Good News For Buffalo From HSBC
Finally some good news from the huge banking conglomerate that essentially kicked Buffalo to the curb six years ago. HSBC is expected to move a large number of jobs to Western New York as the result of the closing of a 450-person office in New Castle, Delaware.
The jobs will be transferred over a period of time over the next 12 to 18 months. Some of those jobs will also go to Chicago because both cities are perceived as low-cost markets with an experienced workforce.
In the long run it will reintroduce jobs into a city that was once home to the headquarters of Marine Midland Bank. Established in 1850, the bank grew thru merger and acquisition to a company so large it needed the 38-story Marine Midland Center, opened in 1972, in downtown Buffalo to house all its units and employees.
Merger and acquisition finally caught up with Marine Midland Bank when in 1980 the Hong Kong and Shanghai Banking Corporation bought 51 percent interest in the Buffalo bank, then full ownership in 1987.
In 2011, HSBC closed its upstate New York banking industry, selling it off to First Niagara Bank and KeyBank. What had been a proud Buffalo banking institution was gone, hundreds of jobs had evaporated and tallest building in the city became a ghost town.
If there ever was a city that HSBC owes some favors to, it's Buffalo. A couple hundred jobs returning to the city is a start.