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TOPIC OF RECENT FORUM FOR 21ST CENTURY |
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Research Bulletin Highlights University's Commitment to Intellectual Inquiry |
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Mergers and Takeovers Topic of Recent Forum for 21st Century |
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Given the increasing number of recent mergers and takeovers in both the for-profit and non-profit sectors, what will be the outcome for Boston? At the thirteenth Forum for the 21st Century, speakers from various local financial institutions offered their perspectives on the financial and economic challenges and benefits that lie ahead. At the event, held December 13 at the State Street Bank, participants discussed "After Mergers and Takeovers, Where's Boston?"
Micho Spring, president and partner at BSMG Worldwide, offered her insight into possible reasons for why such mergers have taken place , citing new technology and increased access to information as the impetus for the speed of change. She said that "the world has shrunk," networks are broadening, and consequently drawing institutions closer together.
Thomas Hollister, president and CEO of Citizens Bank of Massachusetts, agreed that present technology, which allows instant communication, has contributed to the increased rate of institution consolidations. He suggested further that another reason is increased shareholder demand for profit.
When asked to describe some of the positive results of mergers and takeovers, the panelists were quick to give examples. Kevin Cohee, chairman and CEO of Boston Bank of Commerce, said building bigger, stronger companies will improve the community, as long as the community maintains control over the company. John Drew, president of the World Trade Center, Boston, credited changes resulting from mergers and takeovers with creating an increase in intellectual capital . The combining of ideas and innovations into consolidated companies creates a more intellectual environment for the city, which in turn, increases its appeal to job-seekers, as well as its economic worth.
Joan Wallace Benjamin, president and CEO of the Urban League of Eastern Massachusetts, moderated the forum, and City of Boston Mayor Thomas M. Menino served as commentator. The next Forum will take place on February 9 at State Street Bank. The topic will be "Finding Their Voice: Boston's Young Leaders Speak Out."