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BNY Mellon 'bloated' with excess staff, says hedge fund

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Published Wed, Apr 8, 2015 · 09:50 PM

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ACTIVIST hedge fund Marcato Capital Management on Tuesday said that BNY Mellon Corp's employee base is "bloated" and disproportionately larger than its rivals.

Marcato, which owns about 1.6 per cent of BNY Mellon's stock, previously has called for the ouster of chief executive Gerald Hassell, saying that he has missed profit targets and has failed to streamline the bank's expense base.

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