Over 700 CT People’s United Bank employees to be laid off following bank merger

Connecticut

(WTNH) — People’s United bank is being acquired by M&T Bank and hundreds of Connecticut employees will now be laid off when the deal is finalized.

The Connecticut Department of Labor says 747 people will be laid off statewide between October 1 and May 20 of next year.

News 8 reached out to M&T Bank for comment, a spokesperson says in part,

This step was taken to help ensure our new organization is structured in a way that provides the best quality service for our customers and communities.”

Senator Richard Blumenthal weighing in on the layoffs, stated Saturday evening, “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.”

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