Bank of New York Mellon Corp.'s CEO Robert Kelly told employees Monday that he isn't going anywhere, leaving Bank of America Corp. with one less candidate for its top job.
Media reports have listed Kelly among the top picks outside of Bank of America to lead the Charlotte, N.C.-based bank.
In an e-mail to employees obtained by The Associated Press, Kelly said he had been approached by another bank during its search for a CEO, but after talking with the bank he "firmly concluded" he will stay with BNY Mellon.
A Bank of America representative was not immediately available for comment.
Bank of America has struggled in its search for a successor to CEO Ken Lewis since announcing in late September that he planned to retire on Dec. 31. Earlier this month, the bank repaid $45 billion in government bailout money, freeing itself from government restrictions, including executive pay limitations that had hampered its search.
BofA's Chief Risk Officer Gregory Curl and Brian Moynihan, the head of consumer banking, are among the top contenders within the bank.