M&T Bank’s acquisition of People’s United Bank will close April 1, but officials say it remains uncertain when the layoffs of hundreds of employees will take effect.
M&T plans to eliminate 28 percent — about 750 people — of People’s United employees in Connecticut. David Samberg, an M&T spokesperson, said more information about when the layoffs will occur will be announced after the deal closes in April.
Rene Jones, M&T’s chairman and chief executive officer, told state officials that as “alternate opportunities are identified … we expect the number of impacted employees to decrease.”
A total of 1,959 People’s United employees in Connecticut will be retained after the deal is completed, according to Jones.
The Board of Governors of the Federal Reserve System on Friday unanimously approved the $7.6 billion merger between M&T, which is based in Buffalo, N.Y., and Bridgeport-based People’s.
People’s United customers will continue using their existing branches and online tools through the third quarter of this year. The systems between the two banks will then be converted.
Once the deal closes, M&T will begin implementing a $43 billion plan to provide loans, investments and other financial support for low-to-moderate income families and neighborhoods, as well as to people and communities of color. The bank’s announcement of the plan, which was made in October, does not specify how much of that financial commitment will find its way to Connecticut consumers.
luther.turmelle@hearstmediact.com
Credit: Source link
