Bank of New York Mellon Corp. is planning to cut 1,500 jobs, or around 3% of its workforce, this year, The Wall Street Journal reported Friday, citing people familiar with the matter.
The bank did not immediately respond to a Reuters request for comment.
Separately on Friday, the bank reported a 38% drop in fourth-quarter profit to $509 million.
Banks heavily reliant on capital markets have been cutting jobs due to a slowdown in dealmaking, as the economic outlook worsens with the U.S. Federal Reserve hiking interest rates.
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