BNY Mellon cutting 1,500 jobs-moving to "low cost growth centers" Pittsburgh, Manchester, India

[RamboLiberal]

Bank of New York Mellon said this morning it planned to cut about 1,500 jobs, or about 3 percent of the company's global workforce of 48,900, in an effort to cut costs.

The New York-based institution employs about 7,700 people in the Pittsburgh region, with most of them Downtown.

Spokesman Ron Gruendl said it was too soon to say where the job cuts would be made, but added that BNY Mellon "remains fully committed" to its overall strategy of moving jobs to its low-cost global growth centers, which include Pittsburgh, Manchester, England, and India.

BNY Mellon CEO Robert Kelly had told Wall Street analysts last month that the company would be looking for ways to cut costs.

Read more: http://www.post-gazette.com/pg/11222/1166373-100.stm?cmpid=latest.xml#ixzz1Ujcruzvi

Race to the bottom for workers! Wow my city now considered a "low cost growth center" on par with India. I'm so damn proud! :sarcasm:

[robinlynne]

1. i'm from pgh too. was shocked to see the headline. but if they move all the jobs to Pgh, that would

be ok, not to other countries....