Bank of New York Mellon Corp. Chief Executive Robert Kelly said he opposes a limit on bankers' bonuses, saying it could make senior executives quit.

Pay caps would discriminate between domestic banks and other financial firms such as international banks or asset managers that would not be covered by the restraint, Mr. Kelly said in an interview Thursday.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.