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BNY Custody Bank Boosts Targets on Turnaround Success
13 Jan
Summary
- BNY is raising medium-term targets for pre-tax margin and return on tangible common equity by 5 percentage points.
- CEO Robin Vince expresses strong confidence in unlocking long-term value and potential.
- The turnaround strategy is showing consistent execution and strong performance over three years.
BNY, identifying itself as the world's largest custody bank, is elevating crucial performance metrics. CEO Robin Vince has announced an increase in medium-term targets, a testament to a turnaround initiated three years prior that is now gaining momentum.
The bank is implementing a 5 percentage point boost to its objectives for both pre-tax margin and return on tangible common equity, setting new goals at 38% and 28%, respectively. Vince highlighted this decision as a demonstration of escalating confidence in the firm's future prospects.
According to Vince, the enhanced medium-term targets, which encompass a 3- to 5-year horizon, are underpinned by a proven track record of execution and robust performance. He expressed certainty that the current strategy is effective, indicating a clear and ongoing company-wide transformation.
