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4-Traders Homepage  >  Equities  >  Nyse  >  Bank of New York Mellon (The)    BK

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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 | 03:18pm CEST
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

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Financials ($)
Sales 2017 15 802 M
EBIT 2017 5 181 M
Net income 2017 3 642 M
Debt 2017 -
Yield 2017 1,60%
P/E ratio 2017 15,27
P/E ratio 2018 13,70
Capi. / Sales 2017 3,54x
Capi. / Sales 2018 3,39x
Capitalization 55 873 M
Chart BANK OF NEW YORK MELLON (T
Duration : Period :
Bank of New York Mellon (T Technical Analysis Chart | BK | US0640581007 | 4-Traders
Technical analysis trends BANK OF NEW YORK MELLON (T
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 20
Average target price 55,4 $
Spread / Average Target 3,2%
EPS Revisions
Managers
NameTitle
Charles W. Scharf Chief Executive Officer & Director
Gerald L. Hassell Chairman
Thomas P. Gibbons Chief Financial Officer
Suresh Kumar Chief Information Officer & Senior Executive VP
Bridget E. Engle Chief Information Officer & Senior Vice President
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