BNY Mellon plans to lay off around 1,500 workers

Bank of New York Mellon is planning to lay off 3% of its workforce, or about 1,500 jobs.

The New York-based financial firm that employs thousands in the Pittsburgh region, did not specify where those jobs would be located or what categories would be impacted.

“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.

“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.”

The company’s decision was first reported by the Wall Street Journal. BNY Mellon had 51,700 employees at the end of 2022, which is up from the pre-pandemic figure of 48,400 in 2019.

The company said it plans to invest in areas that include “early-in-career talent” and expects to ramp up its recruiting on college campuses this year.