700 Workers To Lose Jobs In Sale Of People's United Bank

More than 700 employees of People's United Bank in Connecticut will lose their jobs when the lender is acquired by a New York bank. According to the Hartford Courant, a filing by M&T Bank with the Connecticut Labor Department says 747 positions in Connecticut will be eliminated. That includes 661 at People's Bridgeport headquarters. M&T is located in Buffalo, New York. Its planned purchase of People's in an all-stock deal valued around $7.6 billion was announced in February. Branches of the two regional banks are sprinkled throughout the Northeast and mid-Atlantic. The layoffs are expected to start in October.