[JayCT]

Originally Posted by BobNJ1960

I do not care what a politician said, unless Blumenthal provided a link to videotaped statements by M & T indicating a no layoff guarantee in explicit language.

My ex seemed to be more aware than our Senator, and she is simply a branch teller in a small town.

No job guarantees in the press release in May, and it clearly states Bridgeport becomes a regional hq. That is lower in the pecking order than an hq, and eliminates the need for corp hq level departments in Bridgeport.

https://www.peoples.com/press/2021/m...val-for-merger

I highly doubt your ex knows more about the merger than Blumenthal. We don’t know what he knew or didn’t know about it. I’m just going by what he says he is going to do. It could be pandering to the outrage or it could be genuine anger. I don’t know.

The press release you posted was about the stockholders vote to merge, not about the proposal to merge. That wouldn’t say anything about jobs. Jay

[BobNJ1960]

Originally Posted by JayCT

I highly doubt your ex knows more about the merger than Blumenthal. We don’t know what he knew or didn’t know about it. I’m just going by what he says he is going to do. It could be pandering to the outrage or it could be genuine anger. I don’t know.

The press release you posted was about the stockholders vote to merge, not about the proposal to merge. That wouldn’t say anything about jobs. Jay

It was the upper management in Massachusetts telling the branches through their management their fate.

I applaud how forthright M & T has been. On other social media sites, having chatted with hq staff, all already know if they are staying or going, and when it will occur. That is impressive. That has never occurred at Subway's hq when they terminated staff. It is rare corps tell everyone this quickly their long-term status.

The press release said Bridgeport becomes a regional hq. HQs have departments that regionals usually do not, so why anyone would not expect these cuts is shocking. They are still leaving Bridgeport with just under 700 regional hq jobs. Not shabby by any means.

A healthy portion of these people terminated should be highly marketable at other bank hqs, so if they are willing to relo, I doubt they stay unemployed too long. That is far better than the fate of those terminated in many cases.

Local restaurants and bars near Peoples are the true, long-term losers in the equation. Many will flounder, no doubt, and Blumenthal will not fight for them, nor will any politician. Some were getting large chunks of their revenue from Peoples.

[mdovell]

Originally Posted by JayCT

Why do you think the tribes lost $100 million in East Windsor? I don’t think they lost anywhere near that amount. They bought the property but it was no where near that amount. And they can sell that off. Their planning and development costs were a few million at most but all of that comes no where near $100 million. Jay

The tribes themselves said the cost of the property, demo work and litigation was 100 million. We can debate what a loss technically can be but it's not like it puts them in bankruptcy. I'd argue they can white it off on taxes.you also have to figure the design, the bidding process they tried, If a legal team at a few grand a hour works full time for a few years that can also add up. Litigation can also come from contractors hired but not used. Remember Centerplan? Same thing but more private. It was supposed to be 2,300 construction jobs. 100 million at 2300 jobs isn't even 44,000it is completely possible for a firm to paid if the project gets cancelled (ie bonding)

I'm not sure if they can sell it off, that depends on the state and tribal agreements. East Windsor still wants that 3 million a year, they might get it

[mdovell]

Eh turns out it was in the middle 20 million

https://www.nbcconnecticut.com/news/...-deal/2452235/

“For me the commitment we’ve had to East Windsor and our belief in that project quite frankly was the most difficult part of agreeing to some type of delay as a part of this deal,” Mashantucket Pequot Tribal Chairman Rodney Butler said.

Butler said they spent $20 million on that project and they wanted to see it move forward. "

To be fair demo work adds up. Even a small building can be seven figures. Also some of the same issues came up before in mass. Ameristar paid 16 million for the old westinghouse property and did a demo. 41 acres in any city is a pretty big lot
https://www.masslive.com/news/2012/0...pletes_pu.html They backed out and then it became the area for the CRRC Ma facility years later.

The whole ten year thing doesn't make sense to me. Even if the state gives them three million a year you still have a vacant area just sitting there. This is full on Atlus Shrugged content here...

