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Bank of N.Y. Mellon to cut 1,500 jobs

By Beth Healy
Globe Staff / August 11, 2011

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Bank of New York Mellon Corp. said yesterday it plans to eliminate 1,500 positions, or 3 percent of its global workforce this year, in a move the company contends was underway before this week’s market volatility.

BNY Mellon said executives had not yet decided what parts of the company would be affected. The banking giant said it would try to minimize layoffs through attrition and a hiring freeze, and by using fewer temporary workers.

BNY Mellon employs about 4,000 people in Massachusetts. Spokesman Joe Ailinger said the newly announced cuts would not affect the company’s plans to move 250 jobs from Pawtucket, R.I., to Westborough this fall, and to add an additional 150 positions there.

Many banks and Wall Street firms slashed staff after the 2008 financial crisis. Even as markets have improved, some financial companies have continued to reduce costs. Boston-based State Street Corp., which competes with Mellon to manage money and handle back-office services for large investment funds, last month said that it would cut 850 technology jobs, including 558 positions in Massachusetts.