BNY Mellon has made changes to its Markets Group following the departure of Michelle Neal, CEO of that group, who has joined RBC.
Based in New York, Neal will start her new position as head of RBC’s US FICC business in June and will report into Jonathan Hunter, global head of FICC at the bank.
“In this role, Michelle will be responsible for providing strategic leadership to our US FICC business in partnership with our global product, sales and regional heads. She will have oversight for all strategic and execution-related aspects of the business, including ensuring that we continue to expand RBC’s footprint and client franchise, that we manage our performance and risks effectively and that we continue to build and retain a team of top talent to strengthen our U.S. franchise. She will sit on the Global Markets Operating Committee, FICC Leadership and US Regional Operating Committee,” says Hunter in an internal memo seen by Profit & Loss.
In the memo, Hunter says adds that the US platform is a “key driver” of RBC’s overall growth strategy as the bank sees “significant opportunity to deepen client relationships, drive revenues and take market share”.
Although a spokesperson for BNY Mellon declined to comment on any personnel changes, Profit & Loss understands that Adam Vos and James Slater will become co-heads of the bank’s Markets Group, reporting into Todd Gibbons, CEO of clearing, markets and client management.
As co-heads, Vos’ role expands to include FX, fixed income and equities, while Slater’s role expands to oversee segregation and liquidity. They will maintain their previous roles, whereby Vos will continue to oversee global FX and Slater, global collateral management and securities finance, so no further changes to either of these businesses will occur, sources say.
Prior to joining BNY Mellon, Neal was the global head of listed derivatives, markets clearing and market structure at Deutsche Bank. Before that, Neal held senior positions with Nomura International, Royal Bank of Scotland, Fidessa LatentZero and Goldman Sachs. She began her career at MFS Investment Management in an analyst capacity.