What's Next for HSBC?

May 11, 2011 Updated May 11, 2011 at 6:41 PM EDT

By Ed Reilly

May 11, 2011 Updated May 11, 2011 at 6:41 PM EDT

(Buffalo, N.Y.) In a webcast from London, HSBC Holdings PLC Chief Executive Officer Stuart Gulliver announced a major restructuring.

HSBC will slash costs, reduce assets to increase capital, and pull out of retail banking in certain markets.

Over five thousand employees work for HSBC in Western New York - many at the HSBC tower and HSBC Atrium in downtown Buffalo.

While specific details of HSBC's restructuring are still forthcoming, the company did release the following statement:

"As part of its US strategy, HSBC has announced a review of its Cards business and the markets in which we operate retail branches to determine the optimal size and position of our branch network. For our customers, it is business as usual, and we are committed to continuing to provide them with a positive experience.

These review processes are newly underway, and key updates will be communicated to our employees and other stake-holders in the Buffalo community."

Rob Sherman
Vice President, Public Affairs | HSBC - North America