BNY Mellon CFO Leaves for Wells Fargo

By Dave Sebastian

Bank of New York Mellon Corp. Chief Financial Officer Mike Santomassimo has left the company to serve in the same position at Wells Fargo & Co. in the fall, joining his former boss who had taken up a position there.

Mr. Santomassimo will succeed John Shrewsberry, who has decided to retire. Mr. Shrewsberry will continue as finance chief until Mr. Santomassimo joins the company, and will assist with the transition, Wells Fargo said Tuesday.

Mr. Santomassimo will report to Chief Executive Charlie Scharf, who joined the company from BNY Mellon last year. Mr. Scharf is the first outsider to run Wells Fargo in decades and the fourth person to lead the bank since a 2016 fake-account scandal left its image in tatters.

Mr. Santomassimo became BNY Mellon's CFO in 2018. He was previously finance chief for BNY Mellon's investment services businesses, and spent 11 years at JPMorgan Chase & Co. in finance leadership roles.

Succeeding Mr. Santomassimo at BNY Mellon is Emily Portney, BNY Mellon said. She served as finance chief for Barclays International and spent 22 years at JPMorgan Chase, where she was head of clearing and collateral management, among other roles.

Write to Dave Sebastian at [e-mail]

(END) Dow Jones Newswires

July 21, 2020 09:25 ET (13:25 GMT)

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