HSBC cuts US jobs

HSBC cuts US jobs

HSBC Bank USA says ongoing efforts to realign its organisation will result in the loss of 232 branch and call centre jobs in New York state.

The bank says the cuts primarily involve the retail operations, including branch and support staff in both upstate and downstate New York.

The job losses represent less than two per cent of HSBC's workforce in the state.

The move is part of "our ongoing efforts to realign our organisation, so that it is fit-for-purpose," says a statement.

The losses are partly offset by a recent decision to move over 100 jobs to Buffalo, New York from the Chicago area.

In a separate move, HSBC is reportedly in discussions to buy back its head office building in Canary Wharf from Spanish property company Metrovacesa for up to £300 million less than it was sold for last year.

Metrovacesa bought the building last summer for around £1.1 billion before leasing it back to HSBC. But according to the Financial Times the bank could now buy the headquarters back for as little as £800 million.

Metrovacesa has until the end of November to refinance a £810 million loan with HSBC on the building. The property firm has failed to raise money from other investors, says the FT.

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