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BNY Mellon Town Hall

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Hello, everyone, and thanks for joining today. I'm glad to have the opportunity to address everyone even if it is in a recorded session. I felt it was important that we get in front of all of you. It's been a while. But being mindful of time zones and personal circumstances during this period, we thought prerecording was probably our best bet. In terms of our agenda today, I'll make some brief opening remarks and introduce Ann Fogarty in her new role as interim head of operations. Jolen and our Director Sam Scott will start an important discussion that I think you will enjoy. Then I'll share an overview of our strategy and the culture we need to support it to actually succeed. We'll have Akash give a couple of comments around strategy as well. And then Brenda will join us and preview our brand launch. And finally, I'll answer some questions that you've submitted on multiple topics. Now before we get into our agenda a few things I would like to emphasize. First of all, just how impressively everyone has risen to the occasion during this extreme, extraordinary period. I really believe we've seen our organization at its best. The situation has challenged many organizations, but some of them are on their heels. But for the most part, we're operating on our front foot. Thanks to the great work of many of you, so it's highly appreciated. Now we've received hundreds of thank you emails from our clients over these past few months. I'll give you a couple of examples of these. One of our clients said, "I am so impressed with the team. I can't say enough about them." Another said, "The quality of communications, responsiveness, and service levels provided during the crisis has been superb. The professionalism and humanity displayed in the way BNY Mellon have dealt with the crisis has been excellent and I really couldn't have hoped for better." What could be a stronger endorsement of our firm. We also owe special thanks [inaudible] to our essential in-office staff. We recognize the challenges that you've gone through, what you've had to deal with, and you've done it with both grace and remarkable professionalism that none of us take for granted. So as a member of the executive committee and the entire firm, we really couldn't have navigated this without you, so thank you. And finally, everyone wants to know about return to office. So let me say a couple of things. Obviously, certain parts of the world are progressing more rapidly than others. We will take that into consideration as we look at what's going on with the health crisis, as well as what the government restrictions are. So we may open up in some areas a little sooner than others. We've already done that to a certain extent in APAC. There are also some functions that we've identified that could add productivity if we were working from the office, so we may invite some people back into the office. It will still be a very small percentage for the most part. The guidance that we've given that we'll get back to you sometime around September is what we expect to continue to be holding to. That doesn't mean that on September 1, we'll all be coming back in the office. It just means that we'll give further information at that time. We know we want to give you mindful of considerations like whether schools are open, our ability to rely on public transportation and other issues associated with that. So as soon as we get clarity around timing, we will let you know. But for the most part, we don't see any benefit to racing back in our offices. And again, it's essential that we give as much social distancing and space to our people that are required to be in the office. Now it's been a tumultuous time for much of the world. While we're dealing with COVID-19, obviously, there have been a series of events that have drawn needed attention to the very racial and social issues, very real racial and social issues, that continue to plague not just the U.S. but really, it's across the globe. I want you to know that our board and our executive committee are passionate about using our voices and being a positive change agents through this period. We condemn any form of racism or prejudice. BNY Mellon takes pride in all of our differences. I believe that diversity makes us who we are and leads to better business outcomes. We need to continue to ensure we remain an employer of choice and where our people feel they belong. I think by doing that, especially through this time period, we are going to be at a competitive advantage. None of this is new, but we're challenging ourselves to do even more. So as you've probably seen in my recent note, we are contributing through charitable contributions to organizations that fight social injustice and protect equality because we see an opportunity to achieve long-overdue change. Believe it or not, I grew up during the civil rights movements in the '60s. I remember it. Even though I was young, I remember quite vividly. I think we have an opportunity to promote even greater change today. We're also offering to double match employee donations to eligible charities. So if you can, we certainly think it would be a great opportunity to make donations that will double match through our community partnership program. We also can't miss this opportunity to listen to all voices to better understand who each of us are and what experiences and perspectives we uniquely bring to this company. We're in a place where everyone should feel a sense of belonging and empathy for one another. We're going to be holding a series of open forums that create safety and space for sharing, which should enable us to learn from each other and build empathy for one another. We're also providing resources to support conversations on race relations, diversity, inclusion, equity, belonging, and other topics that can help us be more inclusive. We'll be offering a series of moderated virtual conversations that connect wellbeing to topics unconscious bias, fostering inclusion in the workplace, and many more. And I want you to know that the EC already held the first of these discussions last week. I truly appreciated the conversations and frankly, I learned quite a bit from my colleagues. To get this conversation started, we've invited Sam Scott, a member of our board, as well as Jolen in a discussion of diversity, inclusion, and belonging, and they'll start in a few minutes. But before we get to that, I wanted to introduce Ann Fogarty. In April, we announced her new interim role as head of operations, 20,000 persons strong. Ann has been with BNY Mellon for three decades and has had the benefit of having held leadership roles in many different areas. I invite her to briefly introduce yourself and share the priorities your team is focused on. Ann. Thank you, Todd. And good morning, afternoon, and evening to everybody. I'm thrilled to have the opportunity to speak with you today, and it's my privilege to lead operations through this time. Before I commence, I want to just have a brief word of thanks, just to echo Todd's appreciation for all that's happening in these very unusual times. A big call out to all our colleagues in technology who very capably enabled our lift into our work from home during the dark days of February and March. It was a tremendous effort of resiliency and teamwork deeply appreciated. In addition to that, I'm very mindful and aware that it takes more than technology to meet the demands of the day to day. And it is through your courage, commitment, and grit every day that we're making it through, and we see it and appreciate it in all of the homes where it's happening today and a huge thank you. And finally to the in-office essential workers who have come in faithfully every day and every night to serve our clients and our client's clients, which is all of us here today. Our bills are being paid, our mortgages are being refinanced, and our frontline is keeping going, and thank you to everybody. So Todd has just mentioned three decades, so I certainly, I'm not going to dwell on any of the detail. I'm here in the U.S. I've been here for the last five years outside Philadelphia with my husband and sometimes, present two daughters. Prior to that, I spent my entire career in Europe based out of Dublin working in operations. The area of the company that I hold dear. So I won't dwell on the past, and I'll move forward just to give you some reflections on the ambitions for the future. And I speak on behalf of the leadership team across all of operations. It is our intention that operations at BNY Mellon will be the best on the street in the future. And that in conjunction with our business partners, we will grow revenue, and we are resolute in our intent. We also intend to leave behind a great company for the generations to come, and many of you are here already, a company that you will be proud to take forward and to lead. So what does all of this mean? It means operations is no place for the faint-hearted as we embrace the work ahead. But we're on our way and we're eager for change, and we're working hard in challenging times and enjoying it. And this is about how we're going to do our business. We're very focused on three pillars of activity. We're focused on, in the first case, making sure that we deliver service excellence every day, that we progress our digital