Jane Fraser will replace retiring Citi chief executive Michael Corbat when he steps down in February next year.
The appointment marks the culmination of Gibbons’ 34-year career at BNY Mellon, where he has held many of its most-senior roles.
When Scharf arrived at BNY Mellon in 2017, he sought to overhaul the business and its technology. With his departure, he leaves plenty of work still to do.
State Street has made a number of high-profile changes to State Street’s global leadership teams since Ron O'Hanley began his tenure as CEO in January.
Search for a new chief executive begins after Gottfried Leibbrandt announces intentions to leave SWIFT next year.