HSBC is selling 195 New York branches to Buffalo-based First Niagara for $1 billion in cash, Financial Times reports. The bank will shut 13 divisions in Connecticut and New Jersey and is also likely to shed 10,000 employees.
The 116-employee branch network in the five areas of New York City will be retained by HSBC. Buffalo-based M&T Bank and Cleveland-based KeyCorp were among the banks also considering the acquisition. HSBC was advised by JP Morgan.
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