agenda and we do so with a professional approach. So as we mature and we progress, the actions we take will change, but the principles of our three pillars will remain intact. Starting with service delivery, as we know, improvements are not a linear thing and there are fantastic efforts ongoing currently on the front end of how our company and our clients, how our clients experience our data, our consumption, our dashboards, etcetera, wonderful activity ongoing. However, I'm not here to sugarcoat reality. And we know that in the bowels of operations, we have work to do, we have improvements to make in our process models and in our control environment. We've commenced already with a very thorough review and an amnesty period where all of our manual processes are being documented, review of controls and procedures and new governance framework. So manual process ceases to be way to run the operations of the future and all of that activity has commenced and ongoing. It is the foundation from where we will build a very solid house for the future. All of that work in the foundation is enabled by our digital agenda. And the work ongoing to progress, activity over the years is really, really solid. We've consolidated platforms, we've introduced APIs, robotics, OCR, and really changed a lot of how we're progressing. But we cannot do it fast enough. And we really are very, very focused on how do we become more nimble. And in the concurrency to speed we have to be thoughtful and hence, we're embarking on the creation of a blueprint for operations, the map to take us to the future. It will inform all of us how we decide on capital investments, how we manage our staffing models, our location strategy, etcetera. And we're super excited to be on the journey to go forth in this manner. The last piece that I want to talk about is a professional approach, and we've talked about it at operational leadership. What is a professional? It's a person of skill, who remains current through ongoing learning and who treat each other with respect. So in order to really figure out what we need to do in operations, we recognize the fact that we have an uneven playing field, we have tremendous depth of talent who understand our clients of real relationships, understand regulation, and understand the detail of our operating models. And we are complemented by wonderful new skills, graduates with fantastic digital capability. We intend to level the playing field. We have no choice. The skills of today are not the skills of tomorrow. We all wish to ourselves and to our livelihoods to make sure we remain current. And I know, certainly, after the last eight weeks, you're never too old to learn. So we're on with gusto, we've launched the digital academy for operations with the help of our colleagues in HR digital technology, and we're already upskilling and learning. And we're going to balance that through deepening the skills of our more recent joiners around business and around our client franchise and we look forward to that. The last little commitment we've made to each other in operations across our leadership team, and deeply, is three little things. Every day we're going to show up, we're going to follow up, and we're going to speak up. And to show up means to purposely bring you A-game, every day you can and really try super hard. The follow up as owners and to be thorough in our deliverance and finally to speak up, something's wrong, not going to talk about it at the cooler, we're going to talk about it at the table, and we're going to make change together. And it's on that note that I think, you know, we want to move on to reflect on what's happening today in our communities. We cannot overstate the significance of the movement around us. And Todd has referenced the reflections and the sincerity and integrity of how we really feel at BNY Mellon about all of what's happening in our community. And that's why the next portion of our Town Hall today will lead us to a really critically important discussion for our communities and for our company. So with that, I have the utmost pleasure and privilege to turn it over to Jolen. And thank you. Thank you so much. And, Todd, I'm really pleased to be here today to host a portion of our session with Sam Scott. As Todd mentioned, one of the actions that we've committed to at the board and at the executive committee is to create opportunities for us to have discussions, dialogues to learn from one another and really ensure that we are taking this moment to reinforce our values and the real opportunity that we know from having an inclusive work environment where everyone truly feels like they belong. One of the ways in which we're going to reinforce and support this goal is to have what we're calling a courageous inclusion dialogue and lecture series. And that's where we will enable leaders to host these type of conversations within their own teams and also invite external speakers and third parties to participate in the conversation and enable us to go on a collective learning journey together. Today, I'm pleased to host one of our first discussion with board member Sam Scott. Sam knows us well. He has been a member at the BNY Mellon Board since 2007 and since 2003 with the Bank of New York. He has seen us evolve through many periods of transformation over nearly two decades of board service. He's currently Chair of the Corporate Governance, Nominating and Social Responsibility Committee, he's a member of the Human Resources and Compensation Committee, and he's a member of our Audit Committee. Previously, he served as the Chairman and CEO of Corn Products International. He's also been on the board of Motorola Solutions and Abbott Laboratories. He also currently serves on the board of The Chicago Council on Global Affairs and the Board of Trustees of the Ringling College of Art and Design. Sam recently testified in front of Congress about economic improvement and the opportunities to create more inclusion within our communities given his extensive experience at the highest echelons of corporate America and as the founder and chairman of Black Chicago Tomorrow, a business leader, he's a business leader dedicated to fostering inclusion and social equality. And we could think of really no better person to really help us kick off our discussion today. So with that I'd like to thank you, Sam, for joining us today and being part of this conversation. Well, thank you so much for your kind introduction. Thank you, Sam. I appreciate that. Let's start at the beginning. Let's start with us. You've been on our board for some time. Can you briefly just tell us some of your reflections on the bank and the changes that you've seen or really opportunities that you observed for us from your perspective? Certainly. Well, as you mentioned that I've been on the board for about 17 years. I've gone through or been with five CEOs including Todd, and I've watched the organization change dramatically over those 17 years. We've gone from an organization that was not engaged really in diversity or in inclusion to one that is very much so today. Maybe six or seven years ago, the board and the management team really engaged in bringing diversity and inclusion to the floor. We put programs in place in the metropolitan area, brought a number of African Americans and Latinos in to meet with senior management, in fact, hired a number of folks. But after a period of time, through the normal course of business problems and everything else, a number of those folks decided to leave the organization. I had the opportunity to meet with them on a number of occasions, we talked about a number of issues but some are still here, many have left. But in the last few years, four or five, the organization has really started to make a change. As Todd mentioned, and I think as you mentioned, EC now is more diverse than ever before. And I'm going to talk and focus most of my comments today on the African American community 'cause that's where the problem lies in the country right now and has been for a while. But certainly, on the EC, we have two African American women, you being one of them in a very critical spot. Our board is probably if not the most diverse board on Wall Street and in the top Fortune 500, it's certainly one of. At the present time, we are 70% diverse. We have three African American directors, a Latino director, and three female directors. As you mentioned earlier, the chair of our HRCC committee is a woman, and we have two African American directors on that committee. So you're in trouble 'cause we're going to be pushing like crazy to make sure that we deal with this issue on a regular basis. I share the non-govt and corporate social responsibility committee. That committee is one that deals with supplier diversity and how our philanthropy goes into the community. And again, you can be certain we'll be pushing on that as I have for the last few years. So I think that we are at a good spot now. And I know some of the other things we'll talk about today are how do we go forward from here and what has to change. But I think we're set up to do the things in the right way, and I'm certain we will continue to do it with a commitment from the EC. And I've spoken with Todd quite a bit on this subject, I know where his head is, and I know he's going to lead us in the right direction. That's fantastic, Sam, and I welcome, I welcome the conversation and the push