Will Be Important To See Progress On India-US Trade Agreement

ROBIN VINCE, chief executive officer (CEO) of The Bank of New York Mellon Corporation (BNY), discussed with Manojit Saha and Subrata Panda in Pune about how the ongoing tariff dynamics have positively impacted their business and highlighted the transformative role of artificial intelligence (AI). Edited excerpts:

- ROBIN VINCE

What is your assessment of the turmoil in the world because of US tariffs? Have your businesses been impacted by it? Tariffs are part of the story, but it's really about trade. Some countries will embrace the change and will think about how to end up with the best trading relationship with the US. Like, India is obviously being talked about in the US a lot as one of the leading partners for really looking to try to create a new trade deal. And it will be important that we see progress on that because the uncertainty in the market has been unhelpful. We have said that publicly in our earnings call that we have benefited a bit from that uncertainty. We see a series of megatrends in the world, one of which is the increased use of partners for outsourcing. As we look across things today, there's no business of ours that is significantly negatively impacted. There are some businesses that have benefited a bit from the fact that volumes have been higher because we are a platforms company. So, we haven't seen any significant dislocations from the environment for our businesses.

Should we expect another round of selloff of US treasuries when the pause on reciprocal tariffs is lifted? The treasury market has certainly fluctuated over the past few weeks. There has been higher volume in the US treasury market since the White House's original announcement of the tariff plan. But that happens. When there's market uncertainty or a change in direction, activity tends to spike. I wouldn't describe it as particularly unusual.