BNY and Carnegie Mellon University Join Forces to Advance Research and Development in AI

Rhea-AI Summary

BNY (NYSE: BK) and Carnegie Mellon University (CMU) have announced a $10 million, five-year partnership to establish the BNY AI Lab, focusing on artificial intelligence research and development. The collaboration will advance AI applications in financial services, emphasizing governance, trust, and accountability.

The partnership includes creating a dedicated space on CMU's Pittsburgh campus during the 2025-26 academic year, facilitating joint research, education projects, and talent recruitment. The initiative aims to strengthen Pittsburgh's position as a global AI hub while leveraging CMU's expertise in computer science and BNY's financial services experience.

Positive

• Strategic $10 million investment in AI research and development
• Access to CMU's top-ranked AI and computer science expertise
• Dedicated research facility on CMU campus strengthening BNY's AI capabilities
• Enhanced talent pipeline through direct access to CMU graduates

Negative

• Significant financial commitment with long-term ROI uncertainty
• Potential challenges in translating academic research into practical applications

News Market Reaction

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NEW YORK and PITTSBURGH, Sept. 11, 2025 /PRNewswire/ -- BNY (NYSE: BK), a global financial services company, and Carnegie Mellon University (CMU) today announced a five-year, $10 million agreement to support world-class research and development in artificial intelligence (AI). The collaboration will bring students, faculty and staff from across the University together with BNY experts to advance the state-of-the-art in AI applications and systems and prepare the next generation of leaders.

The research collaboration, known as the BNY AI Lab, will focus on developing technologies and frameworks that can ensure the robust governance, trust and accountability required to deploy mission-critical AI applications, including those powering financial services. Drawing on the expertise of Carnegie Mellon's top-ranked programs in computer science, AI and business, the lab will work with BNY to advance both theoretical and applied AI. Additionally, BNY will support cross-disciplinary courses and talent recruitment across all CMU schools and colleges.

As part of the agreement, a dedicated space will be created on CMU's Pittsburgh campus during the 2025–26 academic year. This space will support the full scope of the collaboration—including joint research, education projects, and talent recruitment—and will also provide opportunities for BNY employees to work directly with CMU students and faculty.

"As AI drives productivity, unlocks growth and transforms industries, Pittsburgh has cemented its role as a global hub for innovation and talent, reinforcing Pennsylvania's leadership in shaping the broader AI ecosystem," said Robin Vince, CEO of BNY. "Building on BNY's 150-year legacy in the Commonwealth, we are proud to expand our work with Carnegie Mellon University to help attract world-class talent and pioneer AI research with an impact far beyond the region."

By combining CMU's leadership in AI research with BNY's scale and expertise as one of the world's largest financial institutions, the collaboration seeks to accelerate the path from research to scalable practices, ensuring AI delivers measurable benefits for clients, institutions and the broader financial ecosystem.

"Artificial Intelligence has emerged as one of the single most important intellectual developments of our time, and it is rapidly expanding into every sector of our economy," said Farnam Jahanian, President of Carnegie Mellon. "Carnegie Mellon University is thrilled to collaborate with BNY – a global financial services powerhouse – to responsibly develop and scale emerging AI technologies and democratize their impact for the benefit of industry and society at large." 

Once in motion, the alliance will aim to realize progress on a number of fronts, including: strengthening Pittsburgh's position as a global hub for the advancement of AI, fostering economic development across Western Pennsylvania and directly supporting CMU's efforts to train the next generation of AI and data leaders and drivers. This latest development underscores the long-term relationship between CMU and BNY over many years, highlighted by BNY's position as the largest employer of graduates from CMU's Master of Science in Artificial Intelligence and Innovation (MSAII) program.

About BNY
BNY is a global financial services company that helps make money work for the world – managing it, moving it and keeping it safe. For more than 240 years BNY has partnered alongside clients, putting its expertise and platforms to work to help them achieve their ambitions. Today BNY helps over 90% of Fortune 100 companies and nearly all the top 100 banks globally access the money they need. BNY supports governments in funding local projects and works with over 90% of the top 100 pension plans to safeguard investments for millions of individuals, and so much more. As of June 30, 2025, BNY oversees $55.8 trillion in assets under custody and/or administration and $2.1 trillion in assets under management. BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Headquartered in New York City, BNY has been named among Fortune's World's Most Admired Companies and Fast Company's Best Workplaces for Innovators.

About Carnegie Mellon University
Carnegie Mellon, cmu.edu, is a private, internationally ranked research university with acclaimed programs spanning the sciences, engineering, technology, business, public policy, humanities and the arts. Our diverse community of scholars, researchers, creators and innovators is driven to make real-world impacts that benefit people across the globe. With an unconventional, interdisciplinary and entrepreneurial approach, we do the work that matters.

Media Contacts
BNY
Ryan Wells
+1 646-648-3887
ryanw@bny.com

CMU
Cassia Crogan
+1 412-628-2902
ccrogan@andrew.cmu.edu

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SOURCE BNY

FAQ

What is the value and duration of BNY's partnership with Carnegie Mellon University?

BNY has committed to a $10 million, five-year agreement with Carnegie Mellon University to support AI research and development.

What is the main focus of the BNY AI Lab at Carnegie Mellon?

The BNY AI Lab will focus on developing technologies and frameworks for AI governance, trust, and accountability in mission-critical applications, particularly in financial services.

When will the BNY AI Lab facility open at Carnegie Mellon University?

A dedicated space for the BNY AI Lab will be created on CMU's Pittsburgh campus during the 2025-26 academic year.

How does this partnership benefit BNY's talent recruitment?

BNY will gain direct access to CMU students and faculty, and is already the largest employer of graduates from CMU's Master of Science in Artificial Intelligence and Innovation program.

What is the strategic importance of this partnership for Pittsburgh?

The partnership aims to strengthen Pittsburgh's position as a global hub for AI innovation and foster economic development across Western Pennsylvania.