BNY Mellon to Cut About 3% of Staff as Wall Street Retrenches

Bank of New York Mellon Corp. is planning to lay off about 1,500 staff this year as the US lender says costs will be a top priority for 2023.

The reductions account for about 3% of the firm’s 51,700 workforce at year end, a person familiar with the matter said. The bank reported revenue of $3.92 billion in its fourth-quarter results Friday, missing analyst estimates.

BNY Mellon said in a statement that it had $213 million of fourth-quarter expenses tied to costs including severance and litigation reserves, though it didn’t break out the split. The firm said its $246 ...