BNY Mellon to Cut 1,500 Jobs, 3% of Workforce
Bank of New York Mellon Corp. Chairman Robert P. Kelly
Bank of New York Mellon Corp. chairman Robert P. Kelly. Shen/Bloomberg
Bank of New York Mellon Corp. chairman Robert P. Kelly. Shen/Bloomberg
BNY Mellon to Cut 1,500 Jobs, 3% of Workforce
Jonathan Fickies/Bloomberg
People exit the Bank of New York Mellon Corp. building in New York, U.S.
People exit the Bank of New York Mellon Corp. building in New York, U.S. Photographer: Jonathan Fickies/Bloomberg
BY Mellon to Cut 1,500 Jobs, 3% of Workforce
Jonathan Fickies/Bloomberg
The Bank of New York Mellon Corp. headquarters building stands in New York.
The Bank of New York Mellon Corp. headquarters building stands in New York. Photographer: Jonathan Fickies/Bloomberg
Bank of New York Mellon Corp. (BK), the world’s largest custody bank, plans to cut 1,500 jobs, or 3 percent of the workforce, to curb expense growth.
The New York-based bank will implement an immediate hiring freeze across much of the company and reduce its use of temporary workers, consultants and contractors, it said today in a statement.
“Expenses have been growing unsustainably faster” than revenue, Robert P. Kelly, BNY Mellon’s chief executive officer, said in the statement. “We expect our natural turnover and immediate hiring freeze will reduce the impact on existing staff” from the job reductions.
Kelly said last month he planned to reduce costs after non- interest expenses rose 22 percent from a year earlier. At that time, he said the bank would move people to cheaper locations, consolidate its real estate holdings and cut its procurement budget.
To contact the reporter on this story: Charles Stein in Boston at cstein4@bloomberg.net
To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net
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