State and local leaders are working to protect jobs that could be at-risk with the looming merger of First Niagara Bank with KeyBank.
Senator Chuck Schumer and Congressman Brian Higgins finalized an agreement this weekend with KeyBank that secures a lot of job growth in our area over the next few years.
KeyBank has ensured its branch employees, as well as First Niagara branch employees, will be offered full-time, comparable jobs following the acquisition. The number of lay-offs as a result of the transition will not exceed 250.
KeyBank expects to add 500-600 jobs through 2018, and an additional 300-400 from 2019 to 2020. By 2021, KeyBank has guaranteed that its local employment total will be equal to what it is for the two separate banks now.
New York will also benefit from additional jobs and investments as KeyBank plans to establish a Northeast Headquarters in Buffalo.
Schumer and Higgins hope this agreement assuages some of the fears employees may have, and look to KeyBank to follow through on their end of the deal.
Expectations are for the merger to be done by the third quarter of this year pending regulatory approval.