Ganim promises to fight massive layoffs in Bridgeport related to People’s Bank acquisition

According to public records, hundreds of employees at the Bridgeport-based bank will be out of work when People's, one of the state's largest lenders, is acquired by M&T Bank of Buffalo, New York.

News 12 Staff

Jul 24, 2021, 5:21 PM

Updated 1,035 days ago

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Bridgeport Mayor Joe Ganim is blasting People's Bank for massive layoffs affecting hundreds of Bridgeport residents.
According to public records, hundreds of employees at the Bridgeport-based bank will be out of work when People's, one of the state's largest lenders, is acquired by M&T Bank of Buffalo, New York.
In an exclusive interview with News 12, Ganim says he will do everything in his power to rally support among local residents and demand accountability from the financial institution.
“One of the poorest, financially struggling cities in the country and you allow payouts of $34 million – paying corporate executives millions of dollars, and you are going to lay off over 600 residents from Bridgeport? That's not right,” says Ganim.
The filings show there would be 747 layoffs spread out over 16 locations across the state next year, with the largest number - 661 - at the bank's Bridgeport headquarters.
Ganim adds that People's Bank, "has done nothing...to foster good will or community reinvestment in the city for years."
He says he will take the issue up with the City Council and the state’s attorney general.
People's United tells News 12 it's retaining 79% of its employees and that 1,500 M&T Bank jobs are open right now. It's encouraging affected employees to apply to those positions as they will be given first priority.
Statement on planned layoffs at People's Bank from M&T Bank:
This week we communicated a number of workforce reductions at People’s United as part of our continued efforts to finalize the merger. 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. We are pleased to be retaining 79% of People’s United employees, including branch and customer service employees. The reductions announced this week are contingent on the successful closing of the merger, and we anticipate this being a one-time shift as we work to combine the companies. This is not something we take lightly, and we will do everything we can to support our employees, both affected and unaffected, throughout this transition.
We believe this is necessary to remain competitive within the broader marketplace, reduce costs over the long-term, and avoid overlap following transaction close. While these are difficult steps to take, we are confident that the streamlining will help ensure we are delivering the services our customers need, where they need it, while retaining jobs for our dedicated employees. They are the heart of how and where we execute our mission.
An important point to note is that there are currently 1,500 open job positions across M&T’s footprint and we are encouraging affected employees to apply. People’s United employees will receive priority consideration and support for the roles meeting their experience and qualifications.
After the merger, Bridgeport CT will be designated the M&T Bank NE Regional Headquarters. As such, it will be a hub for many types of positions and significant bank activity. As we solidify our plans for the post-pandemic working environment, we intend to leverage remote and hybrid working arrangements where possible based on employee and business needs. People’s United employees who were impacted in the merger will be given first priority for applications for these open positions that meet their experience and qualifications, and we will work to maximize the ability to obtain M&T employment from their existing work location.


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