BNY Ignites Growth Engine: Record Revenue, Efficient Savings, and Innovative Solutions Fuel Future
In a testament to its commitment to transformation and growth, BNY (the Bank of New York) has wrapped up 2024 with an impressive set of achievements. On the company's latest conference call, President and Chief Executive Officer Robin Vince outlined the key highlights from Q4, painting a picture of a robust foundation for future success.
"We entered 2025 with strong momentum," said Vince, "and we're on the right path to unlock the opportunity embedded in our company." A significant aspect of this momentum is BNY's record net income of $4.3 billion and revenue of $18.6 billion. Notably, this performance also saw a return on tangible common equity of 23% for the year.
Beneath these numbers lies a strategic vision to grow sustainably over time. Three key pillars underpin BNY's approach: being more for its clients, running the company better, and powering its culture. Progress in delivering these aims is evident across various fronts.
One of the most compelling growth opportunities for BNY revolves around cross-selling and leveraging business platforms to deliver a superior client experience. The rollout of the new commercial coverage model was a notable milestone in this area. This strategy reflects the operationalization of "ONE BNY," emphasizing the importance of delivering consistent, high-quality services across all business lines.
However, BNY's growth ambitions extend beyond mere expansion. By developing innovative solutions that leverage its capabilities and investing in digitization and AI, the company aims to offer clients cutting-edge products such as CollateralOne, Alts Bridge, and new capabilities on Wove. These investments are crucial for driving revenue and scalability in the years ahead.
The phased transition to BNY's strategic platform operating model has also begun, with approximately 13,000 employees (about a quarter of the company) now working under this new structure. This shift aims to enhance efficiency and effectiveness across various departments.
Powering culture remains fundamental to BNY's success story. As part of its efforts to celebrate its 240th anniversary in 2024, the company highlighted the benefits of people from around the world collaborating more closely, leading to a positive impact on this iconic institution.
