Local bank leaders in the hot seat: ‘What keeps you up at night?’
PLUS: Being ‘blown away’ by ‘joyful’ jazz concert. John Kaufmann’s must-read new hero’s work.
The Chamber asked four leaders from our local financial sector: ‘What keeps you up at night?’
Last Thursday night, the Saratoga County Chamber of Commerce gathered four local financial leaders for a chit-chat about the state of Saratoga.
Let’s get to it.
—Abby
The night’s go-to name-drop: GlobalFoundries
A major economic driver for our area, the massive semiconductor manufacturer has gross revenue in the billions and employs more than 2,500 people in its Malta facility — with promises of more hires on the horizon with its $11.6 billion, 10-year expansion plan.
“We’re not just a tourist economy anymore,” said Charlie Wait Jr., President and CEO of Adirondack Trust Company. “We have GlobalFoundries, so we have the technology piece that bodes well for our economy.”
Topic center of attention: affordability
“Regarding the cost of housing,” said David DeMarco, President and CEO of Arrow Bank, “rates are coming down but the 10-year yield curve is going up, too.”
“We see the topic in conversations we have with clients, and it’s real,” said Martin Shields, Chief Wealth Advisor and Shareholder, Bouchey Financial Group. “It’s healthcare, it’s childcare, it’s certainly housing.”
“Is there enough affordable housing around here?” asked Ben Chuckrow, Senior VP/Investments and Brand Manager, Stifel. “I wish there was a little bit more transportation up here, so people weren’t so worried about having to buy a house so close to downtown. People aren’t able to buy in the areas where houses are cheaper because they don’t know how they’re going to get to work [without] a car.”
Honorable mention: talent, acquisition and retention challenges
Elephant in the room Saratoga wasn’t ready for yet: AI
“AI, like the internet did, is going to eventually have a positive impact on inflation, eventually lowering interest rates,” Chuckrow said. He told me afterwards that people’s eyes glazed over so he stopped talking about it.
What keeps them up at night
“Fraud,” said DeMarco. “Cybersecurity, AI…these kind of things continue to proliferate the challenges with fraud in particular in the banking industry — the fraudsters are getting better with new technology. I am very optimistic about the economy, and we have ways to fight the fraudsters, but it’s a big battle.”
“The resilience of this area really makes it so I don’t have to be kept up at night,” Wait said. “I worry about affordability. I worry about money coming out of the banking system and going to places like private credit because that credit is opaque. Keeping a steady growth is one of the benefits that we have in this area. And that’s what makes it such a great place to be.”
Have a story to share, event you want covered or business to promote? Simply respond to this email — or reach me directly at abby@saratogadispatch.com.
REVIEW: An (excellent + FREE) sonic surprise at Arthur Zankel
By Kathleen Willcox
Listening to forced rhythm, characterized by improvisation, syncopation, and performed by brass, piano, drums, saxophone and human voice is one of the best ways I can think of to ease out of the week and into a frigidly freezing weekend where all you want to do is sit around a fire and chat with your faves.
So I showed up to the Arthur Zankel Music Center last Friday to watch the Skidmore Jazz Faculty Concert. And I was pleasantly blown away both by the quality of the music, and the joyful enthusiasm that the performance engendered in the (relatively) crowded 600-seat house.
Plus, it was free.
The Skidmore faculty lineup was stellar, including Russell Haight on sax (he’s performed with Bobby Shew and snagged a Grammy nod with Ruthie Foster), Adam Hutcheson on sax (he’s performed across the world with performers like George Colligan and Victor Lewis), Wayne Hawkins on piano (his discography includes 40 releases), Rich Syracuse on bass (he’s performed with Lee Shaw and Chuck Lamb), Bob Halek on drums (he regularly performs with The Empire Jazz Orchestra), and Floydd Ricketts on vocals (currently artist in residence at Skidmore).
The concert was perfectly paced and timed (starting at 7 p.m., over by 8:30), and auspicious, with an unexpected run-in with old neighbors of mine, and an excuse to stop into Bibulous on Henry Street for a spicy Aztec espresso martini.
I’m a convert. Next up: Ensemble Connect, Carnegie Hall’s Ensemble Connect returns for its 18th season, premiering a new work by George Lewis commissioned by Carnegie Hall on Feb 13th.
📣 Saying the quiet part out loud
I’ve never met — or even talked on the phone with — John Kaufmann. But his unwavering support of local, independent journalism has meant a lot to me as I, somewhat vulnerably, embark on this venture of mine.
This morning, the tireless blogger’s most recent project blew my journalism-loving mind.
Kaufmann asked a bipartisan list of no less than 40 locals “who have held or currently hold high-profile positions in Saratoga Springs and Saratoga County” their thoughts on the recent events in Minneapolis. “I thought of it as a kind of community forum,” he writes.
My goal at the Dispatch is to bring our community closer together. Kaufmann’s “Local Voices On The Events In Minneapolis,” by providing a platform for our leaders to share their thoughtful opinions, single-handedly turned what we’ve all been talking about in our homes into a shared civic moment.
But only if we read it.
(Insider tip: don’t skip the comments at the end.)
📌 ICYMI…
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 | A guest post by
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This is a fantastic deep dive into what our local financal leaders are really thinking! The point about fraudsters getting better with AI is pretty sobering - I work in tech and we're constantly having to update our security protocols because of new attack vectors. It's almost like an arms race at this point. What caught me off guard was Chuckrow's comment about people's eyes glazing over when he talked about AI's impact on inflation, because that's actualy a really important connection that most ppl are missing. the broader implications of AI on economic stability deserve way more attention than they're geting right now.