Bank of New York Mellon Chief Resigns in a Shake-Up

(Source: New York Times By SUSANNE CRAIG) - Bank of New York Mellon’s chief executive and chairman, Robert P. Kelly, stepped down late Wednesday because of “differences in approaches to managing the company,” the bank said.Pressure on the bank has been growing for months. While it has avoided the mortgage woes that have bedeviled the nation’s biggest financial institutions, it has come under scrutiny because of accusations that it and other custody banks shortchanged clients when executing currency trades for foreign transactions. In addition, Bank of New York’s performance has lagged that of its chief rival, State Street.

Source: New York Times By SUSANNE CRAIG

9:27 p.m. | Updated

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