Stay updated with breaking news from Brian rhonemus. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Bank officials touched on Key's cost-cutting efforts during first-quarter earnings but declined to specify what those look like, beyond general terms. According to a headhunting firm, however, many regional banks are feeling overstaffed and considering workforce reductions to trim costs in a more challenging economy.
Banks face challenges to workforce culture, productivity amid restraints of the pandemic Getty Images/iStockphoto During a recent Zoom meeting with directors, Cortland Bank's typically vocal board kept uncommonly quiet. Bank president and CEO James Gasior reached out to members individually afterward to get feedback on some issues he was surprised they didn't comment on. Some were simply uncomfortable talking in the video chat and clammed up. "It's just different today with virtual meetings, not being in front of somebody," Gasior said. "There's something about being in a conference room or board room, sitting across the table where you can read the body language."