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Bny Mellon Annual Report
Bny Mellon Annual Report
REPORT
2021
We made significant progress in 2021
executing on a compelling agenda for
transformation and growth, building on
an already exceptional foundation.
Having served BNY Mellon for over 36 years, I’m excited to see our company
enjoying a renaissance. Early into my tenure as CEO, with a new leadership
team in place and renewed clarity of purpose, we activated a compelling agenda
for transformation and growth on an already exceptional foundation. Doing so
required us to adopt a digital and data mindset and evolve our culture.
This agenda and the strength of our franchise were tested by unprecedented
global market volatility early in the pandemic. Our people stepped up and
delivered, as they always have, allowing us to make significant progress in our
journey to position BNY Mellon for the future.
Leading with innovation and earning trust every day — these principles guide
us and fuel our purpose of powering individuals and institutions to succeed
across the financial world. That’s why it’s rewarding to know that we have
continued to become more strategic and relevant to our clients over the
past year, and we now find ourselves uniquely positioned to deliver greater
value and play an even more substantial role in the global financial ecosystem.
BNY Mellon is a pioneer of modern-day capital markets, so this bold intention
should come as no surprise.
A WINNING STRATEGY
BNY Mellon plays a critical role as a central orchestrator in the global
financial ecosystem, touching in excess of 20% of investable assets globally.
We are the world’s largest custodian, with nearly $47 trillion assets under
custody and/or administration (AUC/A); we clear about $10 trillion of securities
and process over $2 trillion of payments per day; and we manage $2.4 trillion of
assets on behalf of our Investment and Wealth Management clients. This unique
view across the financial industry, along with exceptional client relationships
that in many cases allow us to reach deep into their day-to-day operations, gives
us breadth and insights that other companies can’t replicate.
II BNY MELLON
mobilizes cross-functional leadership teams in key markets to strengthen enterprise
collaboration and deliver a unified market presence. Our aim is to facilitate
information sharing and cross-company client referrals to help us deliver holistic
solutions and deepen relationships with our largest vendors. In a recent example
of ONE BNY Mellon in practice, our Data and Analytics Solutions, Pershing and
Wealth Management businesses came together to help clients optimize product
development and distribution.
IV BNY MELLON
Real-Time Payments
We continue to play a leading role in driving the proliferation of real-time
payments in the U.S. You may remember that in 2017 we were the first bank
to originate a payment on The Clearing House’s Real-Time Payments Network.
Late last year, we were the first to launch a real-time, electronic bill-pay
solution for billers and their customers. We are live with Verizon, our first
client, and the long list of prospects for this particular capability is growing.
Due to our unconflicted role as the bank of banks, we are also uniquely
positioned to white label real-time payments and ancillary services to regional
banks across the country. We are pleased with the initial uptake
and see a compelling revenue opportunity over the next few years, not only
with other large billers and regional banks, but also brokerage firms and
insurance companies.
Pershing XSM
BNY Mellon’s Pershing is a leading technology and platform provider for our
wealth clients and a valuable platform for asset managers — many of which
are broader enterprise clients — to reach both advisors and investors making
investment decisions. At year’s end, Pershing investor accounts held over
$1 trillion of assets placed by asset managers. Last fall, we embarked on
one of our most ambitious, multiyear initiatives yet and launched Pershing X,
a new business unit that will design and build innovative solutions to
transform the growing advisory marketplace.
At the same time, we must also continue to optimize our operating model.
In 2021, we made some progress here, for example, generating over
$300 million of efficiency savings across the company and driving higher
productivity in Operations. We also sold certain sub-scale, lower-growth
businesses in Pershing and Wealth Management. In Investment Management,
we streamlined our investment firms offering to enhance their respective
specialist capabilities and strengthened their research platforms and global
reach to deliver the outcome-focused solutions that our clients expect.
We remain laser focused on opportunities that will drive greater efficiency,
reduce bureaucracy and enable sustainable growth in 2022 and beyond.
VI BNY MELLON
SOLID AND IMPROVED
FINANCIAL PERFORMANCE
+8%
In 2021, we benefited from strong equity markets, a significantly improved
credit environment and, importantly, a meaningful step-up in organic
growth across our businesses, while we weathered the impact of a full year DILUTED EARNINGS
PER SHARE
of low interest rates. Overall, we delivered a solid and improved financial
performance. Diluted earnings per share increased by 8% to $4.14.
