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Bank’s business leaders survey shows positive outlook for 25
SYRACUSE — Business leaders — including those in Central New York — are feeling a lot more optimistic heading in 2025 than they have in years, according to JPMorganChase’s 2025 Business Leaders Outlook survey. More than half of New York state business leaders are feeling confident in the national economy as fears of an impending […]
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SYRACUSE — Business leaders — including those in Central New York — are feeling a lot more optimistic heading in 2025 than they have in years, according to JPMorganChase’s 2025 Business Leaders Outlook survey.
More than half of New York state business leaders are feeling confident in the national economy as fears of an impending recession subsided, the survey showed. Those feelings carry over into Central New York, John Huhtala, market executive for middle-market banking and specialized industries at JPMorgan Chase in Syracuse, says.
While less than half of businesses surveyed feel as confident in their local/regional economy, New York state business leaders are still feeling pretty bullish about the coming year, Huhtala notes. “It just continues to gain steam as far as the momentum and the optimism.”
Indeed, optimism levels are at a five-year high and rival pre-COVID levels, Huhtala adds.
According to the survey, 69 percent of small businesses and 71 percent of midsize businesses either don’t expect a recession this year or are uncertain about one, while 55 percent of small-business owners and 65 percent of midsize-business leaders are confident in the national economy.
In New York, 60 percent of business leaders are optimistic about the national economy and 44 percent are optimistic about the local economy. However, that pessimism doesn’t extend to their specific industry or their own business. The survey showed that 60 percent of New York business leaders are confident in their industry’s performance, and 74 percent are confident in their company’s performance.
Across New York state, 78 percent of survey respondents expect sales/revenue increases this year, 67 percent expect higher profits, and 49 percent expect to increase staffing.
“It’s all the great things we have going on in the local economy,” that bolster confidence, Huhtala says.
That doesn’t mean there still aren’t concerns. Inflation remains a top concern, even with reductions in the interest rate in 2024.
Just over 80 percent of New York businesses are worried about rising costs, 27 percent are concerned with international tariffs, and 37 percent are stressing about uncertain economic conditions.
About 40 percent of small businesses and 46 percent of midsize businesses say labor shortages, retention, and recruitment remain a challenge, including in Central New York.
“I do feel like there is definite concern on labor and talent,” Huhtala says. The area is fortunate with many community partners and resources at work to build worker pipelines in growing employment areas like advanced manufacturing.
“We do need more housing; that’s for sure,” Huhtala adds.
Overall, business leaders have their eye on growth strategies whether through entering new markets or via mergers and acquisitions, he notes.
More than half of small businesses plan to increase spending while 64 percent expect to invest more to support sales by adding products, funding more advertising, and increasing social-media campaigns, among other strategies.
Midsize businesses are also looking to grow, with 51 percent planning to increase employment and 38 percent forecasting higher capital expenditures.
That increased capital spending is likely a result of the lower interest rates, Huhtala explains. While more rate cuts are needed, a more favorable borrowing market may have companies pulling the trigger on capital projects this year, he says.
“We have certainly navigated through these challenging times to land where we have,” Huhtala says. “It’s exciting for the region, it’s exciting for the country.”
The full-survey findings are available at: www.jpmorgan.com/insights/outlook/business-leaders-outlook/2025-us-business-leaders-outlook.
JPMorganChase (NYSE: JPM) conducted the survey online from Nov. 11-15, 2024, for small businesses — defined in the survey as those firms generating annual revenue between $100,000 and $20 million — and from Nov. 12 to Dec. 4 for midsize businesses — defined as those with annual revenue between $20 million and $500 million. A total of 2,644 business owners and leaders participated in the survey.
Adirondack Bank blog offers tips on outsmarting phishing scams
UTICA, N.Y. — In its Jan. 28 website blog, Adirondack Bank tackles a subject affecting many financial-services clients and consumers: phishing. Most people are familiar
AmeriCU Credit Union launches charitable foundation
ROME — AmeriCU Credit Union has formed AmeriCU Charitable Foundation, effective on Jan. 1, to support community-driven programs and work to improve the quality of life across its service areas. The foundation will also strengthen the credit union’s impact on the communities it serves and create lasting positive change, AmeriCU contends. “Our communities are the
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ROME — AmeriCU Credit Union has formed AmeriCU Charitable Foundation, effective on Jan. 1, to support community-driven programs and work to improve the quality of life across its service areas.
The foundation will also strengthen the credit union’s impact on the communities it serves and create lasting positive change, AmeriCU contends.
