Mellon Bank Corp. has ordered its business heads to trim their 1992 budgets by 5.25% and keep 1993 budgets flat.

The move should result in savings of about $70 million, or 72 cents a share, in 1993, according to Livia Asher, an analyst at Merrill Lynch. Pittsburgh-based Mellon's operating expenses last year were $1.26 billion and are running at a rate of $1.34 billion this year.

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