The Bank of New York was founded in 1784 on Wall Street, and for more than two decades loftily guarded capitalism’s main drag from a landmark Art Deco skyscraper at number one. Four years ago, however, it realized that it didn’t need more than a million square feet, what with the loss of the lucrative Argentine market, so it sold its historic headquarters and moved into 350,000 square feet at Brookfield Place, with commodious accommodations for interns and foosball tables. Now this, too, seems a bit roomy to new CEO Charles Scharf.
The custody bank plans to relocate all of its employees from Brookfield Place, the downtown office complex formerly known as the World Financial Center, to a nearby building it owns at 101 Barclay St. The move consolidates BNY Mellon’s presence in New York, bringing together some 4,500 employees under one roof, a spokesman for the bank said….
BNY Mellon is shedding office space as its new chief executive, Charles Scharf, reviews the bank’s businesses and operations. Mr. Scharf, a former protégé to JPMorgan Chase & Co.’s James Dimon, arrived last year expected to modernize the custody bank, find new sources of revenue growth and trim costs.