BOSTON - Mellon Financial Corp. is downsizing and renaming the jumbo mortgage origination business of its Boston Co. subsidiary.
A spokesman for the Pittsburgh banking company said Mellon expects that "a significant number" of the jumbo mortgage group's 180 jobs will be eliminated but declined to be more specific.
The spokesman added that 100 of these jobs are in Boston, where Mellon has 200 open positions in its private banking, private asset management, institutional asset management, and trust and custody businesses. He said Mellon hopes to use many displaced employees to fill these slots.
The group is also being renamed as Mellon Private Mortgage.
In a statement, the company said the move is part of an effort to align the jumbo mortgage business - which makes loans on expensive homes - more closely with private banking and asset management. The portion of Boston Co. that specializes in institutional asset management will keep its name and remain intact, the spokesman said.