Why the CEO of this 240-year-old bank sees a series of rate cuts
Not many banks can say they are America’s oldest. In fact, the only one that can lay claim to that title is BNY (BK), founded 240 years ago by Alexander Hamilton. BNY has gone from its storied lineage tied to Hamilton and banking titans in the Mellon family to a financial institution that oversees $50 trillion in assets. The company is a powerhouse in the business of wealth management, and is the country’s largest custodian. However, it still doesn’t operate a retail bank, hence making it lesser known than names like JP Morgan (JPM), Citi (C), and Bank of America (BAC).
Yahoo Finance Executive Editor Brian Sozzi sits down with BNY CEO Robin Vince. Besides sharing a history lesson on the storied bank, the British-born Vince reveals his biggest financial system concern and the impact on stocks as the Federal Reserve prepares to embark on interest rate cuts. As the icing on the cake, Vince shares his thoughts on the impact of new artificial intelligence on the banking system and crypto — and likely your life.
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