Jul 15, 2021
NEW YORK, July 15, 2021 /PRNewswire/ --
Fee & other rev. up 3% NIR down 17% | EPS up 12% | ROE 10% ROTCE 19% (a) | CET1 12.6% Tier 1 leverage 6.0% |
The Bank of New York Mellon Corporation ("BNY Mellon") (NYSE: BK) today reported:
2Q21 vs. | |||||||||||||
2Q21 | 1Q21 | 2Q20 | 1Q21 | 2Q20 | |||||||||
Net income applicable to common shareholders (in millions) | $ | 991 | $ | 858 | $ | 901 | 16 | % | 10 | % | |||
Diluted earnings per common share | $ | 1.13 | $ | 0.97 | $ | 1.01 | 16 | % | 12 | % |
Second Quarter Results | CEO Commentary | |
Total revenue of $4.0 billion, decreased 1% • Fee revenue increased 4% • Fee revenue increased 10% excluding money market fee • Other revenue decreased $50 million • Net interest revenue decreased 17% • Weaker U.S. dollar increased total revenue ~ 2%
Provision for credit losses was a benefit of $86 million
Total noninterest expense of $2.8 billion, increased 3% • Weaker U.S. dollar increased expenses ~ 2%
Investment Services • Total revenue decreased 4% • Income before taxes increased 3% • AUC/A of $45.0 trillion, increased 21%
Investment and Wealth Management • Total revenue increased 13% • Income before taxes increased 48% • AUM of $2.3 trillion, increased 18%
Capital • Repurchased 12.8 million common shares for $618 million • Dividends of $273 million to common shareholders • Authorized to repurchase up to $6.0 billion of common
| "We delivered another strong quarter with EPS of $1.13 on $4
Mr. Gibbons added, "Our investments in digitization and
"As we continued to generate further excess capital in the
|
Media Relations: Erin Smith (212) 815-7170 | Investor Relations: Marius Merz (212) 298-1480 |
(a) For information on these Non-GAAP measures, see "Supplemental Information – Explanation of GAAP and Non-GAAP financial measures" on page 9. | |
Note: Above comparisons are 2Q21 vs. 2Q20, unless otherwise noted. |
CONSOLIDATED FINANCIAL HIGHLIGHTS | |||||||||||||
(in millions, except per share amounts and unless otherwise noted; not meaningful - N/M) | 2Q21 vs. | ||||||||||||
2Q21 | 1Q21 | 2Q20 | 1Q21 | 2Q20 | |||||||||
Fee revenue | $ | 3,224 | $ | 3,257 | $ | 3,089 | (1) | % | 4 | % | |||
Other revenue | 91 | 9 | 141 | N/M | N/M | ||||||||
Total fee and other revenue | 3,315 | 3,266 | 3,230 | 2 | 3 | ||||||||
Net interest revenue | 645 | 655 | 780 | (2) | (17) | ||||||||
Total revenue | 3,960 | 3,921 | 4,010 | 1 | (1) | ||||||||
Provision for credit losses | (86) | (83) | 143 | N/M | N/M | ||||||||
Noninterest expense | 2,778 | 2,851 | 2,686 | (3) | 3 | ||||||||
Income before income taxes | 1,268 | 1,153 | 1,181 | 10 | 7 | ||||||||
Provision for income taxes | 241 | 221 | 216 | 9 | 12 | ||||||||
Net income | $ | 1,027 | $ | 932 | $ | 965 | 10 | % | 6 | % | |||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation | $ | 991 | $ | 858 | $ | 901 | 16 | % | 10 | % | |||
Operating leverage (a) | 356 | bps | (467) | bps | |||||||||
Diluted earnings per common share | $ | 1.13 | $ | 0.97 | $ | 1.01 | 16 | % | 12 | % | |||
Average common shares and equivalents outstanding - diluted (in thousands) | 873,475 | 885,655 | 890,561 | ||||||||||
Pre-tax operating margin | 32 | % | 29 | % | 29 | % | |||||||
(a) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense. | |||||||||||||
bps – basis points. |
KEY DRIVERS (comparisons are 2Q21 vs. 2Q20, unless otherwise stated)
Assets under custody and/or administration ("AUC/A") and Assets under management ("AUM")
Capital and liquidity
(a) | See "Supplemental information – Explanation of GAAP and Non-GAAP financial measures" on page 9 for additional information. |
Note: Throughout this document, sequential growth rates are unannualized. |
INVESTMENT SERVICES BUSINESS HIGHLIGHTS | |||||||||||||
