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KeyCorp reports Q1 net income of more than $400 million
KeyCorp (NYSE: KEY) reported net income of $402 million, or 38 cents per share, during the first quarter of 2018. The figures were up sharply from $296 million, or 27 cents, in the same period in 2017, KeyCorp recently reported. Key’s results in the first quarter of 2017 included merger-related charges, resulting in an impact […]
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KeyCorp (NYSE: KEY) reported net income of $402 million, or 38 cents per share, during the first quarter of 2018. The figures were up sharply from $296 million, or 27 cents, in the same period in 2017, KeyCorp recently reported.
Key’s results in the first quarter of 2017 included merger-related charges, resulting in an impact of 5 cents per share.
Cleveland, Ohio–based KeyCorp is the parent company of KeyBank, which has a significant presence in Central and Upstate New York, that was further expanded with its 2016 acquisition of Buffalo–based First Niagara Financial Group.
The year’s first quarter was a “good start” to the year, with “continuing momentum” in Key’s core businesses, as it “grew and expanded” relationships with targeted clients, Beth Mooney, chairman and CEO of KeyCorp, said in the banking company’s earnings report.
“Revenue increased over 3 percent from the same period last year, driven by a higher net interest income, solid loan growth and stronger fee income. The growth in average loans this quarter was broad-based and primarily in commercial and industrial balances, which were up in excess of 3 percent linked quarter, as we continue to grow and expand our middle-market relationships,” said Mooney.
She also noted that Key’s fee-based businesses “continue to demonstrate” their ability to offer a “full range” of products to its clients. They include off-balance sheet financing alternatives that helped “drive” Key’s investment banking and debt-placement business to a “record” first-quarter level.
Balance sheet
Average loans were $86.9 billion for the first quarter of 2018, an increase of $794 million compared to the first quarter of 2017, “reflecting broad-based growth” in commercial and industrial loans with middle-market clients, as well as “strength” in auto lending, as the banking company “expands into existing geographies and dealer relationships.”
In addition, reductions in commercial real-estate loans over the past year “reflect significantly higher” debt placements and pay downs.
Average deposits totaled $102.6 billion for the first quarter of 2018, an increase of $478 million compared to the year-ago quarter. Certificates of deposits and other time deposits increased $1.5 billion.
KeyCorp is “one of the nation’s largest” bank-based, financial-services companies, with assets of about $137 billion as of March 31.
Key provides deposit, lending, cash management, insurance, and investment services in 15 states through a network of about 1,200 KeyBank branches and more than 1,500 ATMs.
KeyCorp’s roots trace back 190 years to Albany, New York. Its KeyBank unit today ranks second in deposit market share in the 16-county Central New York area.
4 Ways Workers Benefit From Shared Innovative Office Space
The shared office space concept has risen steadily in popularity over the past decade, and by 2020 more than 26,000 co-working spaces will be in use globally, according to Small Business Labs, which tracks trends in small businesses. Those co-use office locations will be the work base for 3.8 million people — more than double
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The shared office space concept has risen steadily in popularity over the past decade, and by 2020 more than 26,000 co-working spaces will be in use globally, according to Small Business Labs, which tracks trends in small businesses.
Those co-use office locations will be the work base for 3.8 million people — more than double the number in 2017.
The rapid growth of shared office space has sparked an evolution in how buildings, work environments, and special features are tailored to this relatively new category of worker.
Shared office space can make a real difference in your career, giving you space, information, culture, and connection. People can find both the business and human empowerment they need through welcoming and functional workspaces with multiple resources. Collaborative spaces attract innovative and creative people looking for a unique environment.
Here are four benefits businesses and their workers seek in collaborative spaces.
Cost efficiency
Buying or leasing a full or traditional office is often far more expensive than a shared office space. Monthly membership fees for shared spaces can be relatively low compared to the cost of a typical office, including furniture and other office necessities.
Flexibility
An environment that provides enough space for both concentrating on work as well as socializing reflects a kind of “freedom” to which workers of all ages aspire. Spaces that break down the barrier between free time and work time provide comfort, balance, positive energy, and inspiration.
Connection
A shared office space opens a path to meeting new people in the professional world and networking. Many such buildings are designed with an openness, which provides an inviting atmosphere. Usually, a good number of people occupy a shared office space, and the demographics can change frequently as people come and go. Adults tend to frequent the same places every day, namely the traditional office set-up. The result is a form of isolation — from community, information, and trends. A shared space community creates awareness through exposure to new connections and perspectives that benefit you and your world.
