BNY raises profit target as CEO Robin Vince says 'turnaround' is taking hold

Core Viewpoint - BNY Mellon is raising its medium-term performance targets, indicating a successful turnaround under CEO Robin Vince's leadership [1][2][3] Group 1: Performance Targets - BNY Mellon is increasing its medium-term targets for pre-tax margin and return on tangible common equity by 5 percentage points each, setting new targets at 38% and 28% respectively [1] - The medium-term targets are set with a 3- to 5-year horizon, reflecting the bank's confidence in its growth potential [3] Group 2: Leadership and Strategy - CEO Robin Vince, who joined BNY in 2020 and became CEO in 2022, emphasizes that the adjustments in targets demonstrate increased confidence in the company's future prospects [2] - Vince highlights that the bank has shown a strong track record of execution and performance over the past three years, reinforcing the belief that the turnaround strategy is effective [3]