BNY (the rebranded Bank of New York Mellon) in Luxembourg on 29 May signed a social plan with the Aleba, LCGB and OGBL trade unions. The redundancy scheme, which initially involved 36 job losses, came into effect on 2 September and finally impacted 25 staff members, the unions said in a press statement issued on 11 September.

In their communiqué, the unions highlighted the importance of social dialogue and negotiations between employers and unions. They added that the affected employees will be able to benefit from social support measures and compensation, including the payment of a social bonus, the payment of extra-legal compensation and the implementation of an outplacement and/or training budget.

BNY’s Luxembourg branch was opened in 1999. It started as the Bank of New York and merged with Mellon Financial in 2007, rebranding to BNY Mellon and later to just BNY. The bank, which has its offices in Gasperich, provides worldwide global custody, depositary banking, accounting and transfer agency services.

Paperjam contacted BNY for comment. In response, a spokesperson stated: “We regularly review our operating model to make sure we’re set up with the right mix of skills and talent to best serve our clients. We continue to actively hire.”