M&T Bank to cut nearly 750 positions from People’s United Bank




M&T Bank Corp. is eliminating 747 positions from People’s United Bank. Buffalo-based M&T acquired People’s United in February in an all-stock deal valued at more than $7 billion.

People’s United Bank. Photo by Bob Rozycki

In a filing with the Connecticut Department of Labor, M&T said the layoffs will begin Oct. 1 and conclude by May 22, 2022. The job losses include 661 individuals at People’s headquarters in Bridgeport, although M&T stated 79% of People’s United employees would retain their jobs and the merged bank would keep its Northeast headquarters in Bridgeport.

Gov. Ned Lamont’s office issued a statement that said it “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.”

Sen. Richard Blumenthal (D-Connecticut) issued a statement declaring: “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.”

Kevin Zimmerman contributed to this report.




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Phil Hall’s writing for Westfair Communications has earned multiple awards from the Connecticut Press Club and the Connecticut Society of Professional Journalists. He is a former United Nations-based reporter for Fairchild Broadcast News and the author of 10 books (including the 2020 release “Moby Dick: The Radio Play” and the upcoming “Jesus Christ Movie Star,” both published by BearManor Media). He is also the host of the SoundCloud podcast “The Online Movie Show,” co-host of the WAPJ-FM talk show “Nutmeg Chatter” and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill’s Congress Blog, Profit Confidential, The MReport and StockNews.com. Outside of journalism, he is also a horror movie actor – usually playing the creepy villain who gets badly killed at the end of each film.

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