BNY Mellon is reportedly planning to wind down its derivatives sales and trading business in a bid to streamline operations and remain competitive in a new regulatory landscape.
The decision will affect about 50 employees, almost all in New York, a person familiar with the matter told Bloomberg.
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Employees were told in a meeting earlier this month to expect changes so that BNY Mellon could focus on its core business of custody and collateral services, said the person.
About 20 positions will be cut this year, another person briefed on the plans told Bloomberg.
"BNY Mellon has decided to exit the derivatives sales and trading business that operates as part of the company’s Global Markets group," the publication quoted the group’s spokesman Ron Sommer as saying.
"Global Markets will offer a modified version of its cash rates offering to support BNY Mellon’s investment services clients."
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