The M&T Bank merger with People’s United is causing more concerns for state leaders.
Layoffs, which were announced by M&T Bank last year, are now being monitored by the Attorney General William Tong and Senator Richard Blumenthal.
Frustrated and angry, customers of M&T Bank have recently bombarded Tong’s office with complaints, stemming from the bank’s merger with People’s United.
“This has not been a great integration or transition,” Tong said.
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While customers have already encountered the merger’s growing pains, some employees will soon be feeling the effects, too. In total, 747 employees will eventually be laid off.
M&T said this was revealed to the Department of Labor in a letter sent in 2021.
A spokesperson for M&T released a statement saying in part, “The numbers being reported are not new and were reported to the State of Connecticut in August 2021. As a matter of fact, we have reduced the number of employees to be separated since that time. What hasn’t changed is our commitment to growing jobs in all of our communities, especially in our regional headquarters of Bridgeport, where we have promised 1,000 employees. That commitment was made for one year from conversion weekend, which was less than a month ago."
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“They may say it’s not new, but it’s still wrong,” Blumenthal said.
According to a spokesperson for M&T, the layoffs are being done in phases. Nearly half have already been separated from the company with over 300 cuts remaining.
M&T said these employees will be given an opportunity to apply for new positions within the company, and those who don’t stay will receive a severance.
Tong, though, is skeptical, asking, “Do they get jobs that keep them in Connecticut? Do they get jobs that are of the same level?”
Most layoffs are being projected in Bridgeport, however M&T pledges to eventually add jobs back to the area, eventually bringing the Bridgeport workforce to 1,000 employees.
Still, state leaders have questions and say they will watch closely to see how the layoffs proceed.
“My job is to have doubts and be skeptical,” Tong said. “My job is to hold them accountable.”
“Their commitments ought to be more than just words on a piece of paper,” Blumenthal said. “They ought to abide by the spirit of what they have done.”
M&T said they currently have 346 open positions, which those who are laid off can apply for. They are also holding a job fair on Oct. 25 for people to explore what those jobs entail.
