M&T Bank CEO Rene Jones, in response to job concerns raised by Connecticut Attorney General William Tong in its purchase of People’s United Bank, declared “the bank will devote funds to refurbish and revitalize the building and the surrounding area.”
In a written response to Attorney General William Tong’s August 2 letter, M&T Bank made a commitment to Connecticut jobs and to Bridgeport as its New England regional headquarters.
Attorney General Tong had written to leadership of M&T Bank and People’s United Bank seeking detailed information regarding efforts to mitigate job losses and adverse economic impacts to Connecticut workers and communities. Last month, M&T shocked many when it provided notice to the Connecticut Department of Labor that it anticipated 747 layoffs of Connecticut employees should regulators approve the proposed merger with People’s Bank.
“M&T Bank is making a significant public commitment to Connecticut jobs, and to the City of Bridgeport in this letter. This is an important step forward after weeks of mixed messages and confusion. I appreciate the commitments made by M&T Bank to Bridgeport and to Connecticut in this letter, but my work is not done. I will be watching their actions closely to ensure local jobs are protected and Connecticut communities remain a priority,” said Attorney General Tong. “I look forward to continued discussions with M&T and other stakeholders, including the City of Bridgeport.
Attorney General Tong’s August 2 letter sought comprehensive written responses to a series of questions regarding job retention, mitigation of adverse economic impacts, and corporate responsibility obligations, in addition to a meeting with bank leadership. That meeting took place on August 4, and was attended by leaders from People’s United Bank, M&T Bank, representatives of the Office of the Attorney General and state and local officials.
Excerpt letter from M&T’s CEO
See full written response.
The People’s building will be sold/mothballed and the “regional HQ” idea “reconsidered” by the end of 2022. We can bet that M&T is not in the business of creating “ecosystems” by way of merger — especially when banking is becoming increasingly digital/virtual.
A long letter, with plenty of details to be “revisited” (tossed/altered) as “changes in the banking environment make it apparent that ___________ will be necessary in order to ensure that ___________ for our shareholders, and especially our customers, such that they experience______________ from an optimally-positioned M&T… ”
(But then, there’s always the possibility that Ned will have Rene Jones over for dinner at the Greenwich estate and will be able to convince him to move M & T’s hq to STAMFORD (“THE ECOSYSTEM”) — next to Phillip Morris…)
LAST CALL FOR PHILLIP MORRIS!
Happy Bicentennial, Bridgeport!
Just as predicted,the response is a well written letter that basically says nothing different than M&T said before,they will lay off 700 some odd people.The whole “we will revitalize the building” is a bunch of Bull..Painting,replacing furniture and artwork isn’t “revitalizing”.And the biggest clue in the letter is when they said “The building will house predominately MT employees we plan to sublet any unused space to help bring other jobs of all ranges to the downtown area”….How much office space is empty at this point in Fairfield county,TONS..No company is in need of more office space here in Bpt or surrounding areas,that “unused space”will be MT’s reason for closing that “regional headquarters in the not so distant future,count on it…
St. Hartford ( Hartford Health Care) is always looking for more space, St.Hartford would love to have that location. Please send check to Jim Fox 286 SeasideAve Dog Rock.
I agree with Harvey.
Jones’ long-winded response was predictable and expected.
There has been consolidation in the banking industry for many years.
Community banks will benefit as People’s customers move their accounts.
Jones’ 1,000 employee figure is vague.
Within two years expect to see the building for sale and a regional office elsewhere with about 35 employees.
Bingo Tom !..”We tried to sublet the extra office space in our Regional building,unfortunately in this tough economic enviroment,there was very little interest.This leaves us no option but to find a more suitable and econmically prudent space to house our employees”
The deal seems set in stone.
Bridgeport’s future is not.
Let’s be hopeful and expect a multi-million dollar, one time reinvigoration program that delivers the specific requests of multiple Bridgeport-centric advisers. Like this: M&T listens and M&T supplies the cash. You’ll be able to draw a map. I’m talking about downtown nirvana!
They save the best for last. They can complete their deal and leave/build new assets behind.
Imagine it and talk about that.