OCTOBER 2, 2022 — ANOTHER 333 LAYOFFS
Following M & T’s $8.3 billion acquisition, the bank planning to eliminate another 333 positions in Connecticut after previously laying off 325 employees of the previous target of 747 positions.
According to a bank spokesperson, “Since we announced our intention to merge with People’s United and named the city of Bridgeport our regional headquarters, it has been our intention to maintain significant employment in the city. For those who would be affected, we gave each employee significant notice and an understanding of what benefits would be provided to them.”
MARCH 9, 2022 — 747 JOBS ON THE LINES AFTER MERGER CLOSURE ON APRIL 1, 2022.
M&T Bank’s acquisition of People’s United Bank will close on April 1, 2022, but the details of the mass layoff of 747 employees are uncertain as the company confirmed a 28-percent reduction in force at People’s United after the closing.
NOVEMBER 14, 2021 — THE DAY OF RECKONING APPROACHES
Politicians are beginning to get nervous as approximately 747 employees will be laid off if the acquisition closes by the end of 2021. Some are threatening to interfere by using regulatory approvals to demand political concessions.
U.S. Sen. Richard Blumenthal, D-Conn., said he remains “deeply skeptical” that the People’s United deal won’t disrupt the local economy in Bridgeport and elsewhere in Connecticut. The deal is being reviewed by banking and anti-trust regulators at the federal level.
One of Blumenthal’s biggest concerns is how many Connecticut residents will lose their jobs as part of the deal: M&T notified the Connecticut Labor Department in July that 747 People’s United workers would lose their jobs as a result of the deal, which is expected to close by the end of the year.
Waiting until the last minute to wrest concessions is a known political ploy and few are more politically bankrupt than Blumenthal.
AUGUST 12, 2021— Original post…
Bridgeport, Connecticut-based People's United Bank, a regional back and recently acquired by Buffalo, New York-based M&T Bank Corp, has announced a post-acquisition reduction in force that will affect 747 employees, including 661 employees at the bank's Bridgeport, Connecticut headquarters and the remainder over the bank's other 15 locations. Layoffs will begin on October 1, 2021.
According to an M&T spokesperson, “This week we communicated a number of workforce reductions at People’s United as part of our continued efforts to finalize the merger. This step was taken to help ensure our new organization is structured in a way that provides the best quality service to our customers and communities. We are pleased to be retaining 79% of People’s United employees, including branch and customer service employees. The reductions announced this week are contingent on the successful closing of the merger, and we anticipate this being a one-time shift as we work to combine the companies. This is not something we take lightly, and we will do everything we can to support our employees, both affected and unaffected, throughout this transition."
“We believe this is necessary to remain competitive within the broader marketplace, reduce costs over the long-term, and avoid overlap following transaction close. While these are difficult steps to take, we are confident that the streamlining will help ensure we are delivering the services our customers need, where they need it, while retaining jobs for our dedicated employees. They are the heart of how and where we execute our mission."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?