Bank of New York Mellon Corp, plans to cut about 1,500 jobs, or 3 percent of its workforce, to stem rising expenses.

The move is only the latest large layoff by a major bank amid broader economic concerns. Last week Britain’s HSBC Holdings said it would slash 30,000 jobs as it pulls back from countries including the US and Russia.

The bank said it plans to reduce the total number of layoffs by starting a hiring freeze and through natural turnover.