'Resilience matters' amid market uncertainty: BNY Mellon CEO

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Artificial intelligence, cryptocurrencies, and the Federal Reserve's interest rate cut timeline have controlled conversations in political and business circles. Bank of NY Mellon (BK) CEO Robin Vince joins Yahoo Finance's Julie Hyman and Brian Sozzi at the World Economic Forum in Davos, Switzerland to discuss this range of topics, including why AI "is all the rage" while clients remain "a little cautious" on adoption.

Vince says the 240-year-old firm is continually trying to "reinvent" itself, citing their new AI Hub as the latest transformation, allowing for heightened efficiency and more in-depth analysis of market trades.

On the topic of interest rates, despite acknowledging headwinds, Vince says "the Fed has done a pretty good job navigating everything." He hopes for a soft landing scenario but explains BNY prepares clients for uncertainty as rates could rise or fall. Ultimately, "resilience matters," Vince explains.

It's all part of Yahoo Finance's exclusive coverage from the World Economic Forum in Davos, Switzerland, where our team will speak to top decision-makers as well as preeminent leaders in business, finance, and politics about the world’s most pressing issues and priorities for the coming year.

Watch this full episode of Yahoo Finance Live here.

Editor's note: This article was written by Angel Smith.

Video Transcript

BRIAN SOZZI: One lesson we're learning here at the World Economic Forum as part of Yahoo Finance's coverage is that some of the most largest and oldest global companies are being completely reinvented by artificial intelligence. Let's talk to one of those companies. That is BNY Mellon President and CEO Robin Vince. Robin, good to see you here. Your company's 240 years old. Did we get that stat right?

ROBIN VINCE: Yeah, you did. It's great to be with you, by the way. Thanks for having me here in Davos.

Yeah, this is our 240th year. We were founded by Alexander Hamilton. We're actually the oldest bank in the United States. But to your point earlier on, we are in a transformation.

BRIAN SOZZI: How do you-- how are you implementing AI in a company that is 240 years old?

ROBIN VINCE: Well, you only get to be 240 years old by continually reinventing yourself over the years. We've been part of a lot of innovation and transformations over the course of our history. And last year in 2023-- we just announced our results last week on Friday-- we really started to invest quite deeply in AI. We created an AI hub, and it's creating benefits for our clients. We have a service now that we deliver to clients that helps them to be able to see in the Treasury market what's likely to happen next in the post-trade process.