Bank of New York Mellon quietly canned five from bond team

Bank of New York Mellon left this banker at the altar.

The New York bank quietly cut five members of its bond sales team last month amid a broader slump in trading — including one 14-year veteran who was just days from his Bahamas wedding, The Post has learned.

The institution bid adieu to Daniel Short, a fixed-income salesman who’s been with the bank since 2007, on May 20 — just six days before his lavish wedding at the Grand Hyatt Baha Mar on the island of Nassau, according to sources familiar with the cutbacks.

The other bond salespeople axed are Vincent Marchewka, Reginald Funderburk, Richard Rinaldi and Terry Salzer, one source said.

Salzer hung up on a reporter after he identified himself. The rest didn’t return requests for comment.

The cuts are the most recent wave of layoffs this year at the bank, which was started 238 years ago by New York Post founder Alexander Hamilton. As of the end of March, Bank of New York Mellon had 49,800 employees, down 4.4 percent from the same time last year amid cost-cutting efforts by CEO Charles Scharf.

The bank let go of the five salesmen just one day before it was announced that their boss, E.G. Fischer, a BNY Mellon managing director who oversaw bond and stock sales and trading, had left for Mariner Investment Group, a hedge fund.

The bank’s decision to terminate the five staffers is intensifying tensions between traders who have been there for years and a relatively new group of executives in the markets group hired from Deutsche Bank, sources said.

The veteran BNY Mellon staffers increasingly feel that they are being squeezed out by the newcomers, one source said.

see also

Half of worlds largest companies receive F on gender pay scorecard

Half of the world’s largest companies fail when it comes…

Among the ex-Deutsche hires in recent years are Adam Vos, head of foreign exchange; Piers Murray, managing director in operations; Rebecca Crowe, chief administrative officer; and Teddy Cho, CTO — all of whom joined in 2016. Jason Vitale, CFO of foreign exchange, joined in 2017 — also from Deutsche.

“We continue to optimize our global business structure to increase efficiency, enable faster decision-making and better serve our clients. As a result of these strategic actions, periodic staff reductions may occur,” spokeswoman Jennifer Hendricks Sullivan, said in a statement.

Click Here: Sports Water Bottle Accessories