Robin Vince, BNY Mellon President and CEO, speaks on CNBC’s Squawk Box during the WEF Annual Meeting in Davos, Switzerland on January 16, 2024.
Adam Garisi | CNBC
BNYThe company, which bills itself as the world’s largest custody bank, has two key performance goals as CEO Robin Vince says the turnaround that began when he took over three years ago is taking hold.
The bank will raise its medium-term targets for pre-tax margin and return on tangible common equity by 5 percentage points to 38% and 28%, respectively, according to documents provided by the bank.
Vince, a former Goldman Sachs executive who joined BNY in 2020 and became the bank’s CEO in 2022, said the move signals increased confidence in the company’s future prospects. Banks overall have also benefited from some deregulatory efforts by Trump administration regulators.
“We are raising our medium-term goals because we believe we can unlock even more value and potential in the long term,” Vince said in an interview, adding that the medium-term goals are for a three- to five-year period.
“Three years on, we have really demonstrated a track record of execution and strong performance. This gives us confidence that our strategy is working and that we are seeing a clear turnaround for the company,” he said.
