HSBC cuts 40 jobs in Buffalo region

Posted at 10:52 AM, May 17, 2016
and last updated 2016-05-18 06:38:25-04

HSBC is slashing dozens of IT jobs in Buffalo as it transitions the way it delivers technology over the next two years.

"40 non-customer-facing IT roles in the Buffalo area will be impacted through re-location to other HSBC sites around the world," HSBC said in a statement to 7 Eyewitness News.

A spokesperson says these changes will help the financial giant achieve the significant cost reductions that were announced as part of the investor update last June, when the bank revealed it would eliminate 50,000 jobs worldwide over the next five years to save the company $5 billion by 2017.

The statement from HSBC goes on to say, "Even as we relocate IT roles in some areas, we continue to hire in others. In fact, there are currently about 60 open IT-related positions in the Buffalo region."

HSBC says it expects the share of HSBC IT roles in western New York to increase.