Bank of New York Mellon

Type
Offshoring/Delocalisation
Country
Belgium
Region
Région de Bruxelles-Capitale/Brussels Hoofdstedelijk Gewest; Région de Bruxelles-Capitale/Brussels Hoofdstedelijk Gewest; Arr. de Bruxelles-Capitale/Arr. Brussel-Hoofdstad
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
New offshoring locations
United Kingdom, India, United States of America
199 jobs
Number of planned job losses
Job loss
Announcement Date
25 February 2010
Employment effect (start)
Foreseen end date

Description

On 25 February 2010, the Bank of New-York Mellon, an US investment bank, announced the restructuring of its subsidiary based in Brussels involving the loss of 199 jobs over the next two years. The restructuring plan results from the company strategy of offshoring some of the activities affected to Manchester (UK), Pune (India) and Pittsburg (USA). However, the management has guaranteed that the company will stay in Belgium in the long term. Negotiations between the trade unions and the management started in early March.

The Bank employs 875 people in Belgium; there is no information on the number employed in Brussels.

Sources

Citation

Eurofound (2010), Bank of New York Mellon, Offshoring/Delocalisation in Belgium, factsheet number 70276, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/70276.