M&T Bank will have at least 1,000 employees based out of People’s United Bank’s Bridgeport, Connecticut, location by early 2023, the bank said last week after receiving criticism for plans to terminate nearly 750 Connecticut jobs as part of its acquisition of People’s United.

Buffalo-based M&T Bank last month notified Connecticut labor officials that it would eliminate 747 jobs in the state, including 661 at People’s United’s Bridgeport headquarters. The news drew criticism from elected officials, who have voiced concerns about the impact of the job losses.

Connecticut Attorney General William Tong on last week sent a letter to M&T Bank and People’s United Bank requesting detailed information about the layoffs, job retention, efforts to mitigate adverse economic impacts and M&T’s corporate responsibility obligations.

In a seven-page response on Thursday, M&T CEO René Jones said that M&T Bank would have at least 1,000 employees based out of People’s United Bank’s current Bridgeport headquarters within 12 months of completing the system conversion involved with the merger. The system conversion should be finished in February 2022, Jones said. The merger between the banks is expected to be completed in the coming months.

Following the merger, M&T Bank will have a footprint ranging from Maine to Virginia, and the Bridgeport office will become M&T Bank’s New England headquarters.

Massachusetts will see 44 People’s United jobs eliminated after the merger. The job cuts will have little or no impact on customer-facing roles, an M&T spokesperson told Banker & Tradesman last month. People’s United has more than 60 branches in Massachusetts.

Jones also said in the letter that the employees whose jobs are being eliminated would be given priority consideration when applying to any of the 1,500 jobs currently open at M&T Bank. He added that about 1,000 of those jobs do not require the employee to be based in a specific geographic location.

The bank also plans to establish a team dedicated to helping the People’s United employees affected by the job cuts identify suitable positions among the current openings.

Jones said M&T has had a goal of being transparent and sharing information about where the bank stands in the merger process. He noted that the bank has had 174 meetings with Connecticut state and local officials throughout the process.

“This process of engagement is what we do and what we have always done,” Jones said in the letter. “Based on our experience with other communities, we understand that these steps do not constitute a single round of discussions, but represent the start of meaningful, ongoing dialogue with various stakeholders on how best to serve our communities over time. That is our goal in Connecticut and across the entire People’s United footprint.”

Tong, Connecticut’s attorney general, said in a statement Thursday about Jones’ letter that M&T Bank was making a significant public commitment to Connecticut jobs and to Bridgeport.

“This is an important step forward after weeks of mixed messages and confusion,” Tong said. “I appreciate the commitments made by M&T Bank to Bridgeport and to Connecticut in this letter, but my work is not done. I will be watching their actions closely to ensure local jobs are protected and Connecticut communities remain a priority. I look forward to continued discussions with M&T and other stakeholders, including the City of Bridgeport.”

M&T Commits to 1K Jobs at New England HQ

by Diane McLaughlin time to read: 2 min
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