New York — Bank of New York Mellon on Monday said former Visa CE Charles Scharf will take the top job at the world’s largest custody bank, where he will focus on boosting organic growth. Scharf immediately replaces 65-year-old Gerald Hassell, who will remain chairman of BNY Mellon until the end of the year when he retires. Scharf will then become chairman. "The first priority is growing the company organically," Scharf said. "We already are in places that have tremendous amounts of opportunity." BNY Mellon had $30.6-trillion in assets under custody and administration at the end of March. The bank’s massive platform is a key part of the plumbing that keeps global financial markets flowing. Besides safeguarding the stocks and bonds of large institutions, the bank calculates mutual fund prices, trades foreign currencies and facilitates securities lending to enable short selling by hedge funds, for example. Scharf, who headed Visa from October 2012 to December 2016, played a key role in...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.