Bank of New York plans lay off of 1800 jobs

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New York, Nov 21: The Bank of New York Mellon Corp said it has plans of a worldwide lay off of 1,800 employees (or 4 per cent) out of 43,000 workforce blaming the global meltdown. "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," Chairman and Chief Executive Robert P Kelly said on Thursday, Nov 20. The bank said attrition would reduce the number of layoffs. BNY Mellon was formed last year by the combination of Bank of New York and Mellon Financial Corp. It operates in 34 countries, providing financial services for institutions, corporations and wealthy individuals, and has USD1.1 trillion in assets under management.

Last month, it reported that third-quarter profit tumbled 53 per cent on securities losses and a big charge to shore up funds hurt by the bankruptcy of Lehman Brothers.

BNY Mellon's announcement on Thursday, Nov 20 followed job cuts at other commercial and investment banks. JPMorgan Chase & Co is shedding about 10 per cent of its investment bank staff, according to a person who spoke yesterday on condition of anonymity because the cuts have not been publicly announced.

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