BNY Mellon To Cut Workforce By Three Percent

One Mellon Center in downtown Pittsburgh, Penn...

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!