BNY Mellon layoffs could hit money management unit

Bank of New York Mellon (BK)'s money management division will likely lose staff as part of the 1,500 layoffs announced by the company Wednesday as a cost-cutting move.

Asked whether those layoffs would extend to BNY Mellon Asset Management, the holding company whose money management affiliates oversaw combined assets of $1.3 trillion as of June 30, spokesman Mike Dunn said every business group at Bank of New York Mellon “will be asked to look at reducing staffing needs. Each group will make determinations as to where, when and how reductions should be made.”

He declined to provide further details. A news release from the company did not specify which businesses at BNY Mellon would be affected by the layoffs.