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HSBC CEO says bank changing directions

by TSchmitt
Wed, May 11th 2011 07:00 am

One of the area's biggest employers will cut costs by $3.5 billion dollars annually and Western New York could be part of those cuts.

HSBC Holdings CEO Stuart Gulliver announced today in London the banking giant also plans to review its U.S. credit-card business and branch network.

Gulliver said HSBC is setting out to be the "leading international bank," and will limit local retail banking to profitable markets.

HSBC Bank is one of western New York's top employers with more than 5,000 employees, and Gulliver said some upstate New York branches don't fit with where they think the growth opportunity in the U.S. economy is

Neil Booker, HSBC's North American Chief Executive, will talk about how this could affect workers here in western New York.


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