Writer: Esteban Pages
2 min read May 2023 — M&As, future-proofing and competition over talent have been key trends that Greater Boston’s banking and finance industry is grappling with. In the wake of the uncertainty caused by recent bank failures, the financial sector finds itself at an inflection point as new opportunities and challenges emerge. In Greater Boston, hear how these regional leaders are navigating the market.
Scott Baldinelli, Executive Vice President, Head of New England Commercial Banking, Santander
Are there any highlights that stand out to you from the past year given the shift in the market?
The unemployment rate remains at historic lows, competition for talent has been fierce across sectors and employers must be creative to retain talent and grow their teams. Significant highlights for me therefore relate to staffing. Institutionally, we look internally first when recruiting talent for new roles. Nearly 50% of our job openings are filled from the current employee base. Our new Head of Middle Market Direct Banking was recently a Relationship Manager covering our Connecticut Market and it has been great to see that team develop so quickly. The same is true of our analyst classes hired during the height of pandemic who are now progressing in their careers. We have also had success hiring externally in an extremely competitive market; I was proud to announce the additions of Pamela Kuong, formerly with Bank of America and Greg Guinee, who joined us from Wells Fargo, to the New England Commercial Banking team in 2022.
Ann Meade Regional President Webster Bank
How would you describe the current state of the economy in the Greater Boston region?
The Boston area, in general, follows the country’s economy. However, historically we have been more recession-resistant than most areas thanks in large part to the concentration of higher education throughout the region with a large number of colleges and universities, as well as the presence of world-class healthcare, biotech, and high-tech. The challenges that currently exist nationwide include rising inflation and interest rates, which has significantly impacted residential and commercial real estate. Additionally, labor shortages continue to be a challenge in this area. Companies are competing for skilled workers, and are dealing with hiring and retention issues across all businesses. Over the last year, most businesses have experienced wage growth in a high turnover environment, as well as changing demographics around workplace preferences and flexibility.
For 2022, the Webster Bank and Sterling National Bank merger was a significant highlight, bringing together two high-performing banks which not only enhanced our scale, but also provided important loan growth potential. The merger also created a best-in-class deposit franchise and reinforces our commitment to community development and good corporate citizenship. At the same time, it furnishes us with a wider range of services and products, allowing us to better serve clients of any size. As one of the top 40 largest banks in the country, we have become an even more meaningful and impactful player in the market.
Joseph Campanelli, President, CEO Needham Bank
How is Needham Bank preparing for 2023 and beyond?
We’ve spent the past several years creating a future-ready enterprise that can provide all of the products and services typically found at a much larger institution with a level of service that reflects our commitment to our customers and communities. This includes fully diversifying our loan portfolio to include structured finance solutions for larger corporate entities, middle market and small business loans and lines of credit, and residential mortgage and consumer loan financing, in addition to offering commercial real estate loans, which is a mainstay at Needham Bank. We’ve also introduced a comprehensive suite of cash management products and services for our business customers and offer best-in-class deposit products and top-rated online and mobile services for consumers. As a result, we’ve grown exponentially with more businesses and consumers making the choice to bank with a local, responsive partner that’s committed to helping them build for their futures.
For more information, please visit:
https://www.santanderbank.com/
