(Reuters) - Bank of New York Mellon Corp BK.N will exit the derivatives sales and trading business that operates as part of the company’s global markets group.
“Global Markets will offer a modified version of its cash rates offering to support BNY Mellon’s investment services clients,” company spokesman Ron Summer said in an email.
The decision affects about 50 people, almost all in New York, Bloomberg said, citing a person familiar with the matter.
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.
Reporting By Sudarshan Varadhan; Editing by Don Sebastian