BNY Mellon to cut 1,500 jobs this year - WSJ

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(Reuters) - Bank of New York Mellon (NYSE:BK) Corp is planning to cut 1,500 jobs, or around 3% of its workforce, this year, the Wall Street Journal reported on 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.