Tommy Esposito

Excellent guidance from Jack Hubbard (The Modern Banker) about harnessing LinkedIn as a tool for building real, meaningful, and mutually beneficial relationships. Definitely not just for bankers, but we bankers need to pay special attention as our industry changes with the world. We forget the old-fashioned people skills at our peril.

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Earlier this year, we expected to see interest rates reduced by the Fed as inflation eased, juicing the economy and boosting temp hiring as a result. However, inflation increased in Q1 of 2024 – the Fed now plans to keep rates higher for longer, and companies are responding by adding fewer #tempworkers. Thank you to Paul Davidson from USA Today for the chance to share my thoughts on the #LaborMarket and #Inflation. Read the full story at https://bit.ly/3zCELyY

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We are currently on the search for board members and officer level positions at all level of the banking industry. As boards face more regualtory pressures for oversight and leaders are nearing retirements. The demand for external mid-career executives is acute. Also, many banks are looking closely at implementing more robust talent and succession planning systems. Here is an article we wrote for Bank Director. https://lnkd.in/g23snyG3

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Do you have questions about excess IRA contributions? We've got answers! Read the latest from Andy Ives to learn about deadlines, penalties and the best strategies for correction. https://ow.ly/Htst50RktXq via TheStreet #IRAContributions #FinancialAdvice

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Regulators seized the troubled Philadelphia bank Republic First and sold it to fellow regional lender Fulton Financial, the fourth high-profile bank failure since last spring. The bank was closed by the Pennsylvania state regulator on Friday and sold after an auction run by the Federal Deposit Insurance Corp., confirming an earlier report by The WSJ. Republic First faced some of the same problems as the three regional banks that failed last year: paper losses on bonds that lost value as interest rates rose, and high proportions of uninsured deposits that can quickly flee.   In the first quarter, Lancaster, Penn.-based Fulton had about $28 billion in assets and around 200 locations throughout Pennsylvania, Delaware, Maryland, New Jersey and Virginia. A deal with the much smaller Republic First should allow it to scale up some without the increased regulatory scrutiny that comes when banks have more than $50 billion in assets. Fulton said the deal would nearly double its size in the Philadelphia market, and all the Republic First branches would reopen as Fulton at their regularly scheduled hours. Regulators had been prepared to seize Republic First late last year, people familiar with the matter said, before the bank announced it had reached a deal with investors to shore up its balance sheet. After that deal collapsed this March, the FDIC resumed efforts to seize and sell the bank. Republic First operated branches in Pennsylvania, New Jersey and New York under the name Republic Bank. It had around $6 billion in total assets at the end of 2023. People familiar with the matter said several banks had been exploring making offers. The most interested were expected to be midsize banks with established beachheads in or near Republic First’s network of branches that dot the Philadelphia suburbs and stretch across the Delaware River into western New Jersey. The lender’s relatively small footprint didn’t move the needle enough for larger regional banks, including PNC Financial Services Group and Citizens Financial, the people said.   This bank failure is distinct from the ones that set off a monthslong crisis in 2023. Republic First is much smaller than Silicon Valley Bank, Signature Bank and the similarly named First Republic, which each had between roughly $100 billion and $200 billion in assets. Since there is a buyer, the government won’t be left with the decision over whether to backstop deposits over the FDIC limit of $250,000, as it did with SVB and Signature. The long, drawn-out failure also gave depositors more time to prepare, as compared with the rapid collapses of last year. The FDIC said it expected the failure, even with the deal, to cost its insurance fund about $667 million. The nation’s biggest banks had taken billions of dollars in charges to rebuild the insurance fund for last year’s failures. A relatively orderly deal should prevent the failure from sparking a wider crisis in confidence. 

