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BNY Mellon undergoes big structural change
27 June 2014
Realigns Global Markets, Global Collateral Services and Prime Services under one roof and makes internal appointments
BNY Mellon has undergone a major reorganisation in a move
that brings together its Global Markets, Global Collateral
Services and Prime Services businesses.
The three arms are now under the bank's newly-created Markets
Group, which will be overseen by Curtis Arledge, vice president
and CEO of Investment Management.
BNY Mellon said the reshuffle was part of plans to improve
client services and financial performance.
"This strategic realignment is about delivering to our clients
the most innovative services and solutions available in the
market, effectively and efficiently," said the bank's chairman
and CEO Gerald Hassell.
The firm has made several changes to senior management as a
result of the creation of the new group. Kurt Woetzel, head of
Global Collateral Services, is now also president of the
Markets Group, and reports to Arledge. Mitchell Harris will
continue to serve as president of Investment Management and
also reports to Arledge in addition to Hassell.
Brian Shea, president of Investment Services, is now vice
chairman and CEO of Investment Services in addition to his role
as head of client service delivery and client technology
solutions, reporting to Hassell.
Karen Peetz will continue as president of BNY Mellon, leading
Global Client Management, Regional Management and Treasury
Services, reporting to Hassell.
The appointments were made as three senior employees announced
they would leave the bank. Tim Keaney, vice chairman and CEO of
Investment Services, said he would leave the company at the end
of September to "pursue other opportunities".
BNY Mellon also announced that Brian Rogan, vice chairman and
chief risk officer, and Art Certosimo, CEO of Global Markets,
planned to retire at the end of the year. The bank said it has
started a search for Rogan's replacement.
"Tim, Brian Rogan and Art have each made extraordinary
contributions to our company over their careers and they have
been instrumental in making BNY Mellon the global leader it is
today," said Hassell. "I am grateful for their partnership and
insights, and for their help in ensuring that our realignment
takes place as smoothly as possible."
This is not the first time that BNY Mellon has made such a
major structural change to its business. The bank decided to
bring several of its collateral-related businesses under one
umbrella to Global Collateral Services in 2012 and last year
set up a central securities depository (CSD).