M&T Bank downgraded at RayJay

|By:, SA News Editor

M&T Bank (MTB -1%) and Hudson City Bancorp (HCBK -1.1%) are again the laggards in a nicely green regional bank sector (KRE +1.9%) as Raymond James pulls its Buy rating on M&T following last week's earnings report.

At issue with the results are the high costs M&T is experiencing to upgrade its infrastructure to comply with the Bank Secrecy Act and anti-money laundering laws. The immediate need for all the work is to please regulators currently holding up the Hudson City takeover, but management insists it's something which would need to be done anyway.