The Bank of New York Mellon Corporation

Good morning and welcome to the 2026 First Quarter Earnings Conference Call hosted by BNY. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Please note that this conference call and webcast will be recorded and will consist of copyrighted material. You may not record or rebroadcast these materials without BNY's consent. I will now turn the call over to Marius Merz, BNY Head of Investor Relations. Please go ahead.

Thank you, Operator. Good morning, everyone, and welcome to our first quarter earnings call. I'm here with Robin Vince, our CEO, and Dominic McDonough, our CFO. As always, we will reference the quarterly update presentation, which can be found on the investor relations page of our website at bny.com. And I'll note that our remarks will contain forward-looking statements and non-GAAP measures. Actual results may differ materially from those projected in the forward-looking statements. Information about these statements and non-GAAP measures is available in the earnings press release, financial supplement, and quarterly update presentation, all of which can be found on the investor relations page of our website. Forward-looking statements made on this call speak only as of today, April 16, 2026, and will not be updated. With that, I will turn it over to Robin.

Thanks, Marius. Good morning, everyone, and thank you for joining us. I'll begin with a few broader comments before Dermot takes you through our financial results. Referring to page two of the quarterly update presentation, BNY has started the year with a strong performance in the first quarter. Earnings per share of $2.24 grew 42% year over year, both on a reported basis and excluding notable items. Record revenue of $5.4 billion was up 13% year over year, reflecting broad-based growth across our securities services and market and wealth services businesses. And we delivered over 800 basis points of positive operating leverage, while making meaningful investments in new products, capabilities, AI, and critically, our people and culture. Taken together, this combination of strong top-line growth and significant operating leverage resulted in pre-tax margin expansion to 37% and improved profitability with a return on tangible common equity of 29% in the quarter. BNY's position at the heart of global financial markets with platforms across custody, security settlement, collateral, payments, trading, wealth, investments, and more, supports durable financial performance for our company, enabling us to power our clients' growth as they navigate an increasingly complex landscape. While the path of global markets is difficult to predict with certainty, what is clear is that the underlying trends, higher levels of activity, greater complexity, new technologies, and a resulting need for scale efficiency and connectivity are more relevant than ever for our clients. As I mentioned in my shareholder letter earlier this year, the portfolio of BNY's businesses is unique, but it is how we are embracing new ways of working, our adoption and integration of new technologies, and our strong culture that allows us to create truly differentiated solutions. clients are increasingly recognizing the value of holistic solutions that support the full lifecycle of their activity, whether it is managing liquidity, optimizing collateral, supporting higher trading volumes, or getting ready for the future of financial market infrastructure. Our work to operate together as one BNY through both our platforms operating model and our commercial model better enables us to bring the full breadth of our capabilities together in service of our clients. A good example of this from the first quarter is our work with Allianz Global Investors, one of the world's leading active asset managers. AGI has selected BNY to support optimizing their investment operating model, leveraging the breadth of our global capabilities. This integrated model will help AGI deliver exceptional experience front to back, while placing AI and modern data infrastructure at the heart of their operations to enhance productivity, enable faster work, clearer insights, and better outcomes for their teams and clients alike. In another example, PayPal has selected BNY to provide institutional-grade digital asset custody, supporting their digital payments, wallets, and financial services for millions of users globally. And just last week, the U.S. Treasury Department announced that they have selected BNY as a financial agent for Trump accounts, the U.S. government's investment savings initiative for children, aimed at building a strong financial foundation for our next generation. BNY will manage the national infrastructure for the program, and collaborate with Robinhood, which will provide brokerage and initial trustee services. These examples illustrate our strategic evolution toward deeper integration between our products delivered with the technology and scale of BNY's differentiated platforms. Over the next phase of BNY's transformation, One of the most significant enablers of being more for our clients and running our company better is AI. And so we felt that this was an opportune time to spotlight how we are going about AI at BNY. Turning to slide three of the presentation, as a reminder, our work to set the foundation for reimagining our company has included intentional and consistent investments in AI over the past several years. We took a very deliberate approach to AI through the lens of integration, adoption, and importantly, our people and culture. We embraced the platform's approach to embedding AI across the company, creating our AI Hub in 2023, so we could develop the enterprise capabilities, strong governance framework, and training to empower every employee to embrace AI. More than two years ago, in collaboration with NVIDIA, BNY became the first global bank to deploy a DGX superpod, and in the same year, we launched ELISA, BNY's AI platform. Outlined on page 4, our vision for AI at BNY is that it is for everyone, everywhere, and everything. As is the case with many things, the key to making it work is culture. We took a people-first approach. Over the last year, we focused on broad adoption. We made ELIZA available to 100% of our employees and supported advanced learning and development through a series of training programs. This approach to enterprise-wide enablement has already allowed us to develop more than 200 AI solutions and to introduce digital employees, multi-agentic solutions that operate alongside human colleagues. In 2026, we are doubling down on depth, moving from AI point solutions to using AI to enhance end-to-end processes, reducing manual touchpoints, improving cycle times, strengthening control outcomes, and to build more connected intelligence by linking data, workflows, and expertise to enhance the service and value proposition for our clients. On page five, we show just some of the initial outputs, tangible results of AI enablement and impact across improved business and operating performance, driving greater efficiency and product innovation. None of these metrics individually show a complete picture of AI at BNY, but taken together, they show something important, that we are systematically embedding AI in our workflows across the entire company. Already, AI is helping us increase the pace at which we innovate our technology, accelerate onboarding, improve client service, and streamline processes. And in combination with our broader efforts to run our company better, AI is starting to contribute to the improved financial performance trajectory at the bottom of the page. Building on our deliberate strategy and the solid foundation we've laid over the past several years, We're confident that AI will enable us to evolve our business model and enhance how we deliver for clients. Our commitment, not just to deep AI enablement, but the full reimagination of our company, combined with the role that we play in global financial market infrastructure, the breadth of our businesses, and our trusted and deep client relationships, together represents a powerful competitive advantage. Taking a step back and reflecting on the operating environment, while AI was an ever-present theme in markets over the past few months, the first quarter also presented a dynamic market backdrop. Significant volatility was driven by shifting expectations for the paths of growth, inflation and interest rates amid geopolitical conflicts and evolving policy outlooks. Within this constantly changing environment, our diversified business model combined with our strong balance sheet, allows BNY to serve as a pillar of strength for our clients and for global markets. Before I hand it over to Dermot, I want to take a moment to recognize our employees around the world for rising to the challenge to execute on our long-term plan to unlock BNY's full potential for our clients and shareholders. We've had a strong start to the year, supported by increasing client engagement and continued progress on our strategic priorities. I'd like to thank our clients for their trust, our employees for their commitment and hard work, and our shareholders for their continued support. And with that, over to you, Donna.