Bank of New York Mellon has appointed Michael Santomassimo chief financial officer as part of an overhaul of its organizational and leadership structure.
Santomassimo, currently CFO of BNY Mellon’s investment services unit, will replace finance chief Thomas “Todd” Gibbons. Before joining the bank in July 2016, he spent 11 years at JPMorgan Chase in a number of key finance leadership roles.
“Mike has done a terrific job since joining BNY Mellon,” CEO Charlie Scharf said in a news release. “His extensive expertise in finance, accounting, strategy and financial reporting, as well as business and operational management in global institutional servicing and wealth management, will greatly contribute to BNY Mellon’s development over the coming years.”
“He has a strategic mindset and demonstrated success in building and leading finance teams which will be important in driving our business forward,” he added.
BNY Mellon also announced Monday it would divide investment services into three new business units. Gibbons was named CEO of Clearing, Markets and Client Management; Hani Kablawi was named CEO of Asset Servicing; and Francis La Salla was named CEO of Issuer Services.
Scharf succeeded longtime BNY Mellon CEO Gerald Hassell in July. According to The Wall Street Journal, the new structure eliminates a layer of management between the new CEO and the businesses that make up BNY Mellon’s core servicing arm.
“The organizational and leadership changes … will position BNY Mellon for a heightened focus on serving our clients,” Scharf explained. “The flatter hierarchy positions us to be more responsive to client needs, reduces complexity, increases efficiency, and allows for faster decision-making.”
Santomassimo’s positions at JPMorgan included CFO of banking and CFO of technology and operations for the corporate and investment bank division. He, Kablawi, and La Salla will join BNY Mellon’s executive committee.