Thomas A. Renyi, chairman and chief executive officer of Bank of New York Co., told employees Monday that he was "deeply troubled by the possibility that our controls may have been compromised" in the Russian money-laundering scandal that has turned an unwelcome spotlight on the bank.

"This is a matter of deepest concern to me and to all of you," Mr. Renyi said in a memorandum. "We will not tolerate any action that tarnishes our reputation. We will do whatever is needed to prevent illegal or improper activities that involve the bank."

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