Mellon Bank Corp. has hired former Chemical Banking Corp. executive Paul Dimmick to head its capital markets group.

Mr. Dimmick will oversee Mellon Financial Markets Inc. as well as the bank's foreign exchange, corporate finance, and portfolio and funds management divisions.

The new Mellon executive will work with Larry Clyde, the current head of capital markets, until Mr. Clyde retires in the first quarter of 1997, a situation a spokesman described as a "transition period."

The 47-year old Mr. Dimmick joins Mellon after an 18-year career at Chemical, where he was most recently responsible for directing global structured derivatives and investment grade global securities.

Mellon's capital markets group targets middle market and large corporate customers, a spokesman said.

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