BNY Mellon to cut 1,500 jobs this year – WSJ

BNY Mellon to cut 1,500 jobs this year - WSJ

(Reuters) – Bank of New York Mellon Corp is planning to cut 1,500 jobs, or around 3% of its workforce, this year, the Wall Street Journal reported on Friday, citing people familiar with the matter.

The bank did not immediately respond to a Reuters request for comment.

Separately on Friday, the bank reported a 38% drop in fourth-quarter profit to $509 million.

Banks heavily reliant on capital markets have been cutting jobs due to a slowdown in dealmaking, as the economic outlook worsens with the U.S. Federal Reserve hiking interest rates.

(Reporting by Niket Nishant in Bengaluru; Editing by Devika Syamnath)

USD/JPY Forecast – US Dollar Plummets Against Japanese YenAUDUSD Forecast – Australian Dollar Pulls Back From Top of the ChannelGold Price Forecast XAU/USD – Bullish Inflation Expectations Data Could Trigger Intraday RallyUSD/JPY Weekly Forecast – US Dollar Plummets Against the YenADA Price Prediction: Network and TVL Updates Bring $0.350 into PlayGBP/JPY Price Forecast – British Pound Gets Pummeled Against the YenLoadingLoadingLoading