New York Governor Andrew Cuomo said he’s fighting a proposed merger of Key Bank with first Niagara Bank. He said it would limit choice for New York consumers and could possibly violate antitrust laws
Cuomo has written a letter to the Federal Reserve Board, saying the merger of the two banks raises “significant anti-trust concerns,” and would have a “devastating impact” on the retail banking industry and consumer access to banking services in Upstate New York. Speaking near Buffalo in Dunkirk, Cuomo offered a politically progressive–style argument against the merger, saying hundreds of average jobs could be lost, while the top people in the corporation get “rich.”
“I’m not about Key Bank making a big profit,” Cuomo said. “Corporations have been doing very well at the expense of the working man, and I’m tired of it.”
The governor said the merger would result in a monopoly of just two major banks in some portions of the state.
