700 workers to lose jobs in sale of People’s United Bank
BRIDGEPORT, Conn. (AP) — More than 700 employees of People’s United Bank will lose their jobs when the Connecticut lender is acquired by a New York bank, according to a filing with the state.
Buffalo, New York-based M&T Bank Corp. reported that 747 positions in Connecticut, including 661 at People’s Bridgeport headquarters, would be eliminated.
M&T’s July 22 filing with the Connecticut Department of Labor said layoffs could begin as early as Oct. 1 and wrap up by next May, the Hartford Courant reported Saturday.
M&T Bank’s planned purchase of People’s United Financial Inc. in an all-stock deal valued around $7.6 billion was announced in February.
Branches of the two regional banks are sprinkled throughout the Northeast and mid-Atlantic.
Gov. Ned Lamont’s office called word of the job cuts disappointing for Bridgeport and the state.
“The governor and his administration will remain in contact with all parties to further minimize job loss and ensure the bank fosters a true partnership with the city of Bridgeport and has a presence in Bridgeport’s communities,” Lamont’s office said in a statement.
An M&T statement said Bridgeport would house the Northeast regional headquarters of the merged bank. It said 79% of People’s United employees would keep their jobs following the acquisition, including branch and customer service employees.