BNY acquires Archer, Old National drops 'interim' tag from its CFO

BNY, the oldest bank in the U.S., said last week that it acquired Archer, which provides cloud-based software for managed accounts. 

"Managed accounts are one of the fastest-growing investment vehicles in the asset management industry, enabling investment advisors and asset managers to offer customized portfolios to retail investors at scale," said Emily Portney, Global Head of Asset Servicing at BNY, in a press release announcing the deal. "By combining Archer's market-leading capabilities with BNY's broader footprint and expertise, BNY will offer fully integrated, end-to-end retail managed account solutions across our entire platform."

The deal is slated to close in the fourth quarter of 2024. The companies didn't disclose financial terms. — Chana R. Schoenberger

Old National Bancorp has taken the interim tag from Chief Financial Officer John Moran, who started as finance chief in the spring following the arrest of his predecessor.

Under a new employment agreement with Evansville, Indiana-based Old National, Moran will receive an annual base salary of $600,000, a target bonus opportunity of $480,000 and an annual long-term equity award of $450,000, the bank said in a securities filing.

Moran, 48, has been serving as Old National's interim CFO since April 1, shortly after former CFO Brendan Falconer was arrested on child molestation charges.

Meanwhile, Falconer, who was placed on administrative leave following his arrest, has entered into a separation agreement with Old National, according to the bank.

Falconer will receive a cash payment of $2.645 million, the securities filing said.

"Mr. Falconer's separation from the Company was not related to any disagreement with respect to the Company's financial reporting or condition, operations, policies or practices," the bank said. — Kevin Wack

Royal Bank of Canada in Toronto named Katherine Gibson as its chief financial officer Thursday, after tapping her to fill the role on an interim basis in April. 

Gibson, a two-decade veteran of RBC, previously held other leadership positions in finance functions at the bank before landing in the top seat this spring upon the ousting of former CFO Nadine Ahn. 

"[Gibson] is a respected and experienced leader who brings deep expertise in both business and global enterprise finance, and has been a tremendous contributor and strategic advisor as interim CFO for the past five months," said RBC President and CEO Dave McKay. "We are proud that Katherine emerged as tclear top candidate after an international search, reinforcing the strength of talent at RBC."

Ahn was fired when RBC said it found evidence of an "undisclosed close personal relationship" with another employee that led to preferential treatment. The other employee, who was also fired, was identified as former head of capital and term funding Ken Mason.

Ahn and Mason have each filed wrongful termination suits against RBC, and deny they had an affair. — Catherine Leffert