First Niagara Financial Group's (FNFG) first-quarter profit fell 11.7% as job cuts and branch closures increased expenses.

Net income at the Buffalo, N.Y., company was $59.4 million, or 15 cents per share, two or cents less than the average estimate of analysts polled by Bloomberg. First Niagara says its earnings per share would have been 17 cents excluding a restructuring charge.

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