from our board because I think it really does make a difference to have everyone on the same page and agenda. But I'd love if you could maybe start with your reflections on recent event. What's your observation of how this is impacting leaders and particularly Black leaders? And what advice may you have for them as they sort of go forward, both our African American Black colleagues and our non-Black colleagues, frankly? Well, you know, I'm hoping this time it's different. I've been around a long time. As Todd said he was through the civil rights movement, I would say before that. And we have seen fits and starts on this subject for a number of years. This one feels a little different. I was asked about three weeks ago, "Did I think this one was different?" I said, "We'll wait and see. I'm not sure. I hope it is." Where we are today, I think, there have been some significant issues that are caused me to believe that something may change this time. What is happening is people are now truly talking about the subject. You mentioned I started Black Chicago Tomorrow about four years ago, specifically for an issue what we're dealing with in Chicago. And I mentioned there that we've thrown hundreds of millions of dollars at this problem over the last 10, 15, 20 years, and the problem has not gotten any better. And what I've seen is that a number of companies are again spending money on an issue. But we truly have to decide what we're spending money on, and we have to decide how we're going to do that, and what does the right organizations, well, what are the right organizations to put it all together? My contention has been still is that it's going to be corporate America that steps up to the plate in conjunction with the governments. But corporate America has the talent, the money, and the longevity to be able to put this together. But just like any other business, we have to address it. As if it is a real business problem. When the bank comes forward and talked about what the strategy and the vision is for the operations group, we have to determine what the vision is for end state of what it is we're trying to do. We have to put strategies together to get from here to there and then put measures in place to measure how we're doing. Unfortunately, what we've seen and what I've seen in the past is that companies have done their own thing. So we may have 15, 20, 30 different ideas as to what's going on and no one is putting it consistently in place. So I think we have to line that up. Specifically, a question with respect to Black leaders and non-Black leaders. There's a lot of pressure on Black leaders today and in the past to lead. People are asking questions, I've had about 15 or 20 different statements that people want me to look at and tell them is that a good statement. Well, that's good. The opportunity is there to look at it and see what it is, but folks don't realize what pressure is being put on. And it's not me so much, I'm not working anymore. So I have plenty of time. But when your added job is to take care of all the issues of diversity in your organization, plus do your job on a day to day basis, the extra pressures are there. But we have to step up to the plate and deal with those issues. That's what it's all about today and that's what we're going to have to do. For non-Black leaders, truly, we have to get them engaged. It's no longer talking, it's getting engaged. It's dealing with the issues. It's becoming uncomfortable with what's going on in the world today. And I mean truly... Black folks are uncomfortable every day at work and in their communities because the pressures are on us all of the time to even deal with issue or the issues that we're seeing people out on the streets every day addressing. So that I think that the white and non-Black leaders in companies and around the country have to really lean into this. There's no more standing on the sidelines. We have to become antiracist. We have to deal with the issue. And if somebody talks to something that's wrong, you step in and deal with it. Much like school, we can learn in discussions with each other. But also much like school, most of your learning is after you leave the classroom, it's in homework. It's in looking at and reading books, it's understanding movies, it's visiting the African American Museum in Washington, DC, and going through that museum and like I did, I got angry, I had to leave. I've been back three times to understand the history that I was not taught in school. White folks need to see that as well. And they'll understand some of the anguish, the anger, and some of the issues that are facing the Black community today. I appreciate you sharing that and really sort of going through the pressure and the sort of emotion that people are feeling in this moment, both Black leaders and non-Black leaders coming together and trying to really process and understand it. The opportunity certainly is one in our workforce, in our workplace, in our environments, but there's also community aspect of this. And I know you recently testified in front of Congress on the topic of the really different economic and health disparities are experienced by Black communities. These disparities have even been heightened by the results of the COVID-19 pandemic. Talk a little bit more about what you shared and what we can and must do to really shift the tide. What were some of the key elements of your message? The forum was dealing with PPP. And there were four speakers that were invited to speak to Congress. Three of them were heads of CDFIs, and then I was asked to come in to talk about the issue in general. So I was not talking specific to the issue of CDFIs, and the money to the Black community in the way of loans, although I've been pushing for that for quite a while prior to the meeting. My address was much of what we just talked about. I think that as we look at what the problem is facing the Black community. There are a number of things that have to be done to fix the issues, and they all have to be done concurrently. And as I said earlier, they have to be done with a strategy behind them. We have health issues that are become much, much more obvious as a result of COVID-19. But if you go into the major cities in the United States, in the Black communities, a life expectancy is anywhere from 10 to 15 years less than the white community, and that's across the board. That was before COVID-19. That's a reality. And it's a reality because of things that are systemic in our society that have caused that to happen. We have economic issues, we have family issues, we have community issues, we have housing issues, all of which have to be dealt with at the same time. Because if we don't, we only address one, things don't change because the others pop even further out of the way we need them to be. That's not something it can't be done. The bank has 10, 15, 20 different divisions. And Todd's responsibility is to manage all of those concurrently and make sure we move forward. Same thing is applicable here. We have to put a strategy together and work on it. And that's what I said in the meeting, we had the hearing in DC. So my answer is, my statement dealt more with that than it did with the PPP loans because I felt that the PPP loans would be dealt with very effectively by the CDFI CEOs who were there. Got it. And I think it's really helpful to think about the whole ecosystem that really needs to be built and addressed to ensure that we are driving the inclusion and the outcomes that you just talked about and really seeing change both in our workplace, in our communities. Maybe taking it back for a moment to some of the myths that exist around diversity and inclusion, right? So to your point, we've had these conversations and yet there are still some statements, frankly, that people make that I just think are, you know, untruth that we need to unlock and bust. So we're going to do a little myth busters today with you as my expert panelist. One of the first ones that I often hear is that there is no pipeline of diverse or particularly Black talent. You know, we're out there looking for diverse individuals to join our teams, but we just can't find them. There's not enough talent in the space. What say you to that statement? Well, I have heard that one when I was working, I've heard it since I retired, and it's constantly something on everyone's mind. And you kind of get what you look for. If you look in the wrong spot, you will not find what it is you're looking for. There is diverse talent, there's Black talent throughout this country. You don't have to find the talent in Harvard and Yale, you can find the talent in universities of every scale. And certainly, you can go to predominately Black universities and colleges and find talent and bring that talent into the workplace. I'll give a little personal history. I went to a wonderful school, that some people in the metropolitan area might know of is, Fairleigh Dickinson. And I flunked out at the end of my second year. So I mean, I have had a reasonably successful career as a flunk out of a university that most people don't even know about. We can find people in the right places, we can bring people in a feeder pool by bringing folks in from some of those universities and working with them 'cause there is real, real talent there. We have to bring people in middle management levels so that we have folks that those entry-level