Wall St. Watchdog reveals information about BONY’s unexpected firing of its CEO. Despite Bank of New York Mellon‘s (NYSE:BK) CEO Robert P. Kelly unexpectedly leaving the company on Wednesday, the shares are trading modestly higher today, at $20.72, up $0.05, or 0.24%, on the day. Volume, at 30.6 million shares, is more than double the average volume of 14.4 million shares. News reports have contended that Kelly was forced out by the bank’s board due to lawsuits surrounding foreign exchange trading, or else its expenses.
Bank of New York Mellon’s main business is custodial services for large financial institutions, asset management and private banking. This means that the company is less exposed to regulatory uncertainty and economic pressures that have affected other companies in the banking industry.
Related companies include: State Street Corporation (NYSE:STT), Bank of America Corp. (NYSE:BAC), Northern Trust Corporation (NASDAQ:NTRS), JP Morgan Chase & Co. (NYSE:JPM), Goldman Sachs (NYSE:GS), Citigroup, Inc. (NYSE:C), SEI Investments Company (NASDAQ:SEIC), Morgan Stanley (NYSE:MS), and Wells Fargo & Company (NYSE:WFC).
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