BUSINESS BRIEFS

HSBC Bank set to become Citizens Bank

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There are two things that could happen to the HSBC Bank branch on West 235th Street near Netherland Avenue — either it could be closed come this time next year, or it will have a new name.

At least for now, it’s looking like a new name after Citizens Bank agreed to buy 80 branches of HSBC along the east coast.

That likely includes the branch at 569 W. 235th, one of more than 65 in New York City alone.

Citizens didn’t say how much it was paying for the branches, but told investors the move will add $9 billion in deposits and another $2 billion in loans to its books when the deal closes early next year.

When the sale is finalized, those locations that remain will be rebranded Citizens Banks, joining 1,000 other branches in 11 states.

 

City struggles to add new jobs

New York City added 379,000 private-sector jobs in April giving some observers hope that the economic turmoil caused by the coronavirus pandemic is now in the rearview mirror.

That boosted the city’s total employment by 12 percent compared to April 2020, behind the 16 percent rate the state experienced overall, and more than 13 percent nationwide.

That puts the city’s unemployment rate at 10.8 percent, according to the state labor department, compared to 15.5 percent the year before. The five boroughs lead all metro areas when it comes to unemployment, as it remains nearly double everywhere else.

The state ultimately added 1 million jobs in April compared to the year before, while the country tacked on 14.4 million.

Watertown-Fort Drum in Jefferson County near Lake Ontario had the largest percentage growth at just under 25 percent, while Long Island wasn’t far behind with its 195,700 new jobs accounting for 23 percent growth.

Most of the new jobs have returned in the leisure and hospitality industry across the state.

Originally published June 3, 2021

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