Bank of New York Mellon to cut 1,800 jobs

SAN FRANCISCO (MarketWatch) — Bank of New York Mellon Corp. said late Thursday it is cutting 1,800 jobs, or about 4% of its worldwide workforce. “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,” said Robert Kelly, Bank of New York Mellon chairman and chief executive, in a statement. “We will take advantage of natural turnover to lessen the impact on existing staff.”
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