BNY Mellon has confirmed that it is to close nine of its private wealth management offices due to weak walk-in business.

Around thirty employees will be affected by the closures, which will be in Pittsburgh, New York and Philadelphia. Some 50 private wealth management offices will remain following the closures, which form part of a previously announced business realignment.

The reduced level of walk-ins can be attributed in part to the fact that many wealth management clients now prefer to carry out their banking via the phone or web, a spokesperson for the firm told Family Wealth Report.

The spokesperson went on to say that the firm is actively hiring and is looking to grow both organically and by acquisition. Specific details of potential acquisition targets have yet to emerge.