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Over 700 layoffs in CT expected from People's United Bank takeover

The bank's Bridgeport headquarters is expected to lose 661 positions as M&T Bank takes over. Branches in several other towns will also be affected.
Credit: FOX61

BRIDGEPORT, Conn. — People's United Bank in Connecticut is expected to lose hundreds of jobs in the coming months as it is acquired by M&T Bank of Buffalo, N.Y., according to a filing with the state Department of Labor. 

The notification, filed on Thursday, said that a total of 747 employees in Connecticut will be laid off. Six hundred and sixty-one of those work at People’s United’s headquarters in Bridgeport. 

M&T said in a written statement, "On our about October 1, 2021, M&T will begin this reduction in Connecticut. M&T’s acquisition of People’s United, valued at $7.6 million, is expected to be approved by regulators around that time.

M&T added the layoffs "...will be completed by approximately May 20, 2022."

U.S. Senator Richard Blumenthal said the layoffs were not expected when the merger was announced in February. He issued a statement which said: 

"These reported massive layoffs dramatically threaten the livelihoods of thousands of Connecticut families and directly contradict statements made by the banks when announcing the merger. 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.”

In a statement to FOX61 News, Lora Rae Anderson, a spokesperson for Governor Lamont's office, said:

"This is disappointing news for Bridgeport and the State. The Governor and his administration 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."

Besides the Bridgeport headquarters, M&T listed 42 anticipated layoffs at People's location in downtown Hartford, as well as layoffs at their branches in Enfield, Farmington, Wethersfield, Woodbridge, and about a dozen other towns. 

In January, People's United announced it would eliminate its branches inside Stop & Shop grocery stores. The M&T takeover was announced in February, 

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