From Mayor’s Office:
The City Finance Department stated that they will “expand their bank depository relationships with financial institutions that have a positive impact on the Connecticut community. Unless M & T changes its position, the City doesn’t see a choice but to react to their decisions.” This response comes following the surprise news of corporate giant, M & T Bank to lay off more than 700 Peoples Bank employees in Connecticut with over 600 of them being from the Bridgeport offices.
Mayor Ganim stated, “The City has made a clear decision, through the Finance Department, to look for responsible corporate citizens to be custodians of over $50 million of public money as we withdraw that from People’s United and M&T Bank after they’ve demonstrated corporate irresponsibility and lack of transparency. What they should do is look at what happened in Bridgeport today, with corporate leadership and partnership with Hartford HealthCare and Live Nation–two above and beyond corporations that have entered Bridgeport in a responsible and caring way and made a strong commitment. Anybody from the corporate level, or otherwise, that wants to be a part of Bridgeport should look at that as an example of how to enter a community.”