“Our communities are the heart of everything we do, and the formation of this foundation allows us to make an even greater impact,” AmeriCU Charitable Foundation Board President Karen LaPlante said in a release announcing the news. “This initiative is more than just a way to give back. It’s about showing our commitment to providing resources and creating opportunities that uplift and empower those who need it most.”
The foundation will focus on four key areas of impact — supporting active-duty military and veterans, advancing economic development, prom oting educational literacy, and enhancing social programs and services.
In 2024, AmeriCU employees contributed more than 1,900 volunteer hours, and the credit union donated more than $900,000 to local organizations and initiatives.
With the foundation, AmeriCU hopes to build on that legacy by deepening partnerships and expanding the scope of its support to address community needs.
Headquartered in Rome, AmeriCU serves more than 167,000 members in 24 counties. It operates 20 branch locations and has $2.7 billion in assets.
Klein starts as KeyBank’s retail leader for CNY market
SYRACUSE — A veteran of the banking industry is now KeyBank’s (NYSE: KEY) retail leader for its Central New York market. Based in Syracuse, Ronald Klein, Jr. will lead sales, service, and talent-development efforts at all of KeyBank’s branches in the Central New York region, the bank said. Klein will also work with KeyBank’s line
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SYRACUSE — A veteran of the banking industry is now KeyBank’s (NYSE: KEY) retail leader for its Central New York market.
Based in Syracuse, Ronald Klein, Jr. will lead sales, service, and talent-development efforts at all of KeyBank’s branches in the Central New York region, the bank said. Klein will also work with KeyBank’s line of business leaders in the market to support business development and growth.
It is a new position at the bank, a KeyBank spokesperson tells CNYBJ in an email. Klein reports to Stephen Fournier, president of the Central New York market and regional retail leader, the bank added.
Klein joined KeyBank in 2018 as an area retail leader (ARL) and was promoted to senior ARL in 2021. He has 34 years of banking experience — 14 in retail and 20 in consumer lending and mortgage.
During his time at KeyBank, Klein has mentored several ARLs across its footprint and has developed and promoted nine branch managers to different lines of business.
Prior to joining Key, Klein held leadership roles with HSBC, First Niagara Bank, Citi, Berkshire Bank, and Citizens Bank. He also works with students in the Martin J. Whitman School of Management at Syracuse University and mentors student-athletes.
Cleveland, Ohio–based KeyBank operates branch locations throughout Central and Upstate New York. It is ranked No. 2 in deposit market share in the 16-county CNY area.
ACMG Federal Credit Union rebranding to Salt City FCU
SOLVAY — ACMG Federal Credit Union on Jan. 22 announced it is rebranding and moving forward as Salt City Federal Credit Union (Salt City FCU). “Our new name honors Syracuse’s industrious past, the economic and natural resilience of our region and celebrates the growth, success and staying power of the credit union,” Bill Lester, chair
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SOLVAY — ACMG Federal Credit Union on Jan. 22 announced it is rebranding and moving forward as Salt City Federal Credit Union (Salt City FCU).
“Our new name honors Syracuse’s industrious past, the economic and natural resilience of our region and celebrates the growth, success and staying power of the credit union,” Bill Lester, chair of the Salt City FCU board of directors, contended in the announcement. “The name also pays tribute to generations of strong leadership and loyal members who define who we are today.”
Salt mining near Onondaga Lake “sparked the region’s industrial prowess” at the turn of the 20th century, and how Syracuse got its nickname, per the credit union’s announcement. The salt was mined near where the credit union was founded in 1953 by a handful of Solvay Process employees with 28 members and $124 on deposit.
“In our 70-plus years, we have never wavered from our core mission of improving financial lives. Our commitment to personalized service is something only a truly local financial institution can provide, and we’re proud of that,” Salt City’s CEO Brian May noted in the announcement. “We’re large enough to deliver all the services members need and small enough to care.”
The credit union’s leaders emphasized this is simply a name change and not the result of a merger or partnership with another financial institution.
“We wanted a new name and image that is more familiar and approachable for current and prospective members. We think we accomplished that,” May said in the announcement.
Salt City FCU is headquartered at 1753 Milton Ave. in Solvay, and it operates a branch at 4800 S. Salina St. in Syracuse’s Valley section. The credit union has 24 employees between both locations, says May, who spoke with CNYBJ in a Jan. 28 phone interview.
He also says Salt City FCU used its own financial resources to work on the rebranding process.
Along with the new name, a logo has been developed featuring an eagle soaring over Onondaga Lake. It’s a metaphor for the resilience of the credit union and the region, as Onondaga Lake is making a historic come back and the eagle population is growing, Salt City FCU noted.
