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Carroll School of Management

Gerald L. Hassell

Chairman, President, and Chief Executive Officer, BNY Mellon


New Realities of the Financial World

Gerald L. Hassell, chairman, president, and chief executive officer of BNY Mellon, a leading investment management and investment services company, offered a sober view of the global economy and talked about what he sees as “the new realities in the global financial markets” at the Chief Executives’ Club of Boston on November 30. Edmund F. (Ted) Kelly, chairman of the board of Liberty Mutual Holding Company, Inc., introduced Hassell.

TAKEAWAYS

“Macroeconomic trends and rumors are driving investment decisions. Another issue that exasperates these [market swings] is the size and impact of index funds, exchange-traded funds, hedge funds, and high-frequency trading.” TRANSCRIPT AND VIDEO »

“The early analysis of Europe suggested ... the market could withstand or afford the writedown and the refinancing. Once the contagion reached Italy, it [was] a whole different ballgame. The [bailout] programs contemplated simply will not be large enough.” TRANSCRIPT AND VIDEO »

“These new realities … have resulted in continued deleveraging all around the world. Creditors are very gun-shy, to the extreme. We have ended up with a huge liquidity buildup. Companies are challenged to protect themselves in the face of market rumors.” TRANSCRIPT AND VIDEO »

“[Regulators] might also want to hit the pause button on re-regulation. Let’s try to adjust what’s already been written [in the Dodd-Frank Wall Street reform law].” TRANSCRIPT AND VIDEO »

PRESS COVERAGE

Wall Street Journal: “BNY Mellon CEO: Company ‘Encouraged’ By Recent Virginia Ruling” ARTICLE »

Reuters: “BNY Mellon CEO says growth ahead in Boston: Hassell offers rare geographic details amid cost-cutting” ARTICLE »

Boston Globe: “Bank of NY Mellon chief: Pension funds fully understood how foreign-exchange trading services work” ARTICLE »

Boston Herald: “NY Mellon CEO seeks ‘pause’ on Wall St. reform, defends forex”
ARTICLE »

EVENT PHOTOS
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Gerald L. Hassell, Chairman, President & CEO of BNY Mellon, addresses the Chief Executives' Club of Boston.
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Seated at the Speakers Table, clockwise from bottom left: Eric Rosengren, President & CEO, Federal Reserve Bank of Boston; Abigail Johnson, Co-President, Fidelity; Edmund Kelly, Chairman, Liberty Mutual; Gerald Hassell, Chairman, President & CEO, BNY Mellon; The Honorable Thomas Menino, Mayor, City of Boston; Wyc Grousbeck, Managing Partner & Governor, Boston Celtics; Laura Sen, President & CEO, BJ's Wholesale Club; Ralph de la Torre, Chairman & CEO, Steward Health Care System; Andrew Dreyfus, President & CEO, Blue Cross Blue Shield of MA; Charles Gifford, Chairman Emeritus, Bank of America; Eric Slifka, President & CEO, Global Partners; John Fish, Chairman & CEO, Suffolk Construction.
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The Wharf Room is filled with a "who's who."
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Members of the media speak with Mr. Hassell following his remarks.