Among the plans for headcount reductions in recent times, banking behemoth Citigroup's decision to slash over 52,000 jobs is reportedly one of the largest layoffs in history. "It has become clear that we need to take additional steps beyond our merger synergies to reduce expenses, given the current weakness in the global economy. We will take advantage of natural turnover to lessen the impact on existing staff," The Bank of NY Mellon Corp's chairman and chief executive officer Robert P Kelly said. The company has $22.4 trillion in assets under custody and administration, about $1.1 trillion in assets under management and services $12 trillion in outstanding debt, the statement added.
The Bank of New York Mellon has operations in 34 countries.
