Morningstar - Bank of New York Mellon Corporation (BK) BNY Mellons Surprise CEO Change Raises Questions About the Firms Direction; No Change to FVE

Report

Morningstar

Greggory Warren, CFA

EUR 101.80 For Business Accounts Only

BNY Mellon's Surprise CEO Change Raises Questions About the Firm's Direction; No Change to FVE

We were a bit surprised by today's announcement from wide-moat-rated BNY Mellon that chairman and CEO Gerald Hassell would be relinquishing his chief executive post immediately, and would also step down from his role as chairman at the end of the year, mainly because it wasn't clearly telegraphed to investors. That said, the choice of Charles Scharf, former CEO of wide-moat-rated Visa (with previous banking experience at Citigroup and JPMorgan Chase), to replace Hassell as CEO (and chairman at t...

17/07/2017 14 EN

Underlying

Bank of New York Mellon Corporation

Bank of New York Mellon divides its businesses into two business segments, Investment Services and Investment Management. The company also has an Other segment, which includes the leasing portfolio, corporate treasury activities, derivatives and other trading activity, corporate and bank-owned life insurance, renewable energy investments and business exits. The company's two principal United States banking subsidiaries engage in trust and custody activities, investment management services, banking services and various securities-related activities. The company has four other United States bank and/or trust company subsidiaries concentrating on trust products and services across the United States.

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US0640581007 New York Stock Exchange United States

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Greggory Warren, CFA

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BNY Mellon's Surprise CEO Change Raises Questions About the Firm's Direction; No Change to FVE

Bank Of New York Mellon Corp: 1 director

Moody's Ratings withdraws The Bank of New York Mellon Master Servicer assessment

Bank of New York Mellon Corporation (The): Update to credit analysis following senior debt ratings upgrade; outlook changed to stable

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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