2 Top Corporations Move Headquarters To Pittsburgh’s ‘Dynamic Marketplace’

Duquesne University’s view of the Pittsburgh skyline. (Photo credit: Wikipedia)

Two regional companies announced Wednesday that they will make Pittsburgh their headquarters — beckoned from their suburban bases by a desire to be in a thriving big city that could help increase their profiles.

Michael Baker International and the parent company of First National Bank of Pennsylvania aren’t pulling up the stakes and relocating all their employees to Pittsburgh from their old headquarters. They have simply identified Pittsburgh as the place they will call home.

Michael Baker International LLC, a $1.2 billion construction-engineering company, will move its headquarters and 65 workers from Moon to the two top floors of Bank of New York Mellon Center, Downtown, in December. It will still retain a significant presence in Moon.

F.N.B. Corp. said it will ditch Hermitage, Mercer County, as the headquarters city for the region’s third-largest bank. It said the decision to make the Pittsburgh North Shore its home base will not impact employees.

Read more: http://triblive.com/business/headlines/6418044-74/pittsburgh-delie-national#ixzz375QXA4JW

Follow us: @triblive on Twitter | triblive on Facebook

Scranton City Council Reverses Course On Parking Bond Money

In a stunning about-face, Scranton City Council on Thursday voted to introduce a measure to cover a debt of the Scranton Parking Authority, only a week after refusing to do so and plunging it into default.

But it would appear to be only a temporary fix, as council solicitor Boyd Hughes cited a June 7 notice of default from bond trustee Bank of New York Mellon saying a takeover of the beleaguered authority is inevitable in 30 days because SPA has preliminarily defaulted on four other counts, including:

- Failing to submit to the trustee an independent audit.

- Failing to submit to the trustee an annual budget of facilities prepared by a consulting engineer.

- Failing to keep financial records separate from city records and have them certified in an annual audit by city Controller Roseann Novembrino.

- Failing to have an engineer perform an annual review of physical status of facilities.

Read more: http://thetimes-tribune.com/news/scranton-city-council-reverses-course-on-parking-bond-money-1.1326619

BNY Mellon To Cut Workforce By Three Percent

Image via Wikipedia

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!