folks can look up to and dialogue can take place at all levels of the organization. And we have to bring people into the senior management level and we're not going to bringing in nothing but Black folks, but we have to have a group of folks throughout the organization that are dealing with the issues and it's Black and brown together, working to try to deal with it. So the myth that you can't find them is wrong. We can find people, we have to look for people. It has to be a concentrated effort to look for people, but the folks are out there, and they're there in mass. I think one of the things that I've noticed is that a number of Black young men and women with good MBAs, very talented individuals have left the corporate role to start up their own operations. They want to be entrepreneurs because they don't see the movement available to them that they were hoping for in the corporate world. If we flip that around, some of that talent roll right back in easily and they become into middle management position. So they're there, we just have to figure out how we find folks and bring them in. Fantastic. All right, I got one more for you. The other is often that, you know, inclusion is a zero-sum game. So if we're promoting more women, that means men aren't getting promoted. If we're hiring more African Americans, that means someone else has lost out an opportunity. So if you are somehow lowering the bar or changing the standards, it somehow means that it's a takeaway from another population in group versus everyone benefiting from this collective inclusion together. Is that something that you can address as well? I certainly can. First off, I will say we are not lowering the bar. That assumption is completely wrong. We can find women and people of color that have no issue with respect to meeting the qualifications for what we're looking for. I get in trouble when I say this to my wife. And we have an issue with addressing, I say get over it, but I'm going to say it here. There will be a situation with some folks miss out. Black folks have missed out for the last 400 years, and we have to try to level this playing field in one way or another. So if in fact, we're going out and finding talent, we have to make sure that it's not one person on a slate that we're ready to deal with. We have to be prepared to put people on slates that are real and then find ways to bring them into our organization and put them in key spots. And if we don't do that, things will not change. It just will not happen. It can't happen. So my feelings are, yeah, we're going to... I had someone walk into my organization when I'd been CEO for a while. And he was a... And one of my engineering managers, he walked into the office 'cause my office was open to anybody. And he said, "You know, if you're not Black or a woman in this organization, I'm going anywhere." And I said, "Well, you're a manager, aren't you?" And he said, "Yeah." I said, "Well, you know, the situation is such and let's talk." And we talked about the next hour. And I don't know when he walked out of the office if he was convinced of anything, but he understood why we were doing what we were doing and where things were going. And that's the discussion that has to take place in the organization almost every day. Fantastic. So, you know, we've talked a lot about inclusion and sometimes it feels like this lofty, unattainable concept. But maybe you can share with us and kind of break it down when inclusion is done right, what does it feel like? What does it look like? I think Todd said it when he opened the discussion that inclusion is where people feel comfortable, they enjoy what they're doing, they feel a part of it and there is equal opportunity for everyone. And we've heard about equal opportunity for years and obviously, it hasn't worked. And equal opportunity is not the word... Maybe the words we want to hear, but it's not the reality of where we are. So to me, it has to be real if we're talking about opportunities that are equal for all people in the organization and people have to believe in that. But it also is where you go to work and you're comfortable discussing subjects where the organization can come together, and I'll use a corny word, it feels like family. And you can fuss, and you can feel, and then you can do what you have to do sitting around the dinner table. We go at each other, we joke, we play, we whatever, but it's a good space to be in. And you go home feeling good about the discussions you had that day. Very few companies are in that boat today. Very, very few companies are in that place today. We spent a lot of time at Corn Products, we had something similar to what you're doing at the bank where I gave everybody a half a day a month to sit down and discuss whatever it is, they wanted to discuss. And there was always a team captain and everybody in the organization, headquarters at least had the opportunity to do that. One of the discussions that I found very interesting was one of the people in my staff was in a group with somebody two levels down from him, an African American fellow. And he asked the fellow, "How do you celebrate Christmas?" I think I mentioned this to you, Jolen, in one of our conversations prior. And the guy looked at him and said, "What do you mean, how do you celebrate? How do I... As the same as you do. We have Christmas trees, we have presence, we have a family, whatever." And the guy said, "Really?" Now that seems very simple. But when you realize it, folks don't even know enough to understand how different groups do different things will do the same thing. That's where the opportunity comes to understand what's going on in this world today. And it's going to be... It's not going to happen overnight. As I said, folks are going to feel extremely uncomfortable in some of these conversations, but without the conversation, nothing's going to change. I so appreciate everything you're sharing. And, you know, folks may often say to themselves, why are we having these conversations in work? What's the purpose of these convenings in coming together? And I think it's to your point, this is the perfect opportunity to learn from one another. You're forced to encounter difference in the workplace, you're forced. And where else can you have this level of engagement with people who are different from yourself and take the opportunity to learn from those backgrounds? So, you know, I guess with that in mind, you're on our board. You have opportunity to really kind of tell us how you'd like us to use this moment and our platform and our positions as leaders to make a difference? What do you want to see us do? I guess, I used the word earlier. I mean, people talk about racist, or am I racist? No, I'm not. I think it's coming to be a word people are using, but antiracism is what we need to do. We need to be able to step up to the plate. If you're in a conversation with folks that are talking about issues, telling off-color jokes, dealing with things that are inappropriate, step into that conversation and tell them to stop. If you had situations that are in the organization where it's not right, tell folks to stop. It's not easy, it's not comfortable. There'll be a significant lack of comfort in doing that. And the first time you do it, you're going to be very, very nervous about what it is and there will be repercussions. A prime example of that is what happened in NASCAR. The Black driver that stood up and had found a noose in his garage with respect to the fact that he had spoken up to say something. Now we have all of the drivers lined up behind him and what was a phenomenal parade of support, but they will feel pressure now. They will start feeling people coming at them in different ways. That might be an extreme, but it's the kind of thing that we have to be prepared to do so as to what BNY Mellon needs to do. I don't have a magic answer for that. But I think directionally, we're doing the right things. I would love to see the banking community in general come together with a strategy for what needs to be done. And we pick out a location, be it New York or Pittsburgh or whatever. But as opposed to us doing it unilaterally and spreading our monies way across a number of different issues. We focus on what has to be done. We put together a strategy of where things need to be in a given area and tested. I mean, Chase did it and Detroit turned around, but they put a lot of money. I think that we have to figure out how we do it, we work with the governments, and we make things happen. But it's done the same way we work on issues within our organization and other companies do within their organizations. With a specific goal in mind that has to be thought through because if you talk to a number of Black leaders, they might have different ideas as to where it has to be. So we really need to sit down and talk about what it is we're trying to get to because right now it's a cloud out there. People say, we want equal this, we want to equal. Now what does that look like? Paint a picture to me and tell me what it is and then put it together, a strategy gets us there. That's where I think we need to go, and I think we have to work hard on it. Yeah. Fantastic. Well, I certainly appreciate you sharing that. And even as you said having this conversation with you and the other series of discussions, we're going to be leading around the organization do exactly that. I think to your