Hedge fund says BNY Mellon is 'bloated' with 10,000 excess staff

April 7, 2015 7:49 PM

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BOSTON, April 7 (Reuters) - Activist hedge fund Marcato Capital Management on Tuesday said BNY Mellon Corp's employee base is "bloated" and disproportionately larger than its rivals.

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

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