The Bank of New York Mellon Corp.: 2Q26 EPS PREVIEW: Deposits Expected to Ease from Record 1Q, Fee Momentum Holds

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The Bank of New York Mellon Corp.: 2Q26 EPS PREVIEW: Deposits Expected to Ease from Record 1Q, Fee Momentum Holds

Equity Research

U.S. Large-Cap Banks

25 June 2026

The Bank of New York Mellon Corp.

2Q26 EPS PREVIEW: Deposits

Expected to Ease from Record 1Q,

BNY OVERWEIGHTFee Momentum Holds

Unchanged

BNY recently reiterated its 2026 outlook of 6% revenue U.S. Large-Cap Banks POSITIVE

growth and 10% NII growth though deposits are expected to Unchanged

decline from a record 1Q26. Strong markets should drive fees Price Target USDUnchanged149.00

higher and potentially push up its full-year revenue guide, Price (24-Jun-26) USD 143.56

while its nearly complete platform rollout drives efficiency. Potential Upside/Downside +3.8% Source: Bloomberg, Barclays Research

Jason M. Goldberg, CFAExpected Results

+1 212 526 8580

Expected results: We are raising our 2Q26 operating EPS estimate to $2.20 (+$0.02), reflecting jason.goldberg@barclays.com

stronger-than-expected transaction activity and higher markets. Intra-quarter, BNY reiterated BCI, US

its 2026 outlook including ~6% y-o-y revenue growth and ~10% NII growth. For 2Q26, deposits

Brian Morton, CFA

are tracking in line with expectations, declining modestly quarter-over-quarter following a +1 212 526 2163

record 1Q26. While the operating environment remains volatile, it appears well positioned to brian.morton@barclays.com

benefit from strong market resilience, improving regulatory momentum, and solid client BCI, US

activity. Higher market levels should also be a tailwind. With the platforms operating model now

Inna Blyakher

almost fully implemented, we expect more meaningful efficiency gains, faster execution, and +1 212 526 3904