(dollars in millions, unless otherwise noted; not meaningful - N/M) | 2Q21 vs. | ||||||||||||
2Q21 | 1Q21 | 2Q20 | 1Q21 | 2Q20 | |||||||||
Total revenue by line of business: | |||||||||||||
Asset Servicing | $ | 1,382 | $ | 1,424 | $ | 1,463 | (3) | % | (6) | % | |||
Pershing | 590 | 605 | 578 | (2) | 2 | ||||||||
Issuer Services | 405 | 363 | 431 | 12 | (6) | ||||||||
Treasury Services | 319 | 317 | 340 | 1 | (6) | ||||||||
Clearance and Collateral Management | 283 | 281 | 295 | 1 | (4) | ||||||||
Total revenue by line of business | 2,979 | 2,990 | 3,107 | — | (4) | ||||||||
Provision for credit losses | (77) | (79) | 145 | N/M | N/M | ||||||||
Noninterest expense | 2,052 | 2,101 | 1,989 | (2) | 3 | ||||||||
Income before taxes | $ | 1,004 | $ | 968 | $ | 973 | 4 | % | 3 | % | |||
Pre-tax operating margin | 34 | % | 32 | % | 31 | % | |||||||
Foreign exchange revenue | $ | 152 | $ | 193 | $ | 164 | (21) | % | (7) | % | |||
Securities lending revenue | $ | 42 | $ | 41 | $ | 51 | 2 | % | (18) | % | |||
Net interest revenue | $ | 643 | $ | 645 | $ | 768 | — | % | (16) | % | |||
Metrics: | |||||||||||||
Average loans | $ | 46,845 | $ | 43,468 | $ | 43,113 | 8 | % | 9 | % | |||
Average deposits | $ | 313,923 | $ | 315,088 | $ | 268,467 | — | % | 17 | % | |||
AUC/A at period end (in trillions) (current period is preliminary) (a) | $ | 45.0 | $ | 41.7 | $ | 37.3 | 8 | % | 21 | % | |||
Market value of securities on loan at period end (in billions) (b) | $ | 456 | $ | 445 | $ | 384 | 2 | % | 19 | % |
(a) | 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 ("CIBC Mellon"), a joint venture with the Canadian Imperial Bank of Commerce, of $1.7 trillion at June 30, 2021, $1.6 trillion at March 31, 2021 and $1.3 trillion at June 30, 2020. |
(b) | 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 $63 billion at June 30, 2021, $64 billion at March 31, 2021 and $62 billion at June 30, 2020. |
KEY DRIVERS
INVESTMENT AND WEALTH MANAGEMENT BUSINESS HIGHLIGHTS | |||||||||||||
(dollars in millions, unless otherwise noted; not meaningful - N/M) | 2Q21 vs. | ||||||||||||
2Q21 | 1Q21 | 2Q20 | 1Q21 | 2Q20 | |||||||||
Total revenue by line of business: | |||||||||||||
Investment Management | $ | 700 | $ | 698 | $ | 621 | — | % | 13 | % | |||
Wealth Management | 299 | 293 | 265 | 2 | 13 | ||||||||
Total revenue by line of business | 999 | 991 | 886 | 1 | 13 | ||||||||
Provision for credit losses | (4) | 4 | 7 | N/M | N/M | ||||||||
Noninterest expense | 677 | 709 | 658 | (5) | 3 | ||||||||
Income before taxes | $ | 326 | $ | 278 | $ | 221 | 17 | % | 48 | % | |||
Pre-tax operating margin | 33 | % | 28 | % | 25 | % | |||||||
Adjusted pre-tax operating margin – Non-GAAP (a) | 35 | % | 30 | % | 28 | % | |||||||
Net interest revenue | $ | 47 | $ | 48 | $ | 48 | (2) | % | (2) | % | |||
Metrics: | |||||||||||||
Average loans | $ | 11,871 | $ | 11,610 | $ | 11,791 | 2 | % | 1 | % | |||
Average deposits | $ | 17,466 | $ | 19,177 | $ | 17,491 | (9) | % | — | % | |||
AUM (in billions) (current period is preliminary) (b) | $ | 2,320 | $ | 2,214 | $ | 1,961 | 5 | % | 18 | % | |||
Wealth Management client assets (in billions) (current period is preliminary) (c) | $ | 305 | $ | 292 | $ | 254 | 4 | % | 20 | % |
(a) | Net of distribution and servicing expense. See "Supplemental information – Explanation of GAAP and Non-GAAP financial measures" on page 9 for information on this Non-GAAP measure. |
(b) | Excludes securities lending cash management assets and assets managed in the Investment Services business. |
(c) | Includes AUM and AUC/A in the Wealth Management business. |
KEY DRIVERS
OTHER SEGMENT primarily includes leasing operations, certain corporate treasury activities, derivatives, business exits and other corporate revenue and expense items.
