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News Release BNY MELLON BNY MELLON REPORTS FIRST QUARTER 2021 EARNINGS OF $ 858 MILLION OR $ 0.97 PER COMMON SHARE Revenue down 5 % EPS down 8 % ROE 9 % ROTCE 16 % ( a ) CET1 12.6 % Tier 1 leverage 5.8 % NEW YORK , April 16 , 2021 – The Bank of New York Mellon Corporation ( “ BNY Mellon " ) ( NYSE : BK ) today reported : 1Q21 vs. 1Q21 4Q20 1Q20 4Q20 1Q20 Net income applicable to common shareholders ( in millions ) Diluted earnings per common share $ $ 858 $ 702 $ 944 0.97 $ 0.79 $ 1.05 22 % ( 9 ) % 23 % ( 8 ) % First Quarter Results Total revenue of $ 3.9 billion , decreased 5 % • • • Fee revenue increased 1 % • Fee revenue increased 6 % excluding money market fee waivers ( a ) Other revenue includes a $ 39 million impairment for a renewable energy investment Net interest revenue decreased 20 % Provision for credit losses was a benefit of $ 83 million Total noninterest expense of $ 2.9 billion , increased 5 % Higher staff expense and weaker U.S. dollar • Investment Services • Total revenue decreased 8 % • Income before taxes decreased 12 % • AUC / A of $ 41.7 trillion , increased 18 % Investment and Wealth Management • Total revenue increased 10 % • Income before taxes increased 43 % • AUM of $ 2.2 trillion , increased 23 % Capital • • Repurchased 16.8 million common shares for $ 699 million Dividends of $ 277 million to common shareholders ( including dividend - equivalents on share - based awards ) CEO Commentary " We delivered a strong quarter and continue to see momentum across our businesses , despite the ongoing impact of low interest rates . In the first quarter of 2021 , on a year - over - year basis , we delivered a 1 % increase in fee revenue , or 6 % excluding the impact of money market fee waivers . This included strong organic growth driven by new business and higher activity levels . Our business model has proven to be resilient and operating margin was essentially flat at 29 % , compared to the first quarter of 2020 when we saw exceptional pandemic - related volumes and volatility , " Todd Gibbons , Chief Executive Officer , said . Mr. Gibbons added , “ Our Pershing , Asset Servicing and foreign exchange businesses benefited from healthy client activity and market levels . Investment and Wealth Management also benefited from market appreciation , as well as continued investment in our products and services . In addition , we gained traction in the data and analytics space , Clearing and Collateral Management and Treasury Services , driven by ongoing investments in innovation and digitization . " " We were pleased to resume share repurchases in the first quarter , and look forward to the implementation of the stress capital buffer regime , which will provide more flexibility in returning our excess capital to our shareholders . As we move from a period of resilience to a period of recovery and growth , there is a confluence of factors that are encouraging indicators for economic momentum . This includes progress on vaccine deployment , extraordinary levels of consumer savings , and monetary stimulus and further government spending - all of which are likely to accelerate GDP growth , ” Mr. Gibbons concluded . Media Relations : Madelyn McHugh ( 212 ) 635-1376 Investor Relations : Magda Palczynska ( 212 ) 635-8529 ( a ) For information on these Non - GAAP measures , see " Supplemental Information - Explanation of GAAP and Non - GAAP financial measures " on page 10 . Note : Above comparisons are 1021 vs. 1020 , unless otherwise noted . In 1921 , we reclassified certain items within total revenue which impacted fee revenue and other revenue . Prior periods have been reclassified . See " Reporting Changes " beginning on page 9 for additional information .