Besides the name change and rebrand, Salt City FCU is also in the middle of a full renovation of its Solvay headquarters, which is expected to be completed this spring.
“We started in mid-September, and we anticipated being done [in] mid-April,” says May.
JW Construction Services, Inc. of DeWitt is the general contractor on the project. May also noted the credit union is working with Milwaukee, Wisconsin–based LaMacchia Group, a design-build firm that services credit unions and banks, on the effort.
May declined to provide a specific project-cost figure, but he described it as a “significant investment.”
Genius NY accepts applications for 2025 program through late May
SYRACUSE — Those interested in participating in this year’s 9th round of the Genius NY program have until late May to submit an application for consideration to be involved in the yearlong competition. Genius NY — operated by CenterState CEO in Syracuse — is described as the world’s largest business accelerator focused on uncrewed aerial
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SYRACUSE — Those interested in participating in this year’s 9th round of the Genius NY program have until late May to submit an application for consideration to be involved in the yearlong competition.
Genius NY — operated by CenterState CEO in Syracuse — is described as the world’s largest business accelerator focused on uncrewed aerial systems (UAS), Empire State Development (ESD) announced Jan. 9.
Genius NY stands for Growing ENtrepreneurs & Innovators in UpState New York.
Interested tech startups focused on uncrewed aerial systems, automation, and advanced air mobility (AAM) can apply at geniusny.com/applynow through May 28. Subsets may include precision and remote sensing, smart city applications, data collection and analytics, guidance or communication systems, and sensors, among other technological categories.
Genius NY participants are required to operate their business in Central New York for at least one year. The program is funded through the CNY Rising Upstate Revitalization Initiative (URI), the region’s strategic plan to generate economic growth and community development.
The in-residence accelerator will invest more than $3 million in five finalist companies, including a $1 million grand prize awarded at a pitch finals event.
OPINION: State budget proposal has some good ideas but spending is too high
Gov. Kathy Hochul’s state-budget presentation included a number of Assembly Minority Conference ideas, but at its core, the plan still fails to properly prioritize policies that will truly make New York State more affordable. The reality of the $252 billion spending plan is that it seeks to continue New York’s tradition of “get money, spend
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Gov. Kathy Hochul’s state-budget presentation included a number of Assembly Minority Conference ideas, but at its core, the plan still fails to properly prioritize policies that will truly make New York State more affordable.
The reality of the $252 billion spending plan is that it seeks to continue New York’s tradition of “get money, spend money.” The final figure will likely be even higher. In fact, once legislative Democrats weigh in on the budget, we expect the enacted spending plan to exceed the governor’s proposal.
On the positive side, the executive budget rightfully proposes to cut taxes for the middle class, maintains our $21 billion reserve funding, and adds to our future reserves, which will help New York navigate uncertain economic conditions. No additional spending on illegal migrants is included in this budget proposal — something nearly every New Yorker could get behind as our sanctuary status has become one of the most dangerous and costly self-inflicted nightmares in recent memory.
Thanks to higher-than-expected tax receipts and current spending costs coming in under budget, we have a two-year, $5.3 billion surplus. Considering this, it is extremely disappointing that leaders of the Democratic [legislative] conferences have inexplicably hinted at increasing taxes. This makes little sense at a time when unaffordability and high prices continue to be a drag on families across the state. The last thing New Yorkers need is a tax hike, and there is certainly no reason for it under these conditions. The responsible thing would be to use the surplus to bring down out-year deficits that under the governor’s proposal have ballooned to $27.3 billion over the next three years.
Further, the governor’s budget includes enormous sums of money for green-energy initiatives that have immense initial costs and little economic benefit on paper. It is beyond irresponsible to allocate billions upon billions of dollars without conducting a full financial-impact analysis. The Climate Leadership and Community Protection Act, which is driving the governor’s green-energy machinations, didn’t include such an analysis when passed in 2019.
For these reasons, the Assembly Minority Conference has called for a statutory cap on our state spending. Most households and businesses are forced to spend within their means, so why shouldn’t New York state? Our conference believes a fiscally sound budget should emphasize holding the line on spending, investing in economic drivers like infrastructure, keeping taxes as low as possible and eliminating outstanding debt.
The Assembly Minority Conference firmly supports a budget that prioritizes spending in areas with tangible economic benefits. Our roads and bridges are the lifeblood of our state’s economy. Investing in our children is a must. I also recently signed onto a letter calling for an additional $450 million in capital support for the critically important, job-creating Upstate University Hospital. Every economic decision we make should be made with purpose, and it’s hard to believe that will be the case with a financial plan including more than $10 billion in new spending. The governor has talked a big game about “affordability,” but we are never going to spend our way into a lower cost of living. Our conference will continue to fight for a responsible, effective budget as we get closer to a vote on the massive spending proposal; unfortunately, we have a long road ahead of us to get there.
