BNY CEO optimistic on US economic growth, AI potential
2024-12-12
Category: None

    BNY BK expects a U.S. economic growth boost under the new Donald Trump U.S. presidency and is investing in artificial intelligence and services for digital assets to enhance solutions for its clients, CEO Robin Vince said on Wednesday.
"Growth is good for the U.S. economy and President-elect Trump has been very clear that he believes in growth," he said during an interview at the Reuters NEXT conference in New York.
"We're pro-growth ... our clients want to be able to take advantage of the opportunities here," he added.
Founded 240 years ago by Alexander Hamilton, a U.S. founding father, BNY's businesses include custody, treasury services, markets, wealth and investment management.
Vince, a former Goldman Sachs veteran who joined BNY in 2020, assumed the role of CEO in 2022. Earlier this year, the bank, originally known as BNY Mellon, rebranded to BNY.
    Vince has brought in new leadership and focused on growth in areas like real-time payments and artificial intelligence, while boosting efficiency. The company's stock is up more than 50% so far this year.  
BNY plans to continue investing in artificial intelligence, Vince said.
"This is human leverage ... I see the opportunity and we're investing in and we have tools live that create more leverage for our people, that create solutions for clients, and insights and data for clients that otherwise would have been almost impossible to derive through traditional means."
BNY, which launched a crypto custody platform in 2022, is also investing to provide a full range of services to digital assets once they're tokenized, said Vince.
     Tokenizing converts ownership of traditional assets into digital tokens on a blockchain, a decentralized, user-controlled database. Advocates claim its consensus mechanism boosts transparency, security, and tradeability.  
     "We can custody tokenized assets, and now we're looking at participating in a variety of pilots around issuance platforms," he said.  
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