SYRACUSE, N.Y. -- The Bank of New York will invest $18.6 million to expand its operations here, creating at least 350 new jobs, Gov. George Pataki and bank officials announced Wednesday.
The expansion could eventually produce as many as 800 new jobs, said Donald R. Monks, senior executive vice president of The Bank of New York, the nation's oldest bank.
The bank currently employs about 440 people at a back-office operations center in DeWitt, a Syracuse suburb.
The bank has agreed to initially spend $2.7 million to lease a former downtown department store for three years. Renovations should be completed and the building ready for occupancy by September, Monks said.
The bank will begin hiring new employees in the interim. They will work at the DeWitt operation until the downtown facility is ready, he said.
Pataki said The Bank of New York had reviewed its entire global operations to find the right location for its expansion and its selection of Syracuse "speaks volumes about the dramatic changes we have made to transform New York's economy."
The bank will be eligible for up to $1.3 million in job grants in return for its commitment to New York, Pataki said.
The Bank of New York opened its office in DeWitt in April 2002, starting with 70 employees. The office handles corporate trust services and technology-related resource management operations.
Founded in 1784, The Bank of New York is a major provider of securities servicing for issuers, investors and financial intermediaries, providing services in more than 100 markets worldwide.
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