BNY Mellon closing nine wealth management branches

Bank of New York Mellon Corp. is closing nine of its wealth management branches in Pennsylvania, New York, and New Jersey, the company confirmed today. News of the closures was first reported by the Pittsburgh Tribune-Review. The closings of the BNY Mellon wealth management offices — four in the Pittsburgh area, two in the New York City suburbs, and three around Philadelphia — leaves 47 still in operation across the country and internationally, said spokeswoman Susan Rivers. The closings may affect about thirty employees, Ms. Rivers said. She stressed, however, that BNY Mellon, which oversees about $154 billion in assets, continues to hire and expand strategically. Recently, for example, BNY Mellon Wealth Management announced new appointments in the Boston office, the unit’s headquarters. The closings are “all part of a strategic realignment,” Ms. Rivers said. “We just didn’t have enough foot traffic to keep these branches open. Our clients are very sophisticated, and they do a lot of their banking online, and in other ways than going to a physical branch.”