The Bank of New York is reducing the number of people it employees, a spokesperson with the firm told the MutualFundWire.com. He, however, denied reports in other outlets that the bank was instituting widespread layoffs.

"We are reducing the number of staff mostly through attrition," he contended. "The attrition will be across the board and not focused on any one particular area of business."

As to why BoNY is making this move? "We grow or shrink our staff in response to the economic climate. The climate right now is one of recession," he responded.

The spokesperson would not comment beyond that. Another report stated that bank would be laying off hundreds, including those employed in mutual fund services. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE