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.
The Associated Press is one of the largest and most trusted sources of independent newsgathering, supplying a steady stream of news to its members, international subscribers and commercial customers. AP is neither privately owned nor government-funded; instead, it's a not-for-profit news cooperative owned by its American newspaper and broadcast members.