Our 2020 Financial Results
Our lower-risk, fee-based business model and stable franchise positioned us well for the conditions in 2020, with resilient results despite the challenged interest rate and credit environment. For the full year, reported earnings per share (EPS) were $3.83. On an adjusted basis (excluding notable items), EPS of $4.011 was flat year over year.
Reported revenue of $15.8 billion was down 4%, primarily as a result of a gain on the sale of an equity investment in 2019, as well as the impact of the lower interest rate environment. At the same time, excluding the impact of notable items and fee waivers during 2020, fee revenue increased 5%,1 reflecting underlying growth within our businesses.
We controlled overall costs well, keeping adjusted full-year expenses flat1 as our cost discipline and productivity gains essentially offset incremental investments. Excluding notable items, we maintained a solid pre-tax operating margin of 30%.1 Our investments in operations and technology remain at the core of our strategy, with the profile of this spend now shifting toward initiatives to grow the business and make it more efficient.
During 2020, we generated significant capital and ended the year with a CET1 ratio of 13.1%, up from 11.5% at the prior year-end as regulators suspended share buybacks between the second and fourth quarter of 2020. We are pleased that the industry can resume share repurchases in the first quarter of 2021 in line with the Federal Reserve’s modified limitations. We remain committed to attractive levels of shareholder returns with an aim to return at least 100% of earnings to shareholders over time. Through the combination of organic growth and share buybacks, we also remain committed to drive meaningful future EPS growth.
1 Represents a non-GAAP measure. See pages VIII-IX for a reconciliation of this non-GAAP measure. Compared to 2019, fee revenue decreased by 4% and noninterest expense increased by 1%. Pre-tax operating margin was 28% for 2020.
II BNY Mellon Our Businesses:
Amid volatile and uncertain market conditions, we gained meaningful momentum in driving our long-term growth strategy across all of our businesses with examples below.
Asset Servicing – The strength of our offerings was evidenced by the sustained improvement of our win-loss ratios and client retention rates in 2020. We are focused on expanding beyond traditional servicing to help our clients through digital- and data-driven solutions across their front, middle and back office, while continuing to invest in the core services that have made us a leader in the industry. For example, our new Digital Assets unit will build the industry’s first multi-asset digital platform, to support both traditional and digital assets, expanding our addressable market, diversifying fees and fueling growth. Our leading data management and analytics business is building on our 20-year track record in software and services to create robust, cloud-based data and analytics capabilities that are being selected by some of the world’s largest financial institutions to solve for their most complex data needs.
Pershing – Pershing, which services approximately 1,200 broker-dealers and registered investment advisory firms globally, is one of the unique businesses that differentiates us from our peers in the fast-growing wealth space. Interest rates will have an adverse effect on Pershing in 2021, but the outlook for the business remains very strong as we expect secular industry trends, our investments and our integrated platform to drive meaningful future growth.
Treasury Services – We delivered good performance and grew liquidity balances and new business. We continue to invest in automation and are working with clients to transition them from paper to electronic processes. We are also furthering developments in real-time payments. We are actively working on an exciting payments initiative that is a large-scale commercial pilot with one of the world’s largest billers. This capability is expected to reach tens of millions of consumers via their retail banks throughout 2021, leveraging continued adoption across the real-time payments system.
Annual Report 2020 III Investment Management – We are encouraged by the strong investment performance and improved flows in our leading active equity and absolute return strategies that complemented strong inflows in our fixed income, cash, and liability-driven investment (LDI) strategies, where we command leading positions. We continued to expand our investment capabilities to meet evolving client demand in areas such as thematic and sustainable strategies, that benefit from our heritage in environmental, social and governance (ESG) research; alternatives; and launching an ETF range for clients to access our strategies in a new product vehicle. Hanneke Smits became CEO of our Investment Management business, and we also appointed new leaders in several of our specialist investment firms. Under this leadership, the business is well positioned to drive performance as clients increasingly turn to investment managers with deep specialist expertise. To meet that growing trend, we recently announced that Mellon will transition its capabilities in fixed income, equities and multi-asset, and liquidity management to enhance the specialist capabilities within a number of our other investment firms. Once completed, Mellon will become a dedicated index manager. We believe the added breadth and depth of specialist research within these investment firms will help drive investment outcomes and product innovation for clients.
