BNY Mellon Move A Boon For Westborough
Not a month after news broke that Fidelity Investments would be closing its Marlborough campus - a move impacting more than 1,000 jobs in MetroWest - the region got a slice of promising news when international bank BNY Mellon announced it would be adding about 200 jobs to the area.
Last year, BNY Mellon purchased PNC Global Investment Services, which had offices in Westborough and Pawtucket, R.I. With the Rhode Island location's lease set to expire, BNY Mellon decided to consolidate the Pawtucket office into the Westborough campus.
Beginning this spring, BNY Mellon expects to move at least 200 jobs from Rhode Island to 4400 Computer Dr., a 304,000-square-foot office park in Westborough. The new employees transferring from Rhode Island will add to the 900 employees the company already has in MetroWest.
Coming And Going
When BNY Mellon announced the $2.3-billion purchase of PNC Global Investment Services in July of last year, Westborough officials sprung into action.
Rod Jané, chairman of the Westborough Economic Development Committee and the local board of selectmen, said town officials welcomed BNY Mellon to town and encouraged them to keep, and add, jobs in the MetroWest area.
"We let them know right out of the gate our desire to keep those jobs here," he said.
BNY Mellon apparently listened.
The company announced earlier this month it would close its Pawtucket location, which employs about 300 workers. About one-third of the employees decided not to make the move and were offered a severance package from BNY Mellon.
The Westborough location has adequate space to accommodate the additional employees, BNY Mellon officials said, and other than some retrofitting, there is not likely to be major construction associated with the move.
BNY Mellon has about 4,000 employees in Massachusetts across five locations, including the one in Westborough. The MetroWest operation handles back-office work related to cash management, image operations and workflow management, according to Joseph Ailinger, vice president of corporate communications for BNY Mellon.
BNY Mellon has about $25 trillion in assets and has $1.2 trillion under management. The company made a $2.5-billion profit on $9.4 billion in revenues in 2010, up from a $1-billion loss on $8.1 billion in sales the year before, according to Yahoo Finance.
The company is adding jobs in a busy area of Westborough.
BJ's Wholesale Club moved its Natick headquarters to the former National Grid building, across from the BNY Mellon building.
Westborough electronic medical records company eClinicalWorks is in the process of moving into its new corporate headquarters at 2 Technology Dr., adjacent to the BNY Mellon location.
Jané, the economic development chairman in Westborough, said business location decisions are fluid. It's more important to focus on the overall trend of business activity in an area, which he said is strong.
"To some extent, businesses are constantly growing, constantly evaluating where they will have facilities, and that can mean cutting jobs in some places and moving jobs in others," he said. "But where those jobs end up can be the result of relationships that are built with these companies, and that's what we're trying to do here."
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