BUFFALO, N.Y. - M&T Bank Corporation (NYSE:MTB) today announced the appointment of Krista Phillips as the company's first Chief Customer Officer. Phillips will be responsible for leading M&T's customer experience, marketing, and analytics teams, with the goal of delivering consistent and enhanced customer experiences across the bank's various channels.
Phillips' appointment is part of M&T Bank's strategy to adapt to the changing landscape of the financial services industry, where customer expectations and technological advancements are rapidly evolving. As Chief Customer Officer, she will utilize data and analytics to address a wide range of customer needs and ensure the bank's brand is delivered effectively throughout M&T's network.
Chris Kay, M&T's Head of Enterprise Platforms, emphasized the significance of the appointment, stating, "Krista's extensive experience in marketing, brand management, and customer-centric strategies will be invaluable as we continue to evolve our capabilities and drive our organization to the next level."
Phillips has over 25 years of experience in the financial services sector. Before joining M&T Bank, she was the Executive Vice President at Wells Fargo (NYSE:WFC), where she led consumer credit cards and enterprise marketing. Her previous roles have included Managing Director at Citi, where she was responsible for brand management, advertising, and insights for the Global Consumer Bank, among other senior positions.
"I am thrilled to join M&T Bank and take on the role of Chief Customer Officer," said Phillips. "This position aligns with my passion for enhancing customer experiences and leveraging data-driven insights to meet our customers' needs."
Phillips will report directly to Chris Kay and will be based in Wilmington, DE. She has also joined M&T Bank's Executive Leadership Team, which plays a crucial role in guiding the bank's strategic direction.
M&T Bank, headquartered in Buffalo, New York, operates a network of branches and ATMs across the eastern United States, providing a range of banking products and services. The information for this article is based on a press release statement.
In other recent news, M&T Bank has been the subject of several analyst adjustments and financial developments. Baird maintained an Outperform rating on M&T Bank, increasing its price target to $220 due to an upbeat outlook. This positive sentiment was echoed by Piper Sandler, which also retained an Overweight rating and raised its price target to $243, based on improved macroeconomic conditions and higher loan growth expectations.
However, not all analysts are optimistic. JPMorgan (NYSE:JPM) downgraded M&T Bank to Neutral despite raising its price target to $223.50, citing concerns about the bank's exposure to office commercial real estate and lower loan loss reserves. Citi also downgraded the bank's stock to Neutral, albeit increasing its price target to $230, suggesting a limited upside potential.
DA Davidson and RBC Capital Markets both adjusted their price targets for M&T Bank, with the former raising it to $207 and maintaining a Neutral stance, while the latter lifted its target to $208 and maintained an Outperform rating.
These adjustments follow M&T Bank's recent financial performance, which included a 10% increase in Q3 net income to $721 million and a rise in diluted GAAP earnings per share to $4.02. Looking ahead, M&T Bank projects a fourth-quarter taxable equivalent net interest income of at least $1.73 billion, with loan growth reaching approximately $136 billion, and total deposits expected to reach at least $160 billion. These recent developments provide a snapshot of the current financial landscape for M&T Bank.
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