BNY Mellon accused of being bloated - 10,000 too many employees

Puffer Fish

Disproportionately larger than rivals.

Activist hedge fund Marcato Capital Management on Tuesday said BNY Mellon's employee base is 'bloated' and disproportionately larger than its rivals.

Reuters reports that Marcato, which owns about 1.6% of BNY Mellon's stock, previously has called for the ouster of CEO Gerald Hassell, saying he has missed profit targets and has failed to streamline the bank's expense base.

BNY Mellon's latest headcount was 50,300, compared to State Street's nearly 30,000, Vanguard's 14,200 and about 12,200 at BlackRock, according Marcato's presentation and company filings.

In an earlier analysis released last month, Marcato estimated that BNY Mellon has 10,000 'excess' employees. 

To access the complete Reuters article hit the link below:

Hedge fund says BNY Mellon is 'bloated' with 10,000 excess staff

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