Enter multiple symbols separated by commas

BNY Mellon to Cut 3% of Work Force

BNY Mellon said Wednesday it plans to cut 3 percent of its work force, or about 1,500 positions, in an effort to cut costs.

The company did not disclose how much it expects to save from the actions, or when it will complete the layoffs.

CEO Bob Kelly says the bank's revenue has been growing but that "expenses have been growing unsustainably faster."

The company said a portion of the job cuts will come from natural turnover and by implementing an immediate hiring freeze across much of the company. BNY Mellon also will reduce the use of temporary workers, consultants and contractors.

BNY Mellon, the country's sixth-largest by assets, employs about 48,900 workers.


  • Maybank CFO: Expect slower loan growth this year

    Mohamed Rafique Merican, CFO of Maybank Group, says factors such as weaker commodity prices and the implementation of the goods and services tax will weigh on loan growth this year.

  • These factors will take Japan stocks higher

    Nicholas Ferres, investment director of Global Asset Allocation at Eastspring Investments, attributes his bullish stance on Japan to factors such as corporate restructuring and valuation re-rating.

  • China is pulling out all the usual easing props to boost its slowing economy, but they don't seem to be working as well as they used to.