June 20, 2006

The Bank of New York announced it will be creating an office of innovation that the bank hopes will spur product innovation across its securities sector practice.

As part of the move, Bank of New York announced that CIO Kurt Woetzel was promoted to senior executive VP and will head the new office. Woetzel will continue to report to vice chairman Donald Monks.

The office of innovation will direct resources in support of accelerated product development and the successful commercialization of those products and services. The bank hopes the office will help drive future revenue growth across the organization.

The initial focus of the office of innovation will include hedge funds and derivatives. Woetzel will expand the company's existing innovation in action program, which supports and rewards employees who invent new business processes.

"Our company has a long-standing reputation for innovation...," said Woetzel in a statement. "Now we are looking to build on our pasts success and accelerate the pace of product innovation throughout the company. The office of innovation underscores our corporate commitment to product innovation and will properly channel resources to fund and staff early-stage product innovation efforts." The Bank of New York announced it will be creating an office of innovation that the bank hopes will spur product innovation across its securities sector practice.

As part of the move, Bank of New York announced that CIO Kurt Woetzel was promoted to senior executive VP and will head the new office. Woetzel will continue to report to vice chairman Donald Monks.

The office of innovation will direct resources in support of accelerated product development and the successful commercialization of those products and services. The bank hopes the office will help drive future revenue growth across the organization.

The initial focus of the office of innovation will include hedge funds and derivatives. Woetzel will expand the company's existing innovation in action program, which supports and rewards employees who invent new business processes.

"Our company has a long-standing reputation for innovation...," said Woetzel in a statement. "Now we are looking to build on our pasts success and accelerate the pace of product innovation throughout the company. The office of innovation underscores our corporate commitment to product innovation and will properly channel resources to fund and staff early-stage product innovation efforts."