Empowerment
A shared office often offers extras in terms of professional, cultural, and personal activities or classes. Being part of a varied community that proposes interesting activities means members will be exposed to the interests of others, which along with discovering similarities, becomes an enriching experience. You can gain significant personal improvement from expanding the normal office environment.
Shared office space is a more sophisticated vision of collaboration and networking. You can find the ideal place to do good work, and there’s help in numerous ways to grow professionally and personally.
April Zimmerman Katz is owner and president of The Zimmerman Companies, a property management company in Columbus, Ohio, and co-founder of Versa LLC (www.versa.works), a provider of shared innovative work space.
And in this Corner We Have a Typhoon
Muhammad Ali and President Donald Trump belong in the same ring. Along with Hylton. Hylton and I worked side-by-side, when we were in our 20s in New Zealand. He was an exceptionally effective executive. More than that, he was a force. As natural and as powerful a force as a typhoon. He both drew and
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Muhammad Ali and President Donald Trump belong in the same ring. Along with Hylton.
Hylton and I worked side-by-side, when we were in our 20s in New Zealand. He was an exceptionally effective executive. More than that, he was a force. As natural and as powerful a force as a typhoon. He both drew and repelled people. He caught the attention of everyone within shouting distance. One way or the other, Hylton got to them. Or got them to come to him.
I witnessed Hylton’s power in our company. Then on his own and later, in our industry. Over the years, he extended that power to the country. And finally to the region, when he moved to Australia. He utterly dominated his profession in that region. Countless people made it their business to keep up-to-date with what he was doing and thinking. They still do now, as Hylton eases into retirement.
To me, he and fellow typhoon Muhammad Ali were spawned by the same weather system. Of course, Ali impacted the world. He bragged, taunted, boasted, and punctured the pompous. He poked one finger in the eye of convention and another in that of the U.S. government.
Ah, but he performed, didn’t he? Ali confounded his critics. He floated like a butterfly around lead-footed heavies. He stung, not like a bee, but a jack-hammer.
Millions despised his very name. They lusted for Ali’s comeuppance. Yearned to see him decked in the third round. They scorned his arrogance. They added obscenities to the end of his declaration: “I am the greatest!”
Other millions celebrated his bluster. They loved Ali’s every move, in and out of the ring.
My point is that Ali drew the intense attention of many millions of people. He somehow inspired them to declare themselves. From Namibia to Peoria, people felt compelled to proclaim they were for or against his antics. Winning this notoriety and devotion was not an easy task for Ali. A mere handful of mortals have achieved the same.
Donald Trump is one of the handful. He sucks fans and enemies into his sphere of influence — from most every patch of the planet — to love or hate him. As if one extreme of his gives birth to an opposite extreme of dislike.
The news media loves the audience he delivers to them. Programs and journals that never touched politics now blather on and on about the man. The New York Times hates that most of the books on its best-seller lists are about Trump. They love that half the headlines on their front pages are about him. History textbook writers are already bashing him.
Weather guys finger Trump for the drought. Commuters in traffic jams curse him as the cause. Shanghai factory workers, the Pope, Tibetan nomads, and sheiks complain about the man.
Millions more adore the guy. And millions cannot bear him, but love his policies.
My point is that Trump is a phenomenon. He is that rarest of blends of arrogance, supreme confidence, cleverness, moxie, crudeness, audacity, irreverence, and influence. Ah, but he performs. He accomplishes things — things that some cherish and some despise.
Trump entices millions of people to follow his every move and comment. He inspires polarization that has wreaked havoc in countless families and friendships. He causes more froth from Hollywood mouths than anything any of us can recall. Many people check on what the hell Trump has been up to on Twitter before they seek breakfast.
Scorn for Trump is the number one topic on campuses, while admiration is rampant among the country’s “deplorables.” Often silent or whispered.
In the last two years, Donald Trump has probably caused more fist-fights than have insults from the end of the bar.
All of this fascinates me. I am delighted to have lived long enough to witness such a phenomenon, such a human whirlwind. If my grandchildren listened to me any more than yours do you, I would urge them to pay attention. Love him or hate him, the world sees such a force about as often as Haley’s Comet.
I am confident in predicting they will not see such a political force again in their lifetimes. I know that half of our readers mutter “Amen to that.” While the other half sing his praises.
I wonder what Hylton feels.
From Tom…as in Morgan.
