The Bank of New York Mellon to Reduce Global Workforce by 4%

The Bank of New York Mellon Corporation, an asset management and securities servicing firm, will reduce its worldwide workforce of 43,000 by approximately 4 percent, or 1,800 positions. "It has become clear that we need to take additional steps beyond our merger synergies to reduce expenses, given the current weakness in the global economy. We will take advantage of natural turnover to lessen the impact on existing staff," said Robert P. Kelly, chairman and chief executive officer, in a press release. The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets.