BNY Mellon to Cut 1,500 Jobs, or 3% of Workforce, as Costs Outpace Revenue
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.
“Expenses have been growing unsustainably faster” than revenue, Robert P. Kelly, BNY Mellon’s chief executive officer, said today in a statement from New York. “We expect our natural turnover and immediate hiring freeze will reduce the impact on existing staff” from the job reductions.
To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net
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