We've got a good guy in Gerald." Kelly had been with BNY Mellon since 2006 and was considered a top contender to lead a larger financial institution, such as Bank of America ( BAC ). But recent months have not been kind to his company, bringing bad news on several fronts: BNY Mellon faces litigation relating to currency trading, announced 1,500 layoffs in an effort to cut costs, and risked alienating wealthy clients by announcing fees on large deposits. According to Forbes, the board probably sees Hassell as less likely to push for drastic changes.