As many as 15 local employees may be affected by KeyCorp’s decision to outsource some work to a third-party firm with operations in India.
The Cleveland-based parent of KeyBank confirmed that it has contracted with Genpact, a New York City-based global “business process and technology management” company with more than 60,000 employees in over 70 facilities in 18 countries. The work for KeyBank will be based in India, and spokeswoman Therese J. Myers confirmed that the decision “will result in the realignment of positions or job dislocations” for Key employees.
In Buffalo, where Key is the No. 3 retail and commercial bank and where it also has significant national operations, Key has 15 employees on a team that will be affected by the change, Myers said. But “we have not finalized the specific positions that will be dislocated on this team or the timing of any dislocations,” she said.
Affected employees can apply for other available positions at Key, or they will receive a range of severance services, including separation pay, outplacement services and other benefits.
Last July, the bank announced plans to cut $150 million to $200 million in expenses through the end of this year, including by closing more than 50 branches and reducing the number of jobs by combining, outsourcing or eliminating some of them.
Genpact originated in 1997 as a business unit within General Electric that provided services first for GE Capital and then across the rest of the company. The unit became independent in January 2005 so it could serve other companies and was listed on the New York Stock Exchange in August 2007, but GE remains a significant client. Today, it serves more than 700 clients in over 30 languages.