In a statement, the financial services firm said that the branch had 300 staff, all of whom were offered the option to move to Westborough, Massachussetts, to where it is relocating. About 200 had opted to join the new office; those who did not, the firm clarified, will be provided with severance pay.

The decision to move to another location comes as the lease on the Pawtucket branch is about to expire. BNY Mellon acquired the location in 2010 as part of the $2.31 billion agreement to take over PNC Financial Service Group's global investment servicing division. The new Westborough office is also much larger, currently housing around 900 employees.

The lay-offs will take effect from 6 June to 30 October 2011.