BNY Mellon has appointed former Visa and JPMorgan Chase executive Charles W. Scharf as its chief executive and chairman, replacing 65-year-old Gerald L. Hassell.
52-year-old Scharf was most recently chief executive and a director of Visa from October 2012 through December 2016. He resigned from the San Francisco-based payments network firm after advising the board that he could not commit to spending an appropriate amount of time in the city to do the job properly.
He was succeeded by Alfred Kelly, a member of Visa’s board and a former president at American Express.
His predecessor at BNY Mellon, Hassell, will continue to serve as chairman of the board through his retirement on December 31 2017. He was named as the chairman and chief executive of BNY Mellon in 2011 after spending his entire career with the firm.
Before joining Visa, Scharf served as managing director of One Equity Partners, JPMorgan Chase’s private investment arm as well as the chief executive of Retail Financial Services, one of JPMorgan Chase's six lines of business.
He started at the bank’s management development program and has had direct management responsibility for the company's asset servicing and issuer, broker-dealer, treasury and clearing services.
‘Under Charlie's leadership, Visa transformed its technology platform by opening access to its network and capabilities, partnered with the world's leading technology companies to drive new payment experiences, introduced new technologies to improve payment system security and built a world-class management team. Charlie is ideally suited to lead BNY Mellon through the next phase of growth,’ said Hassell.
BNY Mellon, the world's largest custodian bank, had $30.6 trillion in assets under custody and/or administration, and $1.7 trillion in assets under management as March 31 2017.