BNY Sees Cross-Selling and AI Investments Fueling Its Next Growth Phase

Bank of New York Mellon Corporation (BNY) is focusing on cross-selling, organic expansion, and AI investments to drive its next growth phase. The company reported a 4.5% organic growth in the first half of the year, with clients using at least three business lines increasing by more than 60%. BNY is investing in AI, data, and technology to improve client delivery, develop products, and increase operational capacity, rather than simply reducing headcount.

The company aims to maintain a 38% pre-tax margin and 28% return on tangible common equity, having already exceeded these metrics in the first half. BNY's CFO, Dermot McDonogh, attributes the company's progress to expense discipline, a revamped commercial model, and a cultural shift towards being more ambitious and client-focused.

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