Niagara Gazette

January 20, 2014

IN BUSINESS: Once again, Wegmans makes Fortune's best company list

Staff reports
Niagara Gazette

Niagara Gazette — Those working and shopping at Wegmans on Saturday had a chance to enjoy a little cake — a celebration of the business once again being named to Fortune magazine’s 100 Best Companies to Work For.

This year, Wegmans Food Markets ranked No. 12. For the family owned supermarket chain, it’s the seventh year in a row that it has appeared on the list. Wegmans is one of only 13 companies that have been on the list since it began in 1998, and a such is recognized as one of 2014’s Best Companies All Stars.

“Our employees make Wegmans a place where customers feel happy and cared about, and my job is to make sure our employees feel that way, too,” says CEO Danny Wegman. “What’s most important to us is that our employees feel that Wegmans is a great place to work.”

From the upcoming Fortune article, “College students, take note: Almost half of employees are 25 or younger at this family-owned grocery retailer on the East Coast. Flexible scheduling, an employee scholarship program, and stretch assignments help young employees grow within the company, and 66% percent of jobs are filled through internal promotions.”

The Feb. 3 issue of Fortune magazine will be on sale beginning today.

To pick the 100 Best Companies to Work For, Fortune partners with the Great Place to Work Institute to conduct the most extensive employee survey in corporate America; 257 firms participated in this year’s survey. More than 252,000 employees at those companies were surveyed by the institute, a global research and consulting firm operating in 45 countries around the world.

Earnings down, profits up at M&T Bank

M&T Bank saw reduced earnings for the last quarter of 2013, while measuring an increase in year-end profits.

Fourth quarter net income totaled $246 million, down from the $296 million reported for the same quarter a year ago and the $294 million reported for the third quarter of 2013.

For all of 2013, M&T reported net income of $1.16 billion. That’s up from $1.03 billion in 2012.

The bank said it was hit by higher costs related to ongoing regulatory matters and lower mortgage-banking revenue.