Schumer: I Will Watch This Situation Like A Hawk & Continue to Do Whatever I Can To Protect WNY Jobs

Statement

Following the news that the Board of KeyCorp has approved plans to acquire the Buffalo-based First Niagara Financial Group, U.S. Senator Charles E. Schumer today urged the company to ensure that the jobs in Western New York are protected. Schumer said that while KeyBank has been a part of the Buffalo community for years, given the significant overlap in the footprints' of the two banks, this $4.1 billion takeover could mean job losses across Western New York and negatively impact employees and the regional economy. As a result, Schumer called KeyCorp CEO Beth Mooney and urged her and the company to protect these good-paying jobs and to play a positive role in Buffalo's revitalization.

"I spoke directly with KeyCorp CEO Beth Mooney, and made it very clear to her that my first priority is protecting the more than 3,100 Western New York jobs that First Niagara and KeyCorp provide. The significant overlap between these banks makes the prospect of this deal extremely troubling, but I told her that these important jobs in Buffalo and across Upstate New York must be secured for the long-term before I could support any potential deal," said Schumer. "These jobs are vital to the local community and regional economy, and the employees at First Niagara have been a key driver in the company's success over the years -- so they should continue to remain a critical part of KeyCorp if this merger goes through."

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