BNY Mellon to cut around 3% of workforce in 2023: Report

Bank of New York Mellon Corp is planning to cut around 3% of its workforce in 2023, Reuters reported. The layoffs, first reported by The Wall Street Journal, translate to about 1,500 jobs out of bank's total headcount. CEO Robin Vince, in a post-earnings call with analysts, acknowledged that bank was facing inflationary headwinds and its expense growth was high.