[mdovell]

Some of the food and restaurant business has declined because we haven't had largest-scale vents opened. I would pay attention to see how larger events are going to go on. Is the Big E still on? Is Farm Aid still on?

The other part of the hearing about the labor market is that even if a employers not considering work-from-home the fact of the matter is that the barriers to do work from home work is simply to be home. If a company is going to tell people how to do their job and all they need is a laptop and basic broadband and maybe a webcam then heads of millions of people already have that.

Amazon has just delayed reopening for another 4 months. I think work from home is going to pretty much be normalized. Back in the day used to be real simple to see how many jobs are in a given area because you look at your major employers that would be physically located in a given location. Now that's not as simple as it was. If someone from Pratt & Whitney can work from home then does that count as a job loss against East Hartford or is that counted as a place where they actually live? There are various forms of a to be this apologies that are based on the number of employees at that place.

At the same point other things are going to be blessed by the location. If a gold-plated public school system like say West Hartford can have classes online well why can't that be students of other District? So this idea that you need to buy into a high-end School District by buying a high-end house is loosening like bolts off of a 1978 AMC Pacer.

[BPt111]

Some Peoples Bank Stop and Shop locations will close only 27 out of 84 will remained


CONNECTICUT, USA — An agreement between People's United Bank N.A., a subsidiary of People's United Financial Inc, and Stop & Shop will retain 27 in-store branches and corresponding ATM locations in the state.
The company said it selected the locations based on a variety of factors like proximity to nearby traditional banks and transaction volume. Currently, People's United has 84 Stop & Shop locations in Connecticut.


A spokesperson for the company says the new agreement will not impact the previously announced exit for all other Connecticut Stop & Shop locations that will begin in 2022 and take place over several years. A 90-day notice before the branch is closed will be provided to customer


https://www.fox61.com/mobile/article...0-3cdcd0cefcb6

[BPt111]

M&T bank letter in response to William Tong

https://twitter.com/newsbell/status/1423391216046063618

[BobNJ1960]

Originally Posted by BPt111

M&T bank letter in response to William Tong

https://twitter.com/newsbell/status/1423391216046063618

Your snip cut off the M&T response. The full letter says their intent is to have 1,000 Bridgeport staff by 2/2023, and the severance is superb, 38.5 weeks pay on average, plus 24 weeks health care at minimum.

72% of Ct staff will keep their jobs. All were told their fate before M&T moved forword. Very, very classy.

Full response letter below:


https://portal.ct.gov/-/media/AG/Pre...ust-5-2021.pdf

[JayCT]

Originally Posted by BobNJ1960

Your snip cut off the M&T response. The full letter says their intent is to have 1,000 Bridgeport staff by 2/2023, and the severance is superb, 38.5 weeks pay on average, plus 24 weeks health care at minimum.

72% of Ct staff will keep their jobs. All were told their fate before M&T moved forword. Very, very classy.

Full response letter below:


https://portal.ct.gov/-/media/AG/Pre...ust-5-2021.pdf

I’m sorry but I disagree. Classy would have been to be upfront about the transition in the first place, especially keeping local officials informed of how this would happen. It would have saved a lot of outrage.

Also I am still not pleased with the Stop & Shop branch closings. 24 branches being kept open isn’t much considering there’s over 80 branches. And that crap about digital banking is just that. Digital banking doesn’t replace an actual branch. There still are things you have no choice but to actually go into a branch to do. Yes it’s meant less need to go to a branch but it does not mean that the remaking branches will offer more convenient hours to bank like the Stop a& Shop branches do. It’s still a cutback in Services. Very disappointing. Jay

https://www.courant.com/business/hc-...mku-story.html

https://www.courant.com/business/hc-...6i4-story.html

[BobNJ1960]

Originally Posted by JayCT

I’m sorry but I disagree. Classy would have been to be upfront about the transition in the first place, especially keeping local officials informed of how this would happen. It would have saved a lot of outrage.

Also I am still not pleased with the Stop & Shop branch closings. 24 branches being kept open isn’t much considering there’s over 80 branches. And that crap about digital banking is just that. Digital banking doesn’t replace an actual branch. There still are things you have no choice but to actually go into a branch to do. Yes it’s meant less need to go to a branch but it does not mean that the remaking branches will offer more convenient hours to bank like the Stop a& Shop branches do. It’s still a cutback in Services. Very disappointing. Jay

https://www.courant.com/business/hc-...mku-story.html

https://www.courant.com/business/hc-...6i4-story.html

Yes we simply disagree.

Btw, I have not been to a live branch in ages, nor do I intend to go. I can cash checks, withdraw money, transfer funds at my branch atm anytime, plus do so online.

