Robin Vince, President and CEO of BNY Mellon, announced in an interview on CNBC’s Squawk Box during the World Economic Forum Annual Meeting in Davos, Switzerland, that the bank is raising its medium-term performance targets. This adjustment comes as part of a strategic turnaround initiated since Vince took the helm in 2022.
The adjustments include an increase of five percentage points each in pretax margin and return on tangible common equity, raising the targets to 38% and 28%, respectively. Vince, a former Goldman Sachs executive who joined BNY in 2020, indicated that this move reflects heightened confidence in the bank’s future potential and overall performance.
Vince emphasized that the increase in targets signals the company’s belief in its capacity to unlock further value over the long term. He attributed recent successes to a solid execution strategy over the past three years and pointed to favorable conditions stemming from deregulatory measures enacted during the previous U.S. administration.
“Increasing our medium-term targets shows our confidence in the long-term value we can create,” Vince stated. He noted that these targets have a three- to five-year outlook and are aimed at continuing the positive trend within the institution.
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