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Northrop Grumman wins nearly $120M U.S. Navy contract, with most work to be done in Syracuse
SYRACUSE — Northrop Grumman Systems Corp. has been awarded a $119.6 million long-term, requirements contract for the repair of 17 weapon replaceable assemblies and shop replaceable assemblies in support of the E-2 aircraft. Much of the work will be done in Central New York. This is a 19-month contract with no option periods, and work […]
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SYRACUSE — Northrop Grumman Systems Corp. has been awarded a $119.6 million long-term, requirements contract for the repair of 17 weapon replaceable assemblies and shop replaceable assemblies in support of the E-2 aircraft. Much of the work will be done in Central New York.
This is a 19-month contract with no option periods, and work will be completed by December 2025. Work will be performed in Syracuse (88 percent); Duluth, Georgia (4 percent); Woodland Hills, California (4 percent); Burnsville, Minnesota (2 percent); and Ronkonkoma, New York (2 percent), according to a June 3 contract announcement from the U.S. Department of Defense.
No funds will be obligated at the time of award and funds will not expire at the end of the current fiscal year. Appropriate fiscal year working-capital funds (Navy) will be used as delivery orders are issued, per the contract announcement.
Naval Supply Systems Command Weapon Systems Support in Philadelphia, Pennsylvania is the contracting authority.
KeyBank rolls out KeyVAM for treasury-management clients
Uses Qolo’s technology platform KeyBank (NYSE: KEY) is now offering KeyVAM, which it describes as a virtual account-management product for treasury-management clients who have “complex” demand deposit account (DDA) structures and want to streamline their cash-flow and account structure. Cleveland, Ohio–based KeyBank is the No. 2 bank ranked by deposit market
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KeyBank (NYSE: KEY) is now offering KeyVAM, which it describes as a virtual account-management product for treasury-management clients who have “complex” demand deposit account (DDA) structures and want to streamline their cash-flow and account structure.
Cleveland, Ohio–based KeyBank is the No. 2 bank ranked by deposit market share in the 16-county Central New York area. It operates branches across the region and upstate New York.
KeyVAM is a technology-enabled, cash-management product supported by Qolo, providing clients with the ability to manage multiple clients or cost centers with custom virtual-account structures; automated reporting and reconciliation; an intuitive user interface; and “fast, easy API [application program interfaces] integration,” per the May 7 announcement.
With Qolo’s omnichannel payments platform, businesses can instantly open or close new subaccounts using self-service tools, KeyBank said. The collaboration with Qolo represents is designed to make cash management easier for treasurers across the U.S., “solving their complex payments and financing needs.”
Virtual accounts are linked to an existing commercial bank DDA on KeyNavigator, KeyBank’s online commercial-banking system. KeyVAM allows incoming or outgoing payments to be reflected in real-time, to maintain a virtual sub-ledger that provides a “continuously updated” transaction and balance history to deliver transparency into company-wide cash flows.
These accounts have an account number accessible on external payment networks, are self-serviced and managed, and can be established to reflect a client’s business needs or ideal liquidity structure with complete flexibility.
KeyVAM also provides the ability to process real-time payments (RTP) in and out of the sub ledgers, in addition to wire and ACH (automated clearing house) transactions.
“In today’s fast-paced digital business environment, clients appreciate real-time information and the flexibility to reflect account structures without having to open a multitude of physical accounts with multiple banks,” Jon Briggs, head of KeyBank Commercial Product, said in the bank’s announcement. “With KeyVAM, we can provide crucial straight-through processing for reconciliation or to help segregate transactions across multiple business units or entities.”
“We’re excited to power KeyVAM through our advanced card and payments capabilities combined with our bank-grade ledger,” Patricia Montesi, CEO of Qolo, added in the KeyBank announcement. “This collaboration with KeyBank marks a giant leap forward in making next-generation financial technology available to businesses of all sizes and in any market.”
KeyBank says KeyVAM offers several benefits. They include real-time reconciliation within a flexible virtual account structure, bringing speed and clarity to cash management while keeping up with evolving regulatory needs. They also include improved efficiency streamlining cash management to help avoid unwanted bank fees and additional overhead.
