HSBC Bank USA to Eliminate 40 Jobs in Buffalo, N.Y., Area.

Byline: Chet Bridger

Dec. 13--HSBC Bank USA is laying off 80 employees, including 40 in the Buffalo area, citing rising benefit expenses.

Bank officials said Thursday the jobs are being eliminated this month to reduce fixed costs heading into 2003.

"In order to meet our business goals for 2003, we had to make some cost reductions before year end," said Kathleen Rizzo Young, first vice president in group public affairs for HSBC.

The administrative and support positions eliminated include clerical, middle management, and information technology jobs. No branch positions were cut, according to the bank.

An HSBC Center employee, speaking on condition of …