March 21. 2011 11:37AM M&T Bank CEO: U.S. financial system still unstable By Tim Stuhldreher Despite the passage of financial reform legislation, the U.S. has failed to curb the systemic risks that led to the crisis of 2008, and may be headed for fresh crises as a result, M&T Bank Corp.'s chairman and CEO warned.
Wall Street's “outsized compensation system” and reliance on trading for quick profits has distorted the country's banking system, Robert Wilmers wrote in his annual message to M&T's shareholders.
Those factors, plus the failure of government regulatory schemes to distinguish between Wall Street's “virtual casino” and normal banking, significantly hamper the economy, Wilmers wrote.
“Left on its current course, financial ‘reform' may do little to prevent or stem a future crisis,” he wrote.
M&T has more than 720 branches in the mid-Atlantic and Canada, including 67 in the midstate, according to the Federal Deposit Insurance Corp. Its shares trade on the New York Stock Exchange under the ticker symbol MTB.
Later this year, it will complete its acquisition of Delaware's Wilmington Trust Corp., which offers banking services in the mid-Atlantic and investment services in 90 countries.
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