Thread regarding Bank of New York Mellon Corp. layoffs

Big news

BNY Mellon's former global head of operations will now be responsible for State Street's custody, middle-office, transfer agency and client service operations.
By Joe Parsons March 19, 2021 3:59 PM GMT

State Street has hired one of BNY Mellon’s top executives to run the global operations of its back- and middle-office businesses.

Ann Fogarty has joined State Street as executive vice president and deputy head of global delivery, where she will be responsible for its custody, middle-office, transfer agency and client service operations.

Fogarty also joins State Street’s management committee and will report to Liz Nolan, executive vice president and head of global delivery.

She joins from BNY Mellon where she was most recently its global head of operations and an executive committee member. Fogarty was responsible for leading the global operations organisation and supporting every stage of the client investment lifecycle, overseeing a team of 20,000.

During her more than 30 years with BNY Mellon, she held several senior roles including head of EMEA investment operations, managing director of BNY Mellon fund services in Ireland, and global head of fund accounting and administration.

“Ann brings significant global operations expertise across all ranges of complex fund structures and jurisdictions,” said Nolan. “She has a keen understanding of the needs of our clients and her depth and breadth of capabilities, particularly in the custody and fund administration space, will help us continue to scale our operating model while providing our clients with continued high-quality service and delivery.”

Fogarty also brings an extensive experience in leading global, cross-business initiatives across all aspects of the trading lifecycle, while also having managed teams and projects across EMEA, Latin America and the APAC region.

“I look forward to this next chapter of my career and working with the global teams and clients to continue to build on the strong foundation of innovation and service excellence that State Street has established,” added Fogarty.

For BNY Mellon, the world’s largest custodian will have to find its third global head of operations in three years.

Fogarty took on the role permanently in September last year following the departure of Lester Owens, who linked up with BNY Mellon’s former chief executive Charlie Scharf at Wells Fargo in April.

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Post ID: @OP+19WovUbM

13 replies (most recent on top)

Big news! — I saved 15% on my car insurance today by switching to Geico. In other big news, I counted the socks in my draw and had no oddballs.

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Post ID: @3vxm+19WovUbM

Three more senior leaders and top talent leave within the last week, more to come. Employee engagement survey results will continue to decline. Employee morale is at an all time low. Employees have lost faith in Todd and the EC members. How many more top talent do we have to lose and engagement surveys do we have to do before the EC realizes they took a wrong turn. Mayday Mayday Abandon Ship

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Post ID: @3zhi+19WovUbM

Two more leaving today - this should be the writing on the wall. This place is so bad it's getting funny! Wonder how many month Todd can last!?

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Post ID: @3hnt+19WovUbM

If she left based on how many people were above her, then she's no better than most of the schmoozing, do-nothing management at BK.

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Post ID: @3lod+19WovUbM

I’m pretty sure she made the decision to leave and was not pushed out. They gave her the job, but placed it two levels from the top instead of one like it was with Mr. Owens. This is a loss to the firm, good on Ann for making the decisions she made, 8 wish her the best of luck in her new role.

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Post ID: @3ffn+19WovUbM

Pushed, jumped, whatever. Get over it

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Post ID: @2pbr+19WovUbM

Their competitor will be able to pick her brain and learn the inner workings of BNY and now do the opposite to achieve success due to BNY’s dysfunction. Congrats BNY, big brain management.

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Post ID: @2kxs+19WovUbM

If she was any good bny wouldn't be a sinking ship since the merger

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Post ID: @2uan+19WovUbM

This news is 4 months old

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Post ID: @1mot+19WovUbM

who cares...

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Post ID: @1ozv+19WovUbM

Congratulations to Ann on the new opportunity.
To her successor, you are not envied in any way shape or form.
I wish you, successor, all the best. You will need it.

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Post ID: @1mzg+19WovUbM

They pushed her out

These people are the lowest form of life

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Post ID: @crl+19WovUbM

30 years at the firm. She basically built the operations and then get poached by biggest competitor? Shame on BK mgmt. they should be embarrassed

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Post ID: @jbg+19WovUbM

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