Part 3/9:
Vince acknowledged that the macroeconomic backdrop has been supportive for banks, especially those reliant on market activity. With low credit spreads, persistently low interest rates, and robust equity markets, the environment has remained advantageous. However, he emphasized that BNY Mellon has diversified its revenue streams beyond traditional market movements, mitigating risks associated with economic cycles.
"Our business is no longer just about market upswings or downswings. We have multiple revenue-generating cylinders in our engine," Vince explained, underscoring the company's transformation from its historical identity.