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Citigroup Needs Corporate, Investment Workers

March 22, 2013

Jonathan Epstein

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Citigroup plans to create 175 new jobs at its Amherst facility in a range of positions within its global corporate and investment banking division, the bank confirmed Thursday.

The two-building complex, which had 650 employees in 2007, now has 1,300 workers and will grow to 1,475 with the new jobs in operations, technology, finance and risk.

Those positions will support several businesses within the bank's Institutional Clients Group, including Global Transaction Services and Global Capital Markets, said spokeswoman Danielle Romero-Apsilos. She said she couldn't provide details on salaries.

Nassir Salim, director of Citi Global Transaction Services and head of the Amherst site, said the bank held a job fair last weekend. All jobs are also posted on the bank's careers website, www.careers.citigroup.com, and can be searched by location and type. "We've got a number of positions that are open," he said.

The facility, located in the CrossPoint Business Park in north Amherst, has been growing steadily over the past seven years, helped by a $1.75 million grant from the state. The latest expansion stems from both increased business and activity for the bank at that location, as well as shifting work from higher-cost sites elsewhere.

"In the past, we have moved positions into and out of New York, where we are headquartered, and we'll continue to evaluate it as an option based on our changing business needs," Romero-Apsilos said. "The Amherst site continues to be a strategic one for Citi. We continue to explore ways to leverage and grow the site further."

Sen. Charles E. Schumer, D-NY, said Thursday that new Citigroup CEO Michael Corbat reiterated his commitment to the operation and pledged to add the jobs during a personal meeting that focused on the bank's desire to expand its Western New York operation. That complex had previously been located on Ridge Lea Road in Amherst before the current site opened in 2006.

"I'm pleased to announce that Amherst can bank on 175 new Citi jobs to fill in Amherst," Schumer said in a statement. "Citi has more than doubled their workforce in Western New York's CrossPoint Business Park facility over the past six years, and after meeting with Mr. Corbat, I'm hopeful for even further growth down the road, in addition to these 175 new jobs."

Citi has operated in Western New York since 1976, when it started its local business with 10 employees.

The bank had 21 retail branches in Buffalo and Rochester but sold them to M&T Bank in April 2006. It also had three Smith Barney offices and 15 CitiFinancial consumer lending offices in the area, but the brokerage business was merged with Morgan Stanley in 2009 in a joint venture, and Morgan Stanley is now buying out the rest of Citi's remaining 35 percent stake. CitiFinancial was renamed OneMain Financial and is part of the operations the bank plans to wind down or sell.

That leaves it with just the Amherst facility, one of the hubs for Citi's global corporate and investment bank.

The operation, which consists of two buildings totaling about 300,000 square feet, includes employees working in 25 departments, on a 24-hour schedule, handling more than $1.4 trillion a day in U.S. funds transfers for Citi. It's directly linked to similar operations in Singapore and Dublin.

Functions include financial control and analysis, capital markets and private client services, fixed-income capital markets analytics, credit and capital markets risk management and the Commercial Business Group.

"We are proud to further extend our long-standing commitment to the State of New York," said William Mills, Citi's CEO for North America. "Citi believes that the cost-effective location and highly educated workforce in Amherst offers a terrific environment in which to grow our business."

Besides Citigroup, CrossPoint is also home to major operations for Bank of America Corp., insurer GEICO Corp. and collections and call-center company NCO Group, as well as The Chapel.

The 200-acre office complex, with access from both Millersport Highway and North French Road, is owned by Uniland Development Co.


Source: (c)2013 The Buffalo News (Buffalo, N.Y.) Distributed by MCT Information Services

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