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.