The Middletown Press (Middletown, CT)
People’s United to lay off 747 workers
Buffalo-based M&T Bank has told state officials it will lay off 747 People’s United Bank employees starting Oct. 1 as part of the merger between the two financial institutions.
M&T officials notified Connecticut Department of Labor officials in a letter received by the agency Thursday. The layoffs will be spread out over 16 locations across Connecticut and will be implemented over a period from Oct. 1 to May 20, 2022, according to the federal Worker Adjustment and Retraining Notification received by the agency.
A People’s United spokesman said the bank employs approximately 5,600 people; the layoffs M&T has announced represents a 13.3 percent cut of the workforce. M&T’s $6.7 billion acquisition of People’s United was announced in March.
The largest number of layoffs, 661, will be in Bridgeport, where People’s United is headquartered, according to the WARN notice filing.
Bridgeport Mayor Joseph Ganim was not immediately available for comment on the layoffs.
According to an M&T spokesperson, “This week we communicated a number of workforce reductions at People’s United as part of our continued efforts to finalize the merger. This step was taken to help ensure our new organization is structured in a way that provides the best quality service our customers and communities. We are pleased to be retaining 79 percent of People’s United employees, including branch and customer service employees. The reductions announced this week are contingent on the successful closing of the merger, and we anticipate this being a one-time shift as we work to combine the companies. This is not something we take lightly, and we will do everything we can to support our employees, both affected and unaffected, throughout this transition.
“We believe this is necessary to remain competitive within the broader marketplace, reduce costs over the long-term, and avoid overlap following transaction close. While these are difficult steps to take, we are confident that the streamlining will help ensure we are delivering the services our customers
need, where they need it, while retaining jobs for our dedicated employees. They are the heart of how and where we execute our mission.
“An important point to note is that there are currently 1,500 open job positions across M&T’s footprint and we are encouraging employees in Bridgeport to apply. People’s United employees will receive priority consideration and support for the roles meeting their experience and qualifications.