HSBC Mortgage Corp. (USA) is slashing 80 jobs at its Depew headquarters and operations

facility in a cost-cutting move.

The primary mortgage unit of HSBC Bank USA and HSBC North America Holdings said it is

"eliminating a small number of mortgage loan operations roles to enhance operational

efficiency," according to an e-mailed statement.

The company told employees of the cuts Wednesday, giving them 30 days' notice, before

confirming it publicly Thursday.

"HSBC greatly appreciates the dedication and contribution of our employees and will assist

in providing support for finding an alternate appropriate position within HSBC in every

situation possible," the bank said.

Spokeswoman Kate Durham noted that the bank does have "a number of open positions" in

Western New York. She said it's "too soon to say how many, but we hope to place as many

affected employees as possible within the company."

"We are working closely with the affected individuals to help them identify potential

opportunities elsewhere within HSBC," she said. She would not elaborate further on the reasons

for the cuts.

HSBC employs a little more than 1,000 people at the mortgage facility at the intersection

of Dick Road and Walden Avenue, which originates and services mostly prime mortgages made

through the U.S. bank's branch network and retail footprint.

The operation is separate from the national wholesale and broker-driven mortgage business

that originated subprime and higher-risk loans that ultimately led to billions of dollars in

losses for HSBC's U.S. operations. However, the mortgage company cut 225 jobs locally in

November 2008 when HSBC shut down its national wholesale mortgage business.

In all, HSBC employs about 6,000 people in Western New York. HSBC is the U.S. subsidiary of

London-based HSBC Holdings PLC, one of the world's largest banks, with operations in more than

86 countries and territories worldwide.

Intersection of Dick Road and Walden Avenue

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