BNY Mellon undergoes big structural change

BNY Mellon undergoes big structural change

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).