The Bank of New York Mellon Corporation (NYSE:BK) Q3 2024 Earnings Conference Call October 11, 2024 11:00 AM ET

Company Participants

Marius Merz - Head, Investor Relations
Robin Vince - President & Chief Executive Officer
Dermot McDonogh - Chief Financial Officer

Conference Call Participants

Brennan Hawken - UBS
Mike Mayo - Wells Fargo
Brian Bedell - Deutsche Bank
Alex Blostein - Goldman Sachs
Gerard Cassidy - RBC
Ebrahim Poonawala - Bank of America
Betsy Graseck - Morgan Stanley
Glenn Schorr - Evercore ISI
Rajiv Bhatia - Morningstar
Jim Mitchell - Seaport Global Securities

Operator

Good morning, and welcome to the 2024 Third 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.

Marius Merz

Thank you, operator. Good morning, everyone, and welcome to our third quarter earnings call.

I'm joined by Robin Vince, our President and Chief Executive Officer, and Dermot McDonogh, our Chief Financial Officer.

As usual, we will reference our financial highlights presentation, which can be found on the Investor Relations page of our website at bny.com.

I'll also 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, October 11, 2024, and will not be updated.

With that, I will turn it over to Robin.

Robin Vince

Thanks, Marius. Good morning, everyone. Thank you for joining us.

I'll start with a few remarks on the quarter, and then Dermot will take you through the financials in greater detail. In short, BNY reported strong third quarter results, reflecting growth across our three business segments and consistent execution on our strategic priorities.

Stepping back, on the macro side for a moment. At the beginning of the year, markets had priced in significant monetary policy easing in anticipation of economic slowdowns. Despite numerous shifts in the macroeconomic outlook since then, we've now seen the start of the easing cycle in several markets around the world, including a 50-basis-point reduction in policy rates in the U.S. as the Federal Reserve recalibrates its policy stance to balance employment, inflation and growth. Following increased market volatility and a sell-off in equities in early August, markets recovered, and both equity and fixed income values ended the quarter higher.