One of M&T’s top executives to leave unexpectedly
In a brief public filing, the Buffalo, New York-based company said that King’s last day at
“Darren has decided after 24 years to leave the company for personal reasons,” said Frank Lentini, senior communications director, in an email to American Banker. “We appreciate the contributions that Darren has made across the organization during this time.”
For the last year, King has served as senior executive vice president at the $211.5 billion-asset bank, leading a suite of businesses that include retail and business banking, mortgage lending and consumer lending. Previously, King had been on a similar career trajectory to that of now-CEO René Jones.
In 2016, King took the chief financial officer baton from Jones, who was tapped at the time to oversee
The unexpected departure, which came with little fanfare, is the latest in a series of switch-ups and retirements at
The normal retirement age listed in
Last week, Citi analyst Keith Horowitz said in a research note that he was bullish on
Even as the threat of commercial real estate losses keeps analysts and investors up at night, Horowitz said that Bojdak assuaged his concerns about
“We feel very good we’re going to work through those issues,” Bible said during an April conference call with analysts. “We definitely feel CRE is very manageable.”
Horowitz also noted that Bible has pointed to four key priorities at the bank: resiliency; improving key functions, building out the bank’s in New England and Long Island; and optimizing expenses and growing revenue.
Speaking to the parts of the bank that King currently oversees, Bible told Horowitz that retail consumer deposits were the bank’s “bread and butter,” with an average tenure of 16 years. The CFO added that
In 2023, the bank’s retail business, which includes consumer and business banking, accounted for more than half of
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