Rhode Island finance jobs get cut

Posted on August 14, 2011

A move from BNY Mellon has resulted in the loss of Rhode Island finance jobs.

The company plans to move 250 jobs from Pawtucket, Rhode Island, to Westborough this fall, and to add an additional 150 positions there.

In addition, BNY said that it will cut about 1,500 positions or approximately 3% of its global workforce this year.

Turnover and hiring freezes will be the actions the company takes to eliminate the positions.

In the second quarter, the banking giant’s expenses were up about 20% from the year-ago period, due in part to higher legal and regulatory costs.

Its non-interest expenses rose 22% from a year earlier.

According to BBR, a spokesman of the bank said that more detail about the job cuts will be provided by the end of the year and its executives had not yet decided what parts of the company would be affected.

“We expect our natural turnover and immediate hiring freeze will reduce the impact on existing staff,” the company’s chairman told BBR.

BNY Mellon is not the only large bank to announce job cuts. State Street Corp. said it is slashing hundreds of finance jobs in Boston.