BNY Mellon has named Paresh Shah as global chief operating officer in its foreign exchange business. He replaces and also reports to Jason Vitale, who was promoted in July to the global head of the firm’s FX, fixed income and trading unit.
Shah has been working in the banking and FX industry for nearly 25 years, starting his career with E.ON UK in London and then moving to New York in 2001 to trade with Deutsche Bank.
He joined the Wall Street bank from HSBC, where he held an analogous position for more than two years. During this period, he served as the UK lender’s COO of Americas for FX, Commodities & Corporate Sales.
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Prior to joining HSBC in early 2018, Shah spent 16 years with Deutsche Bank in various positions, most recently global COO of FX and EM debt for Latin America. He also led the German bank’s FX & Commodities business in Americas following several years in institutional equity sales.
Shah has spent the bulk of his career in the investment banking industry. He was also involved with client marketing, training staff, as well as developing analytics and research tools.
BNY Mellon rolls out more FX products
Earlier in 2018, BNY Mellon launched a prime brokerage service taking on rivals such as Citi, Deutsche Bank, and JP Morgan. The service enables clients to trade and margin their FX through a counterparty that oversees more than $30 trillion of assets under custody.
BNY Mellon also rolled out its foreign exchange (FX) options products back in 2018 to allow its clients to better hedge currency exposure. The bank has ventured into the options space to complements its existing foreign exchange business, which consists of FX custody, payments, and hedging.