By Davide Barbuscia, Shashwat Awasthi
NEW YORK (Reuters) -BNY expects a boost to U.S. economic growth under Donald Trump’s new U.S. presidency and is investing in artificial intelligence and digital asset services to improve solutions for its clients, Chief Executive Officer Robin Vince said on Wednesday.
“Growth is good for the American economy and President-elect Trump has made it very clear that he believes in growth,” he said during an interview at the Reuters NEXT conference in New York.
“We are pro-growth… our customers want to be able to take advantage of the opportunities here,” he added.
BNY was founded 240 years ago by Alexander Hamilton, one of the founding fathers of the United States. BNY’s activities include custody, treasury services, markets, asset management and investment management.
Vince, a former Goldman Sachs veteran who joined BNY in 2020, took on the role of CEO in 2022. Earlier this year, the bank, originally known as BNY Mellon, was renamed BNY.
Vince has brought in new leadership and focused on growth in areas such as real-time payments and artificial intelligence, while driving efficiencies. The company’s shares are up more than 50% so far this year.
BNY plans to continue investing in artificial intelligence, Vince said.
“This is human influence… I see the opportunity and we are investing in it and we have live tools that are creating more influence for our people, that are creating solutions for customers, and insights and data for customers that otherwise would have been almost impossible through traditional resources.”
BNY, which launched a crypto custody platform in 2022, is also investing in providing a full range of services to digital assets once they are tokenized, Vince said.
Tokenizing converts ownership of traditional assets into digital tokens on a blockchain, a decentralized, user-controlled database. Proponents argue that the consensus mechanism increases transparency, security and tradability.
“We can hold tokenized assets, and now we are looking at participating in various pilots around issuance platforms,” he said.
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(Reporting by Shashwat Awasthi, Davide Barbuscia, Paritosh Bansal)
