Post by Logan on Feb 10, 2016 1:08:20 GMT -6
As job losses loom, Kearns wants governor to consider First Niagara clawbacks
With job cuts expected, Assemblyman Michael P. Kearns wants Gov. Andrew M. Cuomo to consider clawing back tax incentives given to First Niagara Financial Group.
In a letter to the governor, the Buffalo Democrat highlighted the Excelsior program tax credits awarded to First Niagara in 2011, which were tied to job creation and investment pledged by the bank.
Kearns said the proposed acquisition of First Niagara by KeyCorp could bring sweeping job cuts to the region, while top First Niagara executives are poised for millions of dollars in payouts. KeyCorp aims to complete its acquisition in the third quarter, but has not specified its plans for Western New York job cuts.
“In the interest of economic growth and stability in Western New York, what are your plans to ensure New York State Excelsior investments and economic growth are not destroyed at the hand of a crippling bank merger?” Kearns wrote to Cuomo. The letter was co-signed by Joseph A. Kelemen, executive director of the Western New York Law Center.
Read more: www.buffalonews.com/business/as-job-losses-loom-kearns-wants-governor-to-consider-first-niagara-clawbacks-20160209
With job cuts expected, Assemblyman Michael P. Kearns wants Gov. Andrew M. Cuomo to consider clawing back tax incentives given to First Niagara Financial Group.
In a letter to the governor, the Buffalo Democrat highlighted the Excelsior program tax credits awarded to First Niagara in 2011, which were tied to job creation and investment pledged by the bank.
Kearns said the proposed acquisition of First Niagara by KeyCorp could bring sweeping job cuts to the region, while top First Niagara executives are poised for millions of dollars in payouts. KeyCorp aims to complete its acquisition in the third quarter, but has not specified its plans for Western New York job cuts.
“In the interest of economic growth and stability in Western New York, what are your plans to ensure New York State Excelsior investments and economic growth are not destroyed at the hand of a crippling bank merger?” Kearns wrote to Cuomo. The letter was co-signed by Joseph A. Kelemen, executive director of the Western New York Law Center.
Read more: www.buffalonews.com/business/as-job-losses-loom-kearns-wants-governor-to-consider-first-niagara-clawbacks-20160209