Bank of NY Mellon Names Former Visa Head Charles Scharf New CEO

Judith Bessette
Julho 18, 2017

(V) CEO Charles W. Scharf will be taking over as CEO of the bank effective immediately and will take over as chairman of the board of directors starting January 1, 2018. Scharf replaced Gerald Hassell, 65, in that role and will succeed him as chairman on January 1.

"I have long admired BNY Mellon and believe there is great opportunity to build on the momentum Gerald and the team have created", Mr. Scharf said.

Scharf pledged to "continue to put our clients first, remain a strong and trusted partner and continue on our journey of defining ourselves as the premier technology platform our clients turn to for our capabilities, advice and leadership". Before that he held a number of roles at JPMorgan, including chief executive of retail financial services.

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Under pressure from activist investors to cut costs, BNY Mellon had aimed to keep expenses flat previous year while searching for ways to improve profitability amid low interest rates.

- BNY Mellon shares were up almost 2 percent at $53.375 in afternoon trading.

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