Wealth Management – We are optimistic about our Wealth Management business and its potential within the fastest growing segment of financial services. We are focused on high-net worth and ultra-high net worth individuals; family offices; and the Outsourced Chief Investment Officer (OCIO) community. We are investing in talent, technology, and our banking and investment platforms. We have built a proprietary advice-based planning framework, Active WealthTM, and goals-based planning tool, AdvicePathSM, to bring institutional disciplines to the wealth market. Wealth Management ended 2020 with client assets at an all-time high and 95% client satisfaction scores, which we believe are a strong foundation for the future.
Our business is incredibly strong and interconnected, and our resilient franchise offers a compelling value proposition to clients and shareholders alike. The future of our business will focus on data, connectivity and openness. We will also focus on growing our securities services business and, in particular, our data and analytics capabilities. We also plan to expand our presence in wealth and capital markets infrastructure, and optimize our Wealth Management and Investment Management businesses.
IV BNY Mellon Making an Impact: Powering a World of Difference
Finally, I would be remiss if I did not touch on the impact of 2020 beyond the financial results. It was a year that will forever have a profound effect on society as we consider the gravity of COVID-19 and social justice movements around the globe.
As a major global financial institution, BNY Mellon is committed to using our reach, market influence and resources to address pressing global ESG issues. We strive to contribute to sustainable economic growth that helps protect healthy markets; enhances our own business resiliency and longevity; and aims to deliver positive impact for key stakeholders, including clients, employees, shareholders and communities.
We embrace this responsibility with great accountability, transparency and integrity, and it permeates every aspect of our culture. In 2020, we issued our three new enterprise ESG (then titled corporate social responsibility or CSR) pillars — Culture & Purpose, Responsible Business and Global Citizenship — with associated goals and key performance indicators. As part of our ESG work, we are embedding an ESG lens into our company operations, thereby addressing the business impacts of global issues and contributing to opportunities that help communities thrive.
We are committed to addressing climate-related risks and opportunities throughout our operations and in our business activities. As a key global provider of services to capital market participants, we help our clients manage their ESG-related risks and opportunities — such as those relating to climate — by continuing to develop and offer ESG products and services. This includes the BNY Mellon ESG Data Analytics cloud-based application that uses crowdsourcing to customize investment portfolios to clients’ individual ESG factor preferences. We have set goals to ensure we are offering leading ESG investment solutions, empowering ESG investors globally, and enabling ESG financing.
The importance of supporting diversity, inclusion and equity was on full display in 2020. We are proud to have one of the most diverse Fortune 500 boards, and our Executive Committee has become increasingly diverse — with strong gender and
Annual Report 2020 V ethnic/racial diversity. In addition, we set concrete, short-term representation goals in the U.S. for Black and Latinx recent graduates and experienced professionals. These efforts are intended to help accelerate progress in our most underrepresented ethnic/racial talent populations, as well as to position our firm as a competitive choice for top talent.
Over the course of our history, we have been a trusted steward to our clients and communities, and we will continue with our relentless ambition to have a more profound impact on the world around us. As we close out an unprecedented chapter in that history, I am grateful for the contributions of our employees, the support of our board of directors, and the collaboration of our clients and other stakeholders.
We are on an exciting journey as a company — one that will define BNY Mellon for years to come. I am incredibly optimistic about our business and the contributions we will make to all of our stakeholders.
