BNY Mellon’s current chief financial officer has been appointed CEO of its newly established clearing, markets and client management business amid a major restructure of the entire business.
Thomas Gibbons will oversee several product lines as part of the role including Pershing, Markets, Government Securities Services Corp, treasury services, as well as commercial payments, credit services and regional management.
The new structure will see three new businesses created within BNY Mellon’s Investment Services segment: Clearing, Markets and Client Management, Asset Servicing, and Issuer Services.
BNY Mellon reiterated that Lisa Dolly will continue to lead Pershing, Michelle Neal will continue to lead Markets and Brian Ruane will continue to lead Government Securities Services Corp.
Charlie Scharf, BNY Mellon’s new chief executive, explained the changes will lead to a flatter hierarchy to reduce complexity, increase efficiency and allow 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,” he said.
Michael Santomassimo, CFO of investment services, will take over from Gibbons as CFO of BNY Mellon. Prior to joining the bank in July last year, he spent 11 years at JP Morgan in various key finance leadership roles, including CFO of the banking segment.
Earlier this week, BNY Mellon announced plans to merge its Mellon Capital Management, Standish Mellon Asset Management and The Boston Company Asset Management businesses to form the new company.
The combined entity will have over $560 billion in assets under management, employing more than 300 individuals globally.
It will be headquartered in Boston and will be led by the current CEO of US asset management at BNY Mellon Investment Management, Des Mac Intyre.