point, the intention definitely is to have conversation and create connection and empathy, but then absolutely transition that to action and change in a plan to really make a difference. You gave us the example of NASCAR and sort of that opportunity to support that the particular driver received from that community. That was really I would describe as an active allyship. So tell us a little bit more about your thoughts on allyship and how allies can make a difference. Allies are important at every place. I mean, in battle, and whatever it is you're dealing with. You want folks to be your ally to work with you and support you and kind of be partners. I consider allies as partners. We have to work on getting people on the same page, doing the same things working together. So wherever the lead is or whoever takes the lead on the issue we're talking about right now and it's probably going to be the Black community. The Black community does not have the strength, power, or finances to be able to lead this thing and do it alone. So we have to have allies working with us on it. They have to be ready to be, in some instances leaders, in some instances followers, they have to provide the resources that we need to support what it is we don't have. That's what an ally does as well. And I think that until we get people understanding what their roles are, it's going to be very difficult to move forward. But to me an ally is, almost by definition, extremely important on any movement we're trying to deal with being this war or anything else. Fantastic. Sam, you've shared so much with us today. And really, I think began to model for us what it looks like to engage in these dialogues with experts and leaders in this space. But I'm going to challenge you and say if you just wanted to leave everyone who's had the opportunity to engage with our session today, thinking about one thing to do or to consider, what would that be? Single word would be engage. But if you'll permit me to say a couple of things around that... You have the floor. Like follow around, engage. I said there has to be an attempt to almost make yourself uncomfortable by digging into things, understanding what it is, learning more about it, have the hard conversations, have the conversations with Todd, have the conversations with you. I know that the Black folks in the organization are going to get tired of answering questions. That happened in my organizations to the point that people came in and said, "Sam, I can't take it anymore." I said, "Yes, you can. You have to go back out there and do it and so do I." But the questions have to come to them and people have to be ready to be receptive to the answers. They have to be ready to learn more. And it has to be not only you asking me a question, and I answer it, and that's the end of your educational pieces. I said earlier in the conversation, you have to dig, read, understand, look [inaudible] understand what's happening and the whys of why this is happening. Most people did not know what had happened in Tulsa 99 years ago. It was never in the history books, no one was aware of it, and yet somewhere between 150 and 300, Black very well-to-do people were killed and 5,000 were moved out of the area because they didn't want it. It was Black Wall Street in Tulsa. That is something that when people hear about it, it's like, "You've got to be kidding me." And no, we're not kidding. It really, really happened. It happens all the time, not to the same extent, but it happens all the time in our community. So people have to understand that, people have to get angry about that, people have to internalize it and then go forward and make change happen. So engage, you can no longer stand on the sideline and watch. That's not acceptable to me. The other thing is get out and vote. I mean, we have a system in this country where it is if it's used properly, some of the issues that are facing us because we don't get in... You know, you go into the voting booth, you say I want vote down the line. What do these people stand for? Engaging what it is you're voting for and make sure you're putting the right people in office that support the things that you believe in. And if, in fact, you don't do that, woe was you. Because we can't control it, but we certainly have that right to vote on it, and you can get out, and you can support those candidates who make a difference. So we're in a situation right now, we've been battling whether or not the vote by mail issue is going to be there, step into that plate because that's an important fact that we have to deal with. So engagement, feeling uncomfortable, and talking about the issue is what I want to see happen because that will encourage the change and then strategy on where we're going and how we're going to get through. Yeah. And I thank you so much for your time this morning. It was a wonderful opportunity to hear from you, engage with you, and really hear that these conversations are happening at the highest levels at our company and that we have full support from leaders like yourself and making sure that we are one of the companies who really do seize this moment to stand up and make a difference and make our company a better place in a way that will drive outcomes for our business and our clients and impact our communities in a positive way. Thank you to you and Todd for the opportunity. It's very important. I think that the bank is in a good place right now with the leadership at the bank, the board at the bank, and the commitment of all of those folks to engage in what we're talking about. I really appreciate the opportunity to talk to you and your organization today about my feeling just where we are. And let's get it going. Fantastic. Well, Sam, I know you have a busy day. So you're going to be dropping off our call while we turn to the next portion, but thank you again for joining us this morning. Thank you very much. Take care all. Thank you. Thank you, Sam. Todd, I'm going to hand it back over to you. Okay. Thank you, Jolen. And thanks a ton, Sam. I want everybody to know that Sam has put in 17 years of service to our company. And for me, he's been a mentor and a coach. And he's been the grown-up in the room and you can't imagine, and I know just how much of an impact he's had on this organization behind the scenes, and it's been a huge impact. I want to thank him for that and also for stepping up here, really appreciate it. Todd, thanks so much. Thanks, Sam. So I want to move on to talk a little bit about strategy and maybe a little bit about culture as well. We've been over the past few months spending a lot of time on thinking about where the company is going, what our strategy is going to look like for the next three years. In fact, at our June board session we had a three-day... It was truly an offsite. It was actually virtual. We had a three-day session where we reviewed our strategy. And I think we took a little bit of a different approach to it, which was very well received by the directors who sends the feedback that I've received. I'll give a couple of comments on it then I think Akash will give you a little more color in a moment. But from the beginning, we basically gave an objective assessment of our performance to date over the past couple of years. And I'd say in a nutshell, it can get better, and I think it must get better. We also took into account what's going on with the crisis and... You know, is it really changing the world and how businesses are run and managed? One thing that's clear. It's created some headwinds with rate environment impacts both our net interest income, as well as fee waivers on other fees that we earn on money market and mutual funds. But despite those headwinds, we showed the directors a path for growth and we can manage through those challenges. I think the environment today is also helping us, you know, and mentioned us briefly accelerate our digitization strategy. Every company is talking about being digital right now. But I think the shared experience that we just went through and are going through around world is accelerating the use of our digital tools and those across the company. So things that I think we're hoping to accomplish in a couple of years, I think we can move forward and accomplish much more quickly. The other thing that we talked about is we've got this unique position in the financial services market. I mean, it gives us great perspective, the fact that we service both the buy-side and the sell-side. And it's positioned us at Pershing, our asset servicing business and our other businesses to help our clients truly build and grow their business. We've also got a... And I think what's been proven through this is a resilient business model that benefits our shareholders because of its relatively low, what I call, capital-light model. It's low credit risk, predictable fee generation revenue. So we're in a far more attractive position right now, and it enables us to pounce on opportunities as they come forward in the future. I think we've also, and what I want everybody to be thinking about is, we've set some pretty high standards for the industry and ourselves in helping our clients navigate through this pandemic. But I want to make sure we don't get complacent that we continue to push forward in terms of evolving our business and hold each other accountable for delivering at the highest levels. The things that Ann talked about, the quality