BRIDGEPORT, Connecticut: Over 700 staff members of People's United Bank will lose their jobs after being taken over by a New York bank, according to papers filed with the state of Connecticut.
M&T Bank Corp., which will acquire the Connecticut bank, reported that 747 employee positions in Connecticut, including 661 at People's Bridgeport headquarters, would be eliminated.
Further, M&T said layoffs could begin as early as October 1 and conclude by next May, the Hartford Courant reported Saturday.
M&T Bank's purchase of People's United Financial Inc. has been valued at some $7.6 billion.
Branches of the two regional banks are located throughout the Northeast and mid-Atlantic states.
Meanwhile, Gov. Ned Lamont's office called the job cuts disappointing for Connecticut.
"The governor and his administration will remain in contact with all parties to further minimize job losses and ensure the bank fosters a true partnership with the city of Bridgeport and has a presence in Bridgeport's communities," Lamont's office said in a statement.
An M&T statement, however, said 79 percent of People's United employees would keep their jobs after the purchase, including branch and customer service employees.