Image: Michael Chu
URGING PATIENCE: "No one… would call these the best of times for the banking industry," CEO Robert Wilmers told investors a day after M&T reported a 16% drop in quarterly earnings driven by higher regulatory costs.

M&T's Wilmers Defends Hudson City Deal at Investor Meeting

Robert Wilmers, chairman and CEO of M&T Bank, told shareholders at its annual meeting that times are tough for banking and that the continued delay of its Hudson City deal, and associated high costs, are disappointing. But he insisted that the deal is still worth doing.

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