HSBC Bank USA said it is relocating about 40 information technology jobs out of Buffalo.
“HSBC is making a number of changes globally that will transform the way we deliver our technology over the next two years,” said Robert Sherman, an HSBC spokesman. “These changes will also help HSBC make the significant cost reductions we announced as part of our investor update in June 2015. As a result, about 40 non-customer-facing IT roles in the Buffalo area will be impacted through relocation to other HSBC sites around the world.”
The job reductions follow through on a plan HSBC outlined last October. The bank said it would eliminate 40 back-office jobs here, but indicated the bank would have a net gain of 150 jobs in the region over a two-year period, as it moved some jobs here from New York City.
HSBC said that even as it relocates IT jobs in some areas, it continues to hire in others. The bank said there are about 60 open IT positions in the region. Overall, HSBC expects the share of HSBC IT roles in Western New York to increase. HSBC has about 3,000 employees in the Buffalo Niagara region, in the downtown Atrium and in its leased space in Depew.
HSBC also said this week it would move 840 jobs in its IT division out of Britain to lower-cost countries such as India.
The bank announced plans last year to shed as many as 50,000 jobs by the end of next year by selling underperforming businesses, exiting some markets and reducing the size of its global investment banking business. Those job reductions included about 8,000 positions in Britain.
As of the end of last year, the bank employed 255,000 people.
On Monday, it said it would shift 840 information technology roles to lower-cost countries by the end of March 2017 as part of its expense-reduction efforts.
“The U.K. will continue to play an important role in HSBC’s global IT infrastructure, employing several thousand IT professionals,” John Hackett, the chief operating officer of HSBC U.K., said in a statement.
Bloomberg News contributed to this report. email: firstname.lastname@example.org