BNY Mellon reported Wednesday it is reducing its global workforce of 48,900 by about 3%, or 1,500 positions, to reduce operational costs.

"Over recent quarters, BNY Mellon has succeeded in building positive revenue momentum," said Robert P. Kelly, BNY Mellon chairman and chief executive officer. "However, expenses have been growing unsustainably faster. We expect our natural turnover and immediate hiring freeze will reduce the impact on existing staff."

BNY Mellon is a provider of financial services for institutions, corporations and high-net-worth individuals, offering investment management and investment services.  It has $26.3 trillion in assets under custody and administration and $1.3 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.7 trillion per day.