M&T Bank's top executive says he sees the social contract binding communities together as "broken" in the aftermath of George Floyd's death. And he says it is time for M&T and other corporations to make more of a difference in diversity and social justice.
Rene F. Jones, the chairman and CEO of M&T Bank, shared his views in recent interviews with Barron's and CNBC, and in a statement posted prominently on M&T's website.
In more than two years running the bank, Jones has not often spoken out on social and community issues. He is not regarded as an attention-seeking CEO. But away from the limelight, he has identified workforce diversity one of his priorities.
Jones' recent public comments are also of a more personal nature, and illustrate the different perspective he brings to banking compared to many executives. Jones' father was an African-American sergeant who met his future wife while going through Belgium during World War II.
As head of a Buffalo-based private sector powerhouse of jobs, investment and community influence, Jones' priorities resonate. He has been with M&T since 1992, and was named chairman and CEO in late 2017 after the death of Robert G. Wilmers.
Barron's spoke with four CEOs, including Jones, for their thoughts on systemic racism and social justice following the death of Floyd at the hands of police in Minneapolis, and what role corporate leaders ought to play.
Jones told Barron's he saw a "lack of compassion" surrounding Floyd's death, from how the other police officers present did not intervene, to the delay in filing criminal charges, to the corporations that remained silent afterward.
"If you’re sitting there with your deep experiences that you’ve had as a person of color, that could be one of the most scary things ever; the social contract that binds us together as a community has broken," he said in the Barron's interview.
M&T is taking steps to diversify its pool of job candidates, Jones said.
"It’s really, really clear that—as we look into our own communities—there’s an ample supply of under-recognized individuals who have capabilities to engage," he said. "That’s a place really where all corporations could make a big difference."
Jones cited the example of the "tech academy" M&T is using to develop new hires for its tech hub, which is under construction inside Seneca One tower. "Rather than just getting people from colleges or other cities, we’re looking into our own communities for people who have the aptitude, who we can train," he said.
Jones said M&T has worked to improve its connections with minorities, from creating a minority-owned small business group in Maryland, to hiring Korean-speaking tellers in Howard County, Md.
He also said M&T looked into why a predominantly African-American community in Buffalo wasn't using the bank's services.
"We did surveys—[the community said M&T] is wonderful, such a good corporate citizen," he told Barron's. "But we didn’t offer what they needed. So we asked the deep questions, and changed."
Jones told Barron's that M&T has increased its African-American staff by shifting its college recruiting to principally minority colleges across the nation.
And last Friday, M&T closed its branches early to recognize Juneteenth, which marks the end of slavery in the United States.
Jones expanded on his views about the social contract during an interview with CNBC.
"What's happening in these events is, we're breaking down the social fabric that sort of binds our communities together, and essentially that social fabric is what you need to be healthy," he said.
Jones also offered personal reflections in his statement on M&T's website. He talked about the "tragic events" in Minneapolis that "left so many of us feeling frustrated and vulnerable."
"I’m frustrated because this incident is part of a pattern that traces back centuries—for as long as our country has existed, people have been marginalized because of the color of their skin," Jones said. "There are, unfortunately, countless incidents of injustice that have occurred across our own footprint that provide evidence of a troubling trend. What’s happening in Minneapolis now only opens wounds."
M&T embraces diversity and believes in "the power of inclusion," Jones said.
"We believe that social justice isn’t the responsibility of any one person or company—it’s a goal for the world and we’re on a journey to make sure we do our part to celebrate all of the people that make up our communities," he said.
"I’m not here to suggest we have all of the answers, but I do want to say that we’re committed to leading peaceful and positive change across all of the different types of communities we serve," Jones said.
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June 22, 2020 at 04:00PM
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M&T's Jones brings personal perspective to push for diversity, social justice - Buffalo News
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