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New York's new budget includes one significant change for property owners that was easy to miss: A rewrite of the state's tax foreclosure rules. New York is one of several states that have allowed local governments to keep the proceeds they make from foreclosure sales, often amounting to thousands more than what was originally owed in taxes. The Supreme Court last May ruled the practice unconstitutional, and New York's new rules creates a process for residents to get their surplus back. But one lawmaker involved in the reform effort says the state's rules could still be vulnerable to legal challenges. https://lnkd.in/gYnZgD9P Other tax policies in the budget: -UFC gets a tax cut on MMA tickets: https://lnkd.in/gJubhfRU -A new tax on health insurance could raise billions for Medicaid - but is likely a temporary financial fix. https://lnkd.in/g2pmTgS9 -Developers can get a tax break of up to 40 years under NYC's new 485-X tax incentive for multifamily development. https://lnkd.in/gu8bD8xG Thoughts on the NY budget? Let me know! #tax #stateandlocaltax #newyork #medicaid #ufc #housing #budget

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6/4/2024 Plainfield, NJ The Corporation and the Twentieth Century: The History of American Business Enterprise (The Princeton Economic History of the Western World, 119) Hardcover – June 27, 2023 by Richard N. Langlois (Author) Richard Langlois University of Connecticut https://lnkd.in/eS5sFRim 816 pages Princeton University Press $50.00 https://a.co/d/9cuGga7 1. A Masterful Reappraisal of Corporate History Richard Langlois's monumental "The Corporation and the Twentieth Century" offers a sweeping and nuanced reinterpretation of the economic, institutional, and intellectual forces that shaped American business enterprises over the last century. In this magisterial work, Langlois challenges the classic Chandlerian narrative of the inexorable rise of the managerial corporation, presenting a more complex and contingent account of corporate evolution. 2. Challenging Chandler's Narrative While acknowledging Alfred D. Chandler's seminal contributions, Langlois argues that the dominance of the multidivisional, managerial corporation was not an inevitable outcome of its inherent efficiency. Rather, he contends that managerialism thrived due to its contingent value in a rapidly industrializing America, bolstered by the upheavals of war, depression, and government policies that disrupted market forces. 3. The Pivotal Role of External Forces One of the book's central themes is the profound impact of external forces – politics, regulation, technological change, and global events – on corporate structures and strategies. Langlois deftly illustrates how wartime economic planning, trade restrictions, monetary policies, and antitrust enforcement profoundly influenced the organization of American enterprises, often in unintended ways. 4. Antitrust as a Disruptive Force Langlois pays particular attention to the role of antitrust policies, which he portrays as a disruptive force that paradoxically encouraged horizontal and vertical integration, conglomeration, and ultimately, the undoing of the managerial corporation itself. His analysis of how antitrust shaped corporate behavior and contributed to the decline of the conglomerates is both insightful and provocative. 5. Technological Disruption and the Decline of Managerialism The book's examination of the technological disruptions that unraveled the managerial corporation in the late 20th century is particularly compelling. Langlois's nuanced exploration of the rise of Silicon Valley, the impact of globalization, and the emergence of new organizational models like those of Toyota and GE offers a rich and multifaceted account of the forces that ultimately undermined the dominance of the traditional managerial firm. #The_Corporation_and_the_Twentieth_Century #PlainfieldNJ 346. A History of The American Corporation feat. Richard N. Langlois https://lnkd.in/eFvHVxhK

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Phillies Recession Watch, Part 1: The Phillies won the World Series in the same years as the last two Really Nasty Recessions (1980 and 2008). Will 2024 be the Year? The Phightin' Phils are on an absolute tear, finishing the first 50 games with the most wins since the record-setting 2001 Seattle Mariners, who won 115 games. When asked to compare these Phillies to the '01 Mariners, the manager Rob Thompson, known affectionately as "Topper," asked a question in reply. "What did the Mariners do that year? How did they finish?" "They lost the World Series in 2001." "Well that's all we care about. We don't want to be compared to them." In other words, the Phillies have gone 29-6 in their last 35 games because they want to avenge their playoff collapse against the D-Backs last fall. Schwarber lost a lot of weight. Have you seen him? The dude looks like a block of marble right now. These guys are fired up and want to win. They are already 6 games up on the Braves. Rightfielder Nick Castellanos said, "This is the best team I've ever been a part of." In 2022 the Phils made a surprise run (I was most surprised) to the World Series before comin' up short to the Cheatin' Astros. Last year, the Phils plowed through the Braves and had a 2 games to 0 lead on the D-Backs. They also had a 2-run lead in the 8th when That Guy came in to tank the game to pay off Fat Tony. Freakin' Shoeless Joe Jackson. But I digress... The Big Dogs of the Phillies - Schwarber, Harper, Trea Turner and Castellanos - went 5 for 53 (0.094) at the plate in the 4 D-Backs losses. In Game 7 they went 1 for 15. Castellanos: “I had a real hard time enjoying any part of the offseason, even when I was on vacation, just because of how that bitter season ended." In other words, this team is Tuned Up. They want to slay dragons. Cobra Kai, do or die. Let's GO!!! Hit a Schwar-Bomb!!!" Stay Tuned for the next exciting chapter of... "Phillies Recession Watch". #fedpolicy #riskmanagement #interestrates

