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NEW YORK CITY-Shortly after HSBC Bank USA announced the sale of 195 of its retail branches in New York and Connecticut to First Niagara Bank, N.A. late Sunday, London-based HSBC Holdings plc, the parent company of the HSBC Group, will reduce 25,000 jobs worldwide by 2013, on top of 5,000 positions already on the chopping block, an HSBC spokesman confirms. The financial strategy, unveiled by the global bank on Aug. 1, was prompted to improve cost efficiencies, reduce operating expenses and target growth in selected markets.

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