In addition, the benefits include customized reporting with transaction and reconciliation data for each virtual sub account, while the client’s total funds settle in one physical DDA account; and easy integration with a suite of flexible APIs designed to work with the client’s existing infrastructure, KeyBank said.
Nottingham Trust advisor talks interest rates, inflation
Interest rates and inflation have been on the minds of almost everyone, whether you’re a business owner or a consumer at the grocery store trying to feed your family. According to one expert, there may be some relief in sight soon. The period of the past several years has truly been a unique experience, says
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Interest rates and inflation have been on the minds of almost everyone, whether you’re a business owner or a consumer at the grocery store trying to feed your family. According to one expert, there may be some relief in sight soon.
The period of the past several years has truly been a unique experience, says Karissa McDonough, senior VP, fixed-income strategist with Nottingham Trust, a division of Community Bank, N.A.
“You had an economy that essentially came to a screeching halt,” she says regarding the economic shock of the pandemic era. It was uncharted water for the Federal Reserve, which was, by default, the only player left in the game for a time.
Armed with lessons learned during the 2008 financial crisis, the Fed took steps to promote quantitative easing. In simple terms, it means putting more dollars into the system to spur people to spend and invest it.
At the same time, the Federal Reserve dropped the federal funds rate — the interest rate that banks charge each other to borrow or lend excess reserves overnight — to practically zero and had to leave the rate low as it waited for consumer confidence and spending to return, McDonough says.
Then as consumers started to spend on goods, the economy rebounded and supply chain issues cropped up, which helped cause prices to jump.
“Inflation started to just take off,” she says.
The Federal Reserve responded by raising interest rates in a series of 11 rate hikes over a period of about a year and a half (2022-2023). That brought rates to 20-year highs and started concerns about a recession.
For businesses, both inflation and high interest rates have caused concerns, making it more expensive to operate and attract customers. Everyday consumers have seen the crunch at the grocery store and most places they shop as prices rose to match the rising cost of doing business.
Those concerns were heavy at the end of 2023, especially because this was such a novel situation, McDonough says.
So, how does this end?
Typically, an economic cycle ends because of a big macro event, but in this situation, the cycle started because of a macro event — the pandemic.
McDonough is less worried today about a recession than she was six months ago. “Now I’m sort of thinking it goes one of two ways,” she says.
The first is a “soft landing” of sorts where inflation settles somewhere around the “norm” of 2 percent allowing the Federal Reserve to incrementally lower interest rates until things balance out.
The second possibility is continuing small pockets of volatility, especially in areas where private credit options are in play.
Another concern going forward is the vast amount of commercial real estate as offices sit empty while people continue to work remotely even after the pandemic, McDonough says.
For investors, some volatility remains, and she cautions against making rash moves. Now is a good time to reassess your portfolio and make sure it’s well balanced.
“Treasuries are super attractive right now,” she notes of investment options. Treasury bonds are currently paying rates of 4.5 percent to 5 percent, she says.
Government-backed mortgages are another attractive investment option at the moment for those considering portfolio changes.
Going forward, McDonough says the expectation is that the Federal Reserve will make at least one if not two rate cuts before the end of this year.
“I believe the federal policy is working,” she says regarding the Fed trying to create a soft landing.
Nottingham Trust and Community Bank, N.A. are business lines of Community Financial System, Inc. (NYSE: CBU), a DeWitt–based banking and financial-services company. The company also operates Benefit Plans Administrative Services, Inc., a benefit-administration firm, and OneGroup NY, Inc., an insurance subsidiary.
Tompkins Financial Advisors grows through relationships
ITHACA, N.Y. — It’s been a tricky time for wealth management since the global COVID pandemic, but Tompkins Financial Advisors, the wealth-management firm of Tompkins Financial Corp., isn’t slowing down. “This is where the rubber meets the road,” says Jennifer Green, senior VP and managing director of Tompkins Financial Advisors’ Central New York region. “We’ve
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ITHACA, N.Y. — It’s been a tricky time for wealth management since the global COVID pandemic, but Tompkins Financial Advisors, the wealth-management firm of Tompkins Financial Corp., isn’t slowing down.