Revenue of $15.9 billion was up 1%, as the benefit of higher equity markets
and accelerated organic growth more than offset the negative impact of $15.9B
lower interest rates on net interest revenue and fee revenue in the form of REVENUE
higher money market fee waivers. Fee revenue was up 4%, or 9% excluding
the impact of fee waivers,1 highlighting the strong and broad-based
+9%
underlying growth across our businesses. We are also very pleased with the
performance of our strategic equity investments. Our solutions-oriented
investments and strategic alliances with Fintechs continued to drive FEE REVENUE
efficiency and offer more powerful solutions for our clients. They are yielding EXCLUDING FEE WAIVERS1
Our pre-tax operating margin of 29% and our return on common equity and
return on tangible common equity1 of 9% and 17%, respectively, were solid
and roughly in line with the prior year.
Note: All percentage changes are against full-year 2020 results, unless otherwise noted.
1
See Supplemental Information — Explanation of GAAP and Non-GAAP financial measures,
beginning on page 103 for the reconciliations. ANNUAL
ANNUALREPORT
REPORT2021
2021 VII
In the fourth quarter of 2021, we
began reporting our financial
performance along new business
segments that align closer to how
we manage the firm.
STRONG UNDERLYING GROWTH
ACROSS OUR BUSINESSES
In the fourth quarter of 2021, we began reporting our financial
performance along new business segments— Securities
Services, Market and Wealth Services, and Investment and Wealth
Management— that align closer to how we manage the firm.
Our new segmentation further highlights the breadth of our businesses,
which is a true competitive differentiator, and enables you to track
our performance against our strategic priorities at a more granular
level going forward.
25% 26%
33%
45%
30% 46%
SECURITIES SERVICES
MARKET AND WEALTH SERVICES
INVESTMENT AND WEALTH MANAGEMENT
Note: Total revenue and pre-tax income attributable to the Other segment
were $(108)mm and $(252)mm, respectively.
Our Securities Services segment includes our Asset Servicing business, which
provides global custody, fund accounting, integrated middle-office solutions,
transfer agency and data and analytics solutions. It also includes Issuer Services,
comprising Corporate Trust, one of the world’s largest trustees for corporate,
municipal and structured credit securities, and Depositary Receipts, one of the
leading administrators for sponsored depositary receipts programs globally.
Low interest rates continued to weigh on revenues in 2021, both net interest
revenue and fee revenue, as most of the fees related to the distribution of
money market funds were waived to protect the investors in these funds from
negative returns.
That being said, we saw a meaningful uptick in organic growth across our
Asset Servicing and Issuer Services lines of business.
Issuer Services solidified its position as a global leader across Corporate Trust
and Depositary Receipts. Amid record collateralized loan obligation issuance
activity, we reaped the benefits of the actions we took over the last couple of
years to enhance our sales and service teams and to upgrade our technology
platforms. We also benefited from a normalization of depositary receipt issuance
activity and the resumption of dividend payments to above pre-pandemic levels.
All of the above translated into a pre-tax margin of 21% in 2021. We have developed an
ambitious but realistic plan to reach an over 30% pre-tax margin in the medium term.
We expect a more normal interest rate environment will get us about halfway there,
but we also plan to accelerate growth in higher-margin areas, such as alternatives
and ETFs, and we are doubling down on initiatives to drive further efficiencies.
X BNY MELLON
Market and Wealth Services -
On the back of strong equity markets and continued delivery against our
growth initiatives, the business delivered good results in 2021. Despite the
headwind from higher fee waivers, Investment and Wealth Management
revenue grew by 9%, or 15% excluding the impact of money market fee
waivers.2 We also delivered a meaningfully improved pre-tax margin of
30%, compared to 26% in the prior year.
2
See page XXII for reconciliation of Non-GAAP measures. ANNUAL REPORT 2021 XIII
COMMITMENT TO EXCELLENCE
Time and time again, clients have told me that our employees are
BNY Mellon’s greatest asset, and I couldn’t agree more.
We strive to be extraordinary. mobility — in fact, this is a ONE BNY Mellon value proposition
for employees — and we’re improving experiences by investing
Integrity in new technology capabilities that drive performance. We also
We do what is right, always. introduced the Meeting You in Your Life Moments initiative,
which encompasses programs that enable life balance, resilience
We challenge each other — even
when it is uncomfortable. and productivity.
We grow and move on from failures. We have tangible metrics to attract, advance and retain diverse
talent. We set concrete, short-term goals to accelerate progress
in our most underrepresented ethnic/racial talent populations in
the U.S. and position our firm as a competitive choice with Black
and Hispanic/Latino graduates and experienced professionals. As
I stated in our 2020 report, our goals are to increase the following
in the U.S. by year end 2023:
Our gender equity efforts have led to some bright spots, with year-over-year
growth in women among new hires and senior leaders globally, and an increase
in women representation on our Board. In fact, our slate of independent
directors is one of the most diverse in the industry and among large public
companies, with 31% women and 39% of underrepresented ethnic/racial
backgrounds. Among the members of my leadership team, 39% are women
and 28% are from underrepresented ethnic/racial backgrounds. I’m proud of
the diversity in our leadership, and aware we have much work to do to make
similar progress throughout our workforce.
