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Bank of New York CEO to Step Down (BK)

In a surprise move on Thursday, financial services giant The Bank of New York Mellon Corporation ( BK ) announced its CEO Robert Kelly has stepped down due to "differences in approach to managing the company."

Kelly, 57, had been Bank of New York Mellon's chief executive since 2007. Prior to his post at BK, Kelly was CFO of Wachovia (later acquired by Wells Fargo ( WFC ) amid the financial crisis).

Gerald Hassell, 59, will replace Kelly as BNY Mellon's new CEO. Hassell formerly served as company president and has been with the firm for more than 30 years.

Bank of New York shares fell 67 cents, or -3.2%, in premarket trading Thursday.

The Bottom Line

Shares of Bank of New York Mellon ( BK ) have a 2.52% dividend yield, based on last night's closing stock price of $20.67. The stock has technical support in the $18 price area. If the shares can firm up, we see overhead resistance around the $24-$25 price levels.

The Bank of New York Mellon Corporation ( BK ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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