“This is where the rubber meets the road,” says Jennifer Green, senior VP and managing director of Tompkins Financial Advisors’ Central New York region. “We’ve certainly experienced volatile markets the past several years.”
That makes it more important than ever for advisors at Tompkins to reach out and connect with their clients, she adds, and it’s something the company has been focused on of late.
Forging those types of connections and relationships with clients is the hallmark of what sets Tompkins apart from competitors, Green contends, and she believes it is a big reason the firm is adding new clients all the time.
“Probably 40 percent of our new assets under management revenue is coming from existing client referrals,” she says. That includes an increase in generational planning, planning with multiple generations of the same family, which has seen a significant uptick over the past year and a half.
Another 20 percent to 30 percent comes from referrals from strategic partners such as estate-planning attorneys or accountants, Green says.
Those referrals really drive home the trust that developing relationships brings, she notes. A number of advisors have been with Tompkins for 10-15 years, or even longer, allowing them time to really cultivate those relationships.
One of Tompkins Financial Advisors’ newest advisors may be new to the wealth-management side of the business but isn’t new to the company.
At the beginning of this year, Thomas Cannon left his position as branch manager of the plaza branch of Tompkins Community Bank, the banking subsidiary of Tompkins Financial Corp. (NYSE: TMP).
Cannon started his career at Tompkins as a teller right out of college in 2018 and quickly advanced through multiple positions at the bank.
In all those roles, Cannon says he enjoyed being able to get to know and build relationships with clients. “It really felt like the next step in serving my clients,” he says of his transition to wealth advisor.
He was inspired in no small part by another Tompkins wealth advisor, William Murphy.
“I’ve been getting lunch with him ever since I was a teller,” Cannon recalls. He has always admired the relationships Murphy built with his clients and aspired to do the same.
“Trust is the foundation for any successful relationship,” he says, adding that people need to be comfortable with the person that is helping them plan their future and know that person is looking out for their best interests. “We’re talking about people being able to retire on their timeline,” and leave a legacy for their family, friends, and charity, he says.
Cannon holds a bachelor’s degree in pre-counseling from Moody Bible Institute and will receive his MBA with a concentration in finance from Post University this August. After that, he will start the 12-month to 18-month process of earning his certified financial planner (CFP) designation.
In his new role, Cannon also administers the Tompkins Charitable Gift Fund, an experience he has found rewarding. The fund provides financial awards to nonprofits in the community through both donor-advised funds and the Director’s Philanthropy Fund.
Enabling Cannon to really dive into his new role is knowing that his prior position at the plaza branch is in capable hands. Michelle Harlan, who served as an assistant branch manager and has 16 years of banking and financial experience, has filled the role.
Tompkins Financial Advisors currently employs between 20 and 25 advisors, and “we’re always growing,” Green says. The firm has between $4.5 billion and $5 billion in assets under management. It provides an array of wealth management and trust services with offices in Ithaca, Syracuse, Rochester, Buffalo, Mount Kisco in New York; and Wyomissing and Blue Bell in Pennsylvania.
VIEWPOINT: How to Navigate Recruitment & Retention Challenges
As the competitive job market proves its staying power, many industries continue to suffer from labor shortages and retention challenges. With more opportunities than ever before, the demands and expectations of the workforce are changing, forcing companies to reassess their benefit and culture offerings to remain competitive. To ensure operations are not negatively impacted by
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As the competitive job market proves its staying power, many industries continue to suffer from labor shortages and retention challenges. With more opportunities than ever before, the demands and expectations of the workforce are changing, forcing companies to reassess their benefit and culture offerings to remain competitive.
To ensure operations are not negatively impacted by these persistent issues, leaders must act now to mitigate these challenges by finding ways to effectively communicate who they are, what they believe, and what they offer as an employer.
