Bank of New York Mellon and Wells Fargo Name New CFOs

Bank of New York Mellon named Emily Portney CFO, succeeding Mike Santomassimo, who stepped down to take the same post at Wells Fargo.
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Bank of New York Mellon  (BK) - Get Report Tuesday appointed Emily Portney chief financial officer, succeeding Mike Santomassimo, who stepped down to take the same post at Wells Fargo  (WFC) - Get Report.

Portney, who also joins the New York parent's executive committee, previously led the client management, sales and service teams for BNY Mellon's asset-servicing business.

Prior to joining BNY Mellon, Portney served as CFO for Barclays International  (BCS) - Get Report.

She spent 22 years at JPMorgan Chase  (JPM) - Get Report, where she was global head of clearing and collateral management.

Santomassimo had been appointed BNY Mellon's CFO in 2018. Previously, he was CFO for the investment services businesses. 

Prior to joining BNY Mellon, he spent 11 years at JPMorgan Chase in financial leadership roles,

Wells Fargo, the San Francisco banking group, said Santomassimo also will join the parent's operating committee. 

This fall he will succeed John Shrewsberry, who has said he would retire after 22 years with Wells Fargo, including the past six as CFO. 

Shrewsberry will continue as CFO until Santomassimo joins the company.

On Monday, BNY Mellon's Pershing unit, which provides back-office brokerage services, named Emily Schlosser chief operating officer.

She joined Pershing from Goldman Sachs  (GS) - Get Report, where she was head of change for the global markets division.

Meanwhile, Morningstar analyst Rajiv Bhatia offered a mixed take on BNY Mellon’s second-quarter earnings, which were released last week.

“Wide-moat Bank of New York Mellon reported solid second-quarter financial results, but low interest rates will weigh on the firm’s outlook,” he wrote in a commentary. 

“We are tweaking our model. We are maintaining our $40 fair value estimate as benefits from higher equity markets are offset by softness in net interest income.”

BNY’s fee revenue fell 5% from the first quarter and 2% from the year-earlier period. Investment servicing fees dipped 1% sequentially, Bhatia noted.

And investment management and performance fees slid 9% sequentially and 6% from the year-ago period, as equity-market movements and money-market fee waivers weighed on growth, he said.

At last check BNY Mellon shares slipped 0.3% to $35.85 while Wells Fargo shares were 3.5% higher at $25.43.