The Bank of New York Mellon Corp. said Monday it has appointed Charles Scharf as chief executive, effective immediately. Sharf was most recently CEO of Visa Inc. from October 2012 through December 2016. He will become chairman of the board effective Jan. 1, 2018. The bank’s current CEO, Gerald Hassell will remain chairman of the board through December 31, to ensure a smooth transition. Before joining Visa, Scharf did stints at J.P. Morgan Chase & Co. , Bank One, and Citigroup Inc. . Bank of New York shares rose 2.5% premarket and are up 10.5% in 2017, while the S&P 500 has gained about 10%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Latest posts by Market Watch (see all)
- Trump Foundation shutting down to avoid conflicts of interest: report - November 20, 2017
- Market Extra: Bitcoin breaks $8,000 milestone and keeps on rising - November 20, 2017
- Earnings Outlook: Salesforce earnings: Analyst surveys pointing to a strong quarter - November 20, 2017