U.S. Large-Cap Banks: Jason Goldberg's Bank Brief | Volume 23, Issue 96 | 5.29.26

Research evidence excerpt

U.S. Large-Cap Banks: Jason Goldberg's Bank Brief | Volume 23, Issue 96 | 5.29.26

pear to be faltering, implying less support to consumer spending in the coming months.

With spending once again outpacing income, the saving rate declined 0.6pp to 2.6%.

April core PCE inflation at 0.24% m/m (5/28/26). April PCE price estimates were modestly

lower than our translation. That said, most of the deceleration in April was led by financial

services, which we expect will rebound in the coming months. We keep our Q4/Q4 core PCE

forecast at 3.2%.

Company Commentary

BNY’s Vince sees AI as a superpower. Article on Bloomberg yesterday titled “BNY Triples

Hiring of Interns and Analysts to Tap AI Proficiency” saying BNY is optimistic about the

promise of AI, tripling the size of its intern and analyst classes since 2022 to tap into

younger employees’ embrace of AI, BNY CEO Robin Vince said. “I am an AI optimist,” Vince

said. “I think this is a revolutionary technology that for sure has to be well-managed.” The

additional intern-and-analyst investment is a nod to younger workers’ natural inclination

toward AI, Vince said. The bank wants to “continue to bring new skills, fresh people into our

organization” while also equipping existing teams with AI proficiency, he said. BNY rolled out

170 hours of AI education last year and conducts full weeks of training through a program

called AI Pioneers to help employees build agents and use platforms across the company,

Vince said. “People talk about a clean sheet of paper — sitting in the garage you can reinvent

anything. Absolutely,” Vince said. “But wouldn’t you prefer to have a clean sheet of paper

philosophy inside a company that already has great assets? And then you have the best of both

worlds. And so that’s the way we see AI.