BNY Mellon warns of cuts

BANK of New York Mellon said it expects its fourth-quarter profit to be hit by a programme of cost-cutting to save up to $700m (£440m), before taxes, by 2015.

In its investor day presentation yesterday, the bank estimated incremental expenses of up to $100m the current quarter as it begins to roll out its cost-cutting programme, which will including shedding expensive real estate and consolidating some facilities.