BNY Mellon is spending $2.7 billion on technology this year with one quarter of it going to new or increased technology solutions. One of the biggest expenses will be increased security, he said.
Another anachronism holding businesses back is being tied to quarterly and yearly business reports, he said. Instead, the Warren Buffett model at Berkshire Hathaway of using six quarter rolling forecasts is more useful, Scharf said, noting that he is a big admirer of Buffett. Berkshire Hathaway holds a substantial share in BNY Mellon.
“You should not be limited to what the world expects of you next quarter. If someone asks me how much we will earn next year, I have to say I have no idea. We have to learn to look at things more broadly,” he said.