Bank of New York Mellon CEO Talks Longevity, Basel III Endgame
Dec 15, 2023
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BNY Mellon CEO Robin Vince discusses the bank's 240-year history, preparing for any kind of 2024 economy, expectations of loosened regulations, and integration of employees back into the office.
Bank of New York Mellon attributes its resilience and longevity to strategic execution and a strong institutional culture.
Bank of New York Mellon emphasizes the importance of balancing safety with economic growth and actively engages in navigating regulations and communicating perspectives to policymakers.
Deep dives
Bank of New York Mellon's 240-Year Legacy and Resilience
Bank of New York Mellon, founded 240 years ago, has evolved significantly from its origins. The bank prides itself on driving innovation, launching real-time payments, AI investments, and new wealth technology platforms. The key factors contributing to the bank's resilience over the years have been strategic execution and a strong institutional culture. By providing operational resilience and supporting clients through financial crises, the bank has ensured its longevity. In the face of recent economic challenges, Bank of New York Mellon believes being prepared, rather than making predictions, is essential. Looking ahead to 2024, the bank remains focused on partnering with clients, offering market-leading platforms, and serving as an investment destination of choice in a rapidly changing global economy.
The Importance of a Safe and Secure Banking System
Bank of New York Mellon emphasizes the importance of a safe and secure banking system for a vibrant economy. The bank, along with other major financial institutions, advocated for maintaining strong capital rules while supporting economic growth. Recognizing the need for balance, the bank acknowledges the trade-offs involved in ensuring safety without impeding the economy's progress. Efforts to navigate regulations and communicate perspectives to policymakers are ongoing as the bank aims to contribute to a thriving US economy.
Innovation, Real-Time Payments, and Digital Assets
Bank of New York Mellon highlights its focus on innovation and leveraging technology to drive economic development. The bank has made significant strides in real-time payments by using the clearinghouse's payment rails and becoming an early adopter of the Federal Reserve's real-time payment system. Besides, the bank is actively involved in digital asset technology, exploring the potential of tokenization for new products and services. Additionally, Bank of New York Mellon sees the importance of flexibility in work arrangements, with a successful return-to-office plan and a commitment to providing a healthy work-life balance for its employees.
BNY Mellon CEO Robin Vince discusses the bank's 240-year history, preparing for any kind of 2024 economy and his expectations that US policymakers will loosen proposed regulations for the industry. He speaks with Bloomberg's Romaine Bostick.