Looks like BNY Mellon (BK) CEO Robert Kelly is staying put, according to media reports. Kelly was widely seen as a front-runner--this of course could have been wishful thinking as much as anything--for the Bank of America (BAC) CEO job after the bank moved to repay its TARP funds. Kelly's decision seems to be firm, as he made it known via an email to employees.

So what to make of this? It's no doubt a blow to the Bank of America board. But there are plenty of other external candidates who may be back in the mix. Lots of attention has focused on Bob Diamond of Barclays and Larry Fink of BlackRock. But there are likely others on a short list. You still get the feeling that board really wants an outsider, and you can hardly blame them. A clean break with a top notch manager is exactly what the bank needs. So this has implications for internal candidates Greg Curl and Brian Moynihan.

For more:
- here's a MarketWatch item

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