Tom Morgan writes about political, financial, and other subjects from his home near Oneonta. You can write to Tom at tomasinmorgan@yahoo.com. Read more of his writing at tomasinmorgan.com
Gov. Cuomo’s Pedestal For Criminals Is Offensive
Gov. Andrew Cuomo has a lot of bad habits — ignoring New York’s unbearable taxes, governing with historic levels of secrecy, and chasing headlines at the expense of residents are but a few. However, treating convicted felons better than hard-working, law-abiding citizens may be the most offensive. His most recent stunt, unilaterally deciding parolees should
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Gov. Andrew Cuomo has a lot of bad habits — ignoring New York’s unbearable taxes, governing with historic levels of secrecy, and chasing headlines at the expense of residents are but a few. However, treating convicted felons better than hard-working, law-abiding citizens may be the most offensive. His most recent stunt, unilaterally deciding parolees should have the right to vote, fits a disturbing pattern of prioritizing hardened criminals and exhibiting a gross lack of judgement.
The governor has done his best to facilitate a pro-criminal mentality in New York State. He has made public pushes for free college tuition and new computer tablets for inmates. The State Parole Board, the majority of whose members are appointed by Cuomo, recently voted to allow a cop-killer to walk free. In 2016, the governor inexplicably commuted the sentence of domestic terrorist Judith Clark, despite her role in a heist that left three dead.
On April 18, Cuomo announced an executive order to restore the voting rights of parolees. His desperate attempt to pander to his progressive base is transparent, and quite frankly, irresponsible. Executive orders have no place being used as partisan weapons. Sadly, that’s exactly what Cuomo is using them for as he faces a formidable primary challenger in Cynthia Nixon and growing pressure from left-wing voters.
The process is the problem
The New York Legislature placed these voting restrictions on parolees for a reason. Murderers, rapists, violent abusers, and drug pushers all made a choice to break the law. They gave up certain rights when they disregarded the rights of their victims. They should pay their debt to society in full before voting rights are restored.
It’s painfully obvious Gov. Cuomo hastily generated a policy to pander to voters. Governing through executive order and by press release is weak. It completely disregards public input and review. It sends a bad message to both the legislature and residents of the state who expect rigorous vetting and debate for important policies.
Parolees, who often are restricted in one way or another upon release from prison, must show they are ready to fully reintegrate into society. According to the Department of Corrections and Community Supervision, the recidivism rate for violent felony offenders within three years of being released from prison is 46 percent. There are, for good reason, serious concerns about the judgement of those reintegrating.
Several states prohibit felons from voting forever. New York already offers felons a chance to participate in elections once the full term of their sentence has been completed, but Gov. Cuomo took it upon himself to erode electoral law for personal gain. His pattern of placing criminals on a pedestal for political purposes is bad for New Yorkers, bad for public safety, bad for democracy, and unbecoming of his office.
Brian M. Kolb (R,I,C–Canandaigua), a former small-business owner, is the New York Assembly Minority Leader and represents the 131st Assembly District, which encompasses all of Ontario County and parts of Seneca County. Contact him at kolbb@nyassembly.gov
Eric Mower + Associates (EMA) recently promoted several employees in its Syracuse office. JENNIFER KEEM was promoted to senior project supervisor. She joined EMA in 2011. Keem has managed complex campaigns in both legacy and digital formats for clients, large and small, including FirstEnergy, WestRock, and Carestream Dental. JOHN LACEY was promoted to director
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Eric Mower + Associates (EMA) recently promoted several employees in its Syracuse office. JENNIFER KEEM was promoted to senior project supervisor. She joined EMA in 2011. Keem has managed complex campaigns in both legacy and digital formats for clients, large and small, including FirstEnergy, WestRock, and Carestream Dental.
JOHN LACEY was promoted to director of public affairs. He joined EMA in 2006 and has experience with both nonprofit and profit sectors. At EMA, Lacey has worked with NextEra Energy Resources, Honeywell International, and the American Civic Association, among others. Prior to joining EMA, he was the communications director for Americans for Gun Safety.
DIANA COMERFORD was promoted to VP of project management. She joined EMA in 2007 and was previously director of project management. Comerford will continue to supervise project managers across five of EMA’s branches. Internally, she serves on the agency’s leadership committee.
MARGIE FREER was promoted to talent-acquisition manager. She joined the firm in 2014 with more than 10 years of recruitment experience. Prior to EMA, Freer worked for local companies, including SRC, Inc. and Welch Allyn. Most recently, Freer was in the role of an HR generalist, but will now focus on all aspects of talent acquisition.
BRUCE WODKA was promoted to manager of information services. He has been with EMA since 2003 as an IT administrator, after working at AppliedTheory. Wodka has helped update EMA’s technology to cloud-based systems and multi-office connections.
