Bank of New York Mellon Corp at Morgan Stanley Financials Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : <_ALACRA_META_ABSTRACT>All right. Jim, could you take us -- well, we're going to go through the product as we have the discussion. Take us through the strategic priorities you have. You did take on this role about six years ago. James T Crowley - The Bank of New York Mellon Corporation - Senior Executive Vice President and Global Head of BNY Pershing July of 2019, just in time for COVID.

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : Okay. So we're going to unpack that as we go through the questions. But first, I also -- I realize you recently hosted your flagship insight Financial Advisory conference right keying off of the world scene here. And what were some of the key themes that came out of that conference.

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : So you came this year with a broader product set? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. JUNE 11, 2025 / 6:30PM, BK.N - Bank of New York Mellon Corp at Morgan Stanley Financials Conference

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : And what was the driver of doing that? Is it of bringing all the different services to the Insight conference this year. Is Wove part of that?

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : And do I have it right that wove drove in 2024, an incremental $30 million in revenues? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. JUNE 11, 2025 / 6:30PM, BK.N - Bank of New York Mellon Corp at Morgan Stanley Financials Conference

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : Okay. So that's -- $24 million is $30 million and then an incremental $60 million to $70 million?

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : Right. So running at the high end at $100 million. So we should see that in the numbers as we go to because -- well.

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : Okay. Because -- is there any seasonality in it? Or should we just assume it's quarterly run rate.

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : And the underlying question that I'm asking here is how big can will get if we look out to end state. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. JUNE 11, 2025 / 6:30PM, BK.N - Bank of New York Mellon Corp at Morgan Stanley Financials Conference

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : Okay. And so when you think about your installed base clients right now, what percentage have taken up the Wove platform?

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : And the revenue model here is app usage? Is that it?

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : Okay. And so attracting those new clients is important for driving this incremental revenue. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. JUNE 11, 2025 / 6:30PM, BK.N - Bank of New York Mellon Corp at Morgan Stanley Financials Conference

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : Okay. Very good. What other areas of innovation, can you talk about that you're thinking about working on in driving top line growth for Pershing?

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : Okay. Excellent. And so that is already embedded? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. JUNE 11, 2025 / 6:30PM, BK.N - Bank of New York Mellon Corp at Morgan Stanley Financials Conference

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : Okay. And then as you look even further out, the innovation that you're anticipating is coming off of the AI investment that you've made already?

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : Since we're on AI, can we talk a little bit about the efficiency driver portion of it in terms of that expense ratio, that margin that you alluded to?

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : Okay. But you moved on to the platform model last year?

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : So that efficiency benefit will be rolling through your business over the course of the next year.

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : All right. Well, thank you for contributing to the goal of positive operating leverage.

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : Yes. And you did mention we haven't yet talked about the industry dynamics. So that would be useful to get your point of view on that and RIA consolidation and how that impacts your business?

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : Okay. Very good. So consolidation, a positive for you?

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : Okay. And can you give us a sense as to the size of the RIA that you need for a breakeven or the size to hurdle your return needs?

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : And what percentage share of your market would you say you have today?

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : And could you talk a little bit about how you are expanding what you offer to the clients in terms of products. And I'm thinking about alternatives Also, I'm wondering about crypto as Genius Act rolls its way through Congress, how are you positioning for that? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. JUNE 11, 2025 / 6:30PM, BK.N - Bank of New York Mellon Corp at Morgan Stanley Financials Conference

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : Okay. Great. And is there any operational improvements that need to be made to do that?

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : Okay.

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : And how are you thinking about the possibility for Alts in retirement accounts?

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : Okay. And then separately, digital assets generally, not just crypto, but tokenized assets. Thoughts there is the platform ready to roll those out?

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : So you're ready to roll that if you needed now.

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : Okay. Well, great. Thank you so much, Jim, for joining us today.

Question: Betsy Graseck - Morgan Stanley & Co LLC - Analyst : Pleasure.