NEW YORK (Reuters) – Bank of New York (BNY) expects a U.S. economic growth boost under the new Donald Trump presidency and is investing in artificial intelligence and services for digital assets to enhance solutions for its clients, CEO Robin Vince said on Wednesday.
According to Vince, growth is good for the U.S. economy, and President-elect Trump has been clear about his support for growth. “We’re pro-growth… our clients want to be able to take advantage of the opportunities here,” he added.
BNY, founded 240 years ago by Alexander Hamilton, includes custody, treasury services, markets, wealth and investment management among its businesses. Vince, a former Goldman Sachs veteran, has been focusing on growth in areas like real-time payments and artificial intelligence, while boosting efficiency. The company’s stock has risen more than 50% so far this year.
The bank plans to continue investing in artificial intelligence, Vince said, noting, “This is human leverage… I see the opportunity and we’re investing in and we have tools live that create more leverage for our people, that create solutions for clients, and insights and data for clients that otherwise would have been almost impossible to derive through traditional means.”
BNY is also investing to provide a full range of services to digital assets once they’re tokenized, said Vince. To this end, the company has launched a crypto custody platform and is participating in pilot programs for issuance platforms.
The bank can currently custody tokenized assets and is looking at various pilots around issuance platforms, he added. Tokenizing converts ownership of traditional assets into digital tokens on a blockchain, a decentralized, user-controlled database, advocates claim, which boosts transparency, security, and tradeability.