Bank of New York Mellon said on Monday that it had hired Charles W. Scharf, the former top executive of Visa and a veteran banker with experience at Citigroup, Bank One and JPMorgan Chase, as its new chief executive.
Mr. Scharf, who led Visa from October 2012 to December 2016, will join the bank as chief executive immediately and assume the added role of chairman on January 1, Bank of New York Mellon said.
Gerald L. Hassell, 65, will continue to serve as chairman until he retires at the end of December, the bank said. Mr. Hassell has been Bank of New York Mellon’s chairman and chief executive since 2011.
“Under Charlie’s leadership, Visa transformed its technology platform by opening access to its network and capabilities, partnered with the world’s leading technology companies to drive new payment experiences, introduced new technologies to improve payment system security and built a world-class management team,” Mr. Hassell said in a news release. “Charlie is ideally suited to lead BNY Mellon through the next phase of growth.”
Before joining Visa, Mr. Scharf, 52, was a managing director of One Equity Partners, JPMorgan Chase’s private investment arm, and served as chief executive of its retail financial services business from 2004 to 2011.
“I have long admired BNY Mellon and believe there is great opportunity to build on the momentum Gerald and the team have created,” Mr. Scharf said. “We will continue to put our clients first, remain a strong and trusted partner, and continue on our journey of defining ourselves as the premier technology platform our clients turn to for our capabilities, advice and leadership.”
He was chief executive of Bank One’s retail division from 2002 to 2004 and chief financial officer of Bank One from 2000 to 2002. He served as chief financial officer of Citigroup’s global corporate and investment bank from 1999 to 2000 and was chief financial officer of Salomon Smith Barney and its predecessor company from 1995 to 1999.
Mr. Scharf also served as chief financial officer of Bank One Corporation from 2000 to 2002, of the Global Corporate and Investment Bank division at Citigroup from 1999 to 2000, and of Salomon Smith Barney and its predecessor company from 1995 to 1999.
He is a director of Microsoft and chairman of the New York City Ballet.