May 18, 2006

Bank of New York Restructures Global Management Strategy

Bank of New York announced new organizational enhancements and executive promotions designed to capitalize on the company's global growth opportunities and to fully align its client management teams around the world.

The creation of the bank's Global Investor Services organization combines the custody, fund services, risk services, accounting and outsourcing business units while unifying related product development and operational support teams. In addition, Bank of New York also created a new Global Client Management organization that aligns client management teams covering more than 100 markets worldwide into one global unit delivering the company's full range of products and services, according to Bank of New York.

"By aligning our global organizations under these talented leaders, we will significantly enhance our ability to offer globally integrated product, sales and service offerings," said Gerald L. Hassell, president, Bank of New York, in a release. "As our clients continue to expand their operations across geographies, we are well-positioned to meet their evolving requirements and help them with innovative solutions across the global markets."