Marilyn Moore

State Senator Marilyn Moore Requests Investigation Into What Caused Bridgeport-Based People’s Bank To Lay Off 747 Employees

State Senator Marilyn Moore (D-Bridgeport) is requesting the Banking committee to perform an investigation into what is causing Bridgeport-based People’s United Bank to lay off 747 employees following the merger with M&T Bank. Senator Moore is also requesting a hearing to be held revealing the possible causes as well as potential remedies of the action by People’s United Bank and M&T Bank.

Yesterday evening, Senator Moore sent a letter to the Vice Chair of the Banking Committee, Senator Doug McCrory and House Chair Representative Jason Doucette making these requests. The letter sent is below:

Dear Senator McCrory and Representative Doucette,

As you probably know, People’s United Bank formed a merger with M&T Bank. M&T Bank has announced the layoff of 747 employees with the greatest number impacting Bridgeport. I’m writing you both today to request the Banking committee perform an investigation into what caused M&T Bank to lay off 747 employees from People’s United Bank beginning October 1. I am also requesting a hearing to be held revealing the possible causes as well as potential remedies of the action by People’s United Bank and M&T Bank.

People’s United Bank served our community as a partner supporting non-profits, and local businesses. The impact of these layoffs will have a great economic impact on families, and local small businesses who many of the employees frequent. We expect no less from M&T, and these layoffs signal a different relationship and culture with the city and the community. The layoffs are being spread across 16 locations, however, the largest number of layoffs, 661, will be in Bridgeport where People’s United is headquartered. This instills fear amongst thousands of employees in our state. It causes families to worry if they will have a way to put food on the table and pay their bills.

Bridgeport has been a community that suffered from not only health issues from COVID-19 but also health disparities raised by the coronavirus pandemic in relation to Black and brown people. I have worked hard to bring justice to those in Bridgeport. With the news of almost 700 people losing their jobs in Bridgeport, something must be done.

I am requesting a hearing and investigation as soon as possible in order to produce a solution to those who will be affected by the merger.

Thank you for your consideration.

Sincerely,

Marilyn
M. Moore

State Senator, 22nd
Senate District