00:00Five-year chart, BNY. All right. Look at that dip around 22. When did you take over? August 22?
00:06September 1. September 1. Okay. We're trading in the 40s. And now we've had a 200% plus gain
00:12on that name. You're never going to say this, but your bank is the best performing bank stock
00:17over that period out of all the major banks on Wall Street. What have you and the team been doing
00:22to get that chart to go up and to the right so aggressively over the last few years?
00:27Well, first of all, look, I'll credit the – we're 242 years old, right? So we've been around for a
00:32little while. And what does that mean? We were here from the start, again, in America 250. It's kind
00:37of a fun story over time, the evolution of the bank. But we had a terrific set of businesses,
00:42and those had been accumulated over a period of time by my predecessors. What this leadership team
00:48has done and our broad company has done is we've recognized the power of what we have. We have a
00:53great set of businesses. We have an incredible client franchise. And we decided to put culture
00:58at the heart of a transformation. And so we've invested in coming together as one company to really
01:05run the company differently and then to show up differently for clients. So we've had a commercial
01:09transformation. We've had a platforms transformation. But more than anything else, it's been a cultural
01:16reimagination of our company. And it's incredible what you can do when you bring a group of people
01:20together with like-minded, with purpose, intensity, and you really go for it and you deliver for
01:26clients. And that's the result. And now you've got the technological revolution to layer on top
01:31of that in AI. So I'm going to ask the cliche interview question, how do you see your next five
01:35years? How do you see the next five years? What does it look like? How different is it going to
01:39be?
01:39I'm an AI optimist. I think this is a revolutionary technology that for sure has to be well-managed.
01:46It has to be put in well. It's difficult to be able to adopt AI in an established company,
01:51for sure. So people talk about clean sheet of paper, sitting in the garage, you can reinvent
01:56anything. Absolutely. But wouldn't you prefer to have a clean sheet of paper philosophy inside a
02:03company that already has great assets? And then you have the best of both worlds. And so that's the
02:07way that we see AI. We see it as a superpower that will help us to be able to run
02:11the company better,
02:12that will help us to be able to really do more things for our clients, improve our products,
02:17and ultimately be able to just do new things as well. It's a capacity creator. And so there's a
02:22lot of doom mongering around AI. And I understand none of us know exactly how the world's going to
02:28unfold. But back in the day, all of the folks who were stable hands and who ran horse and carriage
02:34businesses, I'm sure they didn't love the creation of the motor car. But they also couldn't imagine
02:38that there would be new professions and trades that were built around that new industry.
02:43And guess what? There are now more jobs. They're just different jobs. And they've evolved.
Comments