100 financial posts to go as office shuts
MORE than 100 jobs are under threat at a leading financial services company after bosses announced its Swindon office will close in a matter of weeks.
Staff at The Bank of New York Mellon’s centre, one of 15 across the UK, face an uncertain future after it lost a contract with Thread-needle Investment Services.
At least some of the 134 workers were given the opportunity to relocate to Essex to work for the firm taking over the contract but few are understood to be willing to accept the offer and most are taking redundancy.
The workforce includes 13 managers and 121 clerical staff.
The office has been based in Signal Point on Station Road for 10 years.
A worker at the financial company said: “We were given the option of applying for new positions in Essex or being made redundant.
“I am taking redundancy, as it’s a bit far to relocate and I am not sure if anyone will go.
“There are lots of old timers here, including people who have been with the company for 25 years or more, so it’s going to be a sad occasion on the final day.”
The worker said Jobcentre and Forward Swindon, the town’s economic development company, had been engaged to help staff faced with losing their jobs.
An advance notice of redundancies form, which is passed on to staff under unemployment law, listed February 9 as the date of the first proposed dismissal.
BNY Mellon first opened in London in 1915.
The company offers asset servicing and management, private equity and hedge fund administration and other services.
A spokesman said: “A client of ours, Threadneedle, is changing provider to a company called IFDS.
“As a result the business is being moved away from Swindon and we are closing our office in Swindon, which is one of our established offices. We have roles in other offices open to staff.”
The spokesman said the redundancies would take effect in March and staff were being offered assistance with job searches by the company, with in-house positions being advertised on the firm’s intranet.
Under employment law the staff automatically become employees of the firm taking over the contract, which has three offices in Essex.
But the spokesman said few would want to take up positions in Basildon, which is the new base for the Threadneedle contract.