BNY Mellon Brings Goldman Sachs Veteran Dermot McDonogh Into CFO Role

HalfBuddhaMoney · 2025-12-31T14:17:32+00:00

The Bank of New York Mellon has appointed Dermot McDonogh as Chief Financial Officer, starting February 1, 2023, following a transition period. Current CFO Emily Portney will continue until January 31, 2023, before taking on new responsibilities.

HalfBuddhaMoney

2025-12-31 14:17:32

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The Bank of New York Mellon Corporation (BK) announced on Wednesday a significant leadership transition in its finance department. The bank has appointed Dermot McDonogh, an executive with more than two decades of experience at Goldman Sachs, to serve as Chief Financial Officer starting February 1, 2023. McDonogh will assume his duties following a transition period, joining BNY Mellon on November 1.

Background and Track Record

Dermot McDonogh brings substantial financial and operational expertise from his tenure at Goldman Sachs, where he has held senior positions spanning over 25 years. Most recently, he served as Chief Operating Officer for Goldman Sachs’ EMEA region and led Goldman Sachs International Bank as Chief Executive Officer. His extensive background in banking operations and international finance positions him to navigate BNY Mellon’s complex financial landscape.

Transition Plan for Current Leadership

Emily Portney, who currently holds the Chief Financial Officer position at BNY Mellon, will maintain her responsibilities through January 31, 2023, ensuring a smooth handover period. Following this transition, Portney will take on an expanded mandate within the organization, overseeing the Treasury Services, Credit Services, and Clearance & Collateral Management divisions. This move reflects the bank’s strategy to leverage her experience in different operational areas.

The appointment underscores BNY Mellon’s commitment to strengthening its financial leadership with seasoned professionals from the global banking sector.

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