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M&T Bank’s acquisition of Connecticut-based People’s United Bank will result in nearly 750 layoffs in that state that will begin in October and continue for the next seven months, according to filing with state officials there.
The layoffs will affect staff at 15 locations in Connecticut and two employees who work remotely. A total of 747 employees will be laid off in that state, including 661 from the bank’s main office in Bridgeport. The second-largest number of layoffs will be at the bank’s office on Asylum Street in Hartford, Connecticut’s Goodwin Square. That branch is the former headquarters of United Bank, which was acquired by People’s United in November 2019.
M&T Bank notified the Connecticut Department of Labor of the job losses last week through a Worker Adjustment and Retraining Notification (WARN) Act filing. Christopher Faulkner, M&T’s group vice president and direction of employee relations, said in the notification that the first termination was expected on Oct. 1, with the remaining jobs ending by May 20, 2022.
M&T said in its earnings call last week that the bank was on track to receive regulatory approval for the deal and complete the transaction in the fourth quarter.
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 percent of People’s United employees would keep their jobs following the acquisition, including branch and customer service employees.
The Associated Press contributed to this report.
