Federal Reserve Bank sells Downtown building, cuts jobs

Share with others:

Print Email Read Later

The Federal Reserve Bank is selling its Pittsburgh branch headquarters Downtown after eliminating the jobs of all but 25 of its 320 employees.

The bank said in February it would eliminate about 200 jobs there because of its plans to discontinue the paper sale of U.S. Savings Bonds and other securities.

Bank spokeswoman June Gates said about 240 of the Pittsburgh branch's employees were involved in those sales, which will now be conducted electronically. The operations were consolidated into the central bank's Minneapolis branch.

The other 55 jobs being eliminated in Pittsburgh were in human resources and other functions that supported paper bond sales, she said.

Ms. Gates said Monday that the branch now has about 60 to 65 employees and that will be reduced to 25 sometime early next year. She did not have a timetable. Those whose positions were eliminated took early retirement or were given severance packages based on length of service, as well as help finding other jobs, she said.

"Remaining in our current building just is not a viable option," she said.

The seven-story branch headquarters at 717 Grant St. was originally built in 1931 and a 10-story addition was completed in 1958. The building contains about 200,000 square feet of usable space, Ms. Gates said.

She said the remaining staff will need 12,000 to 15,000 square feet. They include bank examiners, accountants, auditors and human resources.

The Federal Reserve processes the purchase and redemptions of U.S. savings bonds and other U.S. Treasury securities for the U.S. Treasury. People who want to purchase savings bonds, including through payroll savings plans, must set up an electronic account with the bank. Details of how to do that can be found at www.treasurydirect.gov .

Len Boselovic: lboselovic@post-gazette.com or 412-263-1941.


Create a free PG account.
Already have an account?