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Friday, November 21, 2008

BNY Mellon Plans Staff Cuts

News summary by MFWire's editors

The Bank of New York Mellon Corp., whose empire includes Dreyfus and BNY Hamilton Funds, plans to cut 4 percent of its global workforce of 43,000. It was not clear how the cuts would impact the firm's mutual fund operations.

"We are not breaking this out by line of business or geographic location," BNY Mellon spokesman Mike Dunn told The MFWire.

Dunn added that the most of the cuts will be implemented in January and will continue through 2009.

In a news release issued Thursday night, BNY Mellon CEO Robert Kelly said the firm needed to take additional steps "beyond our merger synergies to reduce expenses, given the current weakness in the global economy."

"We will take advantage of natural turnover to lessen the impact on existing staff," Kelly added.

BNY Mellon was formed in July 2007 with Bank of New York's acquisition of Mellon.
Company Press Release

NEW YORK, Nov. 20 /PRNewswire-FirstCall/ -- The Bank of New York Mellon Corporation (NYSE: BK - News), the global leader in asset management and securities servicing, said today that it will reduce its worldwide workforce of 43,000 by approximately 4 percent, or 1,800 positions.

"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. We will take advantage of natural turnover to lessen the impact on existing staff," said Robert P. Kelly, chairman and chief executive officer.

The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.4 trillion in assets under custody and administration, approximately $1.1 trillion in assets under management and services $12 trillion in outstanding debt. Additional information is available at bnymellon.com.
 

Edited by: Armie Margaret Lee


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