M&T's CFO sees signs of strength in economy

The economy is showing positive signs entering the new year, despite pressure from factors like tariffs, said Daryl Bible, M&T Bank's chief financial officer.

Daryl Bible (copy)

Daryl Bible, M&T Bank's chief financial officer, said he sees signs of strength in the economy.

"Employment is still softening to some extent, but it's not in arrears, it's not going negative," Bible said Friday, as the bank – one of the Buffalo Niagara region's biggest employers – released its fourth-quarter earnings. "It's just not growing as fast.

"But there's a lot of momentum," he said. "The stock market is a real positive that usually leads to what the economy is going to do for the next six months out," he said. "Right now, you have a strong stock market, so at least for the six months out, you probably believe the economy's going to do relatively well, from that perspective."

Among consumers, the economic growth is being experienced unevenly.

"If you are somebody that is a low-wage earner, not invested in the market, a renter, those people are the ones really struggling," he said. "If you're the people invested in the market, you own a home and all that stuff, and you're appreciating – it's like the haves and the have-nots, is really what you have going on, on the consumer side."

M&T's commercial customers are getting their heads around the impact of the tariffs, and making investment decisions accordingly, he said. For instance, businesses are spending in areas like new equipment, but not much on constructing new buildings.

Bible weighed in on some other issues in the economy:

Merger and acquisition possibilities: "M&A will come our way when it happens," he said. "We want scale and density in the markets we serve. We're in 12 states plus the District of Columbia. That's where we want to continue to get more density. We are not aware of anybody that wants to sell in those markets. We will continue to reach and out have good relationships."

Federal Reserve Board independence: Some bankers have spoken out about the need for the Federal Reserve to maintain its independence, after the U.S. Department of Justice opened an investigation into Fed chairman Jerome Powell's testimony to Congress.

"The Fed independence is really important, I think, long term," Bible said. "You don't want to have the political waves going back and forth, judging what monetary policy's going to be."

"The president has the right to put people on (the Fed board) and over time he'll get some people on there, and they need to make independent decisions about what's best for the economy," he said.

M&T in the fourth quarter reported net income of $759 million, up 11% from a year ago. The bank reported record-high net income of $2.85 billion for 2025, up 10% from 2024.

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