Bank of New York Mellon has named a new chief financial officer and split the duties for oversight of its largest business unit among three executives.

The $354 billion-asset company named Michael Santomassimo its CFO, effective Jan. 1. He will succeed Todd Gibbons, who was named one of three heads of the bank’s biggest business group. Santomassimo was previously CFO of BNY Mellon’s Investment Services group, and he has also worked at JPMorgan Chase.

BNY Mellon named three executives to lead Investment Services, the largest business unit—Gibbons, Hani Kablawi and Francis La Salla. The group had been led by Brian Shea, who had worked at BNY Mellon for 34 years. Shea will leave the company, BNY Mellon said.

Gibbons was named CEO of the company’s clearing, markets and client management group. Kablawi was named CEO of global asset servicing; Kablawi has been head of investment services in Europe, the Middle East and Asia. La Salla was named CEO of issuer services; he currently is CEO of corporate trust.

The moves are the first major restructuring undertaken by new CEO Charlie Scharf, who succeeded Gerald Hassell in July. Scharf was previously CEO of Visa.

“Our new organizational and leadership structure is the logical next step as we continue on our journey of driving improved results,” Scharf said in a press release. “We are focused on increasing our sense of urgency inside the company, ensuring we are delivering all of our capabilities to our clients, and using technology aggressively to achieve our goals.”

Charles Scharf, then the chief executive officer of Visa, speaks during the Institute of International Finance G-20 Conference in Shanghai, China.
"Our new organizational and leadership structure is the logical next step as we continue on our journey of driving improved results,” said BNY Mellon CEO Charlie Scharf. Bloomberg News

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