Bank to lay off 103 in RI, move to MA

PAWTUCKET, R.I. (WPRI) - Bank of New York Mellon Corp. will lay off 103 employees in Rhode Island starting later this spring as it moves an office from here to Massachusetts, WPRI.com has learned.

New York-based BNY Mellon notified the state on Friday that 103 of the workers at an office on Freight Street in Pawtucket will lose their jobs between June 6 and Oct. 30. The bank acquired the office last July when it bought PNC Global Investment Servicing.

BNY Mellon told the state it will close the Pawtucket office for good in October once it finishes moving its operations to an existing facility in Westborough, Mass., a spokeswoman for the R.I. Department of Labor and Training said.

More than 200 of the Pawtucket office's roughly 300 employees have chosen to move to Massachusetts, BNY Mellon spokesman Joe Ailinger told WPRI.com. Those who are not relocating will be provided with a severance pacakage, he said.

"BNY Mellon’s office lease in Pawtucket is expiring and with adequate space available in the company’s Westborough, Mass., location, relocating operations there was a logical and fiscally sound decision," Ailinger said in an e-mail. The Westborough facility has about 900 employees currently, he said.

Pawtucket's director of adminstration, John Gannon said, “We still think it’s a great facility, with state of the art security, fire safety, Internet, redundant power backup, modern build-out and parking for hundreds of vehicles, with ready I-95 access and close proximity to our newest Post Office.

He continued, “The landlord still has a great facility and the city will be happy to work with them in every way to help bring in new tenants.”

The corporate identity of the operations on Freight Street has changed repeatedly since 1990, according to records with the secretary of state. It was originally part of American Express' Shareholder Services Group division in Providence, and was later known as First Data Investor Services Group and PFPC Inc.

BNY Mellon's website still listed 10 job openings in Pawtucket for "shareholder service specialists" as of Monday morning. The company also has a wealth management office in Providence's financial district.

BNY Mellon was formed in 2007 after the merger of The Bank of New York, which Alexander Hamilton founded in 1784, and Mellon Financial Corp. BNY Mellon is the world's largest custody bank, according to Bloomberg.

tnesi@wpri.com