Fifth Third just announced they are purchasing Comerica to form the 9th largest US lender. The current administration is going to be a lot more open to consolidation. M&T is no longer be able to compete with the larger institutions, especially with their reliance on commercial real estate. Despite huge investments in technology, it's obvious that M&T can't keep up (as evidenced by the failed People's United conversion and an antiquated web banking platform). These layoffs could be an effort to make the company a more appealing target.
There are no replies in this thread yet. Be the first to post a reply below: