According to a statement, more than 700 employees of People’s United Bank will lose their jobs when a New York bank acquires the Connecticut lender.

M&T Bank, headquartered in Buffalo, New York, reported that 747 jobs in Connecticut would be cancelled, including 661 jobs at People`s Bridgeport headquarters.

According to a report by Hartford Courant on Saturday, M&T submitted a document to the Connecticut Department of Labor on July 22 that the layoffs may begin on October 1 and end in May next year.

M&T Bank’s intended acquisition of People’s United Financial Inc. in an all-stock deal valued at around $7.6 billion was pronounced in February. Branches of the two regional banks are spread all over the Northeast and mid-Atlantic.

Gov. Ned Lamont’s office called word of the job cuts unacceptable for Bridgeport and the state. “The governor and his administration will remain in contact with all parties to further minimize job loss 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.

A statement from M&T stated that Bridgeport would become the Northeast regional headquarters of the combined bank. It said that 79% of People’s United employees would retain their jobs after the acquisition, including branch and customer service employees.

Source: US News