(in millions) | 2Q21 | 1Q21 | 2Q20 | ||||||
Fee revenue | $ | 13 | $ | 9 | $ | 10 | |||
Other revenue | 9 | (36) | 28 | ||||||
Total fee and other revenue | 22 | (27) | 38 | ||||||
Net interest (expense) | (45) | (38) | (36) | ||||||
Total revenue | (23) | (65) | 2 | ||||||
Provision for credit losses | (5) | (8) | (9) | ||||||
Noninterest expense | 49 | 41 | 39 | ||||||
(Loss) before taxes | $ | (67) | $ | (98) | $ | (28) |
KEY DRIVERS
MONEY MARKET FEE WAIVERS
The following table presents the impact of money market fee waivers on our consolidated fee revenue, net of distribution and servicing expense. In 2Q21, the net impact of money market fee waivers was $252 million, up from $188 million in 1Q21, driven by lower short-term interest rates and higher money market balances.
Money market fee waivers | |||||||||||||||||||||
(in millions) | 2Q21 | 1Q21 | 4Q20 | 3Q20 | 2Q20 | YTD21 | YTD20 | ||||||||||||||
Investment services fees: | |||||||||||||||||||||
Asset servicing fees | $ | (42) | $ | (22) | $ | (13) | $ | (1) | $ | — | $ | (64) | $ | — | |||||||
Clearing services fees | (88) | (74) | (64) | (57) | (50) | (162) | (59) | ||||||||||||||
Issuer services fees | (15) | (10) | (6) | (1) | (1) | (25) | (1) | ||||||||||||||
Treasury services fees | (3) | (3) | (2) | (3) | (2) | (6) | (2) | ||||||||||||||
Total investment services fees | (148) | (109) | (85) | (62) | (53) | (257) | (62) | ||||||||||||||
Investment management and performance fees | (115) | (89) | (56) | (42) | (30) | (204) | (44) | ||||||||||||||
Distribution and servicing revenue | (13) | (13) | (8) | (6) | (3) | (26) | (3) | ||||||||||||||
Total fee revenue | (276) | (211) | (149) | (110) | (86) | (487) | (109) | ||||||||||||||
Less: Distribution and servicing expense | 24 | 23 | 15 | 9 | 7 | 47 | 7 | ||||||||||||||
Net impact of money market fee waivers | $ | (252) | $ | (188) | $ | (134) | $ | (101) | $ | (79) | $ | (440) | $ | (102) | |||||||
Impact to revenue by line of business (a): | |||||||||||||||||||||
Asset Servicing | $ | (50) | $ | (29) | $ | (13) | $ | (4) | $ | (1) | $ | (79) | $ | (1) | |||||||
Pershing | (99) | (94) | (85) | (73) | (60) | (193) | (69) | ||||||||||||||
Issuer Services | (22) | (15) | (10) | (2) | (1) | (37) | (1) | ||||||||||||||
Treasury Services | (16) | (9) | (5) | (1) | — | (25) | — | ||||||||||||||
Investment Management | (85) | (61) | (34) | (28) | (24) | (146) | (38) | ||||||||||||||
Wealth Management | (4) | (3) | (2) | (2) | — | (7) | — | ||||||||||||||
Total impact to revenue by line of business | $ | (276) | $ | (211) | $ | (149) | $ | (110) | $ | (86) | $ | (487) | $ | (109) |
(a) | The line of business revenue for management reporting purposes reflects the impact of revenue transferred between the businesses. |
CAPITAL AND LIQUIDITY | |||||||||||
Capital and liquidity ratios | June 30, | March 31, | Dec. 31, | ||||||||
Consolidated regulatory capital ratios: (a) | |||||||||||
CET1 ratio | 12.6 | % | 12.6 | % | 13.1 | % | |||||
Tier 1 capital ratio | 15.2 | 15.2 | 15.8 | ||||||||
Total capital ratio | 16.0 | 16.1 | 16.7 | ||||||||
Tier 1 leverage ratio | 6.0 | 5.8 | 6.3 | ||||||||
SLR | 7.5 | 8.1 | (b) | 8.6 | (b) | ||||||
BNY Mellon shareholders' equity to total assets ratio | 9.7 | % | 9.7 | % | 9.8 | % | |||||
BNY Mellon common shareholders' equity to total assets ratio | 8.7 | % | 8.7 | % | 8.8 | % | |||||
Average LCR | 110 | % | 110 | % | 110 | % | |||||
Book value per common share | $ | 47.20 | $ | 46.16 | $ | 46.53 | |||||
