Former HSBC Employees Laid Off by New Employer

May 2, 2012 Updated May 2, 2012 at 8:29 PM EDT

By John Borsa

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Former HSBC Employees Laid Off by New Employer

May 2, 2012 Updated May 2, 2012 at 8:29 PM EDT

BUFFALO, NY (WKBW) - Buffalo offices for HSBC's former U.S. credit card unit, which was recently sold to Capital One Financial Corp., will close at the end of the year, a Capital One spokesperson said.

80 employees who work on the 15th floor at One HSBC Center in downtown Buffalo will be laid off, according to Capital One's Julie Rakes.

"We plan to exit by the end of this year but we’re telling employees now so they have time to consider their options," Rakes said. "Each individual will receive a 90-day notice regarding their specific situation."

Capital One purchased HSBC's U.S. credit card division for $2.5 billion. The sale was announced last August and was completed on Monday.

HSBC's Upstate New York retail division, including all Buffalo branches, were sold to First Niagara Bank. Accounts will switch from HSBC to First Niagara on May 18.

Career counseling will be available for the Capital One employees in Buffalo scheduled to lose their jobs, said Rakes.