NEW YORK – BNY (NYSE:BK) announced a significant change in its executive team today. Catherine Keating, Senior Executive Vice President and Global Head of Wealth Management, has decided to retire effective April 30, 2025. The news follows her notification to the company on Monday. The announcement comes as BNY demonstrates strong market performance, with the stock delivering a 52% return over the past year according to InvestingPro data.
Keating, who is also a Named Executive Officer, has been a key figure in shaping the wealth management strategy for the bank. Her retirement marks the end of a notable tenure with BN. Under the current leadership, BNY has maintained 54 consecutive years of dividend payments, with 14 straight years of dividend increases, as reported by InvestingPro.
BNY, a leading financial services company offering wealth management among other services, is headquartered at 240 Greenwich Street, New York. With a market capitalization of $56.6 billion, the firm is incorporated in Delaware and is listed on the New York Stock Exchange under the ticker symbol BK. It also has preferred capital securities listed as BK/P. According to InvestingPro's Fair Value analysis, the stock is currently trading near its Fair Value, with 5 analysts recently revising their earnings expectations upward.
The company said her role will not be replaced.
"BNY Wealth is an important facet of our company thanks to Catherine's leadership," said Jose Minaya, Global Head of BNY Investments and Wealth. "We are grateful for all she has done to build a strong foundation from which we will continue to invest and grow,"
Investors and stakeholders will be looking forward to updates regarding the company's next steps in this regard, particularly with the company's next earnings report scheduled for January 15, 2025.
In other recent news, BNY reported a 22% year-over-year increase in earnings per share, reaching $1.50, and a 5% growth in total revenue, amounting to $4.6 billion. The bank also issued $750 million in aggregate principal amount of 5.225% Fixed Rate / Floating Rate Callable Senior Medium-Term Notes Series J, due in 2035. BNY Mellon completed its acquisition of Archer Holdco, LLC, a technology-driven managed account solutions provider, and announced the appointment of Rajashree Datta as its new Deputy Chief Risk Officer.
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