Bank of New York Mellon has decided to reduce its workforce by 4 percent, or 1,800 positions, blaming the weak global economy.

Robert P. Kelly, chairman and chief executive officer, BNY Mellon said, “It has become clear that we need to take additional steps beyond our merger synergies to reduce expenses, given the current weakness in the global economy. We will take advantage of natural turnover to lessen the impact on existing staff.”

The latest decision follows several banking major’s layoffs, including Citigroup Inc. (C), which plans to cut some 50,000 jobs; Goldman Sachs Group Inc. (GS), which is eliminating 10% of its 32,500 global work force; and Deutsche Bank AG (DB), which plans to lay off 900 jobs.

New York-based BNY Mellon was formed last year by the combination of Bank of New York and Mellon Financial Corp.

It operates in 34 countries, providing financial services for institutions, corporations and wealthy individuals, and has $1.1 trillion in assets under management. The bank has 43,000 employees worldwide.

In October, the New York-based bank reported income from continuing operations of $305 million, or 26 cents per share for the third quarter, compared to $642 million, or 56 cents per share from the year-ago quarter.

Shares of BNY Mellon gained $1.48, or 6 percent, to $25.84 at the close of Friday trading session.