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Bank of New York Mellon Hires Former Visa Head as CEO

17 Juillet 2017

Bank of New York Mellon Corp, the world's largest custodian bank, appointed former chief executive of Visa Inc Charles Scharf as its CEO, effective immediately. Bank of NY shares rose 2.5% premarket and are up 10.5% in 2017, while the S&P 500 has gained about 10%.

"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.

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Before joining Visa, Mr. Scharf, 52, was a managing director of One Equity Partners, JPMorgan Chase's private investment arm, and served as chief executive of its retail financial services business from 2004 to 2011.

Hassell, 65, chief executive at BNY since 2011, served as its president since the merger of Bank of NY and Mellon Financial Corp in 2007 through 2012.

Bank of New York Mellon Hires Former Visa Head as CEO