Bank Merger Will Lead To 747 Employees Being Laid Off In CT

CONNECTICUT — The merger between People's United Bank and M&T Bank Corp. will result in 747 employees being laid off at 13 towns across the state, according to a notice filed with the state Department of Labor last week.

The layoffs begin on Oct. 1, 2021 and continue through May 20, 2022, according to the filing.

Locations that will feature layoffs include: Hartford, Bridgeport, Farmington, Enfield, East Windsor, Cos Cob, North Haven, New Haven, South Windsor, Southington, Stamford, Wethersfield, and Woodbridge.

A total of 661 layoffs will be made at 851 Main St. in Bridgeport, followed by 42 layoffs at 225 Asylum Street-Goodwin Square. The remainder of the layoffs at other locations mentioned above range from 1 to 8.

The WARN notification of layoffs states that the timeline and number of layoffs is "based on the best information available to M&T as of this date."

U.S. Sen. Richard Blumenthal, D-CT, condemned the planned layoffs.

"These reported massive layoffs dramatically threaten the livelihoods of thousands of CT families & directly contradict statements made by the banks when announcing the merger. I am deeply alarmed," Blumenthal said on Twitter. "I am demanding additional information from the banks & considering seeking federal & state regulatory action. Bank mergers already have taken a toll on jobs & competition in CT & nationwide."

Bridgeport Mayor Joe Ganim told News 12 CT that People's Bank, "has done nothing...to foster good will or community reinvestment in the city for years." (You can read his entire statement here.)

People's Bank told News 12 CT that it is retaining nearly 80 percent of its workforce and M&T Bank is looking to hire for 1,500 people and folks are being urged to apply there.

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