Bank of New York Mellon has named Dermot McDonogh as its chief financial officer, ending his run of more than 25 years at Goldman Sachs, according to a Wednesday (July 6) press release.
McDonogh, 57, will come to BNY Mellon in November and take over as CFO from Emily Portney in February. At that time, Portney will take on a new role in the company, leading the bank’s treasury services, credit services and clearance and collateral management businesses.
Most recently in his quarter-century stint with Goldman Sachs, McDonogh served as the company’s chief operating officer for Europe, Middle East and Africa (EMEA) and the chief executive of Goldman Sachs International Bank.
This is BNY Mellon’s second major move to overhaul its leadership team this year. The company appointed Robin Vince as its chief executive officer in May. He had spent more than 26 years at Goldman Sachs, ending his tenure in September 2020.
Shares of BNY Mellon have lost more than one-quarter of their value this year, more than the near 20% drop in the S&P 500 index.
Related: JPMorgan’s Jennifer Barker to Lead BNY Mellon Treasury Services
In February, JPMorgan veteran Jennifer Barker was named chief executive officer of the Treasury Services division of BNY Mellon, overseeing the company’s domestic and cross-border payments, U.S. dollar clearing, trade finance and liquidity management capabilities to clients in the Asia Pacific and EMEA regions as well as the Americas.
BNY Mellon said Barker’s chief responsibilities include building on the bank’s “paper-to-digital” journey, which recently has involved deploying real-time eBills and payments for retail consumers in the U.S., and becoming the first bank in the country to support the SWIFT Go cross-border payments system.
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