KeyBank has come to an agreement to save at-risk jobs and bring additional investment to the region, as the bank acquires First Niagara bank.
The agreement, finalized over the weekend, will ensure that all KeyBank and First Niagara branch employees will be offered a full-time and comparable job with the bank following the acquisition. The agreement also helps ensure the long-term presence of corporate, commercial and administrative jobs through a commitment from KeyBank that, by 2021, KeyBank will have at least the same number of employees in Upstate New York as the two separate institutions do today - 6,117. This agreement paves the way for further investment and even higher employment numbers as KeyBank continues to grow.
“After months of discussions and tough negotiations with KeyBank, I am pleased that we were able to reach an agreement that ensures thousands of KeyBank and First Niagara jobs will remain in Western New York for years to come," said U.S. Senator Chuck Schumer. "In the months and years to come, I look forward to making sure the terms of this plan, which is designed to save the maximum number of existing jobs, and create new ones, too, is lived up to."
Congressman Brian Higgins (Buffalo-D) said the initial news of the acquisition created great angst in Western New York.
“Our primary fear has been the impact the acquisition could have on local families, neighborhoods and business districts in Western New York," said Higgins. "KeyBank has listened and worked closely with us to address community concerns and minimize the potential for adverse situations throughout the transition."
Higgins said KeyBank also has agreed to embrace standards included in our Vacant Home Act legislation, which fights neighborhood blight associated with zombie properties.
"We will continue to work with Senator Schumer and key leadership to ensure follow-through on these commitments and, with support from the dedicated local workforce, hope to see KeyBank grow and thrive in Western New York for years to come,” said Higgins.
