20 jobs lost at Bank of New York Bermuda office
Twenty accounting positions are being made redundant at Bank of New York Mellon’s Bermuda office, with employees being notified this week.
The news out of BNY Mellon Alternative Investment Services, a hedge fund administrator located on Front Street, is the latest in a string of industry closures and lay offs.
The 20 positions represent a large portion of the staff count, with 39 employees remaining in Bermuda.
According to a bank spokesperson, Bank of New York Mellon acquired PNC Bank’s global investment services business in July of 2010 and as a result “accounting functions have been consolidated” to their Orlando, Florida office.
Asked if the company was looking to close the office here in Bermuda, the spokesperson said: “Right now, we continue to have employees in Bermuda that are providing valuable services to our clients.”
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