Bank merger makes Schumer leary
The acquisition of First Niagara Bank by Key Bank will be facing close scrutiny by Senator Charles Schumer. The primary issue is the potential for lost jobs. Schumer contends that the close proximity of branches between the banks will likely lead to the closure of numerous locations and a reduction in personnel. The Senator is threatening to contest the merger if it means too many lost jobs.
KeyCorp officials state details of the merger are still being determined.