William (Will) A. Barclay, 55, Republican, is the New York Assembly minority leader and represents the 120th New York Assembly District, which encompasses all of Oswego County, as well as parts of Jefferson and Cayuga counties.
OPINION: Three Ways Business Leaders Can Combat Fraud in 2025
The new year is a good opportunity for business leaders to make commitments to positively impact their organizations in the year ahead. Wondering where to start? Consider fraud prevention. Last year saw an explosion of fraud — with organizations sustaining total losses of more than $3.1 billion, according to the Association of Certified Fraud Examiners
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The new year is a good opportunity for business leaders to make commitments to positively impact their organizations in the year ahead.
Wondering where to start? Consider fraud prevention.
Last year saw an explosion of fraud — with organizations sustaining total losses of more than $3.1 billion, according to the Association of Certified Fraud Examiners (ACFE) 2024 Occupational Fraud Report. Between the change in administrations, the rise of cybercrime, and the increased adoption of AI, 2025 is sure to be another eventful year in the security space as well.
Below are three “resolutions” leaders can make in 2025 to help prevent organizational fraud.
Setting the correct “tone at the top” of an organization is foundational to building an ethical organization and preventing fraud. When management lacks honesty and integrity, employees are likely to follow suit, increasing the risk of fraud. However, when executives lead with honesty and integrity, it sets a behavioral standard for the entire organization. Furthermore, a culture of integrity also enhances trust among employees, clients, and stakeholders, creating long-term value for the company.
A strong anti-fraud policy sets a tone of zero tolerance, which will be essential to mitigating fraud. According to the ACFE 2024 Fraud Report, the presence of anti-fraud controls is associated with lower fraud losses and quicker fraud detection. Furthermore, ACFE reported that providing anti-fraud training for employees cut fraud losses in half.
Developing a formal anti-fraud policy, implementing anti-fraud training, and conducting formal risk assessments are all recommended to keep pace with new risks. However, for organizations that may lack the necessary resources, hosting confidential fraud hotlines and/or web reporting methods is a great first step to combatting fraud.
Nearly 50 percent of fraud is detected by tips, more than half of which come directly from employees. Having a medium for employees to submit anonymous tips, whether through a website or phone hotline, is crucial to mitigating fraud and a great way to capitalize on the top way that fraud is detected.
When leaders do what they say they’re going to do, and encourage others to do the same, even when it’s hard, they set the tone for accountability. Encouraging employees to hold themselves and each other accountable creates a sense of shared responsibility, making it harder for fraudulent behavior to go unnoticed. Unfortunately, as teams expand and shift to remote work, maintaining oversight and fostering accountability becomes more challenging. Therefore, establishing internal controls is a necessity.
A good internal-control system should have two different types of control activities — preventive and detective. Simply establishing these internal-control systems isn’t enough, however. Organizations should conduct periodic assessments of internal controls to identify areas that require improvement or adjustments.
The bottom line is that organizational-fraud prevention starts with leadership. If executives are unwilling to invest in necessary anti-fraud controls at even the smallest levels, they create a culture that invites fraud, waste, and abuse. Business leaders must take the initiative to implement strong anti-fraud policies, set ethical standards, and foster a culture of accountability. These efforts will not only protect the organization from financial losses, but also promote a sustainable, fraud-resistant workplace. By making these “resolutions” part of their ongoing business strategy, leaders can build an organization that is resilient to fraud and poised for long-term success.
Karen Skuse is a partner in the advisory & consulting group of the Bonadio Group. She is responsible for growing the firm’s fraud and forensic services and solutions practice.
VIEWPOINT: Coaching is Key to a Successful Consulting Practice & More
If you have, or are seriously thinking about, starting your own consulting business, the most important piece of advice I can offer you is one that was given to me. That little gem was: “Think about what you’ve really enjoyed doing in your career, what got your juices flowing, and do that; focus on that
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If you have, or are seriously thinking about, starting your own consulting business, the most important piece of advice I can offer you is one that was given to me. That little gem was: “Think about what you’ve really enjoyed doing in your career, what got your juices flowing, and do that; focus on that in your business.”
