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BNY Mellon cuts 1,800 positions
Effect on Pittsburgh work force not yet known
Friday, November 21, 2008

Bank of New York Mellon is planning to trim about 4 percent of its global work force, or about 1,800 jobs, to cut costs.

Employees learned about the cuts late yesterday in an e-mail from Chairman and Chief Executive Officer Robert Kelly. Mr. Kelly also said merit increases would be frozen.

A spokesman wouldn't say how the cuts would affect BNY Mellon's Pittsburgh area work force of about 6,900.

"We are not breaking anything out by business line or geographic location," spokesman Ron Gruendl said.

The bank employs about 43,000 worldwide.

Bank of New York acquired Pittsburgh-based Mellon in July 2007.

"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," Mr. Kelly said in a statement yesterday.

"We will take advantage of natural turnover to lessen the impact on existing staff," he said.

Patricia Sabatini can be reached at psabatini@post-gazette.com or 412-263-3066.
First published on November 21, 2008 at 12:00 am