Offshore Yuan becomes the fifth currency to be settled between the two banks, with plans for additional currencies to be added in the next few months.
Tag: Wells Fargo
The move marks a change in FX settlements, allowing market participants to significantly reduce their settlement exposure and associated risks.
Portney most recently led the client management, sales and service teams for BNY Mellon asset servicing globally, and also oversaw the Americas region of the business.
Wells Fargo will join a growing a list of coveted investors which include some of the biggest custodians, investment banks, and buy-side firms.
After poaching BNY Mellon's former CEO in September last year, Wells Fargo has hired the global custodian's head of operations for a similar role.
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.
Wells Fargo has chosen BNY Mellon’s CEO, Charles Scharf, as its new chief executive and president.
Wells Fargo has unveiled its new prime trade service group with access to high- and low-touch outsourced trading functions, coupling it with other prime services.
Awards evening on 29th November in New York to honour the best in fund administration, prime brokerage, custody and technology innovation.