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The Fixed Charge Coverage Ratio and Your Business. In almost all cases, lenders include the FCCR as a positive covenant when lending money. If the ratio goes below 1.0, the lender is financing a company that is bleeding cash. https://lnkd.in/ekJukAPi #Lending #PositiveCovenant #RiskManagement

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Credit is a cornerstone for most households' finances. Whether you're taking out a mortgage or figuring out how to get a lease with stringent credit check requirements, access to credit (or a lackthereof) can open doors or block you from reaching long-term goals. While one-third of Americans feel better about their ability to manage their debt now than they did 12 months ago, 16% of Americans used credit cards to pay for necessities in the past 12 months because they couldn't cover those costs outright, according to a recent survey we worked on with The Harris Poll. My latest study for NerdWallet looks at the current state of play for credit: what types are people using, what are their related pain points and are growing debt balances and delinquencies a red flag? #credit #personalfinance https://lnkd.in/gbnWjjBw

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At the outset of 2024, many economists and finance pros predicted as many as six interest rate cuts from Federal Reserve. Peter Salkins, CFP® at Integrated Financial Partners says many have significantly dialed back those estimates. “Those same experts are now only expecting two or three cuts, or maybe none at all,” adding that while most are still eyeing lower rates, “it may be a good time to lock in ... Of course, investors need to consider their time horizon and ultimate goals of the investment.” #savings #personalfinance #money

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5/19/2024, Plainfield, NJ Get Better at Anything: 12 Maxims for Mastery Hardcover – May 7, 2024 by Scott H. Young (Author) Scott H Young #Scott_Young 304 pages Harper Business Solutions #Harper_Business_Solutions $32.00 https://a.co/d/0XWHRxq Get Better at Anything: 12 Maxims for Mastery by Scott H. Young is a comprehensive guide that provides a framework for improving at any skill or subject. The book is based on three key factors that facilitate learning: learning from others, practice, and feedback. 1. Learning from Others Young emphasizes the importance of observing and learning from those who have already mastered the skill or subject you want to learn. This includes studying their techniques, strategies, and approaches. He suggests seeking out mentors, coaches, or experts who can provide guidance and share their knowledge. 2. Practice Deliberate practice is crucial for mastery, but Young argues that not all practice is equally effective. He advocates for practicing with variation, rather than mindless repetition, to develop a deeper understanding and adaptability. The book also highlights the importance of managing cognitive resources and avoiding burnout during practice sessions. 3. Feedback Receiving feedback is essential for identifying areas for improvement and making necessary adjustments. Young emphasizes the value of hands-on experience and real-world feedback, rather than relying solely on theoretical knowledge or external evaluations. He suggests seeking out opportunities for immediate feedback and being open to constructive criticism. The book presents 12 maxims, or principles, that encapsulate the key ideas for effective learning. These maxims cover topics such as overcoming mental barriers, managing cognitive resources, and creating optimal learning environments. Overall, Get Better at Anything provides a comprehensive and research-backed approach to accelerated learning and skill development. Young's insights and strategies are applicable to a wide range of domains, making the book a valuable resource for anyone seeking to improve their abilities and achieve mastery. #Get_Better_at_Anything #PlainfieldNJ 1105 Get Better at Anything with Scott Young https://lnkd.in/eRUmmbne