of the service makes a huge difference in our relationships and retaining business. And we're really starting to see it push, you know, move the needle a little bit. Our retention with new RFPs is the highest that I've seen in many years. And the reason for that is the quality of our service and the commitment from our employees is noticeably improved. But we can't become complacent or allow our focus to soften, so when we look at our business moving forward, we're really focused on changing the three main drivers of value. And in simple terms, its growth, its operational efficiency, and it's culture. So we need to reinvigorate growth by both exploring new revenue sources within our businesses while considering opportunities in adjacent markets. And we have identified growth opportunities across the company. One of the things that we did that was a little bit different this year is rather than just doing a business by business review, we connected our businesses in a number of instances to demonstrate some of the adjacencies that we have and opportunities to grow our businesses. Ann talked about reassessing our operating model for operations, but it's across the board that we need to drive operating leverage at greater efficiencies. We need to leverage the investments that we've made in technology, and we need to continue to make those investments in technology, build on resiliency and ensure our clients that we're going to be there for them. And finally, and you'll hear this over and over continuing to evolve our performance culture, the organization, and the talent, and Jolen had a lot of great ideas that she shared with the directors in the final session of the three-day period. Now I've asked Akash to provide a little more color around the core elements of our strategy going forward, so let me turn it over to Akash. Thanks very much, Todd. Todd, you've set an ambitious aspiration for us as a company. It starts with fulfilling a higher purpose, which is to power individuals and institutions to succeed in the financial world. And alongside that higher purpose, you make clear a business objective for us, which is to drive growth and profitability for our clients and shareholders. I just want to spend a little bit of time about how our strategy and other efforts are going to help support us meeting those aspirations. So our strategy started with two assessments. And both were to bring an objective lens to how we can grow our franchise even more than it has in the past. The first was really trying to surface the differentiating strengths of who we are as BNY Mellon and really figuring out how they're competitively differentiated. The second was taking stock of our market position and really understanding not only who we compete against, which is not just our traditional competitors and other banks but a bunch of nonbank financial institutions, including market infrastructure, asset managers, and others. But taking stock of that and really figuring out what are the several pathways for growth for us as a company. So let's just start with those strengths. And, Todd, you've talked about this numerous times. And I think the most important part of these strengths are the ones that we can feel every day. So I want to start with stewardship and scale. We are a vital part of the financial system and in many cases, the most important partner to our clients. We are trusted because of our investments in resilience and because of the sustainability as you described in our financial model. And because of that, we're already seeing how that is differentiating for us through this pandemic period and will be a launchpad for further growth. The second is our unique perspective. Because of our market position, we can see across vital indicators of the world's economy, from a fifth of the world's invested securities to how the world's markets finance themselves down to the investment behaviors of individual investors. Now we have to do more to intensely turn those data facts into insights to ultimately driving real tangible value for our clients, and we're doing more and more of that as a company, but we have the right to succeed there. Then third sort of strength that rises above everything else is the fact that we are both open and objective. We are fortunate to have one of the best client rosters in the entire industry. And we're also because of the nature of our platform like businesses deeply connected to a whole host of other providers whether there are other financial institutions, technology, data providers, and others. So we have an opportunity to open up the world to our clients and be the place where they have choice in providing and receiving the best solutions for everything. Many of the times we are going to be the best provider of those solutions. It will be our products and services. But where we're not, we're going to be objective and allow others to connect to our clients through our network and create value for our clients but by extension create value for ourselves. So these are some incredible strengths. And that was one part of the assessment. The second part of the assessment was really looking at our market position. And here it was going and looking across a wider range of competitors than we normally think about. Big universal banks that have a whole host of products and services, and a much larger footprint in some cases, as well as these nonbank financial institutions. And we learned a few things. One is we are already in some of the highest and fastest-growing parts in financial services. But as you talked about, you know, our growth has not reached our aspirations yet. Two is that in every one of those areas that we know we have the right to growth, and I'll come back to that in a second, we're going to face tough incumbents, but we do have the right to win. And so as you've described, we have really four clear pathways for growth. One is we got to do more with what we have. We have a tremendous product suite, incredible client roster. We have to bring in even greater intensity to sell the best of who we are and create value for our clients. But alongside that, we have a number of adjacencies that we can continue to expand on. The first is our incredible presence in capital markets infrastructure, where we can use our existing footprint in the collateral markets and in fixed income as a launching pad to do more. The second is in the world of payments, where our treasury services capabilities but other things we do allow us to, again, be in a fast-growing part of the market. And then finally, it's really the intersection of the capabilities across our Pershing wealth and asset management franchise that allow us to tap into some of the largest capital pools and growth areas in the industry. When we take stock of all of that, this is a really exciting story. Very few companies can say that they have both the business model that has all the attractive features that you've described, Todd, and a number of these growth areas. And we're just going to have to work really, really hard and continue to bring a way to achieve that. So at the conclusion of this assessment what became clear is, a clear go-forward strategy and there are three dimensions of this. First is we need to be relentlessly focused on creating differentiated value for our clients. We are already in many cases, the central platform by which our client connects to the rest of the world. And we need to expand our relevance and our ability to create value for our clients across more things they do. And while we do that, we have to stay really focused, as you've described, as Ann described on both client experience and client service 'cause that's going to remain the way that our clients stay with us as we grow and become more relevant to them. The second is scaling a resilient operating model. We're going to continue to invest in resilience and increasingly make it part of our differentiation. But we're also going to focus on automation and innovation so that we can deliver more of our capabilities to our clients in a faster and more seamless way. And then finally, we're going to do this all with a very high bar of performance and performing with excellence. We're going to bring an intensity to our sales efforts an intensity to our product development and our service. And then ultimately, this is about creating and delivering great products and services. And we're going to do that in a way that takes all of that intensity and commercial focus but melds it with the best parts of who we are as BNY Mellon and preserve that culture and take it forward. So, Todd, I think this is a really exciting opportunity for us as a company. And there are so many interesting and exciting things we're already doing, and we're going to see the results play out. I want to turn it over to Brenda, our chief marketing officer, to talk about one of the major activation points for this new strategy, which is our brand refresh. Brenda, over to you. Thanks, Akash. Hello, everyone. So as Akash and Todd shared, we have a new level of clarity on our strategic direction, and we're now poised for growth. I'm Brenda Tsai. And today, I'm going to share with you how marketing can help accelerate the strategic direction through our brand refresh. So to start it might be helpful to ground ourselves on why this work is even needed. So all of us probably know it's very competitive out there. The industry