BK Bank of New York Mellon Corporation

By Justin Baer 

Bill Daley, the former White House chief of staff, has left his post at Bank of New York Mellon Corp. less than five months after the bank announced his arrival.

Mr. Daley said Tuesday he made the decision after his former boss, BNY Mellon CEO Charles Scharf, departed to take the same job at Wells Fargo & Co. Messrs. Daley and Scharf had previously worked together at JPMorgan Chase & Co., and the CEO had brought on his former colleague to oversee BNY Mellon's government affairs and communications functions.

But with Mr. Scharf's exit earlier this month, "I knew I wasn't going to stay," he said.

"Bill Daley's departure was expected as Bill joined us a few months ago largely as an adviser to Charlie," a BNY Mellon spokeswoman said. "We parted amicably and wish him well in his future endeavors."

Mr. Daley, whose last day was Friday, has served two former presidents -- as commerce secretary to Bill Clinton and chief of staff to Barack Obama. Unlike his father and brother, both former mayors who ran Chicago for decades, Bill Daley spent most of his career in private industries including banking and telecommunications.

He joined JPMorgan in 2004 as vice chairman and Midwest chairman. The bank merged with Chicago's Bank One Corp. that same year, adding its future CEO, James Dimon, along with Mr. Scharf.

Mr. Scharf left JPMorgan to take the CEO post at Visa Inc., then moved to BNY Mellon in 2017.

Mr. Daley, who lost his own bid for Chicago mayor earlier this year, reunited with Mr. Scharf at BNY Mellon in June.

Write to Justin Baer at justin.baer@wsj.com

(END) Dow Jones Newswires

October 22, 2019 17:59 ET (21:59 GMT)

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