The Bank of New York Mellon to Expand Corporate Trust Office in Pittsburgh
September 25 2007 - 8:00AM
PR Newswire (US)
150 Jobs to be Added by End of 2008 PITTSBURGH, Sept. 25
/PRNewswire-FirstCall/ -- The Bank of New York Mellon, the global
leader in asset management and securities servicing, will expand
and relocate its Corporate Trust office in downtown Pittsburgh. In
order to support this rapidly growing business, approximately 150
new positions will be added by the end of 2008 in the Pittsburgh
office, currently located in One Oxford Center and scheduled to
begin relocating to Three Mellon Center during the fourth quarter
of 2007. "The expansion of this office reflects the strong global
growth we are experiencing in our corporate trust business and
demonstrates to current and prospective clients that we will
maintain our strategic focus on delivering the highest quality
service possible," said Robert P. Kelly, chief executive officer of
The Bank of New York Mellon. The Bank of New York Mellon has said
that an estimated 1,000-2,000 new jobs will be created in the
Pittsburgh area as a result of the recent merger. Earlier this
year, it was announced that approximately 210 positions within BNY
Mellon Shareowner Services would be moved from Jersey City to
Pittsburgh during this year and that as early as next year, the
first of up to 200 positions will start being added to the
Corporation's data center northeast of Pittsburgh as part of a $70
million expansion project. "This initiative highlights our
long-term commitment to significantly growing our presence in the
Pittsburgh area, bringing to more than 500 the number of new
positions we have announced in less than a year," Kelly said. Last
year, The Bank of New York Mellon acquired JPMorgan Chase's
corporate trust business, making it the leading provider of
corporate trust services worldwide. Corporate trust providers are
appointed by corporations, municipal governments and other entities
issuing debt to perform a variety of duties, including servicing
and maintaining the debt issue, processing principal and interest
payments for investors, representing investors in defaults, and
providing value-added services for complex debt structures. The
Bank of New York Mellon's corporate trust business services $11
trillion in outstanding debt from 54 locations around the world. It
services all major debt categories, including corporate and
municipal debt, mortgage- backed and asset-backed securities,
collateralized debt obligations, derivative securities and
international debt offerings. The Bank of New York Mellon's
corporate trust and agency services are delivered through The Bank
of New York subsidiary. The Bank of New York Mellon Corporation is
a global financial services company focused on helping clients
manage and move their financial assets, operating in 37 countries
and serving more than 100 markets. The company is a leading
provider of financial services for institutions, corporations and
high-net-worth individuals, providing superior asset management and
wealth management, asset servicing, issuer services and treasury
services through a worldwide client-focused team. It has more than
$20 trillion in assets under custody and administration and more
than $1 trillion in assets under management. Additional information
is available at http://www.bnymellon.com/. DATASOURCE: The Bank of
New York Mellon Corporation CONTACT: Ron Gruendl, +1-412-234-7157,
Web site: http://www.bnymellon.com/
Copyright