Wednesday, December 7, 2011

Morning roundup: BofA was hours away from moving to New York in 2009

Here's a look at what's news in banking and finance this morning:

  • In a long-form account of former BNY Mellon CEO Robert Kelly's career, Fortune Magazine reports that Bank of America had offered Kelly the top job to succeed Ken Lewis. Kelly had accepted, contingent on a $15 million to $20 million annual salary and the bank's move to New York. But hours before the announcement was to be made, Kelly reconsidered and begged BNY's board to take him back.

  • Big banks want more leeway as the Volcker rule goes into effect to avoid "fire sales" of assets, Reuters reports.

  • Forbes magazine likens regulators to bad parents in their dealings with big banks, citing Bank of America as an example.

  • Google and Verizon are battling over mobile payment technology as the mobile "wallet" becomes more popular, the Wall Street Journal says.

  • "Too big to fail" banks are back on the Senate agenda today, Bloomberg reports.


Anonymous said...

Gives me a new appreciation for Moynihan after hearing about Kelly demand the bank move to him. What an ego.

Anonymous said...

Kelly was a pompous jerk. He wouldn't accept the job unless the company would move to where he was? I'm sorry, but if you're demanding the outrageous compensation during a time when there already was so much outrage against bankers, you go to where the job is. Didn't seem to bother Moynihan. BofA was better off not giving the job to Kelly after all.