Tangible book value per common share – Non-GAAP (c) | $ | 25.64 | $ | 24.88 | $ | 25.44 | |||||
Common shares outstanding (in thousands) | 863,174 | 875,481 | 886,764 |
(a) | Regulatory capital ratios for June 30, 2021 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 June 30, 2021 and March 31, 2021, was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, and for Dec. 31, 2020, was the Advanced Approaches. |
(b) | Reflects the temporary exclusion of U.S. Treasury securities from the leverage exposure used in the SLR calculation which increased our consolidated SLR by 68 basis points at March 31, 2021 and 72 basis points at Dec. 31, 2020. The temporary exclusion ceased to apply beginning April 1, 2021. |
(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" on page 9 for information on this Non-GAAP measure. |
NET INTEREST REVENUE | |||||||||||||
Net interest revenue | 2Q21 vs. | ||||||||||||
(dollars in millions; not meaningful - N/M) | 2Q21 | 1Q21 | 2Q20 | 1Q21 | 2Q20 | ||||||||
Net interest revenue | $ | 645 | $ | 655 | $ | 780 | (2) | % | (17) | % | |||
Add: Tax equivalent adjustment | 3 | 3 | 2 | N/M | N/M | ||||||||
Net interest revenue, on a fully taxable equivalent ("FTE") basis – Non-GAAP (a) | $ | 648 | $ | 658 | $ | 782 | (2) | % | (17) | % | |||
Net interest margin | 0.67 | % | 0.66 | % | 0.88 | % | 1 | bps | (21) | bps | |||
Net interest margin (FTE) – Non-GAAP (a) | 0.67 | % | 0.67 | % | 0.88 | % | — | bps | (21) | bps |
(a) | Net interest revenue (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP include the tax equivalent adjustments on tax-exempt income. See "Supplemental information – Explanation of GAAP and Non-GAAP financial measures" on page 9 for information on this Non-GAAP measure. |
bps – basis points. |
THE BANK OF NEW YORK MELLON CORPORATION | |||||||||||||||||
Condensed Consolidated Income Statement | |||||||||||||||||
(in millions) | Quarter ended | Year-to-date | |||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||||
Fee and other revenue | |||||||||||||||||
Investment services fees: | |||||||||||||||||
Asset servicing fees | $ | 1,200 | $ | 1,199 | $ | 1,173 | $ | 2,399 | $ | 2,332 | |||||||
Clearing services fees | 435 | 455 | 431 | 890 | 901 | ||||||||||||
Issuer services fees | 281 | 245 | 277 | 526 | 540 | ||||||||||||
Treasury services fees | 160 | 157 | 144 | 317 | 293 | ||||||||||||
Total investment services fees | 2,076 | 2,056 | 2,025 | 4,132 | 4,066 | ||||||||||||
Investment management and performance fees | 889 | 890 | 786 | 1,779 | 1,648 | ||||||||||||
Foreign exchange revenue | 184 | 231 | 193 | 415 | 438 | ||||||||||||
Financing-related fees | 48 | 51 | 58 | 99 | 117 | ||||||||||||
Distribution and servicing | 27 | 29 | 27 | 56 | 58 | ||||||||||||
Total fee revenue | 3,224 | 3,257 | 3,089 | 6,481 | 6,327 | ||||||||||||
Investment and other income | 89 | 9 | 132 | 98 | 179 | ||||||||||||
Net securities gains | 2 | — | 9 | 2 | 18 | ||||||||||||
Total other revenue | 91 | 9 | 141 | 100 | 197 | ||||||||||||
Total fee and other revenue | 3,315 | 3,266 | 3,230 | 6,581 | 6,524 | ||||||||||||
Net interest revenue | |||||||||||||||||
Interest revenue | 685 | 738 | 943 | 1,423 | 2,513 | ||||||||||||
Interest expense | 40 | 83 | 163 | 123 | 919 | ||||||||||||
Net interest revenue | 645 | 655 | 780 | 1,300 | 1,594 | ||||||||||||
Total revenue | 3,960 | 3,921 | 4,010 | 7,881 | 8,118 | ||||||||||||
Provision for credit losses | (86) | (83) | 143 | (169) | 312 | ||||||||||||
Noninterest expense | |||||||||||||||||
