By Associated Press
Buffalo, NY – The Federal Reserve banks will cut as many as 300 jobs in a shift toward electronic transactions.
The banks will eliminate 25 to 50 percent of 638 positions in the retail securities business. The banks have about 22,000 employees.
In Buffalo, 60 of 130 jobs will be eliminated in the restructuring.
The effort probably will take several years.
Some jobs could eventually be added in Minneapolis and Pittsburgh, where the Treasury Department's retail business will be consolidated as an internet-based business.
The work involves processing savings bond applications, sending out account statements and handling other retail service transactions.