BNY Mellon CEO Vince on the One Lesson Learned in 2023

01 mins 19 secs

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Bank of New York Mellon CEO Robin Vince looks back on key takeaways from 2023 and tells Bloomberg TV the big lesson learned from all that's happened in markets this year. Take a listen. The Fed has had a lot of work to do as it's combated inflation. And those types of changes, we've had over 500 basis points of increase in Fed funds rate in a fairly short period of time. That's going to create dislocations. And I think what that shines a light on is that you really have to be-- if you're a large bank, you have to be very focused on asset and liability management. You have to be good at it, too. And you have to be focused on being prepared. You said earlier on, Romaine, there's so many different things going on in the world these days. We've got wars. We've got significant gyrations in economies. We've had a big run up in the stock market. We've had a big run up in rates. We've had record issuance from the treasury. And so that teaches us-- and we've had this lesson over a long period of time-- that you really have to be prepared for the unexpected. So while I hope I know what might be happening in the future, we are not in the predictions business. We're in the preparedness business. And I think that that is the lesson that I would take from all of these things that we've seen this year. 

Transcript

Bank of New York Mellon Corp. Chief Executive Officer Robin Vince tells Bloomberg TV how he is reflecting on everything that has transpired in markets this year.

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