Staff | 1,518 | 1,602 | 1,464 | 3,120 | 2,946 | ||||||||||||
Software and equipment | 365 | 362 | 345 | 727 | 671 | ||||||||||||
Professional, legal and other purchased services | 363 | 343 | 337 | 706 | 667 | ||||||||||||
Sub-custodian and clearing | 132 | 124 | 120 | 256 | 225 | ||||||||||||
Net occupancy | 122 | 123 | 137 | 245 | 272 | ||||||||||||
Distribution and servicing | 73 | 74 | 85 | 147 | 176 | ||||||||||||
Bank assessment charges | 35 | 34 | 35 | 69 | 70 | ||||||||||||
Amortization of intangible assets | 20 | 24 | 26 | 44 | 52 | ||||||||||||
Business development | 22 | 19 | 20 | 41 | 62 | ||||||||||||
Other | 128 | 146 | 117 | 274 | 257 | ||||||||||||
Total noninterest expense | 2,778 | 2,851 | 2,686 | 5,629 | 5,398 | ||||||||||||
Income | |||||||||||||||||
Income before income taxes | 1,268 | 1,153 | 1,181 | 2,421 | 2,408 | ||||||||||||
Provision for income taxes | 241 | 221 | 216 | 462 | 481 | ||||||||||||
Net income | 1,027 | 932 | 965 | 1,959 | 1,927 | ||||||||||||
Net (income) loss attributable to noncontrolling interests related to consolidated investment management funds | (5) | (5) | (15) | (10) | 3 | ||||||||||||
Net income applicable to shareholders of The Bank of New York Mellon Corporation | 1,022 | 927 | 950 | 1,949 | 1,930 | ||||||||||||
Preferred stock dividends | (31) | (69) | (49) | (100) | (85) | ||||||||||||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation | $ | 991 | $ | 858 | $ | 901 | $ | 1,849 | $ | 1,845 | |||||||
Earnings per share applicable to the common shareholders of The Bank of New York Mellon Corporation | Quarter ended | Year-to-date | |||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||||
(in dollars) | |||||||||||||||||
Basic | $ | 1.14 | $ | 0.97 | $ | 1.01 | $ | 2.11 | $ | 2.06 | |||||||
Diluted | $ | 1.13 | $ | 0.97 | $ | 1.01 | $ | 2.10 | $ | 2.06 |
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, which exclude goodwill and intangible assets, net of deferred tax liabilities. We believe that the return on tangible common equity – Non-GAAP is additional useful information for investors because it presents a measure of those assets that can generate income, and the tangible book value per common share – Non-GAAP is additional useful information because it presents the level of tangible assets in relation to shares of common stock outstanding.
Net interest revenue, on a fully taxable equivalent ("FTE") basis – Non-GAAP and net interest margin (FTE) – Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income which allows for the comparison 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.
BNY Mellon has also included the adjusted pre-tax operating margin – Non-GAAP, which is the pre-tax operating margin for the Investment and Wealth Management business, net of distribution and servicing expense that was passed to third parties who distribute or service our managed funds. We believe that this measure is useful when evaluating the performance of the Investment and Wealth Management business relative to industry competitors.
For the reconciliations of these Non-GAAP measures, see "Supplemental Information – Explanation of GAAP and Non-GAAP Financial Measures" in the Financial Supplement available at www.bnymellon.com.
BNY Mellon has presented the measure of fee revenue, excluding money market fee waivers – Non-GAAP. We believe that this measure is useful information for investors on the impact of current interest rates and market conditions on fee revenue growth rates and the performance of our business.
