Bank of New York Mellon is planning to cut around 1,500 jobs as part of a streamlining project this year.

The cuts are around three percent of its workforce of around 51,700.

The move makes the bank the latest in Wall Street to cut staff, following the likes of Goldman Sachs which has cut 3,200 jobs.

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BNY Mellon’s stock was up 2.4 percent in afternoon trading following the announcement.

As rising interest rates threaten the outlook for the economy and discourage dealmaking, Goldman Sachs and BlackRock Inc. are also laying off employees, sources told Reuters earlier this week.

The top banks on Wall Street started the earnings season by designating money to prepare for a potential future recession and reporting disappointing investment banking results.

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The fourth-quarter profit for BNY Mellon fell 38 percent to $509 million.

In a post-earnings call with analysts, Chief Executive Robin Vince recognised that the bank’s spending increase was excessive and that the company was dealing with inflationary pressures.

The quarter’s non-interest expense climbed eight percent, mostly due to higher severance costs.

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He said: “We consider that number too high, especially considering the expense growth benefited from a stronger U.S. dollar throughout the year.”

Source: Reuters

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