Connecticut AG Investigates Need For M&T Bank Layoffs
Connecticut Attorney General William Tong said he wants to know why a bank merger could result in hundreds of layoffs — after bank leaders told state officials otherwise.
M&T Bank told the Connecticut Department of Labor it expects up to 750 layoffs in its merger with Bridgeport-based People’s Bank. Tong said the bank had assured him, state lawmakers and employees that job losses would be minimal.
The banks said actual layoff numbers may be lower, and Bridgeport residents will have a chance to re-apply for jobs in the combined bank after the merger.
“My concern is, there’s no guarantee of that. I’d like to see how they’re going to make sure people from Bridgeport get those jobs, and whether people will be able to retain jobs at the same level or salary that they did before,” Tong said.
Tong says he’s asked the bank for detailed information on its efforts to mitigate job losses and its obligations to corporate responsibility.
Last week Bridgeport Mayor Joe Ganim said the city would pull more than $30 million out of the bank in response to the layoff announcement.