Daily News: November 14, 2017

BNY Mellon Launches New Leadership Structure

The Bank of New York Mellon revamped its organizational and leadership structure, effective January 1, 2018. The new structure creates three new business units under its Investment Services segment: Clearing, Markets and Client Management; Asset Servicing and Issuer Service.

Thomas Gibbons was appointed CEO of Clearing, Markets and Client Management and will serve on the company’s executive committee. Other new members of the executive committee are new appointments Michael Santomassimo, CFO; Hani Kablawi, CEO of Global Asset Servicing and chairman of EMEA; Francis La Salla, CEO of Issuer Services;
Lisa Dolly, CEO of Pershing and Brian Ruane, CEO of Government Securities Services.

As a result of the new organizational and leadership structure, Brian Shea will leave BNY Mellon

The new units will combine businesses under common leadership which have natural connections and intersections with clients and will work closely together in developing comprehensive solutions. The new structure also allows for more client and business representation on the executive committee, the company’s most senior management group.

Charlie Scharf, CEO, said, “The organizational and leadership changes announced today will position BNY Mellon for a heightened focus on serving our clients. The flatter hierarchy positions us to be more responsive to client needs, reduces complexity, increases efficiency and allows for faster decision-making. The business units will have increased accountability for delivering solutions for clients and driving financial performance. Overall, these changes will help drive sustainable, profitable growth and higher returns for our shareholders.”

The executive committee will also include a new head of Digital, reporting to Scharf. This position has not yet been filled.