M&T will keep at least 1,000 employees at People’s United Bank’s Bridgeport HQ

HBJ Photo | Joe Cooper People's United Bank at 1 Financial Plaza in downtown Hartford.

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By Zachary Vasile

M&T Bank, the Buffalo-based lender now in the process of acquiring People’s United Bank, says it will keep at least 1,000 employees at the existing People’s headquarters in downtown Bridgeport.

In a letter to state Attorney General William Tong, M&T officials said the Bridgeport offices — set to become M&T’s regional headquarters post-buyout — will host at least 1,000 workers within the first year following its “systems conversion,” which is slated to take place in Feb. 2022.

The new commitment comes as M&T and People’s United face pushback for plans to lay off 747 people, or about 28% of People’s United’s Connecticut-based workforce. The two companies disclosed the restructuring in a notice to the state Department of Labor last month, drawing criticism from Tong, U.S. Sen. Richard Blumenthal and Bridgeport Mayor Joe Ganim, among others.

M&T’s letter notes that the total number of people laid off during the banks’ integration could now be lower than 747, but it did not say by how much. People’s United employees who are ultimately let go from their jobs will receive priority as management begins filling about 1,500 open positions, some of which entail hybrid or remote work, according to the message.

The layoffs appear to be aimed mainly at corporate staff. M&T has said almost all Connecticut-based branch employees will be kept on.

In a statement, Tong commended M&T for its new commitment but said he would be watching the bank’s actions closely to “ensure local jobs are protected and Connecticut communities remain a priority.”

Separately, People’s United Bank announced Thursday that it will keep 27 in-store branches at Connecticut Stop & Shop stores open. The bank had earlier announced plans to withdraw from all Stop & Shop locations in Connecticut and New York, but executives had left open the possibility of retaining a few counters in areas that did not directly compete with other branches.

Company officials said the 27 branches are located at Stop & Shop supermarkets in Cromwell, Seymour, Middletown, Danbury, Westport, Shelton, Vernon, Bridgeport, Wilton, Stratford, West Haven and Meriden.

The 59 locations not selected to remain open will shut down over the next few years.