I see in a previous string that people mention that Pennington is slated for closure. I have not heard a formal announcement. Does anyone have any information on the timing of the closure and what will happen to the people based at that site? Will everyone be required to report to Jersey City?
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Is Jersey City a growth location? It’s not being mentioned often in this forum. The place is also almost empty of Fridays, so it can accommodate more people.
Commute is not fun to this location. Parking fees and tolls have been rising lately.
@12c+1jrt2zzt4
The Albridge office was previously located at Princeton Pike before moving to Pennington in 2017 or later. So, it’s inaccurate to claim they’ve been there for "a while." Furthermore, Albridge was a venture that failed to deliver its intended value. It turned out to be a poor investment that benefited the original leaders financially, who then exited the organization.
In the current context, the work being done at this location largely duplicates services provided elsewhere. With the P-M, this redundancy will likely be eliminated. My reasoning is that this site is on the chopping block. Perhaps I’m biased, as I wouldn’t mind avoiding the commute costs—but the reality seems to point elsewhere.
Given today’s environment, I don’t place blame on the bank’s financial analysts ("bean counters"). The volume of closures—like the BC sites in Paterson and Florham Park (even a bank-owned building)—is unprecedented. At the end of the day, decisions are driven by cost efficiency, not employee convenience
@11j+1jrt2zzt4 No it’s not. The office has been there for awhile. The MDs I have spoken to have mentioned that they reduced the headcount in that office to take on employees from Delaware, PA, and JC. If anything it sounds like they might look to rent more space there.
@wb+1jrt2zzt4
Was this a real-estate grab during the office space vacancy crisis caused by COVID? Albridge had just moved there and it was considered as a failure
While we may have secured a favorable deal, even an early exit—say 3–4 years ahead of schedule—could result in cost savings. Have you noticed the state of Parking Lot A in Pennington? Most days, it’s nearly empty, as is the parking lot and parking deck near BNY.
Meanwhile, Pershing terminated their lease in East Brunswick and relocated to Jersey City many years before the lease expired - These are common. The bean counters know their math
Check the fine print on that lease. The bank will be out of the building by the end of 2026 for sure and possibly earlier.
Pennington has a 10 year lease on the building that they signed mid pandemic. They aren’t closing for awhile.
Walking into this building, it’s striking how empty it feels. People casually stroll in around noon, and by 3 PM, the place turns into a ghost town. Early in the week, there’s a slight buzz, but by Friday, it’s effectively an early weekend for everyone.
The space doesn’t need to be bustling like a call center with everyone shouting on Teams calls, but the current state isn't ideal. It does raise the question of whether the space is being utilized efficiently.
Another baffling observation—why do people join conference calls with coworkers sitting just a few feet away in the same aisle? Why not make use of the huddle rooms? Even if the building were rent-free, this setup seems like a significant waste from a bean counter's perspective.
Nice building. You would think that it would be cheaper for the company to have people located in Pennington instead of JC or NYC.
I heard that Dermott wants out of 200 Park Avenue too…apparently its too expensive and there is plenty of space at 240G. At some point, we will all be in India….I hope you like Indian Food !
Closing Pennington is just another opportunity for the bank to get rid of more heads without paying them severance. We have seen this move from BNY already. Not a surprise. No loyalty. It is very difficult to stay motivated knowing that company does not value you and your days are numbered.
It feels like they are already thinning the herd in Pennington. Wouldn’t surprise me one bit if the site was closed well before the end of 26. Maybe even in 25?
Formal announcement? Wake up people.
Robin and his orcs don’t need no stinkin’ announcements for this. It is going to happen sometime in mid ‘26 and people will get probably a few months notice to ship out to Jersey City or 240G. Woodland park NJ was one where people even here said it was a lie and wouldn’t happen in a thousand years. Woodland park is already sold, torn down and carted away. Wouldnt be surprised if Madison was also a goner soon.
I heard that too, but again, just a rumor for now.
I also heard that the Wilmington location is supposed to close by end of '26, with a lot of positions (not necessarily staff) being relocated to Lake Mary.
I heard a rumor that the site will close in late 2026.