Sincerely,
Thomas P. (Todd) Gibbons
VI BNY Mellon Financial Highlights
The Bank of New York Mellon Corporation (and its subsidiaries)
(dollar amounts in millions, except per common share amounts and unless otherwise noted)
2020 2019
FINANCIAL RESULTS Net income applicable to shareholders of The Bank of New York Mellon Corporation $ 3,617 $ 4,441 Preferred stock dividends (194) (169)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation $ 3,423 $ 4,272 Earnings per common share – diluted $ 3.83 $ 4.51
KEY DATA Total revenue (a) $ 15,808 $ 16,462 Total expense 11,004 10,900 Fee revenue as a percentage of total revenue 80% 80% Non-U.S. revenue as a percentage of total revenue 37% 35% Assets under custody and/or administration ("AUC/A") at year-end (in trillions) (b) $ 41.1 $ 3 7.1 Assets under management at year-end (in billions) (c) $ 2,211 $ 1,910
BALANCE SHEET AT DECEMBER 31 Total assets $ 469,633 $ 381,508 Total deposits 341,545 259,466 Total The Bank of New York Mellon Corporation common shareholders’ equity 41,260 37,941
CAPITAL RATIOS AT DECEMBER 31 Consolidated regulatory capital ratios: Common Equity Tier 1 (“CET1”) ratio (d) 13.1% 11.5% Tier 1 capital ratio (d) 15.8 13.7 Total capital ratio (d) 16.7 14.4 Tier 1 leverage ratio 6.3 6.6 Supplementary leverage ratio (“SLR”) 8.6 (e) 6.1
BNY Mellon common shareholders’ equity to total assets ratio 8.8 9.9
(a) Includes fee and other revenue, net interest revenue and income from consolidated investment management funds. (b) Consists of AUC/A primarily from the Asset Servicing business and, to a lesser extent, the Clearance and Collateral Management, Issuer Services, Pershing and Wealth Management businesses. Includes the AUC/A of CIBC Mellon Global Securities Services Company, a joint venture. (c) Excludes securities lending cash management assets and assets managed in the Investment Services business. (d) For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under 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. (e) Reflects the application of a rule effective April 1, 2020 to exclude certain central bank placements. Also effective on April 1, 2020 was the temporary exclusion of U.S. Treasury securities from the leverage exposure used in the SLR calculation which increased our consolidated SLR by 72 basis points at Dec. 31, 2020.
Annual Report 2020 VII Supplemental Information
Explanation of GAAP and Non-GAAP financial measures We have included in this Letter to Shareholders certain non-GAAP measures which exclude the notable items described below and money market fee waivers in the case of fee revenue. We believe that these measures provide additional useful information to investors as they align with our strategy, are consistent with how management views the business and are used to measure the annual performance of our executive officers.
2020
NET INCOME AND EPS RECONCILIATION Diluted (dollars in millions, except per share amounts) Results EPS
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP $ 3,423 $ 3.83 Exclude the impact of notable items: (a) Total revenue (61) Total noninterest expense 165 Provision for income taxes (67)
Net impact of notable items (159) (0.18)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding notable items – Non-GAAP $ 3,582 $ 4.01
(a) Notable items in 2020 include litigation expense, severance, losses on business sales and real estate charges recorded in the fourth quarter of 2020.
FEE REVENUE AND NONINTEREST EXPENSE RECONCILIATION 2020 (dollars in millions) 2020 2019 vs. 2019
Fee revenue – GAAP $ 12,714 $ 13,236 (4)% Exclude the impact of notable items (a) (61) 815 Exclude money market fee waivers (368) (49) Fee revenue, excluding notable items and money market fee waivers – Non-GAAP $ 13,143 $ 12,470 5%
Noninterest expense – GAAP $ 11,004 $ 10,900 1% Exclude the impact of notable items (b) (165) (113) Noninterest expense, excluding notable items – Non-GAAP $ 10,839 $ 10,787 -%
(a) Notable items in 2020 include losses on business sales. Notable items in 2019 include a gain on sale of an equity investment. (b) Notable items in 2020 include litigation expense, severance and real estate charges recorded in the fourth quarter of 2020. Notable items in 2019 include severance, litigation expense recorded in the fourth quarter of 2019 and a net reduction of reserves for tax-related exposure of certain investment management funds recorded in the third quarter of 2019.
VIII BNY Mellon PRE-TAX OPERATING MARGIN RECONCILIATION (dollars in millions) 2020 Income before income taxes – GAAP $ 4,468 Exclude the impact of notable items (a) (226) Income before income taxes, excluding notable items – Non-GAAP $ 4,694
Total revenue – GAAP $ 15,808 Exclude the impact of notable items (a) (61) Total revenue, excluding notable items – Non-GAAP $ 15,869
Pre-tax operating margin – GAAP (b) 28% Pre-tax operating margin, excluding notable items – Non-GAAP (b) 30%
(a) Notable items in 2020 include litigation expense, severance, losses on business sales and real estate charges recorded in the fourth quarter of 2020. (b) Income before income taxes divided by total revenue.