There are four prevailing pain points in recruiting and retention today that contribute to ongoing labor-shortage challenges, with the most obvious being the state of the current job market. Businesses are finding it harder than ever to remain highly competitive in an environment where the pool of experienced, skilled laborers seeking new opportunities is getting smaller.
To make matters worse, potential hires have more options than ever before. This puts companies across industries in direct competition with each other and applies pressure for leaders and hiring managers to remain well-informed of ever-changing and sometimes “trendy” benefits and perks.
Wages, for example, are a leading driver of an employee’s decision to accept a job offer or remain at their current company. Across the board, from fast-food establishments to financial institutions, entry level wages are rising as the demand for workers increases. Leaders must remain aware of what competitors and industry peers are paying their workforce to ensure they are finding, and keeping their top talent.
Lastly, the rate of turnover continues to rise for many, as the workforce is constantly seeking opportunities for better pay, more benefits, and greater flexibility. This continues to be highly disruptive to operations and costly for employers to find and train new talent.
These challenges, unfortunately, aren’t going anywhere, so companies must seek to make systematic changes to stay ahead of the curve. Below are some recommended strategies to deploy in [the year ahead] to effectively navigate these pain points.
Communicating your expectations properly to prospective hires and current employees will build a strong foundation of transparency and trust. For starters, when seeking new talent, make sure that the job expectations you are sharing are accurate, clear, and all-encompassing. This applies to the job description, the way you define your culture, and day-to-day expectations for the role. This ensures you are hiring someone with the right skillset for the job and avoids any frustrations from employees that feel they were misled. Beyond job descriptions, these rules should apply to your marketing materials as well, from your website to your social media platforms. All these materials should paint an accurate picture of your culture and the nature of your work.
When it comes to retention, ensuring communication goes two ways is key, especially with the abundance of opportunities in the marketplace that threatens to attract your workforce to competitors on any given day. Conducting regular “stay interviews” is a great way for managers to identify and address any frustrations or desires from employees before they consider leaving. Your people should take an active role in shaping your culture to ensure that you are fostering a pleasant and positive work environment for all, and regular check-ins are invaluable in making sure your employees feel heard.
When it comes to fostering a culture that remains competitive in the marketplace, you should start by asking yourself some vital questions. Do my employees value the benefits I offer? Are we living up to the way we define our culture externally? Reflection is the first step in making pivotal changes to attract more talent and keep your current workforce happy.
This is another area where listening to feedback from your employees is crucial, especially in an environment where the needs and wants of the workforce continue to evolve. Through methods like input sessions and surveys, companies should seek to refine the employee experience in ways that meet employees’ needs, while identifying recurring language and employee desires to re-articulate their culture in job descriptions and external channels. This ensures that current employees see the change they want to see, while also improving your chances of attracting likeminded prospects.
One group that should not be overlooked in this process are your board members. Since they form the governing body that oversees the direction and performance of all areas of your organization, it only makes sense to ensure they are taking an active role in the creation and maintenance of your culture.
While the above methods are great strategies for addressing labor shortages in the long term, many companies are seeking short-term solutions to their staffing woes. That’s where automation and outsourcing come in.
Automation is a great way to address administrative tasks so that your current employees can focus on value-driven work and avoid being overwhelmed. For example, tools like chatbots can collect and organize customer or prospect information quickly, improving efficiency and streamlining operations. There is also more complex software available for functions like accounting that can improve reporting accuracy while saving companies time and money.
Outsourcing is another great opportunity to ensure you have access to professionals while avoiding the cost and disruption of turnover. Operations like auditing, human resources, and information technology are commonly outsourced to combat a lack of experienced and skilled talent.
Recruitment and retention will continue to pose challenges for leaders in the year ahead, but they are essential to successful business functions. Taking proactive measures to appeal to the right talent and maintain a content workforce will help you to combat and avoid the common pain points of the labor shortage and thrive in competitive markets.
Joanne Vadala is director of talent management at The Bonadio Group.
