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HomeStock MarketBank of New York Mellon Chief Executive Todd Gibbons to Step Down

Bank of New York Mellon Chief Executive Todd Gibbons to Step Down

Bank of New York Mellon Corp.


BK -4.18%

Chief Executive

Todd Gibbons

plans to retire, after a nearly three-year tenure in which he steered the custody bank through the upheaval of the coronavirus pandemic.

The company confirmed Thursday that it is naming Vice Chair

Robin Vince,

a former

Goldman Sachs Group Inc.

partner, to be its new CEO. Mr. Gibbons will step down on Aug. 31, with Mr. Vince serving as president and CEO-elect until then. Mr. Vince is also expected to replace Mr. Gibbons on the bank’s board. The moves were earlier reported by The Wall Street Journal.

Mr. Gibbons, 65 years old, has spent 36 years at BNY Mellon, stepping in as interim CEO in September 2019 when

Charles Scharf

resigned to run Wells Fargo & Co. Mr. Gibbons dropped the interim tag in March 2020, just as Wall Street faced a market meltdown stemming from the coronavirus pandemic, and led the company through the transition to remote work.

Robin Vince will serve as BNY Mellon CEO-elect before becoming CEO later this year.



Photo:

BNY Mellon

Mr. Vince, one of Mr. Gibbons’s key hires following his promotion to CEO, joined BNY Mellon in October 2020 as vice chair and head of the bank’s market-infrastructure businesses. The 50-year-old executive had retired from Goldman in 2019 as the firm’s chief risk officer.

BNY Mellon, which tracks assets and performs other administrative and accounting services for money managers and financial firms, has benefited along with rivals from Wall Street’s turnaround from the early days of the pandemic. The bank has also brought in new business providing back-office functions to investment firms, pensions and wealth managers.

BNY Mellon reported net income of $3.77 billion last year, up 4% from 2020, on higher fee revenue as well as ongoing efforts to slash expenses through automation. The stock had climbed 14% in the past year, lifting BNY Mellon’s market value to more than $42 billion. The shares fell 4.2% to $50 at Thursday’s close.

Mr. Vince will take over as the industry confronts a more volatile market, surging inflation, rising interest rates and, most recently, war in Europe.

The Wall Street veteran, who worked his way up from money-market trader at Goldman, has the intellect and temperament to succeed in running what regulators consider one of the eight U.S.-based systemically important financial institutions, said

Lloyd Blankfein,

Goldman’s former chairman and chief executive. “He did it the hard way, starting out at the lowest rung of trading,” Mr. Blankfein said in an interview on Wednesday. “The only thing lower in the pantheon of trading desks was to be a gold trader like me—that’s just above a toaster in the evolutionary chart.”

Mr. Vince moved on to important operational roles before being promoted to treasurer and then chief risk officer. He often interacted with regulators, where his humble, nonthreatening manner made him “an attractive guy to put out front,” Mr. Blankfein said.

Write to Justin Baer at justin.baer@wsj.com

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the March 11, 2022, print edition as ‘BNY Mellon Names Vince Its New CEO.’


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