The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Mellon PSFS to Boost Funds Sales In Its Retail Branches Not Rated 3.0 Email Routing List Email & Route  Print Print
Friday, March 12, 1999

Mellon PSFS to Boost Funds Sales In Its Retail Branches

Reported by Jason Shank

Mellon presented a plan to employees this week that might be the wave of the future for the firm, testing it out in the Philadelphia area.

Mellon branch positions will be redefined as the bank attempts to boost in-branch sales of mutual funds and variable annuities. This should include the increased training and licensing of employees to enable more "personal investment counselors" to sell their products.

The funds offered include the Dreyfus and Founders families of funds, both owned by Mellon, and others, although the company declined to elaborate on which other funds were offered.

Mellon currently uses its "personal investment counselors" (PICs) to sell Mellon products through branches of Mellon Bank or Mellon PSFS. When a customer expresses interest in an investment vehicle beyond the traditional bank accounts, they're pointed towards a PIC in-house or have the ability to use video conferencing with a PIC in a centralized call center.

This redefinition of roles may lead to a net loss of jobs according to a company spokesman, both through natural attrition and redeployment of the staff.

While two other big banks in the area - First Union and PNC - have announced company-wide cost-cutting efforts, of $200 M and $400 M respectively, Mellon isn't looking at their moves as cost-cutting. A company spokesman spun it as more of a re-structuring or streamlining of positions. 

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2019: Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use