U.S. Markets open in 7 hrs 55 mins

BNY Mellon eliminating 'unnecessary management layers' across staff, sales, operations

Patty Tascarella
BNY Mellon eliminating 'unnecessary management layers' across staff, sales, operations

BNY Mellon is staying the course with its drive for increased efficiency and that means job cuts remain part of the strategy to offset technology and product investments. “This includes eliminating unnecessary management layers across every area of the firm, from staff to sales to operations, automating processes which are today manual and rethinking the flow of activity between us and our clients,” chairman and CEO Charlie Scharf told financial analysts during BNY Mellon’s second-quarter earnings call on Wednesday. BNY Mellon (NYSE:BK) reported net income applicable to common shareholders of $969 million, down 8% from a year ago, and diluted earnings per common share of $1.01, down 2% from the second quarter of 2018.