is crowded with messages and competitors are actively promoting themselves. So it was no surprise that when we poured through market research, spoke to clients, prospects, and recruits, we found that there was a need for us to tell our story in a much bigger way. We were viewed as safe and trusted, but we were also battling perceptions of not being progressive enough and being a little bit too conservative. As we all know there are a lot of great things currently happening in the bank, and we are poised to help our clients and ourselves grow. We need to let our clients know about this bigger, more unified story of transformation which highlights some of our most promising areas. Now reputations are volatile and loyalties can be fickle. These days in marketing what happens in Vegas sometimes ends up on YouTube. At the end of the day, it is the consistency of your brand that can ground your company with a unified identity, including a common purpose and a structured set of strengths and beliefs. It can help your stakeholders say the right things about you, even when you're not in the room. And great brands do not become great by accident. There are a number of deliberate actions that help to build that equity. Because this is 236-year-old brand, started by a founding father, we had a big responsibility to get this right. So we took a very strategic and structured approach to build this new perception. And it started first with brand architecture, a framework for how you organize your names, trademarks, and capabilities. Here we found that given our very unique set of clients going to market as one BNY Mellon brand and consistently building that name allowed us to grow further faster. Next came market positioning, a clear definition of the company's broader purpose, and then understanding of why BNY Mellon is different from other companies. And then last but not least, the creative articulation of all that, including new campaigns and a new visual identity will help us show it off differently in the world and breakthrough with a unique point of view. Our new creative platform is called Consider Everything. And it is anchored in a newly articulated company purpose of helping our clients, employees, and shareholders succeed. Consider Everything is grounded in the belief that the best way to succeed in anything is to consider everything. In other words, we leave no stone unturned. We push ourselves to provide the most forward-thinking solutions for our clients, employees, and shareholders. The last few months exemplify what it means to live this. Navigating the pandemic related challenges while continuing to serve clients, employees, and communities have caused us to come together in multiple ways and rapidly create new outcomes for our clients. As Todd, Sam, and Jolen have mentioned, now more than ever we need to consider and be conclusive of different perspectives to come up with the best answers to the most challenging situations. The bedrock of this new campaign are our differentiators, stewardship, perspective, and open. It's reflecting a new creative called our company manifesto, a creative articulation of our company's spirit. It brings to life these three strengths in three different ways. So first, stewardship, the global economy depends on us to function. So we need to consider everything to ensure that we remain fully operational by asking the hard questions, getting to work, and solving. Second, we have perspective into more than $35 trillion of global assets and view into one of the largest data sets in the financial world. We consider everything to reveal insights and trends that no one else can. Third, we have an open architecture model, which means that we go outside of our four walls to consider everything and find new solutions for our clients, sometimes even working with competition to provide the answers. At the end of the day, every interaction leads to value for ourselves, our clients, and our shareholders. You'll see more of this manifesto reflected in our company videos and material. And I'm happy to say you'll be getting a look into the latest manifesto at the end of this Town Hall. Now this week marks the official launch of the campaign that we'll be leveraging across the company. That means we've built out new visual audio and verbal brand guidelines that bring to life our new market positioning. We'll be equipping you with employee resources that include new brand, identity, and visual identity, tone of voice guidelines, all on the brand center. Our new campaign will be reflected across our company materials, including our videos and screensavers and environmental branding of our office spaces. We will also leverage this across our events and recruiting materials. We have reflected this work in our company campaigns, which includes social advertising, pulling the campaign into our company reports like CSR, and a re-launch of our most visited digital property, bnymellon.com. We will also reflect this campaign in our sales materials and content platforms. And to address our clients' need to have a unified company story we're speaking with a more powerful and unified voice across all of our marketing channels, including our lines of business. The Consider Everything theme and tagline will be represented across our integrated marketing campaigns that includes in our wealth management ads, which were recently featured in The Wall Street Journal and New Yorker and our Pershing advertising featured in leading financial and wealth channels. You'll also be seeing more of this across our social media handles. The consistent use of this campaign will unify and build strength in our company and allow for stronger growth, bigger breakthrough, and preference in today's very cluttered marketplace. All of us here today play a very unique role in BNY Mellon's ongoing evolution. Together, we are creating the next chapter of this 236-year-old company. I encourage all of you to come together underneath this new brand. It is through this unity that we will create strength. Now for a closer look at our brand transformation, I invite you to watch this brief video. Today's financial world is a shifting landscape with increased complexity and a demand for constant innovation. Our company has always played a vital role in the global economy. And now is the time to evolve our brand to fulfill this sense of purpose and reveal to the world the true spirit of BNY Mellon. Inside the walls of this firm is a high-performance culture with eyes on trillions of transactions a day, and the talent and technology to rival all players in the financial world. It is with this confidence that we look to redefine who we are and where we're going. We began by putting forth a new purpose. To power individuals and institutions to succeed across the financial world. And living this purpose is important, not just for us but for our clients. The people we serve daily need the thinking and actions of a uniquely positioned financial partner, and we couldn't be more ready. Today's BNY Mellon is operating in an unprecedented scale. And with our digital transformation, we're generating invaluable data and insights for our clients 24/7. Our flexibility, openness, and relentless commitment to solving for greater outcomes is the new face of BNY Mellon. To project this prowess, we harnessed our most visible brand element, our logo, known as the arrow. We saw dynamic possibilities and leveraging the actual angles of its lines, born was our new design language. Along with a full visual brand exploratory, we arrived at a new graphic system that modernizes our identity. But design is just aesthetics without a powerful narrative to drive it forward which is why we work with hundreds of stakeholders on new strategic insights to help define the future of BNY Mellon. The financial world relies on us, so we leave no stone unturned considering every angle to arrive at the best solutions. That is the basis for our compelling and unique brand platform, Consider Everything. To share it with the world, we created an integrated brand campaign that can live across all channels reaching all audiences. And to tie it all together, we commenced a complete redesign of our online presence using our new visual brand system to underscore our commitment to exploring multiple perspectives. Today, thousands of us across the world are now united under a powerful new brand platform, one that recognizes the innovative spirit that has always lived within BNY Mellon. All right. So, Todd, we've got a couple of pre-submitted questions here. And it starts with, you know, as you look out over the next year, what are the some of the things that you're most excited about in terms of the future of our business and where we're going? Thanks, Manny. You know, I heard that question there's really not one thing, but I think there are a couple of themes that I'd like to allude to. Number one is some of the connections that we have across the firm. So as I look at what's going on with Pershing and wealth management and that was one of the things that Akash was saying the potential for adjacencies where we're now offering bank custody on our Pershing platforms, exciting differentiator. And we see a number of areas where we might be able to expand in those connections offering banking services, but even beyond that in the markets that we ultimately addressed. When I look at asset servicing, there's just a lot