Robert Kelly, Bank of New York Mellon’s chairman and chief executive officer, said a “huge" amount of uncertainty remains in the economy and until the housing situation is sorted out and unemployment is reduced, the financial system will remain uncorrected.

“Everything feels better than it did 12 to 18 months ago, but not as good as it did three to six months ago,” he said during a lunch time interview with Charlie Rose on Monday at SIFMA's annual conference in New York City.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.