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KPMG LLP 345 Park Avenue New York, NY 10154-0102 Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Directors The Bank of New York Mellon Corporation: Opinion on Internal Control Over Financial Reporting We have audited The Bank of New York Mellon Corporation and subsidiaries' (BNY Mellon) internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, BNY Mellon maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of BNY Mellon as of December 31, 2020 and 2019, the related consolidated statements of income, comprehensive income, cash flows, and changes in equity for each of the years in the three-year period ended December 31, 2020, and the related notes (collectively, the consolidated financial statements), and our report dated February 25, 2021 expressed an unqualified opinion on those consolidated financial statements. Basis for Opinion BNY Mellon’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report of Management on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on BNY Mellon’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to BNY Mellon in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 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KPMG LLP 345 Park Avenue New York, NY 10154-0102 Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Directors The Bank of New York Mellon Corporation: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of The Bank of New York Mellon Corporation and subsidiaries (BNY Mellon) as of December 31, 2020 and 2019, the related consolidated statements of income, comprehensive income, cash flows, and changes in equity for each of the years in the three-year period ended December 31, 2020, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of BNY Mellon as of December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2020, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), BNY Mellon’s internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 25, 2021 expressed an unqualified opinion on the effectiveness of BNY Mellon’s internal control over financial reporting. Basis for Opinion These consolidated financial statements are the responsibility of BNY Mellon’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to BNY Mellon in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. Critical Audit Matters The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. Quantitative component of BNY Mellons pooled allowance for credit losses for loans and lending-related commitments related to higher risk-rated credits and pass-rated credits As discussed in Notes 1, 2, and 5 to the consolidated financial statements, BNY Mellon’s allowance for credit losses for loans and lending-related commitments (ACL), is presented as a valuation allowance to loans and is recorded in other liabilities for lending-related commitments. At December 31, 2020, BNY Mellon had an allowance for loan losses of $358 million and an allowance for lending-related commitments of $121 million. BNY Mellon utilizes a quantitative methodology and qualitative framework for determining the ACL for loans and lending-related commitments that share similar risk characteristics (pooled allowance). In estimating the quantitative component, BNY Mellon uses models and methodologies that categorize financial assets based on product type, collateral type, and other credit trends and risk characteristics, including relevant information about past events, current conditions and reasonable and supportable forecasts of future economic conditions that affect the collectability of the recorded amounts. The quantitative component of the ACL for loans and lending-related commitments consists of the following three elements: (1) a pooled allowance for higher risk-rated credits and pass-rated credits; (2) a pooled allowance for residential mortgageloans; and (3) an asset-specific allowance involving individually evaluated credits of $1 million or greater. In estimating the quantitative component of the pooled allowance for higher risk-rated credits and pass-rated credits, BNY Mellon uses a methodology that applies the probability of default (PD) and loss given default (LGD) to the estimated facility amount at default. The loss expected in each loan incorporates the loan’s risk rating. The methodology incorporates a multi-scenario macroeconomic forecast of economic input variables over a reasonable and supportable forecast period spanning the life of the asset. The reasonable and supportable forecast period includes both an initial estimated economic outlook component as well as a reversion component for each economic input variable. In order to capture the unique risks of the portfolios within the PD and LGD models, and the model used to estimate the facility amount at default, BNY Mellon segments the portfolio into major components, including commercial loans and lease financing, commercial real estate, financial institutions, residential mortgages, and other. A portion of the ACL is comprised of qualitative adjustments, based on various internal and external factors, intended to capture expected losses not reflected in the quantitative models but that are likely to impact the measurement of estimated credit losses. We identified the assessment of the quantitative component of the pooled allowance for higher