When I found myself downsized out of an executive position at the age of 58, not ready to retire but wanting a change, I thought about my desire at different times over the years to start my own consulting business. I started the process by reaching out to a few colleagues who had already made this same transition successfully. One of the colleagues provided that golden nugget of advice. I then took the time to do just that, think about when I was happiest during my career — what really got my juices flowing, intellectually and emotionally. I came up with two key things. First, the engineer in me loved to solve problems. Second, I really enjoyed helping others in their development journey. Those two joys form the heart of the services I provide in my consulting practice.
How does all of this relate to coaching? Through my experience in coaching, it has become obvious to me that coaching someone in a one-on-one situation, using dynamic questioning and other proven techniques, may be the best and most rewarding experience of helping someone else solve their problems.
As a member of the Trusted Advisors Network, which has been in the consulting business for more than 30 years and has over 250 affiliates across the U.S., I utilize the Trusted Advisors Coaching Model. The focus of this model is entirely on the clients, on their experiences and needs. The “juice” (for the coach) comes from being a guide for clients as they progress on their development journey. To help clients in reaching new levels of awareness and understanding, as they uncover their blind spots and are energized into right action that drives to the right results, is an incredible experience. It’s exhilarating and humbling. The “juice” for the clients comes from attaining these new levels of awareness and understanding that not only drive them to right actions and right results, but also can transform the way they approach problems going forward.
What value does a coach bring to clients in a one-on-one coaching relationship? The coach’s role is to guide clients in their journey of growth and discovery. We do this by being authentic, creating a safe space for them to expand, and empowering them. By listening deeply and using dynamic inquiry to unlock their power, through “co-creation,” the coach and client are able to achieve more significant results together than either could achieve alone. This ultimately creates transformational change for the clients — transforming the way they solve problems.
I also previously noted that through the coaching process, the coach helps clients reach new levels of understanding and awareness as they uncover blind spots and are energized into right action that drives right results. What is right action? The TA Coaching Model defines right action as “when the right people are doing the right things in the right way at the right time for the right reasons to achieve the right results.” The five desired outcomes of this coaching model (for clients) are awareness, purpose, well-being, competence, and results.
It’s easy to see the value for clients in this type of relationship with a coach. As clients begin to experience these transformative benefits from coaching they want more and are motivated to continue. They can also become the coach’s best marketing through testimonials and references. In this manner, a coach can build a solid book of regular, ongoing coaching clients in their practice. These relationships are mutually beneficial. The clients are continuing to grow as they reach new levels of awareness, and further developing as they progress on their journey. The coach experiences a deep sense of fulfillment from being a part of this process with clients as they are able to simultaneously build a dependable revenue stream through this growing coaching practice.
The client in this case is a good friend of mine. We’ve known each other most of our lives. He’s the senior operations executive at a sizeable distribution company on the west coast. I never intended to “sell him” or even saw him as a potential client. We were just having a conversation a few years ago as I was starting my business. I was fired up, excited about what I was doing. He quickly began to share some things that were going on in his business. As the conversation continued, we both began to realize that I might be able to help him.
The first steps we took were to set up a weekly call for us to talk and establish a customized leadership-development program to develop his next generation of leaders (future branch managers). I initially offered him the weekly calls for free (not something I would recommend as a standard course). After two of our calls, he insisted that I charge him for the consultations — he was getting too much out of them. These weekly calls have continued for three years now. Many times on these calls, I have witnessed my friend (client) having “Aha.” moments. He will excitedly land on a new understanding of a situation, seeing it from an entirely different angle than he had before. Some of the results he’s achieved include streamlined processes in his purchasing department while reorganizing it and creating a culture that will attract and retain talent; restructuring the organization of the branches, while developing regional managers who can take on more decision-making responsibility; and replacing the GM and sales managers in one of the firm’s key territories.
I want to stress that my friend did these things. I got “the top spinning” for him — by asking questions (utilizing dynamic inquiry). I asked questions such as: what’s most important to you and your business right now?; what would success look like?; and if there were no constraints, what would you do? And I asked follow-up questions, like why is that important?; what’s holding you back from doing that?; and, tell me more about that.
For my friend he’s been able to realize results that he’s been after for years. For me as his coach, being a part of this creative process and watching him achieve ever-deeper levels of understanding has been incredibly rewarding and has created a strong core client for my business.
Mark A. O’Donnell is founder and owner of Operations Excellence, LLC, a consulting firm that helps small- to mid-sized businesses and organizations with anything from boosting productivity to planning leadership transitions. He is a certified business coach.
Hochul proposes free tuition at community colleges for adult learners to expand workforce
ONONDAGA, N.Y. — Gov. Kathy Hochul on Wednesday unveiled her plan to offer free community college tuition to adult learners ages 25 to 55 in
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