Firm to focus on core activities.
Bank of New York Mellon Corp., the world’s largest custody bank, told a group of employees Tuesday that it’s shutting its derivatives sales and trading business.
Bloomberg News reports that the decision affects about 50 people, almost all in New York, according to a person with knowledge of the matter, who asked not to be identified because the information is private.
Employees were told in a meeting earlier this month to expect changes so that BNY Mellon could focus on its core business of custody and collateral services, said the person. About 20 positions will be cut this year, a separate person briefed on the plans said.
'BNY Mellon has decided to exit the derivatives sales and trading business that operates as part of the company’s Global Markets group,' spokesman Ron Sommer said. 'Global Markets will offer a modified version of its cash rates offering to support BNY Mellon’s investment services clients.'
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