BUFFALO, N.Y. (WIVB) - The fate of Western New York's 5,000 HSBC employees remains up in the air, Wednesday afternoon.
Thousands of western New York families anxiously waited all night for HSBC's big announcement, and it looks like the bank has left them hanging a little longer.
It's hard to say exactly what's going to happen to the 5,000 HSBC workers in western New York and their families.
We know that worldwide HSBC wants to cut $2.5 billion to $3.5 billion in expenses.
All morning long Wednesday, we've been listening into a conference call by top brass from HSBC in London.
Just before 5 a.m, the Chief Executive specifically said that some upstate New York branches don't fit into the bank's restructuring plans and we'd hear more about that later.
But when we heard from the North American Executive just late Wednesday morning, he wasn't clear. He said the US branch network will be reduced, but later clarified saying branches will not close.
HSBC Chief Executive North America Niall Booker said, "We clearly will reduce the branch network, we will review the cards business, and look at all the options in that respect."
"This is going to be hairy. We've got to take some serious costs out." Booker said, "And I think we can squeeze down on various vendor across the US.
The company wants to scale back the credit card aspect of the company. It also wants to move technology development to low cost countries.
Will people who have their live savings stashed away in HSBC feel any of these changes? Too early to tell at this point.
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