M&T Bank to cut nearly 750 positions from People’s United Bank

M&T Bank Corp. is eliminating 747 positions from People”™s United Bank. Buffalo-based M&T acquired People’s United in February in an all-stock deal valued at more than $7 billion.

In a filing with the Connecticut Department of Labor, M&T said the layoffs will begin Oct. 1 and conclude by May 22, 2022. The job losses include 661 individuals at People”™s headquarters in Bridgeport, although M&T stated 79% of People”™s United employees would retain their jobs and the merged bank would keep its Northeast headquarters in Bridgeport.

Gov. Ned Lamont”™s office issued a statement that said it “will remain in contact with all parties to further minimize job loss and ensure the bank fosters a true partnership with the city of Bridgeport and has a presence in Bridgeport”™s communities.”

Sen. Richard Blumenthal (D-Connecticut) issued a statement declaring: “I am deeply alarmed. I am demanding additional information from the banks and considering seeking federal and state regulatory action. Bank mergers already have taken a toll on jobs and competition in Connecticut and nationwide.”

Kevin Zimmerman contributed to this report.