The Bank of New York Mellon Corporation (NYSE:BK) Q1 2024 Earnings Conference Call April 16, 2024 11:00 AM ET

Company Participants

Marius Merz - Head of Investor Relations
Robin Vince - President and Chief Executive Officer
Dermot McDonogh - Chief Financial Officer

Conference Call Participants

Alex Blostein - Goldman Sachs
Steven Chubak - Wolfe Research
Betsy Graseck - Morgan Stanley
Ebrahim Poonawala - Bank of America Securities
Brennan Hawken - UBS
Mike Mayo - Wells Fargo Securities
Glenn Schorr - Evercore ISI
Gerard Cassidy - RBC Capital Markets
David Smith - Autonomous Research
Brian Bedell - Deutsche Bank
Ken Usdin - Jefferies

Operator

Good morning and welcome to the 2024 First Quarter Earnings Conference Call hosted by BNY Mellon. 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 re-broadcast these materials without BNY Mellon's consent.

I will now turn the call over to Marius Merz, BNY Mellon’s, Head of Investor Relations. Please go ahead.

Marius Merz

Thank you, operator. Good morning everyone, and thanks for joining us. I'm here with Robin Vince, President and Chief Executive Officer, and Dermot McDonogh, our Chief Financial Officer. As always, we will reference our financial highlights presentation, which can be found on the Investor Relations page of our website at bnymellon.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 are available in the earnings press release, financial supplement and financial highlights presentation, all available on the investor relations page of our website. Forward-looking statements made on this call speak only as of today, April 16, 2024, and will not be updated.

With that, I will turn it over to Robin.

Robin Vince

Thanks Marius, and thank you everyone for joining us this morning. Dermot will talk you through the financials in a moment, but in summary, BNY Mellon is off to an encouraging start for the year. The firm delivered solid financial performance, while we continued to take important steps in the deliberate transformation of our company. And we're seeing early signs of progress that give us confidence, as we work toward the opportunity ahead.

Looking beyond BNY Mellon, the first three months of the year provided a mostly constructive operating environment with global markets signaling expectations for continued growth. Equity and credit markets rallied, even as rate cut expectations partially unwound and bond yields rose. Foreign exchange markets, on the other hand, saw a continuation of the relatively low volumes and muted volatility that we've now seen for the past several quarters.