"Can You Be at the Fed in 40 Minutes?" - What BNY's CEO learned from the Lehman Weekend

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0:00The moment that's probably most seared in my mind was over the Lehman weekend.

0:03I got a call, I remember I'd just come back from the gym and my phone rang and it was like 9:00am.

0:10I was asked by the CFO of Goldman at the time, can you be at the Federal Reserve in 40 minutes?

0:16And I was like, "why? What's happening?"

0:18"Just come down."

0:19Some people crumble under that kind of pressure. Other people thrive. It's very clear you thrived.

0:25Did you enjoy it in some way?

0:27I didn't think about it that way. So,

0:29I didn't enjoy it. I learned a ton from it and with the benefit of hindsight I benefited

0:34significantly from those learnings all of those different experiences.

0:38The biggest lesson was "And this too shall pass."

0:41Obviously, firms had been failing.

0:44Bear Stearns failed. Lehman Brothers failed. Merrill Lynch essentially failed and was sold.

0:50I mean it could have ended with the collapse of the US financial system, at least in theory.

0:55And so that feels existential. But understanding and seeing that, understanding how you process

1:00that, and then remembering that you know what, the sun actually will come up tomorrow. It may

1:05be different, the world may be different. It may be personally unsettling. It may be disruptive.

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