First Niagara in N.Y. to Cut 200 Jobs

First Niagara Financial Group in Buffalo, N.Y., is planning to cut up to 200 jobs.

The layoffs will take place across the $38 billion-asset bank's four-state service area in New York, Pennsylvania, Massachusetts and Connecticut, a spokesman for the bank confirmed.

"The actions we are taking will impact fewer than 3% of the positions across all of our geographies," First Niagara said in an email, adding the cuts include management-level positions.

First Niagara posted a $665 million loss in the third quarter, on what it estimated at the time was an $800 million goodwill impairment charge.

The bank increased that charge by $300 million a month later, to $1.1 billion, citing the combined effects of its declining stock price and macroeconomic factors, such as low interest rates.

First Niagara also recently announced plans to close 19 branches, as part of a larger effort to invest in digital banking services.

Despite the planned job cuts, First Niagara is "actively recruiting" for more than 200 open positions across the country, the bank said.

First Niagara has 428 branches in the Northeast, according to the Federal Deposit Insurance Corp.