Bloomberg Law
Jan. 13, 2023, 4:44 PM

BNY Mellon to Cut About 3% of Staff as Wall Street Retrenches

Yueqi Yang
Yueqi Yang
Bloomberg News

Bank of New York Mellon Corp. is planning to lay off about 1,500 staff this year as the US lender says costs will be a top priority for 2023.

The reductions account for about 3% of the firm’s 51,700 workforce at year end, a person familiar with the matter said. The bank reported revenue of $3.92 billion in its fourth-quarter results Friday, missing analyst estimates.

BNY Mellon said in a statement that it had $213 million of fourth-quarter expenses tied to costs including severance and litigation reserves, though it didn’t break out the split. The firm said its $246 ...

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