BNY Mellon has hired Senthil Kumar as its new chief risk officer, as the investment bank looks to strengthen its risk management and compliance capabilities.
Kumar will report to Charlie Scharf, chairman and CEO, and join BNY Mellon’s executive committee. He will oversee the firm’s credit risk, operational risk, market risk and compliance functions, in order to bolster risk governance across BNY Mellon’s businesses, regions and legal entities.
He joins from Citi, where he held a number of risk leadership positions since 2004. Most recently, he was chief risk officer of Citi’s institutional clients group, and also previously managed risk coverage for the financial institutions and publics sector team. Kumar succeeds Jim Wiener, who has taken on a new role as head of balance sheet and capital strategy.
“He [Kumar] is an accomplished risk executive with extensive experience and knowledge of global financial markets and a deep understanding of the regulatory agenda,” said Scharf. “He will continue to strengthen our risk culture and capabilities, while partnering with our businesses in support of our growth agenda.”
BNY Mellon recently agreed to a $54 million settlement with the US Securities and Exchange Commission (SEC) over claims of improper handling of ‘pre-released’ American Depositary Receipts (ADRs). In 2015, BNY Mellon’s London branch was also fined £126 million for failing to comply with rules that require customer accounts to be kept properly ringfenced.