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"An automated data center maintenance process ... was inadvertently triggered during business hours," a Fed spokeswoman specified Thursday. "This was human error," she told The Wall Street Journal.
"I think the vectors of success for dealing with the unbanked are going to be digital in nature," said Sultan Meghji, who worked on an aid mission to help implement digital banking in Kenya, Tanzania and Uganda.
The transaction, expected to close in the fourth quarter, would create a bank with more than $205 billion in assets and provide an entryway for M&T into the Boston market.
The bank wants to invest an additional $6 billion over the next five years in Asia, where it derives half of its revenue and most of its profit. It also wants to shrink its office space by 40%.
Discover how financial services can move their marketing strategies forward by adopting a unified analytics framework and incorporating cultural changes in this playbook.
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