LONDON (WKBW) — One of the region's largest private-sector employers is cutting about 35,000 jobs as part of a major overhaul of its business operations worldwide.
HSBC Bank says its net profit fell 53 percent in 2019 to $6 billion, due in large part to a $7.3 billion write-off related to its global and commercial banking teams in Europe, according to CNN.
The cuts, expected to take place over three years, will reduce the London-based bank's global workforce by about 15 percent, from 235,000 to 200,000 employees.
Some of the cuts will come through attrition and not layoffs, said interim chief executive Noel Quinn.
HSBC employs about 3,000 people at offices in downtown Buffalo and Depew. The bank pulled out of the retail banking business in Upstate New York in 2012, though it retained a large portion of its back-office operations in the region.
It reopened a branch in Depew last year.
It is unclear how the global cuts will affect HSBC's local workforce.
The bank's bottom line has also been hurt by the economic turmoil caused by the coronavirus outbreak in China.
This is a developing story.