The Bank of New York Mellon (BK) Barclays 23rd Annual Global Financial Services Conference summary

Strategic progress and cultural transformation

• Celebrated two years of new leadership, with stock up over 50% in the past year, outperforming key indices.

• Three strategic pillars guide the firm: be more for clients, run the company better, and power the culture, with five supporting principles and a new Platform Operating Model rolling out to 50% of staff by next spring.

• Corporate rebrand reflects a modernized identity and aligns with a 240-year legacy.

• Focus on breaking down silos, unifying sales, and enabling cross-selling across business lines, leading to new client wins and internal collaboration.

• Emphasis on a high-performing, human culture, with significant investment in talent, learning, and digitization, shifting mindset from risk to opportunity.

Growth opportunities and business performance

• Wove and Pershing platforms are driving new client acquisition and are on track to meet or exceed sales targets.

• Markets and Wealth Services, especially Clearance and Collateral Management, are seeing strong international growth and high margins.

• Asset Servicing and Corporate Trust have benefited from targeted investments, improved processes, and leadership hires, resulting in higher client wins and operational efficiency.

• Pershing expects low to mid single-digit organic fee growth, leveraging strong market share and an unconflicted position.

• Clearance and Collateral Management continues double-digit fee growth, with positive outlook tied to treasury market volumes and international expansion.

Financial discipline and capital allocation

• Net interest income guidance for the year is outperforming expectations, with Q3 tracking better than the initial 10% decline guidance.

• Expense growth has been tightly managed, with core expenses up about 1% in H1 and a flat outlook for the year, anchored in positive operating leverage.

• $500 million invested in future projects this year, balancing cost control with strategic investment.

• Dividend increased 12–14% and buybacks remain consistent, targeting 100%+ return of earnings to shareholders.