The Bank of New York Mellon will eliminate 280 positions at its 701 Market Street offices, according to a Worker Adjustment and Retraining Notification Act (WARN) notice filed with state officials.
BNY Mellon said the WARN notice, effective Oct. 9, is part of a plan to "rationalize our utilization of available office space across the company."
The company said it some of the employees affected will be relocated to BNY Mellon offices in King of Prussia and Wilmington, Del.
The bank began notifying employees in the first quarter and a spokesman said he expects the entire process to wrap up by the end of 2015. It said it won't know exactly how many jobs will be lost until the process is complete. A spokesman said he was not certain what specific job functions were among those being cut at 701 Market.
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