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May 22, 2014

BNY Mellon cuts jobs

Bank of New York Mellon, which employs about 1,300 in Westborough and some 4,200 statewide, announced at an investors meeting Tuesday that it is laying off staff globally in an attempt to control costs.

Bank officials declined to say how many people would be affected or in which departments and locations.

The commonwealth’s Executive Office of Labor and Workforce Development said it did not receive a layoff notice from BNY Mellon, which would be required for layoffs of 500 or more employees or for 50-499 employees if they make up at least 33 percent of the employer's active workforce, according the Worker Adjustment and Retraining Notification Act.

The global job cuts would reportedly be achieved through attrition, layoffs and reviewing proposed hires; there are currently 22 openings at the Westborough offices, according to the BNY Mellon website.

In a presentation to analysts, BNY Mellon's chief financial officer, Todd Gibbons, said the bank would be taking a charge of $80 million to $100 million this quarter because of severance costs from total layoffs.

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