JARED KERSCHNER was promoted to web-development supervisor. He joined EMA in 2012 after working as a web developer at 2ndNature. Kerschner provides strategic planning and web development, and also helps to manage the agency’s internal website and application needs.
MIKE WHEELER was promoted to VP, design director. He joined EMA in 2008 as a part of the combination with Mark Russell & Associates, where he had worked as the director of design since 2004.
MARLENE RIZZO recently joined SWBR’s Syracuse office as an administrative assistant. She brings more than 14 years of specialized administrative support experience, most recently with Aspen Dental Management and Port & Company CPAs. Rizzo received a certification in human resources from Bryant & Stratton College and an associate degree in business administration from Onondaga Community
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MARLENE RIZZO recently joined SWBR’s Syracuse office as an administrative assistant. She brings more than 14 years of specialized administrative support experience, most recently with Aspen Dental Management and Port & Company CPAs. Rizzo received a certification in human resources from Bryant & Stratton College and an associate degree in business administration from Onondaga Community College.
Bartell Machinery Systems, LLC announced that DEAN LELAND has joined the company as an electrical programming engineer. Prior to joining Bartell Machinery, he worked at International Wire Group as an electrical engineer. Leland obtained his associate degree from Butte College and has more than 26 years of electrical experience.
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Bartell Machinery Systems, LLC announced that DEAN LELAND has joined the company as an electrical programming engineer. Prior to joining Bartell Machinery, he worked at International Wire Group as an electrical engineer. Leland obtained his associate degree from Butte College and has more than 26 years of electrical experience.
Prudent Engineering has hired FREDERICK BURGWARDT and CHRISTOPHER LAMA as senior project engineers. The firm has also hired CHRISTIAN WESSELS in the marketing department as assistant proposal writer. Burgwardt joins the firm’s design department. He spent the majority of his career working for the New York State Department of Transportation, most recently as the bridge
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Prudent Engineering has hired FREDERICK BURGWARDT and CHRISTOPHER LAMA as senior project engineers. The firm has also hired CHRISTIAN WESSELS in the marketing department as assistant proposal writer.
Burgwardt joins the firm’s design department. He spent the majority of his career working for the New York State Department of Transportation, most recently as the bridge design squad leader. Burgwardt earned his bachelor’s degree in civil and environmental engineering from Clarkson University.
Lama most recently worked for Wendel Companies in Western New York as senior transportation engineer. He joins the firm’s design department. Lama’s background in highway engineering will provide experience in the design and management of highway and interdisciplinary design projects. He earned his bachelor’s degree in civil-engineering technology from SUNYIT in Utica.
Wessels recently completed his master’s degree in creative writing from Boston University.
ANGELA NASWORTHY has joined Carthage Area Hospital’s Carthage Behavioral Health team as a general therapist. Before joining Carthage Behavioral Health, she worked as a senior prevention educator and employee-assistance counselor at Pivot Prevention & Health Services, Watertown, from 2011 until last month. Nasworthy graduated from Keuka College with a bachelor’s degree in social work. In
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ANGELA NASWORTHY has joined Carthage Area Hospital’s Carthage Behavioral Health team as a general therapist. Before joining Carthage Behavioral Health, she worked as a senior prevention educator and employee-assistance counselor at Pivot Prevention & Health Services, Watertown, from 2011 until last month. Nasworthy graduated from Keuka College with a bachelor’s degree in social work. In 2017, she completed the Greater Rochester collaborative master of social work program and is also a certified alcohol substance-abuse counselor in training.
NBT Insurance Agency has promoted several employees. Employees who received promotions in the CNY region include: JOY INTHANONGSAK (Vestal) promoted from commercial lines customer-service representative to executive commercial lines customer-service representative; AUTUMNE PIKE (Sherburne) promoted from personal lines customer-service representative to executive personal lines customer-service rep; BETSY COOK (Syracuse) promoted from commercial lines executive customer-service
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NBT Insurance Agency has promoted several employees. Employees who received promotions in the CNY region include: JOY INTHANONGSAK (Vestal) promoted from commercial lines customer-service representative to executive commercial lines customer-service representative; AUTUMNE PIKE (Sherburne) promoted from personal lines customer-service representative to executive personal lines customer-service rep; BETSY COOK (Syracuse) promoted from commercial lines executive customer-service representative to commercial lines manager; DANIELLE DUFOUR (Norwich) promoted from policy records and resources team lead to agency automation administrator; LEAH FOWLER (Norwich) promoted from training specialist to senior training specialist; LEXI WILCOX (Norwich) promoted from marketing coordinator to communications & marketing manager.
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.