Executive vice president, head of global collateral management product management ● The Bank of New York Mellon ● New York ● Securities Lending Legend ●
“What hasn’t changed is the importance of personal relationships in the business,” he says. “We saw that in the course of events over 2008 that the ability to pick up the phone and speak to someone you know continues to be extremely critical.”
After 25 years in the business with Chase Manhattan, Lehman Brothers, Morgan Stanley, Cantor Fitzgerald and others, Malgieri certainly has fostered many such relationships. In 2002, he joined The Bank of New York and became responsible not only for domestic delivery of collateral management products in the United States, but also overall global responsibility for the product-the first time The Bank of New York had placed responsibility for the strategy, product development and sales support function for collateral management services on a global scale in the hands of a single individual.
After the merger in 2007 with Mellon, he’s continued his role as product manager for global collateral management at The Bank of New York Mellon, which services over $1.8 trillion daily in tri-party balances.
That big number may have been made possible by technological innovation, but it hasn’t reduced those ever-important personal relationships, he says. “People say that technology takes the human interaction out of business, but I don’t sign up for that,” he says. “I think a lot of business continues to be done with people you trust over the years in the business.”
People, that is, like Malgieri himself.