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October 5, 2022

Elected officials ask M&T to honor commitments to CT amid layoffs

M&T Bank's Connecticut headquarters in Bridgeport.
By Andrew Larson

Gov. Ned Lamont has joined a chorus of elected officials seeking to hold M&T Bank to its commitment to ensure that at least 1,000 employees remain in Bridgeport following the merger between M&T and People's United Bank.
 
Lamont tweeted saying he met with M&T CEO René Jones in his office Tuesday.
 
“I will be holding M&T accountable for their commitment to the state, ensuring at least 1,000 jobs are based in Bridgeport while also focusing on investments in underbanked and underserved communities across Connecticut,” Lamont said.
 
M&T has laid off 325 employees in Connecticut, with another 333 expected to lose their jobs, M&T wrote in a Sept. 26 letter to Attorney General William Tong. But M&T noted that it had 346 job openings in Connecticut.
 
Following reported disruptions in service, M&T said it started reimbursing customers who were charged late payments. Also, the bank is waiving consumer checking and savings fees and is not assessing late fees on loan payments.
 
Last month, U.S. Sen. Richard Blumenthal, D-Conn., and three other senators sent a letter to M&T asking it to compensate customers who were inconvenienced by the transition of People’s United Bank accounts to M&T accounts over the Labor Day weekend.
 
In addition, Blumenthal asked the Federal Reserve and Consumer Financial Protection Bureau to investigate whether M&T has met its commitment to keep 1,000 employees in Bridgeport.
 
M&T acquired the Bridgeport-based bank for $7.6 billion in April.
 
Tong also wrote to M&T expressing concern and seeking information regarding complaints from consumers and employees.
 
In a previous statement, M&T said it was “working diligently to resolve any remaining customer issues as a result of the conversion. Though the vast majority of customers were smoothly integrated into our systems, we apologize to those whose expectations were not met. We have already begun the process of compensating those customers who incurred fees and assisting those who were negatively impacted as a result of our conversion. We recognize that some customers may have had interruptions in their ability to view and transact with their accounts digitally or online. Nearly all of those issues have been resolved.  All of our systems have been up and running, our call center and our branches are operating at normal levels and our teams are working hard to address any outstanding customer issues."
 

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