M&T Bank says fewer People’s United staffers to lose jobs; AG Tong will maintain scrutiny

In the latest chapter of sparring over M&T Bank”™s acquisition of People”™s United Bank, M&T is maintaining that it “expect(s) the number of impacted employees to decrease” from the widely reported 747 whose positions are scheduled to be eliminated.

While acknowledging that it has provided notice to the 747 People”™s United employees ”“ 28% of the Bridgeport bank”™s Connecticut workforce ”“ it is insisting that alternative positions will be found for those workers. M&T, based in Buffalo, also noted that it is retaining 1,959 People”™s United staffers.

Those figures were included in a letter M&T sent yesterday to Connecticut Attorney General William Tong, who has been among the fiercest critics of the job cuts. It was sent in response to Tong”™s Aug. 2 letter to M&T seeking detailed information regarding efforts to mitigate job losses and adverse economic impacts to Connecticut workers and communities.

“M&T Bank is making a significant public commitment to Connecticut jobs, and to the City of Bridgeport in this letter,” Tong said. “This is an important step forward after weeks of mixed messages and confusion.”

While saying he appreciated the commitments made by M&T to Bridgeport and to Connecticut in the letter, “My work is not done. I will be watching their actions closely to ensure local jobs are protected and Connecticut communities remain a priority.”

A meeting attended by leaders from People”™s United Bank, M&T Bank, representatives of the Office of the Attorney General and state and local officials took place on Aug. 4.

In addition, People’s United has announced it has reached an agreement with Stop & Shop to retain 27 in-store branch and corresponding ATM locations in Connecticut that were slated to close as part of a previously announced decision not to renew existing in-store branch contracts in the state.

The new agreement does not impact the previously announced exit period for all other Connecticut Stop & Shop branch locations. Closures will occur over several years using a phased approach and begin next year. Customers of the impacted branch locations will receive a minimum of 90 days’ notice prior to the closure.

People’s United currently operates 125 Stop & Shop branch locations, 84 in Connecticut and 41 in New York.

“We are pleased to have reached an agreement with Stop & Shop that will ensure customers in strategic locations state-wide maintain continued convenient access to in-store banking services, particularly in low- and moderate-income communities, where nearly half of the retained branches are located,” said Jeff Tengel, president, People’s United Bank.