Bank of New York shuffled the responsibilities of its senior management as it continues to refocus on its asset management and private banking businesses.
According to The Wall Street Journal, Bruce Van Saun will move from the chief financial officer's job to take on a newly created role overseeing the bank's market-related businesses, which include asset management and private banking. He will continue as a vice chairman. Thomas Gibbons, the bank's chief risk officer, will take on the CFO's post while continuing to be responsible for risk management.
The bank said the changes will help it narrow its focus on core business lines. In April, BNY agreed to a $3 billion asset swap of its retail banking unit for the corporate trust division of JPMorgan Chase.