Bank of New York Mellon has named Goldman Sachs veteran Dermot McDonogh as its new chief financial officer, as the custody bank’s incoming CEO starts making an imprint on the company’s top ranks.
McDonogh, currently a top Goldman Sachs executive, will join BNY Mellon in November and take the CFO spot in February.
The hire comes four months after Robin Vince was named incoming CEO of the $474 billion-asset bank. Vince, who spent 26 years at Goldman Sachs before joining BNY Mellon in October 2020, will
“We are thrilled to welcome Dermot to BNY Mellon,” Vince said in a
McDonogh, 57, was most recently the CEO of Goldman Sachs International Bank and chief operating officer for Europe, Middle East and Africa at Goldman Sachs International. He started at Goldman Sachs in 1994 as a product controller in its finance division.
He will report to Vince and also serve on the company’s executive committee. McDonogh’s annual base salary will be $600,000, along with a 2022 bonus of at least $5 million and eligibility for buyout awards of up to $16.5 million, according to a securities
McDonogh will take over the CFO spot from Emily Portney, who will take a new spot at BNY Mellon heading the company’s treasury services, credit services and clearance and collateral management divisions. The leaders of those businesses will start reporting to Portney in February.
Gibbons, who became CEO of Bank of New York Mellon in 2019, is retiring on Aug. 31. Robin Vince, who leads the trust bank's global market infrastructure division, will be his successor.
Portney, a former JPMorgan Chase executive and onetime CFO for Barclays International, previously held top roles in BNY Mellon’s asset servicing division before she became CFO in 2020.
She will continue reporting to the CEO and keep serving on BNY Mellon’s executive committee.
“Emily has been a trusted partner to me, CEO Todd Gibbons, and the Executive Committee, and we are very pleased to have a versatile leader taking the helm of these businesses to further accelerate the momentum of several of our key growth areas,” Vince said.
He also credited Portney for ensuring “the firm’s strong financial position through a period of uncertainty and market volatility.”
