Bank of New York Mellon plans 1,500 job cuts

“font-family: Verdana, Times, serif; font-size: 12px; text-decoration: none; line-height: 13px; color: #000000; font: normal normal normal 12px/normal verdana, helvetica, arial;”>

“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”>

NEW YORK (AP) — Bank of New York Mellon Corp. says it will cut

about 1,500 jobs, or 3 percent of its work force, in another sign

of the banking industry’s struggles.

“font-family: Verdana, Times, serif; font-size: 12px; text-decoration: none; line-height: 13px; color: #000000; font: normal normal normal 12px/normal verdana, helvetica, arial;”>

“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”>

CEO Bob Kelly says the bank’s revenue has been growing but that

“expenses have been growing unsustainably faster.”

“font-family: Verdana, Times, serif; font-size: 12px; text-decoration: none; line-height: 13px; color: #000000; font: normal normal normal 12px/normal verdana, helvetica, arial;”>

“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”>

The bank says it will freeze hiring and reduce the use of temporary

workers, consultants and contractors to try to minimize layoffs. It

has also been trying to trim expenses in other areas.

“font-family: Verdana, Times, serif; font-size: 12px; text-decoration: none; line-height: 13px; color: #000000; font: normal normal normal 12px/normal verdana, helvetica, arial;”>

“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”>

Its shares fell 60 cents, or 2.8 percent, to $20.51 on morning

trading.

“font-family: Verdana, Times, serif; font-size: 12px; text-decoration: none; line-height: 13px; color: #000000; font: normal normal normal 12px/normal verdana, helvetica, arial;”>

“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”>

BNY Mellon, the country’s sixth-largest by assets, has flown under

the radar for much of the financial crisis, losing money in the

third quarter of 2009 but otherwise staying profitable.

“font-family: Verdana, Times, serif; font-size: 12px; text-decoration: none; line-height: 13px; color: #000000; font: normal normal normal 12px/normal verdana, helvetica, arial;”>

“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”>

But the banking industry has been hammered in recent

weeks.

“font-family: Verdana, Times, serif; font-size: 12px; text-decoration: none; line-height: 13px; color: #000000; font: normal normal normal 12px/normal verdana, helvetica, arial;”>

“text-decoration: none; color: #000066;” rel=”item-license” name=

redistributed. Learn more about our 

“text-decoration: none; color: #000066;” href=

Policy and 

href=”http://hosted2.ap.org/APDEFAULT/terms”>Terms of Use.