risk-rated credits and pass-rated credits as a critical audit matter. A high degree of audit effort, including specialized skills and knowledge, and subjective and complex auditor judgment was involved in the assessment of the pooled allowance for higher risk-rated credits and pass-rated credits due to significant measurement uncertainty. Specifically, the assessment encompassed the evaluation of the methodology, including the methods and models used to estimate the PD and LGD, the macroeconomic forecast scenarios and related economic input variables and weighting of each scenario, the reasonable and supportable forecast period, and loan risk ratings. The assessment also included an evaluation of the conceptual soundness and performance of the PD, LGD, and macroeconomic forecast models. In addition, auditor judgment was required to evaluate the sufficiency of audit evidence obtained. 2 The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to BNY Mellon’s measurement of the pooled allowance for higher risk-rated credits and pass-rated credits, including controls related to the: x development and approval of the ACL methodology x development of the PD, LGD, and macroeconomic forecast models x performance monitoring of the PD, LGD, and macroeconomic forecast models x determination and measurement of the significant factors and assumptions used in the PD, LGD, and macroeconomic forecast models x determination of the multi-scenario macroeconomic forecasts and their respective weights x assessment of loan risk ratings x computation, analysis, and approval of the ACL results, trends, and ratios. We evaluated BNY Mellon’s process to develop the pooled allowance for higher risk-rated credits and pass-rated credits by testing certain sources of data, factors, and assumptions that BNY Mellon used, and considered the relevance and reliability of such data, factors, and assumptions. In addition, we involved credit risk professionals with specialized skills and knowledge, who assisted in: x evaluating BNY Mellon’s pooled allowance for higher risk-rated credits and pass-rated credits for compliance with U.S. generally accepted accounting principles x evaluating judgments made by BNY Mellon relative to the development and performance monitoring of the PD, LGD, and macroeconomic forecast models by comparing them to relevant Company-specific metrics and trends and the applicable industry and regulatory practices x assessing the conceptual soundness and performance testing of the PD, LGD, and macroeconomic forecast models by inspecting the model documentation to determine whether the models are suitable for their intended use x assessing the macroeconomic forecast scenarios and economic input variables through comparison to publicly available forecasts x testing the reasonable and supportable forecast period to evaluate the length of the period by comparing to specific portfolio risk characteristics and trends x testing individual loan risk ratings for a selection of higher risk-rated credits and pass-rated credits by evaluating the financial performance of the borrower, sources of repayment, and any relevant guarantees or underlying collateral. We also assessed the sufficiency of the audit evidence obtained related to the pooled allowance for higher risk-rated credits and pass-rated credits by evaluating the: x cumulative results of the audit procedures x qualitative aspects of BNY Mellon’s accounting practices x potential bias in the accounting estimate. 3 Identification and measurement of accruals for litigation and regulatory contingencies As discussed in Note 22 to the consolidated financial statements, BNY Mellon establishes accruals for litigation and regulatory matters when those matters present loss contingencies that are both probable and reasonably estimable. BNY Mellon has disclosed that for those matters described where BNY Mellon is able to estimate reasonably possible losses, the aggregate range of such reasonably possible losses at December 31, 2020 is up to $730 million in excess of the accrued liability (if any) related to those matters. We identified the assessment of the identification and measurement of BNY Mellon’s accruals for litigation and regulatory contingencies as a critical audit matter. Due to the measurement uncertainty, subjective and complex auditor judgment was required to evaluate the sufficiency of audit evidence obtained. Specifically, this assessment included the evaluation of the subjective estimates used to determine the range of possible exposure and the probability of the predicted outcome based on the particular facts and circumstances at issue in each of the matters. The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to BNY Mellon’s process to identify, evaluate and measure accruals for litigation and regulatory contingencies and the reasonably possible losses. We performed inquiries of BNY Mellon to gain an understanding of any asserted or unasserted litigation, claims and assessments, and significant changes in individual accruals for litigation and regulatory contingencies. We performed inquiries of BNY Mellon’s regulators and examined regulatory reports to gain an understanding of developments of regulatory activity and related matters that may result in the assessment of regulatory fines or penalties. We obtained and read letters received directly from BNY Mellon’s internal legal counsel and a selection of external legal counsel that identified and described BNY Mellon’s potential exposure to certain legal or regulatory proceedings. For cases that have settled, we performed back-testing analyses of BNY Mellon’s litigation and regulatory contingency accruals recorded compared to amounts paid. We assessed the accrual for litigation and regulatory contingencies and evaluated the cumulative results of the procedures performed to assess the sufficiency of audit evidence obtained. We also evaluated the information included within the disclosures. We have served as BNY Mellon’s auditor since 2007. 