Bank of New York Mellon Announces 1,500 Person Reduction in Workforce

Bank of New York Mellon (BNY Mellon) says it is trimming 1,500 positions or approximately three percent of the company's global workforce of 48,900 employees.

In a press release issued today the global investment management and investment services company said it was taking this action to reduce expenses which it says have been growing faster than they can be sustained.

The company also hopes to minimize the number of layoffs by taking advantage of natural turnover, implementing an immediate hiring freeze across much of the company and reducing the use of temporary workers, consultants and contractors. It added that these initiatives are in addition to ongoing operational and technology efficiency efforts.

BNY Mellon has offices in 36 countries and serves more than 100 markets. It is a provider of financial services for institutions, corporations and high-net-worth individuals, offering investment management and investment services.

It has $26.3 trillion in assets under custody and administration and $1.3 trillion in assets under management, and services $11.8 trillion in outstanding debt and processes global payments averaging $1.7 trillion per day.