The Bank of New York Mellon Corporation (BK) Q1 2023 Earnings Call Transcript

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, and welcome to the 2023 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 rebroadcast these materials without BNY Mellon's consent.

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

Marius Merz - Head of IR

Thank you, operator, and good morning, everyone. Welcome to our first quarter 2023 earnings call. As always, we will reference our financial highlights presentation, which can be found on the Investor Relations page of our website at bnymellon.com.

I'm joined by Robin Vince, President and Chief Executive Officer; and Dermot McDonogh, our Chief Financial Officer. Robin will start with introductory remarks and Dermot will then take you through the earnings presentation. Following their remarks, there will be a Q&A session.

Before we begin, please note that our remarks include forward-looking statements and non-GAAP measures. 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 18, 2023, and will not be updated.

With that, I will turn it over to Robin.

Robin Vince - President and CEO

Thank you, Marius, and good morning, everyone. Before I turn the call over to Dermot to review our financial results, I want to provide some broader perspectives and an update on how we're serving our clients stepping up as a [firm] (ph) in this complex environment. Following a relatively benign start to the year, markets were quite unsettled in March, when we saw two prominent bank failures in the United States and a government brokered distressed bank takeover in Europe.

While things have calmed down somewhat over the past couple of weeks, after over a decade of zero interest rate monetary policies, the risks and uncertainty associated with the fights against inflation, higher interest rates and quantitative tightening, together with geopolitical tensions remain elevated. And domestically, we continue to march closer to another debt ceiling standoff.