As Mellon Financial Corp. and The Bank of New York Co. Inc. forge ahead with their $16.5 billion merger, the deal is raising concerns for business people in Pittsburgh, worrying vendors who may lose business and creating major holes in local real estate.
The Bank of New York Mellon Corp. is expected to debut July 1. It will be based in New York City, although Pittsburgh will house technology, operations and administration, and at least 1,000 new jobs are expected to be created here over the next three to five years.
A few decisions on senior leadership of the merged bank have been announced, and others are expected by the end of March. Employees on both sides of the deal, as well as purveyors, are waiting anxiously in New York City and Downtown Pittsburgh as the balance of power is set.
Lori Carpenter, president of Downtown-based recruitment firm Carpenter Legal Search, said Krasik's appointment is "a real connection" for Pittsburgh. "Mellon has always had a stellar legal department -- very little turnover and very hands-on," she said.
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Mellon merger's making some fret - by Patty Tascarella, Pittsburgh Business Times