Here we go again.
NEW YORK - BNY Mellon, the global leader in investment management and investment services, announced today expense reductions impacting approximately 1,500 positions or approximately 3 percent of the company's global workforce of 48,900.
The company expects to lessen any impact of the reductions on current staff 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. These initiatives are in addition to ongoing operational and technology efficiency efforts.
'Over recent quarters, BNY Mellon has succeeded in building positive revenue momentum. However, expenses have been growing unsustainably faster. We expect our natural turnover and immediate hiring freeze will reduce the impact on existing staff', said Robert P. Kelly, BNY Mellon chairman and chief executive officer.