BNY Mellon planning to lay off 1,500 employees

PITTSBURGH (KDKA) - BNY Mellon is planning to lay off about 3% of its workforce. 

BNY Mellon's website said the Pittsburgh Wealth Management office has the greatest number of employees in any single location worldwide, but the Trib reports the New York-based company didn't specify where the 1,500 employees who are losing jobs would be located.

"We continue to optimize our global infrastructure to align with strategic priorities, better serve our clients, and increase efficiencies," the company said in a statement, according to the Trib.  

"We're focused on reinvigorating growth and instilling further expense discipline, as we look to get ourselves better positioned to fully unlock our firm's tremendous potential. We are continuing to invest in talent to drive a high performance culture, with a focus on areas including technology and operations."

BNY Mellon had nearly 52,000 employees at the end of 2022, up from the pre-pandemic figure of about 48,000 in 2019, according to the Trib.