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Published: Thursday, 8/11/2011

Bank of New York Mellon to pare about 1,500 jobs


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 bank industry’s painful shrinking.

CEO Bob Kelly noted 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 it will cut or where.

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