HSBC to Cut 14,000 Jobs Globally

May 15, 2013 Updated May 15, 2013 at 2:06 PM EDT

By Mitch Simon

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HSBC to Cut 14,000 Jobs Globally

May 15, 2013 Updated May 15, 2013 at 2:06 PM EDT

(WKBW) - HSBC Bank announced Wednesday that it will trim about 14,000 workers globally as part of a bid to save $3 billion in costs.

Bank officials say the company is encountering difficulty meeting previously-issued return-on-equity forecasts for fiscal 2013.

In regards to the cut having an effect on Buffalo, Vice President and Senior Manager of Media Relations Neil Brazil released this statement:

Buffalo is a major commercial banking and operational center for HSBC in the U.S. We are a notable private sector employer in the region, with local employees providing valuable back-office support functions to our U.S. business and serving global businesses as well. Examples of Buffalo-based teams include: IT, Legal, Compliance, Security and Customer Service (to name a few). Also, as a reminder, HSBC is focusing its employees in the downtown Atrium and Depew locations and we will continue to invest in those facilities. I do not have any specifics to share on the Global Strategy Day news coming out of London today, but can tell you that HSBC will continue to recruit selectively in its target markets, one of which is the U.S.