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It’s one of the most predictable of economic impulses. Facing competitive pressure? Then try to limit the competition. With labor unions in Massachusetts, one oft-attempted approach has been to pressure public-sector decision-makers to impose so-called project labor agreements on public projects. Although they don’t say so explicitly, PLAs in effect limit public work only to firms whose workers belong to trade unions. Such agreements usually drive up costs for the taxpayer… …In the future, when faced with union lobbying for PLAs, elected officials and public decision-makers should cite Callan’s lucid ruling on the matter and say a firm and emphatic no. Why, they might even want to quote the judge, who pithily summed things up this way: “The public benefits from an open, fair, competitive, and robust bidding process. The PLA requirement unnecessarily curtails that without legal justification.” https://lnkd.in/e3r8Dx9M

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So proud of this article on #mortgages! FHA loans and others backed by the government are often touted as easy to obtain. But there are caveats... and sometimes the good ol' conventional loan can be a better bet. #homeownership

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In his most recent Achieving Beyond blog post, Patrick Seaton introduces us to "Organizational Whack-a-Mole", where the moles represent the common and recurring challenges that pop up across every department in your company. Read about how his Conversation Frameworks serve as your diverse set of mallets, ready to hit these challenges back into the ground with intentionality and consistency. Ready to whack those moles? https://buff.ly/3Wr5qIe #leadership #business #blog #AchieveBeyond

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Millennial malaise For some time, the recovery has looked better on paper than it seemed to register to the majority of Americans. This week’s poll by The Guardian and Harris revealed the largest gap to date. Even people’s assessment of stock indices, which are easy to check and have rallied this year, have soured. Many have a lot of theories. The most common is the gap between cooling inflation and the persistence of high price levels. Many are still struggling to afford the basics of food and shelter, even as the pace of price increases moderate. I have a more nuanced view of where we are and the gaps that persist. The arch of the experience of millennials, which now dominate the workforce has not been great. They make up the largest generation of 30-somethings we have ever produced - more than 12,000 are turning 35 everyday - and they are struggling. They were children during the boom of the 1990s, the last time income inequalities narrowed and entered the millennium with the existential threat of Y2K. That was the computer bug that threatened to leave cities in the dark and wipe out people’s bank accounts. Then there was the contentious presidential election of 2000, which wasn’t decided in the courts until December. The tech bubble burst, which triggered what was a mild recession but proved hard to escape. Wages stagnated, in part with the expansion of globalization, and a it own failure to upskill and retrain those hit hardest by globalization. We kept extending credit to paper over the gaps left by rising inequality, this time in the mortgage market instead of credit cards. Remember NINJA - no income, no job applications - which expanded home ownership. People were servicing their debt (if that) with the equity they extracted from rapidly inflating home values. Home prices need not fall only slow to trigger a surge in defaults and foreclosures. They graduated high school and college into the Great Recession and subpar recovery that followed. That dealt a lifetime blow to their earnings. C-suite executives lamented at their lack of loyalty; those narratives were false. Millennials hopped jobs less than previous generations. Then we entered a pandemic, which seemed to rip us apart. They got a massive reset as the economy reopened and hiring soared. They changed jobs, formed households, stated families and wanted to buy a home, the epitome of the American Dream. They were chasing a moving target. Housing affordability cratered, while the crisis in childcare worsened. It is little surprise that they feel shorted. Their lives have not been easy; they are working harder for fewer rewards than their predecessors. The pandemic brought simmering problems to a boil. Instead of minimizing or politicizing that pain, take a moment to walk in their shoes. Other research this week showed that compassion and empathy has risen since early 2010s, just as this generation came of age. Hope amidst the chaos, despite the cards they were dealt.

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Action is always better than motion. Here's some advice from Chief Executive Group on the what you can do NOW to understand how your company will be impacted by inflation and other economic conditions. =Understand. “Get a presentation from the CFO about external cost-driving factors for your industry and your business, including rising interest costs. Look back at the past five years: what patterns have they seen?” =Project. “Ask how these factors will be addressed in their five-year plans going forward? If past patterns hold, what will that mean to future costs and profitability?” =Prepare. “Ask what actions will management take this year to prepare for these changes? If the rising costs end up being lower than predicted, congratulations! Your shareholders will be thrilled—but better to be surprised by the upside than the downside.” Full article from Ram Charan here. https://lnkd.in/g9CSFrxY #leadershipjourney #manufacturinginsights #2024strategy

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