BNY Mellon to cut global workforce by 1,500 17 August 2011New York Reporter: Anna Reitman
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BNY Mellon will be reducing its workforce by around 1,500 positions, approximately three per cent of the company's global headcount of 48,900.
It expects to implement an immediate hiring freeze across much of the company and reduce the use of temporary workers, consultants and contractors to lessen the impact of the reductions on current staff.
The staffing cuts are in addition to continuing operational and technology efficiency efforts to reduce costs and expenses.
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