M&T Bank reports 325 layoffs, more to come
BRIDGEPORT — M&T Bank has laid off 325 employees in Connecticut related to its acquisition of People’s United Bank, while it is planning to eliminate another 333 positions and hire for about 350 other jobs, the highly scrutinized company disclosed in a letter this week to state Attorney General William Tong.
The letter, which responds to questions asked by Tong in a Sept. 14 letter to the bank, constitutes one of the most-comprehensive updates that Buffalo, N.Y.headquartered M&T has provided about its workforce in Connecticut since announcing in July 2021 that, as a result of the $8.3 billion acquisition, it planned to lay off 747 employees in the state — including about 660 based in People’s United’s home city of Bridgeport. When they were originally announced, the layoffs were condemned by many elected officials including Tong, who also sent a related letter to M&T in August 2021.
In total, there are 2,373 people employed by M&T in Connecticut, including the 333 who are set to lose their jobs.
“Since we announced our intention to merge with People’s United and named the city of Bridgeport our regional headquarters, it has been our intention to maintain significant employment in the city,” Michael Keegan, M&T’s executive vice president and head of community markets, said in the letter, which was obtained by Hearst Connecticut Media. “For those who would be affected, we gave each employee significant notice and an understanding of what benefits would be provided to them.”
In response to an inquiry from Hearst about his reaction to the job numbers included in the letter, Tong reiterated in a statement Friday his concerns about the acquisition’s impact on Connecticut-based employees.
“These numbers are disappointing,” Tong said. “Commitments were made to our state and to M&T’s Connecticut workforce, and I don’t believe these numbers live up to that promise, both with regards to total workers retained, and the salaries and positions they have been able to retain. I think M&T CEO Rene Jones, needs to come to Connecticut — to Bridgeport, specifically — to address these issues. I’ve asked for that meeting, and I am hoping that can be scheduled soon.”
Of the 325 people whose jobs were terminated after the July 2021 announcement, 110 “left on their own, prior to their position being eliminated,” according to Keegan. The letter did not specify the office locations of the laid-off employees.
M&T has said that it would provide benefits for laid-off employees that would range from a minimum of 12 weeks’ salary to a maximum of 104 weeks’ salary, based on tenure.
The remaining 422 employees who were notified of severance in July 2021 were still employed by M&T as of the Sept. 26 date of the letter, according to Keegan. Those 422 employees include, however, 333 who “have dates in the future when employment is scheduled to be released,” Keegan said. The letter did not specify those dates.
M&T’s layoffs appear to focus on employees based in offices that do not serve customers. The letter noted that the bank would “retain all retail branch customerfacing employees, including traditional branch employees and employees in Stop and Shop locations.”
At the same time, 89 of the remaining 422 employees “have been hired into a permanent position with M&T,” Keegan said.
The Connecticut contingent includes 1,117 based in Bridgeport, “including at Bridgeport Center and our branches,” Keegan said. Bridgeport Center refers to the downtown Bridgeport office tower, at 850 Main St., which houses the regional headquarters and also served as People’s United’s home base.
“Beginning in the summer of 2021, we also met with officials from Bridgeport and the state of Connecticut to discuss the impact of the merger on the community,” Keegan said. “Based on valuable input from local leaders, we committed to having at least 1,000 employees based out of our regional headquarters in Bridgeport within the first 12 months following conversion. This makes us the largest non-hospital employer in Bridgeport.”
As part of its efforts to meet that goal, M&T held in-person and virtual career fairs in August, while another career fair has been scheduled for Oct. 25 at Bridgeport Center.
M&T has 346 openings, across numerous departments, in Connecticut. It has more than 1,000 other openings across its entire footprint “that are not geographically dependent and are available to Connecticut residents,” Keegan said.
Employees who worked at People’s United would receive “priority consideration” for open positions, according to M&T officials. Keegan also responded to a question from Tong about his office hearing complaints that some employees retained by M&T have been “pushed into lowerpay positions.”