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Rating:BNY Mellon Layoffs Spare the  U.S. Fund Services Lines of Business Not Rated 5.0 Email Routing List Email & Route  Print Print
Friday, November 05, 2010

BNY Mellon Layoffs Spare the U.S. Fund Services Lines of Business

News summary by MFWire's editors

BNY Mellon Asset Servicing has eliminated about 25 jobs in the wake of its purchase of PNC Global Investment Servicing. The cuts do not impact the U.S. fund services lines of business, BNY Mellon spokesman Rob Tacey told The MFWire.com.

"Some areas of overlap have emerged since the acquisition closed, resulting in some job losses," Tacey said. "However, there have been no job losses within the U.S. fund services lines of business related to the acquisition."

The U.S. fund services lines of business include fund accounting and administration, transfer agency and subaccounting, exchange-traded fund, closed-end fund and unit investment trust services.

BNY Mellon's $2.31 billion purchase of PNC GIS closed in July.  

Edited by: Armie Margaret Lee

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