Salem Radio Network News Saturday, August 13, 2022

Business

BNY Mellon appoints Goldman Sachs veteran McDonogh as CFO

(Reuters) – Bank of New York Mellon Corp on Wednesday named Dermot McDonogh, a more than 25-year veteran of Goldman Sachs Group, as its chief financial officer.

McDonogh, 57, will join BNY Mellon in November and assume the CFO mantle in February, replacing Emily Portney who will transition to a new role leading the treasury services, credit services and clearance and collateral management businesses.

McDonogh most recently served as Goldman Sachs’ chief operating officer for EMEA and the chief executive of Goldman Sachs International Bank.

The move marks the second major change in BNY Mellon’s top leadership this year, with the company appointing another veteran of Wall Street’s premier investment bank – Robin Vince – as its chief executive officer in May.

Shares of BNY Mellon have lost over a quarter of their value this year, more than the near 20% drop in the benchmark S&P 500 index as aggressive policy tightening from global central banks feeds fears of a recession.

(Reporting by Manya Saini in Bengaluru; Editing by Aditya Soni)

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