Brian is a Senior Executive Vice President, with responsibility for Global Clearing, Corporate Trust & Credit Services, and a member of BNY’s Executive Committee. He was born in the U.S. raised and educated in Dublin, Ireland, before qualifying as a Chartered Certified Accountant. He earned his MBA from the Zarb School of Business, New York. Brian’s father is from County Mayo and his mother is from County Longford. He and his wife Anna, who is from Dublin, live in New York with their four children. Brian is a previous Wall Street 50 Keynote Speaker.
Founded by Alexander Hamilton in 1784, BNY is the nation’s oldest bank. BNY is a global financial services company that oversees more than $50 trillion in assets for its clients – managing it, moving it and keeping it safe.
Today BNY services over 90% of Fortune 100 companies and nearly all the top 100 banks globally. BNY supports governments in funding local projects and partners with over 90% of the top 100 pension plans to safeguard and manage investments for millions of individuals, and so much more.
Why is 2024 an important year for BNY?
This year we are celebrating BNY’s 240th Year Anniversary as well as our 30th year operating in Ireland. We are proud of our history and how we have contributed to the global financial industry, creating new solutions that benefit businesses, communities, and people everywhere. As we look to the future, we are continuously transforming to make our clients’ businesses faster, smarter and more efficient. In Ireland, BNY is the leading provider to the Funds and Investment management industry where we administer and act as trustee for in excess of $1 trillion of Irish regulated investment funds. In addition to this, our Irish operation is an important location for servicing the bank’s clients and sourcing exceptional talent. Recently we announced the addition of a new team specializing in artificial intelligence, data, and analytics, and the establishment of a new trading desk to service our Irish & European clients.
What are some of your key focus areas?
BNY plays a central and unique role in the US Treasury market, as we are the primary settlement provider for the market. We have the largest triparty financing platform for institutions and over $10 trillion in U.S. Treasuries in custody. Since Alexander Hamilton signed the first U.S. Treasury bill in 1789, the U.S. Treasury market has innovated, evolved, and grown. The first U.S. Treasury warrant for $20K in 1789 was a loan by The Bank of New York to the U.S. Treasury. Today, the $28 trillion U.S. Treasury Market is the safest and most liquid market in the world.
The U.S. Treasury market is undergoing one of the most significant changes in recent years, as the Securities Exchange Commission has mandated central clearing of U.S. Treasuries by 2026. This rule will require the market participants to centrally clear a significant portion of their U.S. Treasury repo and reverse repo financing transactions, as well as many of their U.S. Treasury purchase and sale transactions. This will represent a significant change for market participants. It is expected to make the U.S. Treasury market more resilient. This change also helps reduce the risk of losses for market participants if a dealer or other market participant fails. We outlined these changes in our recent thought leadership papers Reassembly Required and The Importance of Safety and Liquidity in the U.S. Treasury Market. As an industry leader, we are working with clients through this transition and helping them to find new ways to access the market, clear transactions, and manage collateral and margin.
What are some of the organizations you are involved in within the Irish American community?
There are several organizations in the Irish American community that I have been proud to support over the years. I am a Board Member of The Irish American Partnership. This
organization connects Irish and American communities directly with education and community programs in Ireland, North and South. I am also privileged to be an advisory board member for The Ireland for Finance Industry Committee. This is an industry body established to assist the Irish Government in the development of the financial services sector strategy. In our free time Anna and I also enjoy attending The Irish Repertory Theatre and The Irish Arts Center.
What does your Irish Heritage mean to you?
Family, history, literature, arts, sports and resilience.
What advice would you give someone starting their career today?
I would encourage people to pursue areas that leverage their interests and strengths along with offering opportunities to learn and grow. Being positive and curious are important to success in any career and can lead to new opportunities. Lastly, I would always encourage people to reach out to others, seek career advice and avail of mentoring opportunities.
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