OPINION: We Can Do Better Fighting the Opioid Crisis
New York has made strides in combating the ongoing opioid crisis, but much work remains as we still have far too many deaths in the state. For many of us, this epidemic is personal. It could be an acquaintance, friend, or family member — the opioid crisis doesn’t discriminate. Sadly, more than 2 million Americans
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New York has made strides in combating the ongoing opioid crisis, but much work remains as we still have far too many deaths in the state. For many of us, this epidemic is personal. It could be an acquaintance, friend, or family member — the opioid crisis doesn’t discriminate. Sadly, more than 2 million Americans abuse opioids and more than 90 Americans die by opioid overdose every day. According to a recent report from the Centers for Disease Control and Prevention, New York has seen a decline in overdose deaths for the first time in years, but we lag behind neighboring states in how quickly we are mitigating them.
The good news is that, overall, New York and the rest of the nation have been able to decrease the number of opioid deaths for the first time since 2018. However, while places like New Jersey, Connecticut, and Massachusetts have been able to decrease their death rates by at least 7.5 percent in 2023, New York state has only reduced its rate by 3.5 percent. New York City lags even further with a decline of less than 1 percent.
The Assembly Minority Conference has been working hard to combat the opioid crisis. Our members have been actively engaged in their communities seeking solutions. Assemblyman Brian Maher (R,C–Walden) recently organized a “Finding Hope” roundtable discussion with peer-recovery specialists, treatment specialists, prevention specialists and individuals in recovery aimed at identifying legislative solutions. Below are some examples of measures offered by the Assembly Minority Conference.
Opioid overdose study (A.7746) — directs the commissioner of the Department of Health to conduct a study to identify, analyze, report, and medically combat new or previously unseen opioid compounds found in overdose patients;
Long-term rehabilitation alternative (A.4146) — creates a long-term rehabilitation alternative for certain opioid offenders in lieu of prison;
Allow judges more discretion to hold drug dealers (A.5992) — gives judges more discretion when issuing securing orders for a defendant after taking into account their flight risk, the seriousness of the crime, and whether they are a danger to the community. Authorizes the revocation of recognizance or bail for felony drug offenders who refuse to participate in court-ordered drug treatment or for failing to appear before court;
Create the “Death by Dealer” statute (A.7985) — establishes the crime of criminal sale of a controlled substance resulting in death, a class A-1 felony; and
Classify xylazine as Schedule I controlled substance (A.8130) — classifies xylazine as a Schedule I controlled substance and creates penalties for the criminal sale and possession of xylazine or preparations, compounds, mixtures, or substances containing the drug.
In coordination with one another, these bills would provide a powerful avenue to combat the opioid epidemic and bring New York in line with other states making better progress. Democrat strategies like safe injection sites have not moved the bar enough, and they come with inherent risks that could exacerbate the problem. We can, and must, do better.
Any progress is worth noting, but to truly protect our communities we must implement effective policies that address the root causes of substance use and abuse and approach this devastating issue in a compassionate and effective manner. I look forward to working with my colleagues in the legislature to continue to curb this deadly epidemic and give our communities the tools they need to address the mental health and substance-abuse crisis plaguing New York.
William (Will) A. Barclay, 55, Republican, is the New York Assembly minority leader and represents the 120th New York Assembly District, which encompasses all of Oswego County, as well as parts of Jefferson and Cayuga counties.
OPINION: State Attorneys General Should Sue N.Y. over Election Interference
State attorneys general have a duty to sue the city and state of New York, which rewrote federal election and state business-records law to interfere with the 2024 election, throw former President Donald Trump in jail, and disenfranchise tens of millions of Americans’ right to vote for their choice for President — all in violation
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State attorneys general have a duty to sue the city and state of New York, which rewrote federal election and state business-records law to interfere with the 2024 election, throw former President Donald Trump in jail, and disenfranchise tens of millions of Americans’ right to vote for their choice for President — all in violation of the Supremacy Clause under Article VI.
Under the doctrine of preemption, states have no power, zero, to rewrite federal election laws, let alone to enforce them. States have original jurisdiction under Article III, Sec. 2 to all “controversies between two or more states,” and attorneys general have an obligation under the federal and state constitutions to ensure that one state cannot determine the outcome of any presidential election in this manner.
