Report from Reuters (quoting Bloomberg … citing a person familiar with the matter):
- Bank of New York Mellon Corp (BK.N) told a group of employees on Tuesday that it is shutting its derivatives sales and trading business
- The decision affects about 50 people, almost all in New York
- 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
