Bank of New York Mellon plans 1,500 job cuts

NEW YORK (AP) — Bank of New York Mellon Corp. said today that it will cut about 1,500 jobs, or 3 percent of its work force, the latest sign of the banking industry's painful shrinking.

CEO Bob Kelly noted that 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 will be cut or where. It said it would try to minimize layoffs with a hiring freeze and by reducing the use of temporary workers, consultants and contractors.

The banking industry also resorted to layoffs during 2008 and 2009, as the financial crisis pummeled earnings and banks took government bailouts. But 2010 provided some relief, and banks even hired back some of their laid-off workers.