Bank of New York Mellon is cutting 1,500 jobs world-wide to reduce costs. While the company is generating excellent revenue, expenses are up 20 percent over this time last year. A hiring freeze is being implemented as well as a cut back on temps and contract workers.
BNY Mellon is a LARGE employer in the Pittsburgh region. There are about 7,700 BNY Mellon employees, mostly in downtown Pittsburgh. BNY Mellon has targeted Pittsburgh as a low-cost global growth center! That means BNY Mellon will continue to move jobs to the Pittsburgh region. This is excellent news for Pittsburgh and Pennsylvania!