NEW YORK—The Federal Reserve Bank of New York announced that René F. Jones, chairman and chief executive officer of M&T Bank Corp., has been elected as a Class A director representing Group 1, which consists of banks with capital and surplus of more than $2 billion. Mr. Jones will serve a three-year term ending December 31, 2024.
Before being named chairman and CEO of M&T, Mr. Jones served as chief financial officer, responsible for managing all of the company’s financial operations. Prior to joining M&T, Mr. Jones worked at the Boston-based office of Ernst & Young, and previously at a private equity firm.
Mr. Jones currently serves on the boards of ACV Auctions, Boston College, the Jacobs Institute, Burchfield Penney Art Center, and the Massachusetts Historical Society, as well as the advisory councils for the University at Buffalo. He also serves as a steward of the Council for Inclusive Capitalism and on the capital advisory committee of Aux21. He also served on the Board of Governors Federal Advisory Council as the Federal Reserve Bank of New York representative.
Mr. Jones is a graduate of Boston College, with a Bachelor of Science in Management Science, and the University of Rochester, with a Master of Business Administration.
Headquartered in Buffalo, M&T Bank Corp. is a financial holding company. Its principal banking subsidiary, M&T Bank, operates branches across multiple states. Trust-related and wealth management services are provided by its affiliate, Wilmington Trust.
About the Reserve Banks’ Boards of Directors
The Federal Reserve Act of 1913 requires each of the Reserve Banks to operate under the supervision of a board of directors. Each Reserve Bank has nine directors who represent the interests of their Reserve District and whose experience provides the Reserve Banks with a wider range of expertise that helps them fulfill their policy and operational responsibilities. The nine directors of each Reserve Bank are divided evenly by classification: Class A Directors represent the member banks in the District; Class B Directors and Class C Directors represent the interests of the public. The directors of the Reserve Banks act as an important link between the Federal Reserve and the private sector, ensuring that the Fed’s decisions on monetary policy are informed by actual economic conditions.