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First Niagara Bank to Cut 170 Jobs

The parent company of First Niagara Bank cites the trend to online and mobile banking in announcing the job cuts across four states.

First Niagara Bank announced Wednesday it is cutting up to 170 administrative positions in its 420 branches.
First Niagara Bank announced Wednesday it is cutting up to 170 administrative positions in its 420 branches.
By Jack Tobias

Citing the trend to online and mobile banking, the parent company of First Niagara Bank announced Wednesday it is cutting up to 170 administrative positions in its 420 branches across the bank's four-state operation.

A news release—posted on the parent company's website Wednesday—does not specify at which branches the jobs will be cut. The parent company, First Niagara Financial Group Inc., is based in Buffalo, N.Y.

"Technology is changing how people bank and we are committed to continue meeting our customers’ needs by evolving how we operate our branches and by further enhancing our online, mobile and telephone banking services," Mark Rendulic, First Niagara executive vice president, retail banking, says in the release.

"Today, a majority of consumers prefer online, mobile and telephone banking for simple transactions or questions, and branches for more complex transactions. Customers can count on First Niagara to provide them with the ability to bank when, where and how they find most convenient," Rendulic says.

The company is moving administrative duties out of the branches, according to the release. Those affected have been notified, and many will be able to apply for other jobs with First Niagara, which is recruiting to fill more than 250 job openings throughout the company, the release says. Others will receive severance benefits.

The release also says more than 140,000 users signed up for First Niagara’s mobile banking application (app) in its first year, more than 40 percent of the company’s approximately 1 million customers are online banking users, and the use of telephone banking services and ATM networks continues to grow.

The bank has approximately 420 branches, $37 billion in assets, $27 billion in deposits, and approximately 6,000 employees across New York, Pennsylvania, Connecticut and Massachusetts.

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