The Bank of New York Mellon (BNY) investor relations material

Strategic transformation and culture

• Focused on establishing credibility, controlling expenses, and building a diversified business portfolio.

• Achieved significant cost reductions and buybacks in 2023, with 14 consecutive quarters of sales growth.

• Emphasized empowering culture and aligning employees as shareholders, driving ambition and results.

• Transitioned from transformation to ongoing strategy, vision, and innovation, with a strong strategy office.

• Major opportunity lies in deepening relationships with existing clients and integrating solutions.

Financial performance and outlook

• Organic growth improved from flat in 2022 to 4.5% in the first half of the current year.

• Positive operating leverage targeted, with 400 basis points achieved and further improvements planned.

• Expense growth driven by revenue-related items, investments in data, AI, and regulatory responses.

• Guidance updated at Q2; Q3 slower due to seasonality, but capital markets and volumes remain strong.

• 75% of revenues expected to be recurring by 2027, with long-term contracts supporting durable growth.

Competitive positioning and market approach

• Shifted client perception from vendor to partner, focusing on trust and thought leadership.

• Leading in many business lines but pursuing granular market analysis to identify growth gaps.

• Not reliant on acquisitions for growth; focus remains on internal improvements and selective bolt-ons.

• Medium-term targets seen as milestones, not endpoints, with ongoing ambition to exceed them.