M&T Bank Called On to Explain Layoff Plan at People’s United; Earns Recognition for Disability Inclusion

The pending merger of Buffalo-based M&T Bank and Bridgeport headquartered People’s United Bank continues to draw the ire of elected officials in Connecticut, along with the more than 700 people in Connecticut who will be losing their jobs in 2022 as the merger proceeds.  Earlier this week, Attorney General William Tong sought information from company leaders regarding efforts to mitigate job losses and adverse economic impacts to Connecticut workers and communities.

M&T Bank has stated that ‘there are more than 1,500 open job positions across the combined footprint where People's United employees will receive priority consideration and support for hybrid and remote work. They added that “all affected employees will receive severance benefits including career transition assistance.”  Tong’s letter seeks comprehensive written responses to a series of questions regarding job retention, mitigation of adverse economic impacts, and corporate responsibility obligations.

As part of the transaction, M&T officials pointed out recently, People's United's current headquarters in Bridgeport, will become the New England regional headquarters for M&T, “further strengthening the combined company's commitment to Connecticut and the region. Bridgeport will be a hub for many types of positions and bank activity, positioning the community for significant economic and job growth over time.”

Jeffrey Tengel, President of People's United who will serve as an Executive Vice President of the combined company and the most senior executive based in Bridgeport, said, "In any merger, there are always difficult steps to take as you finalize workforce needs for the combined organization.  M&T has taken a thoughtful and empathetic view on every one of these decisions, assessing talent at the individual level to lessen impact. We will continue to do everything we can to support employees, both affected and unaffected, throughout this transition.“

Also this week, M&T Bank named a Best Place to Work for Disability Inclusion, for the third year in a row, in the 2021 Disability Equality Index (DEI).  The DEI was developed by the American Association of People with Disabilities (AAPD) and Disability: IN, in consultation with disability advocates and business leaders as a comprehensive benchmarking tool for disability inclusion. The Index measures key performance indicators including culture and leadership; enterprise-wide access; employment practices; community engagement; supplier diversity; and non-U.S. operations.

“We are proud to be a place where people with disabilities are welcome, included and have an environment where they can succeed,” said Tracy Woodrow, M&T’s chief human resources officer in a statement to media. “M&T remains committed to building a diverse and inclusive team focused on delivering the best for our customers and communities.”

As part of this commitment to building an inclusive and diverse team, M&T partners with The Precisionists, Inc. (TPI), a Delaware-based organization focused on employment for adults with disabilities nationwide. Through this partnership, M&T works with adults with autism to tackle critical business needs within M&T’s Banking Services/Systems Administration, Data Solutions Reporting and IPDS departments.

Recently, M&T’s Disability Advocacy Network (DAN) Resource Group guided the implementation and launch of M&T’s collaboration with Magnusmode, a free app dedicated to making the world a more accessible place for people with cognitive and intellectual disabilities. The collaboration created new digital guides that provide visual cues and step-by-step instructions to help people access fundamental banking services at M&T.

M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia.