The highest-ranking woman in Bank of New York Mellon's storied history is retiring at the end of this year.

Karen Peetz announced her retirement from the global custody bank on Monday — the same day she was honored as American Banker's Most Powerful Woman in Banking for 2016. Peetz was also ranked No. 1 in 2011 and has been ranked among the top five in each of the last eight years.

Peetz joined BNY Mellon in 1998 and held a number of top executive posts before being promoted to president in 2013. In her current role, Peetz oversees global and regional client management, where she has responsibility for the bank's 500 largest clients. She also runs its treasury services business and oversees its regulatory functions.

Peetz also founded BNY Mellon's women's network and over the years has been a tireless advocate for diversity in the executive ranks.

"Karen's leadership, industry expertise and partnership will be missed by BNY Mellon, and we are extremely thankful for her many contributions during her tenure," Gerald Hassell, BNY Mellon's chairman and chief executive, said in a news release.

Peetz will step down on Dec. 31. The company has not said who will replace her.

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