Bank of New York Mellon plans to cut 1,500 jobs, or about 3 pct of work force
http://dervishcom.blogspot.com/2011/08/bank-of-new-york-mellon-plans-to-cut.html
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NEW YORK — Bank of New York Mellon Corp. said Wednesday that it will cut about 1,500 jobs, or 3 percent of its work force, the latest sign of the banking industry's painful shrinking.
CEO Bob Kelly noted that the bank's revenue had been growing but added that "expenses have been growing unsustainably faster." The bank said it hasn't yet determined what types of jobs will be cut or where. It said it would try to minimize layoffs with a hiring freeze and by reducing the use of temporary workers, consultants and contractors.
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Source: http://feeds.washingtonpost.com/click.phdo?i=5b2d868e1dd1246feab460e62dd430ae
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