of neat things going on the stuff that we're going to be expanding into the front end, as well as the data and analytics platform that we're building out. Got it in beta, got some very neat analytical tools that are now coming on board, some of them starting as early as this month. Asset management has got some very neat things going on inside which has been growing very quickly and a leader in its space. And now as things are starting to change and get into that dissaving mode, I think there's an opportunity for Insight to really build something pretty neat. Walter Scott's performance has been excellent and it is seeing a showup. And also Alcentra is in a space of a little bit challenged right now but I think in the long-term, one that's going to continue to grow. And we've got a great cash business in our money market mutual funds. I mean, a significant amount of cash flows through our organization and capturing that in our own funds is a powerful aspect of our model. So there's a lot of things, places where I can see that we can reinvigorate growth in the company. I think we're also seeing ourselves automate substantially, and we've learned some lessons through the crisis that can enable us to do things better and faster and more efficient. And finally, I really see it happening here that we're building a winning culture. We talked a lot about inclusive, but we also talk about being accountable and demanding. So we want everybody have a chance to succeed. And we're going to include them, but we want to demand the most from each other. And we're seeing it in our performance, and I think we're going to continue to see it. So I think demanding success and actually enjoying winning is going to be something that I'm really looking forward over the next year or two. Right. You know, another question that came in was, you know, we've heard a lot of positive feedback from our clients during this period. What in your mind do you attribute our ability to execute? How are we able to be so successful in this rather difficult time? Yeah, I think there are a combination of things that took place. First of all, and I think Ann mentioned this, you got to give a lot of credit to what technology has done. I mean, both the talent, the responsiveness, and the infrastructure that we've built out over the past couple of years positioned us to do something that I doubt we would have been able to do as well as we might have otherwise. I think a second thing and I have to give credit, I didn't start this but we built an enterprise resiliency office under Mike Santo. And that was extraordinarily effective with Amy and Jeff showing up at every executive committee meeting, where we were really in front of what was going on around the operations and technology. We're really able to apply the resiliency efforts that we had invested. We didn't have to change anything. We had the framework to deal with it and we dealt with it, I think, earlier and more agilely, frankly than most. And then it's obviously our people and client centricity, their willingness to really go and give 110%. And, you know, I've said it over and over, and I can't say it enough our essential in-office staff doing what they needed to do to keep us operating. And people dealing with the personal issues, dealing with working from a remote or a different place and also dealing with incredible volumes that faced us. I think it's the combination people, tech, and preparedness. Right. Now a next logical follow-up question to that question was, given that we have been successful and maintained a high level of productivity, in your view, how if at all, do you anticipate the work from home policy changing or evolving over time as we move forward? Yeah, I hear a lot of companies getting out making lots of strong statements. I'll make a couple of statements. Number one as part of our disaster recovery plan it will be obviously a key component to it. Number two, I think that we should be encouraging people at least from time to time to be working from home because we just need to be current on making sure we've got the tech at home that's working and that were facile and that proved to be helpful. The long-run implications of... And I think it's just too early to tell. I think that humans are social beings and the value of collaboration, interaction is very important. And it's how we innovate, it's how we collaborate, it's how we build out a culture, it's how we train, it's how we mentor. So yes, I think we can operate here. I think we've been productive. I think we will adapt more of the technology in the future. We'll probably have a greater opportunity for people to work from home, but I'm not one that says offices are gone. I don't think that's the case. And one thing I do want to say is one of the concerns that I've been sharing this with the executive committee as well is, I'm concerned there could be a decay, a time decay, to operating in this type of format because we do lose some of the just the informal communication and collaboration. And plus working from, you know, the other time decay is sitting behind these computers for all day is fatigue and there really isn't a break. You know, my commute to work is certainly short though but now I feel like I'm at work 24/7. And so one of the things I want to encourage everybody, please take some time off, even if it's a staycation, please disconnect. I'm going to personally do that. I'm taking this Friday off. I'm very excited about that. I'm going to try to take a couple of days off around the July 4th weekend. And so if you can, please let's not the fatigue get ahead of us and there be any slippage in the great service that we're providing our clients. Great. And then, you know, return to office is obviously top of mind for a lot of folks across the company. Todd, I know you touched on it a little bit earlier. But can you just reflect a bit more on what you anticipate to be the policy and protocols going forward? Will people have an opportunity to opt-out based on personal circumstance or whatnot? Can you just share some perspective on that? Yeah. And so I'm glad you asked that. So we've given quite a bit of guidance about where we're going and we'll give a little more color when we get closer. There are some areas where we think we can improve productivity, and we're inviting our employees to come back to the office. We're trying to make sure that we give them all of the equipment that they need to stay safe. But again, from the very beginning here, we as an executive committee, we said there were three things or themes we're focused on, right? Now there really are two that we're primarily focused on. One continues to be the wellbeing of our employees. So if there are any employees are vulnerable at personal conditions, then just prohibit them from coming into the office. We understand that. We'll, of course, work with them. And if they're employees that have situations at home or their housing is not ideal for productivity and they want to come in, we'll also deal with them. But we want to be careful about that too because we, again, we want to make sure that there is a proper distancing. So we will go back to that same tenet and obviously work with the employees, based whatever the personal circumstances are. Okay. And last, but certainly not least, the last pre-submitted question was around diversity and inclusion actions, and there's been a robust discussion today about that. But can you just share some perspective around what yourself and the executive committee are committed to doing and some potential opportunities moving forward for us to continue to drive progress? Yeah. I would say, as a firm, and I think Sam alluded to this. We've done okay. We haven't done great, but we've done okay. I mean, we certainly have diversity at the board, we have a fair amount of diversity on the executive committee. Our numbers aren't bad as I look through the organization. But we don't have enough diversity at our senior levels and especially with African Americans, and I think we just need to acknowledge that. I do look through the metrics with each of our executive committee members. We do challenge them. And I recently read an interview, a transcript of an interview that Mellody Hobson gave to McKinsey. She's the co-CEO of Ariel Investments. And in that interview, she said something that really touched home for me. She said when she was taking a math class, the professor asked her to write out her solution, so she can get partial credit, even if she didn't get the right answer. I think it's time to stop giving partial credit. You got to get the right answer. Okay. Thank you, Todd. I'll turn it back over to you now for closing remarks. Well, thanks, everyone. And thanks for everything that you've done over the past several months. The efforts have been extraordinary. And I'm looking forward to getting back in the office a little more frequently and seeing some of you, but unfortunately, we just don't know exactly when that time is coming. Until then, please stay safe. And I do want to end with... We're going to have a brief video which I think will bring our brand to life. Thanks, everybody.

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Duration: 1 hour, 22 minutes and 56 seconds
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Posted by: dcoles11 on Jun 24, 2020

BNY Mellon Town Hall

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