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July 24, 2021

M&T Bank targets 747 job cuts in CT following People’s United Bank takeover 

HBJ Photo | Joe Cooper People's United Bank at 1 Financial Plaza in downtown Hartford.
By Greg Bordonaro

New York’s M&T Bank, which is in the process of acquiring Bridgeport-based People’s United Financial, has told state labor officials it will lay off 747 workers in Connecticut once its deal is complete. 

M&T sent a WARN notice to state labor officials, which is required when a company lays off a certain percentage of its workforce, outlining the planned job cuts, the majority of which, 661, will take place in Bridgeport. 

M&T will also eliminate dozens of jobs in Greater Hartford, mostly in downtown Hartford, where the company has a presence in the Goodwin Square and Gold Building office towers. 

The job cuts will start Oct. 1 and be completed by May 20, 2022, the WARN filing says. 

M&T Bank said it is disclosing the job cuts now in anticipation of final regulatory approvals of the companies’ $7.6 billion all-stock merger.

M&T Bank first announced plans to acquire People’s United in February, a deal that would create the eleventh-largest bank in the U.S., with approximately $200 billion in assets and a network of more than 1,100 branch offices and over 2,000 ATMs.

As part of the transaction, People’s United Bank’s headquarters in Bridgeport is expected to become the New England regional headquarters of M&T.
 

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