The Bank of New York Mellon Corp, blaming the weak global economy, has announced that it will axe its worldwide work force by 4 percent, or about 1,800 jobs. Bank Chairman and Chief Executive, Robert P Kelly on Thursday (November 20) said that given the current weakness in the global economy, the company had to take additional steps beyond merger synergies to reduce expenses. He said that attrition would reduce the number of layoffs. It has 43,000 employees worldwide.

Last month, it reported that third-quarter profit tumbled 53 percent on securities losses and a big charge to shore up funds hurt by the bankruptcy of Lehman Brothers.

BNY Mellon's announcement followed job cuts at other commercial and investment banks. JPMorgan Chase & Co. is shedding about 10 percent of its investment bank staff, according to a person who spoke on condition of anonymity because the cuts have not been publicly announced. On November 17, Citigroup Inc said that it would shed 53,000 jobs, some from selling lines of businesses, after the banking giant suffered huge losses from deteriorating loans.

BNY Mellon was formed last year by the combination of Bank of New York and Mellon Financial Corp. It operates in 34 countries, providing financial services for institutions, corporations and wealthy individuals, and has USD1.1 trillion in assets under management.