Big cutback at New York Fed

The New York Fed's Buffalo regional office has announced that it will cut 60 of its 130 jobs in a nationwide restructuring of its retail securities business, officials said on Thursday 18 December.

Seven facilities that currently handle those transactions, including Buffalo, will be consolidated down to two locations in Pittsburgh and Minneapolis.

"They're moving their retail security business to an increasingly electronic environment," said Barbara Walter, manager of the Buffalo office. "We