While the sudden departure of Bank of New York Mellon CEO Robert Kelly late Wednesday might have come as a surprise to some industry observers, it was actually a change Rochdale Securities Bank analyst Dick Bove called for two weeks ago.

“The guy was not running the company to maximize profits. (That) is the bottom line,” Bove said of Kelly in a phone interview with On Wall Street, ASR’s sister publication on Thursday. Bove’s opinion comes as BNY Mellon has $122 billion in cash, $34 billion in capital and $24 billion in market capitalization.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.