KeyCorp has agreed to cap its banking layoffs related to First Niagara Financial Group acquisition to 250 in New York after dialogue with US senator Charles Schumer and Congressman Brian Higgins.
Cleveland-based KeyCorp has also agreed to add at least 500 new jobs in New York through 2018, and can likely hire another 300 to 400 employees between 2019 and 2020.
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KeyCorp has committed that it will add at least 6,117 jobs in Upstate New York by 2021, which is the same number currently employed by KeyCorp and First Niagara in the region.
Meanwhile, KeyBank also revealed details about its expanded branch network created by the merger with First Niagara. The combined entity will comprise 304 First Niagara branches in New York, Connecticut, Massachusetts and Pennsylvania that will become KeyBank branches, as well as 184 New York state-based KeyBank branches.
Acquisition-related branch consolidations are expected to start from October 2016 and will continue through early 2017, KeyCorp said. Overall, KeyCorp will consolidate 70 First Niagara and 36 KeyBank branches into existing branches.
Moreover, all First Niagara and KeyBank branch staff have been offered roles with the new KeyBank, the Ohio-based lender confirmed.
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By GlobalDataThe cash-stock deal valued at about $4.1bn was first announced in October 2015. The combined bank is expected to be the 13th largest commercial bank in the US, with about $135bn in assets. The merger is expected to close by the third quarter of 2016, subject to regulatory nod.
