Company Announces $650 Million in Cuts Over 3 Years, Leaving Status of Pittsburgh Jobs Up in the Air
WASHINGTON, DC – U.S. Senator Bob Casey (D-PA) today released a letter to Gerald L. Hassell, Chairman and Chief Executive of BNY Mellon Corp, urging him to commit to keeping current job levels in Pittsburgh in the wake of news that the company will seek to cut costs by $650 million over the next three years.
“Pittsburgh’s workers are some of the best in the world, and I encourage BNY Mellon to make a commitment to the company’s home region and maintain current job levels in the wake of these cuts,” Senator Casey said. “Pittsburgh’s workforce provided the base for BNY Mellon’s success, so maintaining current job levels would be a smart business decision and, most importantly, good for Pittsburgh’s working class families.”
Established in 2007 from the merger of Mellon Financial Corporation and The Bank of New York Company, Inc., BNY Mellon is a leading investment management and investment services company that focuses on helping clients to manage and move their financial assets and succeed in the rapidly changing global marketplace.
The company recently announced $650 million in cuts over the next three years. The announced cuts have left the status of the company’s Pittsburgh workers uncertain, so today Senator Casey called on BNY Mellon to commit to keeping current job levels in Pittsburgh.
In his letter, Senator Casey wrote, “BNY Mellon has a long and productive history in the Pittsburgh region. Since the founding of T. Mellon & Sons in 1869, your bank has served as an important economic force in the region, providing jobs and fostering commerce throughout southwestern Pennsylvania.”
Senator Casey’s letter to BNY Mellon Chairman, President and CEO Gerald L. Hassell is below:
Dear Mr. Hassell:
I write to you regarding your recent announcement that BNY Mellon will be engaging in a restructuring in order to reduce costs. It is my understanding that this may involve the consolidation of a number of offices, and unfortunately could result in the loss of some jobs.
As you know, BNY Mellon has a long and productive history in the Pittsburgh region. Since the founding of T. Mellon & Sons in 1869, your bank has served as an important economic force in the region; providing jobs and fostering commerce throughout southwestern Pennsylvania. As BNY Mellon implements its restructuring, I ask you to consider your history in the Pittsburgh region and do all you can to maintain jobs in Pennsylvania.
Thank you for your consideration of this request.
Robert P. Casey, Jr.
United States Senator