First Niagara Financial Group Inc. says it will eliminate up to 200 jobs companywide in a move aimed at better serving customers and boosting competitiveness.
The Buffalo-based bank announced Thursday that it will cut 150 to 200 management positions at its operations in New York, Pennsylvania, Massachusetts, and Connecticut. The cuts are expected to be completed next month.
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Despite the layoffs, the bank says it still plans to hire 200 people across the company.
In October, the company announced it took an $800 million charge that caused a quarterly loss and said it was dealing with a "process issue" with its deposit accounts.
The bank has more than 400 branches and 5,800 employees, most of them in New York state.