Attorney General William Tong is calling on the executive leadership at M&T Bank and People”™s United Bank for detailed information on their efforts to mitigate job losses after M&T announced it would be cutting 747 jobs in its proposed acquisition of Bridgeport’s People”™s United Bank.
In a letter to M&T Chairman and CEO René Jones and People”™s United President and CEO John Barnes, Tong said the announcement of the potentially lost jobs came as a “shock to many” and contradicted earlier assurances that the transaction would not result in massive layoffs.
“The impression you created was that job losses would be minimal and that the merged bank would continue to partner with local communities, the City of Bridgeport, and the State of Connecticut and would otherwise fulfill its obligation to be a responsible corporate citizen,” Tong wrote. “I would like to provide you with the opportunity to explain your prior assurances and put your commitments in writing to the Attorney General”™s Office that the merged bank will retain a large majority of People”™s Bank employees.”
Tong asked the bank executives to provide data and details on their job retention efforts, specifically asking about the process they intend to follow “to ensure that qualified People”™s Bank employees in Connecticut will have the opportunity to fill the reported 1,500 open positions at M&T Bank.”
He also inquired about the combined bank”™s plans for the Bridgeport headquarters and Connecticut facilities and questioned how the combined bank would continue to meet its Community Reinvestment Act obligations in aiding low- and moderate-income households and the communities where they reside.
“I strongly encourage you to fully avail yourselves of the opportunity to demonstrate your long-term commitment to Connecticut by providing a detailed and comprehensive response to my requests for information,” Tong added.
