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MarketScreener Homepage  >  Equities  >  Nyse  >  Bank of New York Mellon Corporation (The)    BK

BANK OF NEW YORK MELLON CORPORATION (THE

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Bank of New York Mellon : BNY Mellon Names Former Visa Executive Scharf CEO and Chairman -- Update

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07/17/2017 | 09:18am EST
By Justin Baer 

Bank of New York Mellon Corp. named former Visa Inc. and J.P. Morgan Chase & Co. executive Charles Scharf as its chairman and chief executive, as the trust bank looks to jump-start growth and embrace the technological changes sweeping through the financial-services industry.

Mr. Scharf, 52 years old, replaces Gerald Hassell. The 65-year-old Mr. Hassell will remain chairman at BNY Mellon until Dec. 31, when he will hand the title to Mr. Scharf.

Mr. Scharf is among the cadre of deputies who followed James Dimon from Citigroup Inc. to Bank One Corp. to J.P. Morgan. Mr. Scharf rose to run the latter firm's retail-banking business. He joined San Francisco-based Visa in 2012 and ran the payments network until last year, when he resigned to be closer to his family in New York.

Mr. Hassell spent his entire career at BNY Mellon, which grew to become one of the largest custodians and money managers in the world. The bank now has more than $30 trillion in assets under custody, and runs a collection of investment managers that oversee a combined $1.7 trillion.

Promoted to chairman and CEO in 2011, Mr. Hassell inherited a company still coming to terms with the lasting effects of a financial downturn. Low interest rates crimped profits, and the bank's margins lagged behind those of rivals State Street Corp. and Northern Trust Corp.

Trian Fund Management LP, the activist investor, took a stake BNY Mellon in June 2014 and sought cost cuts. In October 2014, BNY Mellon executives unveiled plans to shed $500 million in expenses through 2017. That December, the company added Trian's Ed Garden to its board.

"As CEO, he refreshed the company's strategy and successfully executed against a publicly-stated 2014-to-2017, three-year Investor Day plan designed to create value for the firm's clients, investors and employees, " said Joseph Echevarria, BNY Mellon's lead director.

BNY Mellon's shares have climbed 32% in the past year, underperforming the benchmark KBW Bank Index's 43% gain.

Last month, the trust bank replaced Suresh Kumar, its chief information officer, with former Bank of America Corp. executive Bridget Engle.

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

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF NEW YORK MELLON CORPORATION (THE) -1.63% 45.95 Delayed Quote.-8.70%
STATE STREET CORPORATION -2.63% 78.34 Delayed Quote.-0.96%
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Financials (USD)
Sales 2020 15 817 M
EBIT 2020 4 816 M
Net income 2020 3 657 M
Debt 2020 32 542 M
Yield 2020 2,84%
P/E ratio 2020 11,0x
P/E ratio 2021 10,2x
EV / Sales2020 4,67x
EV / Sales2021 4,67x
Capitalization 41 386 M
Chart BANK OF NEW YORK MELLON CORPORATION (THE)
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Bank of New York Mellon Corporation (The) Technical Analysis Chart | MarketScreener
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Technical analysis trends BANK OF NEW YORK MELLON CO
Short TermMid-TermLong Term
TrendsBearishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 22
Average target price 52,48  $
Last Close Price 45,95  $
Spread / Highest target 37,1%
Spread / Average Target 14,2%
Spread / Lowest Target 2,29%
EPS Revisions
Managers
NameTitle
Thomas P. Gibbons Chief Executive Officer & Director
Joseph J. Echevarria Non-Executive Chairman
Lester J. Owens Head-Operations & Senior Executive VP
Michael Santomassimo Chief Financial Officer
Bridget E. Engle Chief Information Officer & Senior Executive VP
Sector and Competitors
1st jan.Capitalization (M$)
BANK OF NEW YORK MELLON CORPORATION (THE)-8.70%41 386
BLACKROCK, INC.6.79%83 317
UBS GROUP0.45%46 152
T. ROWE PRICE GROUP INC7.67%30 654
STATE STREET CORPORATION-0.96%27 998
NORTHERN TRUST CORPORATION-4.35%21 311