Bridgeport-based People’s United Financial Inc. announced today that it is eliminating 420 positions companywide, resulting in an estimated $57 million decrease in annualized company expenses, excluding severance costs.
The company also plans to consolidate approximately 20 branches based on an assessment of customer volume, geographic strategy and market growth potential. The branches will begin to close in the third quarter of this year.
“Reducing headcount is a difficult, but necessary part of expense reductions,” Philip R. Sherringham, president and CEO of People’s United Bank, said in a statement. “Decisions like these are among the most difficult for any business and its leaders to make.”
“We continually monitor our business requirements and make adjustments as needed to be more efficient and to meet our customers’ needs and investors’ expectations,” Sherringham said.
