BNY Mellon Wealth Management Bolsters Private Banking

BNY Mellon Wealth Management is expanding its private banking business.

The firm appointed a former executive of Capital One Bank to a new position leading the firm’s private bankers and escrow bankers and coordinating the activities of mortgage banking officers in the field.

In his role as head of private banking solutions, William Johnston will also work with regional presidents and channel partners to develop and implement private banking growth strategies, BNY Mellon said. Johnston was previously with Capital One Bank where he was a market executive for the middle market. 

“Bill is well respected in the industry for his deep expertise and leadership experience in serving the sophisticated credit and banking needs of high-net-worth clients, including entrepreneurs and investors,” Bill Sappington, executive director of Private Banking, said in a statement.

BNY Mellon has expanded the private banking group in recent years, hiring 20 client-facing professionals over the last three years and broadening its footprint in several top U.S. wealth markets, including Seattle, San Francisco and Chicago, the firm said.

The new hire is part of the wealth manager’s campaign to increase its nationwide sales force by 50% and add private and mortgage bankers and other professionals in key U.S. wealth markets by the end of 2014. The firm expects to have 32 net new sales hires by year-end with 18 more to come next year, BNY Mellon said.

Read More: BNY Mellon Increasing Wealth Unit Sales Team 50% in Revenue Push