Bank of New York reorganises institutional business units

Bank of New York reorganises institutional business units

The Bank of New York has created a new Global Investor Services division, combining custody, fund services, risk services, accounting and outsourcing business units with unified product development and operational support teams.

The organisation, with more than $11 trillion in assets under custody, will be headed by Timothy Keaney, who has been promoted to senior executive vice president. Keaney, who is based in London, will continue in his current role as head of Europe.

The bank has also created a new Global Client Management organisation that aligns teams covering more than 100 markets worldwide. This unit will be headed by Torry Berntsen, who has been promoted to senior executive vice president. His deputy will be Kenneth Lopian who will continue to oversee Global Sales Coordination.

The overhaul comes a month after BoNY agreed to swap its retail banking business for JPMorgan Chase's corporate trust business and $150 million.

BoNY president Gerald Hassell says that under the reorganisation "we will significantly enhance our ability to offer globally integrated product, sales and service offerings".

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