Employees themselves are leading the way for better inclusion and visibility.
One in four employees is a member of a BNY Mellon employee or business
resource group (E/BRG), which are formed around shared characteristics
and open to all. E/BRGs collaborated with our Office of Diversity, Equity and
Inclusion to host meaningful conversations and workshops about implicit
bias, intersectionality, allyship and belonging. The groups also engaged with
professional organizations, nonprofits and institutions such as historically
Black universities and colleges to widen our recruiting, develop top talent
and make an impact in our communities.
ANNUAL
ANNUALREPORT
REPORT2021
2021 XVII
XIX
We work together every day
to deliver the best possible
outcomes to our stakeholders
and realize the full potential
of our great company.
THE NEXT CHAPTER
Looking ahead to 2022, our business is strong, and our focus
is clear. We’re building on an already great franchise, one with a unique
and differentiated business model, an enviable client roster and a
talented and diverse global workforce. We remain deeply committed
to our purpose of being a trusted steward of our clients’ businesses and
to supporting the efficient functioning of global markets.
I’d like to thank our highly engaged Board of Directors for their support
and counsel — their diverse perspectives have proven invaluable to our
team. And I am incredibly grateful to and proud of my talented colleagues
around the world, including my partners on the Executive Committee, all
of whom work together every day to deliver the best possible outcomes to
our stakeholders and realize the full potential of our great company.
Sincerely,
XX 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) 2021 2020
FINANCIAL RATIOS
Pre-tax operating margin 29% 28%
Return on common equity 8.9% 8.7%
Return on tangible common equity – Non-GAAP (a) 17.1% 17.0%
(a) Return on tangible common equity, a Non-GAAP measure, excludes goodwill and intangible assets, net of deferred tax liabilities. See “Supplemental Information – Explanation
of GAAP and Non-GAAP financial measures” beginning on page 103 for a reconciliation.
(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 assets managed outside of the Investment and Wealth Management business segment.
(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 Dec. 31, 2021 was the Standardized Approach, and for Dec. 31, 2020, was the Advanced Approaches.
(e) Reflects 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. The temporary exclusion ceased to apply beginning April 1, 2021.
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KPMG LLP
345 Park Avenue
New York, NY 10154-0102
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, 2021 and 2020,
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, 2021, and the related notes (collectively, the
consolidated financial statements), and our report dated February 25, 2022 expressed an unqualified opinion
on those consolidated financial statements.
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.
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.
2
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KPMG LLP
345 Park Avenue
New York, NY 10154-0102
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, 2021,
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, 2022 expressed an
unqualified opinion on the effectiveness of BNY Mellon’s internal control over financial reporting.
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.
Quantitative component of BNY Mellon’s pooled allowance for credit losses for loans and lending-related
commitments related to higher risk-rated and pass-rated commercial and institutional credits and loans
secured by commercial real estate
As discussed in Notes 1 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, 2021, BNY Mellon had
an allowance for loan losses of $196 million and an allowance for lending-related commitments of
$45 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 and pass-rated commercial and institutional
credits and loans secured by commercial real estate; (2) a pooled allowance for residential mortgage loans;
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 and pass-rated
commercial and institutional credits and loans secured by commercial real estate, BNY Mellon uses a
methodology that applies the probability of default (PD) and loss given default (LGD) to the estimated
facility amount at default. For each commercial and institutional credit, the expected loss considers the
credit’s risk rating. For each loan secured by commercial real estate, the expected loss considers collateral
specific data and loan maturity, as well as commercial real estate market factors by geographical region
and property type. 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 based on risk characteristics of the loans and
how risk is monitored. 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 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
and pass-rated commercial and institutional credits and loans secured by commercial real estate 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
and pass-rated commercial and institutional credits and loans secured by commercial real estate 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
2
and supportable forecast period, and credit risk ratings for commercial and institutional credits. 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.
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 quantitative component of the pooled allowance for higher risk-rated and pass-rated
commercial and institutional credits and loans secured by commercial real estate, including controls related
to the:
We evaluated BNY Mellon’s process to develop the quantitative component of the pooled allowance for
higher risk-rated and pass-rated commercial and institutional credits and loans secured by commercial real
estate 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 quantitative component of the BNY Mellon’s pooled allowance for higher risk-rated and
pass-rated commercial and institutional credits and loans secured by commercial real estate 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 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 and pass-rated commercial and
institutional 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 quantitative component of
the pooled allowance for higher risk-rated and pass-rated commercial and institutional credits and loans
secured by commercial real estate by evaluating the:
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.
4
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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, 2021, BNY Mellon had
$46.7 trillion in assets under custody and/or administration, and $2.4 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.
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