Bob Kelly will not be leaving the top job over at Bank of New York Mellon for BofA after all.
Just over a month after telling employees that he wasn't leaving 'because our company is well positioned with a very bright future', Kelly has admitted going off and talking to Bank of America after all. But it's OK - he says he's still staying put.
Here's a copy of an e-mail Kelly sent to employees Monday:
'To: All Employees
From: Bob Kelly
Subject: My Continuing Commitment to BNY Mellon
Given some of the press reports we have seen in recent weeks, I wanted you to know - and to hear from me directly - that I'm not leaving BNY Mellon and I look forward to working with all of you to make this great company even stronger.
As you may know, I was approached by another bank as part of their CEO search process. It's not an opportunity that I sought. After talking with them, I firmly concluded that my place is here at BNY Mellon.
This is a fantastic company. The people of BNY Mellon are second to none, and the opportunities for our company in the years ahead are outstanding.
We've all worked hard together to make this company a global leader and have accomplished some extraordinary things. We have terrific growth prospects globally, the best client service in the industry and a strong capital position. I look forward to continuing to work alongside all of you to serve our clients and to create the next chapter of our company's tremendous story'.
According to The Wall Street Journal's sources, however, Kelly had decided to stick it out at BONY Mellon not because of 'our company's tremendous story', but because Bank of America wouldn't meet his $20m pay demand, didn't want him to become CEO and Chairman, and refused to move its HQ from Charlotte to New York.
Source - The New York Times DealBook column