BNY Mellon's board ousted CEO Bob Kelly, citing "differences in approach to managing the company."  President Gerald Hassell, a 30-year veteran of the bank, has taken his place. According to CNBC sources, Mr. Kelly was bumped out because his management style was "abrasive." It appears that the change goes no further than that.  According to the Financial Times, there are no strategy changes in the future and the firing has been said to be completely unrelated to either the bank's job cuts, integrity issues, or pending litigation. As rare as it is, sources said Mr. Kelly was let go because his personality no longer fit with the rest of the bank.  CNBC sources said the board was worried Mr. Kelly's style was hurting morale, and that key staff might have left had he stayed.  According to FT sources, the management issues had been building over time, and the board finally felt it was a necessary move.  There was nothing sudden to spark the change. Mr. Kelly had been talked about as a potential chief of a bigger bank.  With BofA CEO Brian Moynihan under pressure, there were whispers Mr. Kelly might head there.  However, sources have said Mr. Kelly did not leave BNY Mellon for another opportunity. Mr. Hassell's management style has been described as very different from Kelly's (read: friendlier).  Within the bank, his promotion has been seen as a morale booster.  [Financial Times, 9/1/11] and [CNBC, 9/1/11].