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CEO of US 6th largest bank quits
by hlk Thu 01 Sep 2011, 18:04
NEW YORK (AP) - The CEO of BNY Mellon, America's sixth-largest bank, is stepping down due to disagreements over how to run the company.
Robert P. Kelly will be replaced by Gerald L. Hassell, BNY's president and a longtime board member of the New York bank, whose customers are mainly large pension funds and money market funds.
Kelly has led the bank since the combination of Bank of New York and Mellon Financial in 2007. He was widely seen as a contender to take the helm at Bank of America when the nation's largest bank by assets searched for a new CEO in 2009.
BBY Mellon often operates under the radar, but made news early this month saying it will charge customers a fee to hold cash deposits over $50 million
Robert P. Kelly will be replaced by Gerald L. Hassell, BNY's president and a longtime board member of the New York bank, whose customers are mainly large pension funds and money market funds.
Kelly has led the bank since the combination of Bank of New York and Mellon Financial in 2007. He was widely seen as a contender to take the helm at Bank of America when the nation's largest bank by assets searched for a new CEO in 2009.
BBY Mellon often operates under the radar, but made news early this month saying it will charge customers a fee to hold cash deposits over $50 million
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