New York-based M&T Bank is back-tracking on plans to lay off more than 700 People’s Bank employees in Connecticut.
The two banks last week notified the Connecticut Department of Labor about the job cuts when their merger is finalized.
M&T this week announced that it would continue to employ nearly all customer-facing employees in local branches. It also plans to give priority to laid-off workers in filling about 1,500 open positions.
M&T’s planned purchase of People's has received shareholder approval and now awaits federal approval.
The merger was announced in February, in an all-stock transaction valued at $7.6 billion.
