Oil a 13x9-inch baking dish, or spray it with cooking spray. Sprinkle bread pieces evenly over the bottom. Beat cream cheese, 1/4 cup syrup, and shortening with electric mixer until smooth. Spread mixture over bread.
Beat eggs, remaining syrup, and milk. Pour over bread. Sprinkle with cinnamon. Cover; refrigerate at least one hour and up to overnight.
Heat oven to 350. Bake uncovered 50-55 minutes or until puffed and golden. Sprinkle with confectioner's sugar. Serve with butter and additional syrup.