BANKING

Mellon Bank Corp. bought a minority stake in Hamon Investment Group Ltd., a Hong Kong-based fund manager. Hamon and Dreyfus Global Asset Management, the umbrella name for Mellon’s money-management companies, will jointly develop stock and bond mutual funds for sale worldwide.

* J.P. Morgan & Co., the nation’s fourth-largest bank, said it plans to fire 700 people, or 5% of its employees, to cut costs.