Part 4/9:
Previously known as a trust bank, BNY Mellon has undergone substantial evolution. Vince detailed how the firm was once highly siloed, with vertically integrated subsidiaries offering a range of services—from collateral management to wealth advisory—operating somewhat independently. Customers often found it cumbersome to navigate these multiple offerings, leading to frustrations.
To address this, the company embarked on a "desiloing" process, transforming its platform and commercial models to deliver integrated, seamless services. This strategic overhaul aims to present a unified company to clients, simplifying access to capabilities and fostering stronger relationships.