The Bank of New York Mellon Corporation (BNY Mellon) has named Goldman Sachs-veteran Dermot McDonogh as the new chief financial officer (CFO) of the company.

The appointment will become effective on 1 February 2023.

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McDonogh will succeed Ms Emily Portney, who will assume a new role to lead the company’s Treasury Services, Credit Services, and Clearance & Collateral Management businesses.

According to a company statement, McDonogh will join the company on 1 November 2022 and will work with Portney to ensure a seamless transition.

In their new roles, McDonogh and Portney will both report to BNY Mellon’s CEO. They will also serve as executive committee members.

BNY Mellon CEO-elect Robin Vince said: “Dermot has exceptional experience in finance and financial operations as well as leadership across global teams and dynamic international environments.

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“BNY Mellon is a destination for top talent, and the addition of Dermot to our firm will further enhance the strength of our industry-leading team.”

McDonogh worked for Goldman Sachs more than 25 years. Most recently, he served as the COO for EMEA and CEO of Goldman Sachs International Bank.

In his new role, McDonogh will be responsible for global financial strategy and financial operations. This includes finance functions, controllership, Treasury, the Chief Investment Office, capital management, tax, corporate development, investor relations and the business CFO teams.

Recently, BNY Mellon entered into a strategic alliance with Emirates NBD to increase foreign investors’ access to UAE capital markets.