When Alan Buffington arrived at Shawmut National Corp. in 1993, the bank was still feeling the ill effects of the recession that gripped New England in the late 1980s.

With a host of financial troubles, including a bad loan portfolio of more than $1 billion, the bank was looking to keep spending in check in nearly every area - including Mr. Buffington's technology operation.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.