The severance is superb, much better than routine 1 week per year of service at most corps, and the health insurance coverage exceeds norms for all corp terminations, also.

Plus not sure you caught 1k Bridgeport regional staff by 1/23, should be 300 above mid 2022 levels starting out. 1,350 now - 661 = about 689 staff to start. The 300 or so buildup are likely new roles a regional hq needs, and the laid off may qualify for some of them.

This could have been far worse, if M&T decided they did not need a regional hq at all.

[SteveM85]

Originally Posted by BobNJ1960

Yes we simply disagree.

Btw, I have not been to a live branch in ages, nor do I intend to go. I can cash checks, withdraw money, transfer funds at my branch atm anytime, plus do so online.

The severance is superb, much better than routine 1 week per year of service at most corps, and the health insurance coverage exceeds norms for all corp terminations, also.

Plus not sure you caught 1k Bridgeport regional staff by 1/23, should be 300 above mid 2022 levels starting out. 1,350 now - 661 = about 689 staff to start. The 300 or so buildup are likely new roles a regional hq needs, and the laid off may qualify for some of them.

This could have been far worse, if M&T decided they did not need a regional hq at all.

Other than seniors who never adapted to tech or rare large cash deposits or withdrawals, there isn't any need for a branch or teller anymore, there really isn't, you're right.

[beach43ofus]

Less people need banks, because less people have enough money to put into banks. 54% of Americans live paycheck to paycheck, so why have a bank? They have very little, or no savings. Many use ck cashing services, & pay bills via cash, or money orders. Banks lose 4 on poor transactional customers, which is why fees have skyrocketed:

https://www.pymnts.com/consumer-fina...k-to-paycheck/

Unfortunately, the "have-nots" are growing as a % of total population, & its not turning around.

60% of Americans get more $ from the Gov't than they pay in taxes, so they are net takers. They have little, or no savings, so need no bank branch. These figures too, continue to worsen:

https://www.gobankingrates.com/banki...s-300-savings/

In 2012, 47% were receiving some kind of gov't payments, & today, it's much higher:

https://www.washingtonpost.com/news/...in-six-charts/

Banks are for people with money/savings, and/or for those who can be approved for loans. Simply put, the # of Americans who fit the bank customer profile, is dwindling.

Plus, younger bank clients use online banking, & those numbers are growing too.

Bank branches are closing nationally, so what you are seeing in CT, is reflective of that national trend.

The economic climate in CT, or in any other state, cannot sustain these trends. The wealth & wage gaps in the U.S. are massive, & growing, & are the largest amongst the G-7 countries:

https://www.pewresearch.org/social-t...th-inequality/

The top 1% are swallowing up the 99%, & its on full display in CT where the wealth is concentrated into 2 small areas of the state. Nearly all of CT's economic & population growth, comes from these 2 areas.

CT bank branch closures, & its economic climate as a whole, reflect all of these dismal national trends.

[mdovell]

I've heard about "banking deserts" and frankly as much as I might be sympathetic it's just moving online. I don't like using cash for the most part and limit it. ATM use is rare. I use my credit card for protection. Unless I need foreign currency in significant amounts I have no real need to go to bank.

I saw my stock broker once to set up and that was it. It's online, the app is great. Sure I called a few times but why would I actually need to go in?

Years ago I convinced my parents to get a debit card. why? because they were going to the bank to get cash for groceries. Once I saw that they were wasting a half hour a week doing this they got one. They hardly ever go to the bank now. Social Security has been a direct deposit for over a decade now and that impact was huge for banks and the post office. I don't even have to go into a bank to make a deposit so why bother going in? Depositing cash? Again I don't deal with much for cash, that's mostly gas and groceries at most.

Banks are kinda like walmarts. You don't have these MBA Quants from HBS running every branch. You bring money in and put money out. The specialist contracted with the bank shows up sometimes to talk about investments but that's rare these days. It doesn't take a person to tell you about carried interest. This is why MBA programs have been some of the first to go online. It isn't a hard science and frankly doesn't require much for materials.

Some places just don't have demand anymore. The post office has shifted to more packages and there's scheduled pickup and drop off for that. The days of waiting in line for stamps are long over.

[JayCT]

Originally Posted by SteveM85

Other than seniors who never adapted to tech or rare large cash deposits or withdrawals, there isn't any need for a branch or teller anymore, there really isn't, you're right.

Except there are other reasons to go into the bank that people forget about until it’s needed. There are occasions that people need bank or certified checks or need to exchange currency. There are people that need to deposit cash or coins (still used by some). People still use safety deposit boxes or need a Notary Public. And then there’s the most important reason of all, when the bank makes a mistake and you need to straighten it out with someone in person. Jay