Onward to Opportunity

Below is an adaptation of remarks delivered on April 12, 2023, at BNY Mellon’s Annual Meeting of Stockholders:

As the world’s largest global custodian that acts as a comprehensive platform for the financial markets of the world, touching about 20% of all investable assets, we take our responsibility to clients and the industry seriously. We’ve built up a legacy of client and industry trust over nearly 240 years, and resiliency the cornerstone of our business.

In 2022, we delivered solid results against the backdrop of a complex operating environment

• We saw broad-based pick up in sales momentum with both new and existing clients.
• We continued to make measurable progress across long-term innovation initiatives: Pershing X, the reimagining of Custody and Collateral, Real-time and Immediate Payments and blockchain technology.
• We’ve taken actions designed to improve our securities portfolio that will provide us with ample flexibility as we move through 2023, adjusting to changing market and interest rate conditions.

Our scale and significance give us an opportunity to help the financial system work better for everyone

• We announced strategic alliances to bring our suite of services to communities removed from major capital centers, doing our part to provide access to quality financial services to an increasing number of market participants.
• We work with minority- and veteran-owned broker-dealers across our businesses, and a number of these firms helped us underwrite and distribute some of our own bond issuances last year.
• We launched a collaboration with Howard University – the Black Opportunity Leadership Development [BOLD] initiative – to help support their most at-need students through a grant that reduces financial obligations and helps improve graduation rates.

Beyond inclusion, we are also looking at new ways of driving a more sustainable future

• We continue to be the leading green bond trustee globally.
• Our leadership in real-time, paperless payments will help reduce the financial industry’s carbon footprint.
• We are also leveraging our capabilities to increase our focus on Responsible Investment.

Looking ahead

We have an exceptional client franchise and play a central role in global and local financial markets.

We also have a strong history of resiliency and innovation. Still, as I wrote in my shareholder letter, our long-term financial performance has not lived up to our potential.

In 2023, a sense of purpose, execution and efficiency will be critical.

We see opportunities to:

• Drive profitable growth: This involves executing with surgical precision and urgency against our critical long-term growth investments, as well as accelerating momentum around new business.
• Better connect the dots for our clients: I consistently hear that clients want to do more business with BNY Mellon, and we will focus on making that easier for them. Our 1BNY Mellon program, which promotes and incentivizes multi-business solutions, is one component.
• Curb expenses: Recognizing that expense growth has been too high in recent years, we are committed to instilling further discipline across the firm.

While still early in this journey, I’m incredibly proud of our people and excited for our future.

Cautionary Statement