Convolution-multiplication identities for Tutte polynomials of matroids

We give a general multiplication-convolution identity for the multivariate and bivariate rank generating polynomial of a matroid. The bivariate rank generating polynomial is transformable to and from the Tutte polynomial by simple algebraic operations. Several identities, almost all already known in some form, are specializations of this identity. Combinatorial or probabilistic interpretations are given for the specialized identities.