BUFFALO, N.Y. (WIVB) - The future of HSBC Bank is changing. The financial giant employs some 5,000 people in western New York.
Most workers at the HSBC Home Mortgage Center in Depew rushed off with little to say. But long-time HSBC employee Todd Mazurek stopped to comment about his uncertain fate with the bank as it restructures its North American Operation.
Mazurek said, "Like anyone else in the area, we're taking it day-by-day and hope we still have a job in the morning."
Niall Booker, the CEO of HSBC North America, outlined a strategy to rebuild the U.S. business. The bank is seeking to cut costs by $2.5 billion over the next few years.
"We clearly will reduce the branch network. We will review the cards business, and look at all the options in that respect," said Booker.
Based on the presentation, News 4 financial analyst Richard Schroeder said it doesn't look good for the Buffalo area.
Schroeder said, "It sounds like they're going to emphasize banking on the west coast and the east coast. They want cities with big international connections."
There are 70 branches and over 5,000 employees in the eight county area. The number of branches under review were not named. The bank is also looking to shrink it's mortgage business by 50 percent. No one knows what that means for its Depew operation.
One worker said, "I've been with the company 12 years and it's always been a good company, a good friend of Buffalo."
Still, it's worrisome to Mazurek, who has an 8-year-old son.
Schroeder said, "They're a huge employer in the area. If they leave, a lot of commercial real estate, it affects the market. Having covered banks for years as a newspaper reporter, nothing is going to happen quickly. It'll take months to make decisions, before they know what they're going to do."
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