HSBC Mortgage is closing its wholesale and corresponding lending division, slashing 225 jobs the Buffalo News reports. The bank will re-focus on lending directly to consumers instead of through brokers.

The job cuts represent 20% of 1,100 HSBC employees in Depew, NY. Approximately 100 employees spread across the nation, who act as wholesalers or correspondent representatives in other markets, will also lose their jobs.

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