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At Barron's

How the Oldest Bank in the U.S. Is Looking Ahead

At Barron's

At Barron's

Business

4.717 Ratings

🗓️ 3 July 2024

⏱️ 21 minutes

🧾️ Download transcript

Summary

Robin Vince, president and CEO of BNY, speaks about the bank's new initiatives and long history.

Transcript

Click on a timestamp to play from that location

0:00.0

Hello everyone and welcome to At Bairns. I'm Andy Surwer and welcome to our guest, Robin Vince, CEO of BNY.

0:12.1

Robin, great to see you. It's great to be with you as well, Andy. So BNY is the new name for Bank of New York Mellon,

0:19.0

big institution, $50 trillion or so of assets, but maybe a little

0:24.5

bit less familiar than some of the household names in banking. What exactly does BNY focus on?

0:30.7

Well, we have a series of different customer platforms which are designed to help our clients

0:36.6

manage money, move money, safe keep money.

0:40.9

We view ourselves as making money work for the world.

0:43.9

Okay, so the institution is 240 years old, right?

0:49.0

You're the oldest bank in the United States, first company to trade on the NYSC, founded by Alexander Hamilton.

0:56.2

I love all these old fact toys about the institution.

0:59.2

Yep, oldest member of the S&P 500, Fortune 500.

1:02.6

The list goes on.

1:03.6

Right, right, right.

1:04.6

So tell us about the legacy, Robin.

1:07.0

What does that mean in terms of the institution?

1:09.2

I mean, is there any meaning at all to having those roots?

1:13.6

Well, the history is actually very important. We've operated across four different centuries.

1:19.0

When you do that, you learn a few different things. You learn how to be a resilient organization. You

1:24.5

learn how to be really customer-centric. You don't get to be 240 years old

1:28.7

if you don't do those things. But maybe most importantly, innovation is what keeps a company

1:34.4

fresh and looking forward. And so our clients value our history a lot. They value the stability

1:41.0

they get from us. They value the continuity that they enjoy from us.

...

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