The CEO of investment services at BNY Mellon is to leave the firm amid a major organisational and leadership restructure for its investor services and clearing businesses.
Brian Shea will depart by the end of the year, having been with the bank for more than 34 years in various senior roles within BNY Mellon’s Pershing business, including CEO.
“The businesses he has led are stronger today due to his leadership. All of us thank Brian for his dedication to the firm over many years, and we wish him the best in his future endeavours,” said Charlie Scharf, BNY Mellon’s new chief executive.
Shea’s departure has been trigged by a restructuring of some of BNY Mellon’s main businesses, in which it has created a new asset servicing unit. It has also combined corporate trust and its depository receipts business to create a new issuer services unit, led by Frank La Salla
The current head of investment services for EMEA, Hani Kablawi, has been appointed CEO of global asset servicing and chairman of EMEA.
Kablawi first joined BNY Mellon in 2008 as CEO for the Middle East & Africa region, before relocating to London to take on responsibility of global client management and investment services.
Scharf 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.
BNY Mellon’s current chief financial officer has also been appointed CEO of its newly established clearing, markets and client management business amid a major restructure of the entire business.
Thomas Gibb 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.