Timothy F. Keaney has been appointed sole head of BNY Mellon’s asset serving unit. The department was previously run by Keaney and Jim Palermo.
Keaney has also been promoted to the position of vice-chairman along with Todd Gibbons, chief financial officer, Karen Peetz, CEO of financial markets and treasury services and Brian Rogan, chief risk officer. Palermo was already a vice chairman of the firm.
Palermo will take over the role of CEO of Global Client Management from Keaney, combined with global markets, liquidity services and corporate marketing.
The firm is now three years on from the merger between the Bank of New York and Mellon. According to a BNY spokesperson: “We wanted to broaden and deepen the experience of the senior management team. The co-leadership worked very well as the business was being integrated. This has now finished, so a good time to have sole leadership of that business.”
Prior to the merger, Palermo worked as CEO of the asset-servicing group at Mellon in Boston, and Keaney the London-based head of BNY in Europe.
The spokesperson also denied that the appointments were a corporate shuffle: “Palermo and Keaney are both exceptionally capable executives; and that while Keaney has been appointed to the AS CEO role, Palermo will also be taking on a new and important role within the organisation”