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Cuomo against KeyCorp, First Niagara merger

Feb 11, 2016 6:30 am

Larry Rulison is reporting at The Buzz Gov. Andrew Cuomo is opposing KeyCorp.’s $4.1 billion acquisition of First Niagara Financial Corp. and has lobbied federal officials to kill the deal. Cuomo is arguing the deal would have an adverse impact on the retail banking market in the Buffalo area because it would consolidate one-third of all deposits in that region into the hands of just one bank. Cuomo also noted the merger would result in the loss of thousands of jobs at the corporate and branch levels alike. In the letter dated Wed., Feb. 10, Cuomo wrote there was "little hope these individuals will find alternative work in the retail banking field due to the oversaturated market conditions." The governor also said consumers in Buffalo already lack access to reliable bank deposit services and the consolidation would only make that problem worse. First Niagara's stock price dropped following word of Cuomo's letter. Read the full story at The Buzz, a Times Union blog.

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