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BNY Mellon to cut down staff strength

BNY Mellon is likely to lay off employees, possibly by the end of June. Details of the down-sizing are not immediately available. The reductions in staff will be in different parts of the company, and will be achieved via attrition, actual layoffs and halting new hires. The number of layoffs was called ‘substantial’ by the media and as of now, BNY Mellon expects to make a charge of between $80 million and $100 million for severance costs during Q2. The layoffs would save about $100 million a year. A spokesperson refused to disclose the locations, numbers of groups that will be affected by the decision.

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