Fee revenue reconciliation | 2Q21 vs. | |||||||
(dollars in millions) | 2Q21 | 2Q20 | 2Q20 | |||||
Fee revenue | $ | 3,224 | $ | 3,089 | 4 | % | ||
Less: Money market fee waivers | (276) | (86) | ||||||
Fee revenue, excluding money market fee waivers – Non-GAAP | $ | 3,500 | $ | 3,175 | 10 | % |
CAUTIONARY STATEMENT
A number of statements (i) in this Earnings Release, (ii) in our Financial Supplement, (iii) in our presentations and (iv) in the responses to questions on our conference call discussing our quarterly results and other public events may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our capital plans, strategic priorities, financial goals, organic growth, performance, organizational quality and efficiency, investments, including in technology and product development, resiliency, capabilities, revenue, net interest revenue, money market fee waivers, fees, expenses, cost discipline, sustainable growth, company management, human capital management (including related ambitions, objectives, aims and goals), deposits, interest rates and yield curves, securities portfolio, taxes, business opportunities, divestments, volatility, preliminary business metrics and regulatory capital ratios and statements regarding our aspirations, as well as our overall plans, strategies, goals, objectives, expectations, outlooks, estimates, intentions, targets, opportunities, focus and initiatives, including the potential effects of the coronavirus pandemic on any of the foregoing. These statements may be expressed in a variety of ways, including the use of future or present tense language. Words such as "estimate," "forecast," "project," "anticipate," "likely," "target," "expect," "intend," "continue," "seek," "believe," "plan," "goal," "could," "should," "would," "may," "might," "will," "strategy," "synergies," "opportunities," "trends," "ambition," "objective," "aim," "future," "potentially," "outlook" and words of similar meaning may signify forward-looking statements. These statements and other forward-looking statements contained in other public disclosures of BNY Mellon which make reference to the cautionary factors described in this Earnings Release are based upon current beliefs and expectations and are subject to significant risks and uncertainties (some of which are beyond BNY Mellon's control). Actual results may differ materially from those expressed or implied as a result of a number of factors, including, but not limited to, the risk factors and other uncertainties set forth in BNY Mellon's Annual Report on Form 10-K for the year ended Dec. 31, 2020 and BNY Mellon's other filings with the Securities and Exchange Commission. Statements about the effects of the current and near-term market and macroeconomic outlook on BNY Mellon, including on its business, operations, financial performance and prospects, may constitute forward-looking statements, and are based on assumptions that involve risks and uncertainties and that are subject to change based on various important factors (some of which are beyond BNY Mellon's control), including the scope and duration of the pandemic, actions taken by governmental authorities and other third parties in response to the pandemic, the availability, use and effectiveness of vaccines and the direct and indirect impact of the pandemic on us, our clients, customers and third parties. Preliminary business metrics and regulatory capital ratios are subject to change, possibly materially, as BNY Mellon completes its Quarterly Report on Form 10-Q for the quarter ended June 30, 2021. All forward-looking statements in this Earnings Release speak only as of July 15, 2021, and BNY Mellon undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events.
ABOUT BNY MELLON
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 June 30, 2021, BNY Mellon had $45.0 trillion in assets under custody and/or administration, and $2.3 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.
CONFERENCE CALL INFORMATION
Todd Gibbons, Chief Executive Officer, and Emily Portney, Chief Financial Officer, will host a conference call and simultaneous live audio webcast at 8:00 a.m. ET on July 15, 2021. This conference call and audio webcast will include forward-looking statements and may include other material information.
Investors and analysts wishing to access the conference call and audio webcast may do so by dialing (800) 390-5696 (U.S.) or (720) 452-9082 (International), and using the passcode: 444308, or by logging onto www.bnymellon.com/investorrelations. Earnings materials will be available at www.bnymellon.com/investorrelations beginning at approximately 6:30 a.m. ET on July 15, 2021. Replays of the conference call and audio webcast will be available beginning July 15, 2021 at approximately 2:00 p.m. ET through Aug. 13, 2021 by dialing (888) 203-1112 (U.S.) or (719) 457-0820 (International), and using the passcode: 3619155. The archived version of the conference call and audio webcast will also be available at www.bnymellon.com/investorrelations for the same time period.
SOURCE BNY Mellon