This is a constitutional crisis, and one that can only be cured by the states and the Supreme Court in a timely manner.
In addition, the city and state of New York have trampled upon the constitutional rights of former President Trump, including not only unconstitutional gag orders on his First Amendment rights, but also denial of due process under both the Fifth and Fourteenth Amendments, and violations of his Sixth Amendment right to have clear charges brought before him. Since these also impact voters’ rights to hear and see both candidates in the general election, state attorneys general have a duty to preserve their franchise in the Electoral College.
Failure to act by states and the Supreme Court would incentivize and perpetuate political prosecutions of presidential and other candidates for public office, with endless reprisals and show trials — effectively destroying faith in the justice system’s impartiality, the rule of law, the Constitution, and the civil society that the vast majority of Americans depend on. If both political parties cannot agree not to prosecute political opponents, we don’t have a country.
Rick Manning is president of Americans for Limited Government. This article is drawn from a letter Manning wrote to state attorneys general, dated May 31.
CNY jobless rates rise in April compared to a year ago
Unemployment rates in the Syracuse, Utica–Rome, Watertown–Fort Drum, Binghamton, Ithaca, and Elmira regions were higher in April of this year versus the same month in 2023. The figures are part of the latest unemployment report that the New York State Department of Labor (NYSDOL) released May 21. Regional unemployment rates The jobless rate in the
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Unemployment rates in the Syracuse, Utica–Rome, Watertown–Fort Drum, Binghamton, Ithaca, and Elmira regions were higher in April of this year versus the same month in 2023.
The figures are part of the latest unemployment report that the New York State Department of Labor (NYSDOL) released May 21.
The jobless rate in the Syracuse area was 3.7 percent in April, up from 2.9 percent in April 2023.
Around the region, the Utica–Rome region’s unemployment rate rose to 4.1 percent from 3.1 percent; the Watertown–Fort Drum area’s number hit 4.8 percent, up from 3.6 percent; the Binghamton area’s rate rose to 3.8 percent from 2.9 percent; the Ithaca region saw unemployment rise to 2.9 percent from 2.2 percent; and the jobless rate in the Elmira region elevated to 3.9 percent in April from 3.2 percent in the same month a year ago.
The local-unemployment data isn’t seasonally adjusted, meaning the figures don’t reflect seasonal influences such as holiday hires. The unemployment rates are calculated following procedures prescribed by the U.S. Bureau of Labor Statistics, the state Labor Department said.
The April statewide unemployment figure of 4.2 percent was higher compared to the 3.9 percent number reported in April 2023, according to state Department of Labor.
The 4.2 percent unemployment rate was also higher than the U.S. jobless rate of 3.9 percent this April.
The federal government calculates New York’s unemployment rate partly based upon the results of a monthly telephone survey of 3,100 state households that the U.S. Bureau of Labor Statistics conducts.
UTICA, N.Y. —New York City–based VNS Health announced it has entered into an agreement with Mohawk Valley Health System (MVHS) to enroll former members of
AIS adds new business director for trusted systems unit
ROME, N.Y. — Assured Information Security (AIS) announced it has named Adam Dailey business director of trusted systems. In this position, Daily is responsible for the direction and operational effectiveness of the trusted systems business unit, the cybersecurity company said in a press release. He supports the growth of a portfolio of customers and programs
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ROME, N.Y. — Assured Information Security (AIS) announced it has named Adam Dailey business director of trusted systems.
In this position, Daily is responsible for the direction and operational effectiveness of the trusted systems business unit, the cybersecurity company said in a press release. He supports the growth of a portfolio of customers and programs within the unit’s focus area of fostering research and development and delivering solutions and professional services.
Before joining AIS, Dailey most recently served as senior associate, chief engineer at Booz Allen Hamilton. He holds a bachelor’s degree in information science with a minor in computer science from SUNY Oswego and holds the certified information systems security professional credential.
Based in Rome, AIS provides cyber and information-security services, products, and operations to commercial and government customers. The company has multiple locations around the U.S. and employs more than 220 people.
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