Bank of America pushed closer at the weekend to hiring its next CEO, but compensation remains an obstacle despite the bank’s escape from government restrictions on executive pay, reports the WSJ. Robert Kelly, 55, chief executive of Bank of New York Mellon, is the frontrunner to succeed Ken Lewis, who will retire at year-end. As of Sunday night, negotiations between Kelly and BofA directors were fluid. Officially, Kelly hasn’t been offered the top job but the key issue is “down to compensation”, said a person close to the matter.

This entry was posted by Gwen Robinson on Monday, December 14th, 2009 at 4:26 and is featured in The 6am Cut London (14 Dec 2009) . Tagged with Bank of NY Mellon, BofA. Edit this entry.