(Reuters) – 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 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.
(Reporting by Niket Nishant in Bengaluru; Editing by Devika Syamnath)
