Bank of New York Mellon Corp. reshuffled its management Monday as a first step in new Chief Executive Charles Scharf's bid to put his stamp on the custody bank.
BNY Mellon said it named Michael Santomassimo the bank's finance chief, replacing Thomas Gibbons. BNY Mellon also divided up its largest business among three managers, including Mr. Gibbons. The restructuring will trigger the exit of Brian Shea, a 34-year company veteran who had overseen some 75% of the firm's operations.
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Mr. Gibbons, who served as BNY Mellon's CFO for the past nine years, will slide over to a new role running a cluster of businesses, including clearing, trading and Treasury services, the bank said Monday. The bank also appointed Hani Kablawi as CEO of asset servicing and chairman of Europe, the Middle East and Africa. Francis La Stella was named CEO of issuer services.
A familiar name on Wall Street for his previous roles at Visa Inc. and J.P. Morgan Chase & Co., Mr. Scharf succeeded longtime BNY Mellon chief Gerald Hassell in July. The changes eliminate a layer of management between the new CEO and the businesses that make up BNY Mellon's core servicing arm.
"When your senior management is a step closer to the businesses, you're closer to clients," Mr. Scharf said Monday. "That's something that's very helpful to us as a management team."
BNY Mellon also added five managers, including Messrs. Santomassimo, Kablawi and La Stella, to its executive committee. The bank also said it would add a head of digital to help lead its technology push.
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(END) Dow Jones Newswires
November 13, 2017 18:34 ET (23:34 GMT)