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E96 A66C 8C@FA 56E2:=65 36=@H 2?5 2DDF>6D E92E 2== 5:G:56?5D H6C6 C6:?G6DE65 &44A A>D? =24<*@4< !?4 %@C82? +E2?=6J +E2E6 +EC66E @CA@C2E:@? ,96 92C=6D +49H23 @CA@C2E:@? &@CE96C? ,CFDE @CA@C2E:@? - + 2?4@CA C2?<=:? *6D@FC46D !?4 ,96 (& :?2?4:2= +6CG:46D C@FA !?4 /6==D 2C8@ @>A2?J "(%@C82? 92D6 @ (CF56?E:2= :?2?4:2= !?4 &1 %6==@? Corporate Information BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of Dec. 31, 2020, BNY Mellon had $41.1 trillion in assets under custody and/or administration, and $2.2 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. CORPORATE HEADQUARTERS TRANSFER AGENT AND REGISTRAR 240 Greenwich Street, New York, NY 10286 EQ Shareowner Services + 1 212 495 1784 P.O. Box 64874 www.bnymellon.com St. Paul, MN 55164-0874 www.shareowneronline.com ANNUAL MEETING The Annual Meeting of Shareholders will be held on SHAREHOLDER SERVICES Tuesday April 13, 2021, at 9:00 a.m. Eastern Time, via live webcast. EQ Shareowner Services maintains the records for our registered shareholders and can provide a variety of services EXCHANGE LISTING such as those involving: BNY Mellon’s common stock is traded on the New York Stock • Change of name or address Exchange under the trading symbol BK. Mellon Capital IV’s 6.244% • Consolidation of accounts Fixed-to-Floating Rate Normal Preferred Capital Securities (symbol • Duplicate mailings BK/P), fully and unconditionally guaranteed by BNY Mellon, is also • Dividend reinvestment enrollment listed on the New York Stock Exchange. • Direct deposit of dividends • Transfer of stock to another person STOCK PRICES Prices for BNY Mellon’s common stock can be viewed at For assistance from EQ Shareowner Services, visit www.bnymellon.com/investorrelations. www.shareowneronline.com or call +1 800 205 7699. CORPORATE GOVERNANCE DIRECT STOCK PURCHASE AND DIVIDEND REINVESTMENT PLAN Corporate governance information is available at The Direct Stock Purchase and Dividend Reinvestment Plan provides www.bnymellon.com/corporategovernance. a way to purchase shares of common stock directly from BNY Mellon at the current market value. Nonshareholders may purchase their ENTERPRISE ESG first shares of BNY Mellon’s common stock through the Plan, and Information about BNY Mellon’s commitment to Environmental, shareholders may increase their shareholding by reinvesting cash Social and Governance (ESG) management is available at dividends and through optional cash investments. Plan details are in a www.bnymellon.com/globalimpact. This includes a listing of prospectus, which may be viewed online at www.shareowneronline.com, our statements and policies, such as our Equal Employment or obtained in printed form by calling +1 800 205 7699. Opportunity/Affirmative Action policies. ELECTRONIC DEPOSIT OF DIVIDENDS INVESTOR RELATIONS Registered shareholders may have quarterly dividends paid on Visit www.bnymellon.com/investorrelations. BNY Mellon’s common stock deposited electronically to their checking or savings accounts. To have dividends deposited electronically, COMMON STOCK DIVIDEND PAYMENTS go to www.shareowneronline.com to set up your account(s) for Subject to approval of the board of directors, dividends are direct deposit. If you prefer, you may also send a request by mail paid on BNY Mellon’s common stock quarterly in February, to EQ Shareowner Services, Shareholder Relations, P.O. Box 64874, May, August and November. St. Paul, MN 55164-0874. For more information, call +1 800 205 7699. FORM 10-K AND SHAREHOLDER PUBLICATIONS SHAREHOLDER ACCOUNT ACCESS For a free copy of BNY Mellon’s Annual Report on Form 10-K, BY INTERNET including the financial statements and the financial statement www.shareowneronline.com schedules, or quarterly reports on Form 10-Q as filed with the Shareholders can register to receive shareholder information Securities and Exchange Commission, send a request by email electronically. To enroll, visit www.shareowneronline.com. to [email protected], or by mail to Investor BY PHONE Relations at The Bank of New York Mellon Corporation, Toll-free in the U.S. +1 800 205 7699 240 Greenwich Street, New York, NY 10286. The 2020 Annual Outside the U.S. +1 651 450 4064 Report, as well as Forms 10-K, 10-Q and 8-K and quarterly BY MAIL earnings and other news releases can be viewed and printed EQ Shareowner Services at www.bnymellon.com/investorrelations. P.O. Box 64874 St. Paul, MN 55164-0874 X BNY Mellon The contents of the listed Internet sites are not incorporated in this Annual Report. The Bank of New York Mellon Corporation 240 Greenwich Street New York, NY 10286 United States +1 212 495 1784 bnymellon.com