[JayCT]

Originally Posted by mdovell

The tribes themselves said the cost of the property, demo work and litigation was 100 million. We can debate what a loss technically can be but it's not like it puts them in bankruptcy. I'd argue they can white it off on taxes.you also have to figure the design, the bidding process they tried, If a legal team at a few grand a hour works full time for a few years that can also add up. Litigation can also come from contractors hired but not used. Remember Centerplan? Same thing but more private. It was supposed to be 2,300 construction jobs. 100 million at 2300 jobs isn't even 44,000it is completely possible for a firm to paid if the project gets cancelled (ie bonding)

I'm not sure if they can sell it off, that depends on the state and tribal agreements. East Windsor still wants that 3 million a year, they might get it

Please provide a link to where the tribes say that the canceled East Windsor casino cost them $100 million. I looked and can’t find it or anything that shows what they spent. Like I said $100 million is a lot for what the tribes did so far for the casino. It doesn’t make sense. Jay

[JayCT]

Originally Posted by BobNJ1960

It was the upper management in Massachusetts telling the branches through their management their fate.

I applaud how forthright M & T has been. On other social media sites, having chatted with hq staff, all already know if they are staying or going, and when it will occur. That is impressive. That has never occurred at Subway's hq when they terminated staff. It is rare corps tell everyone this quickly their long-term status.

The press release said Bridgeport becomes a regional hq. HQs have departments that regionals usually do not, so why anyone would not expect these cuts is shocking. They are still leaving Bridgeport with just under 700 regional hq jobs. Not shabby by any means.

A healthy portion of these people terminated should be highly marketable at other bank hqs, so if they are willing to relo, I doubt they stay unemployed too long. That is far better than the fate of those terminated in many cases.

Local restaurants and bars near Peoples are the true, long-term losers in the equation. Many will flounder, no doubt, and Blumenthal will not fight for them, nor will any politician. Some were getting large chunks of their revenue from Peoples.

Oh come on now, M&T was hardly forthright with anyone on this. No one knew the extent of layoffs planned. Corporate operations could have been spread across both companies so the impact in Bridgeport was less severe. In fact in their announcement of the merger, M&T talks about “commitment to local communities”. How committed are they when they are laying off 661 in Bridgeport or 256 in Vermont? I can tell you, ZERO. Jay

https://newsroom.mtb.com/2021-02-22-...-Financial-Inc

[BPt111]

Originally Posted by JayCT

Oh come on now, M&T was hardly forthright with anyone on this. No one knew the extent of layoffs planned. Corporate operations could have been spread across both companies so the impact in Bridgeport was less severe. In fact in their announcement of the merger, M&T talks about “commitment to local communities”. How committed are they when they are laying off 661 in Bridgeport or 256 in Vermont? I can tell you, ZERO. Jay

https://newsroom.mtb.com/2021-02-22-...-Financial-Inc

Maybe they are anger Buffalo lose out on bid to Brass Pro Shop

[BobNJ1960]

Originally Posted by JayCT

Oh come on now, M&T was hardly forthright with anyone on this. No one knew the extent of layoffs planned. Corporate operations could have been spread across both companies so the impact in Bridgeport was less severe. In fact in their announcement of the merger, M&T talks about “commitment to local communities”. How committed are they when they are laying off 661 in Bridgeport or 256 in Vermont? I can tell you, ZERO. Jay

https://newsroom.mtb.com/2021-02-22-...-Financial-Inc

From your link:

"M&T expects the transaction to be immediately accretive to its tangible book value per share. It is further expected that the transaction will be 10-12% accretive to M&T's earnings per share in 2023, reflecting estimated annual cost synergies of approximately $330 million."

The bolded means layoffs, Jay. The link below expands on the definition a bit. Synergies or duplicity of operations in a merger means "I have 2 H/R departments, I need 1. I have 2 Accounting Departments, I need 1. Etc."

Hence 661 at a former bank hq are being terminated, as they represent a large part of "annual cost synergies of approximately $330 million".

I called this out in late April in this post in this thread: https://www.city-data.com/forum/conn...l#post60866242


Cost Synergies defined below:

https://www.investopedia.com/terms/c...%20development.

[JayCT]

Originally Posted by BobNJ1960

From your link:

"M&T expects the transaction to be immediately accretive to its tangible book value per share. It is further expected that the transaction will be 10-12% accretive to M&T's earnings per share in 2023, reflecting estimated annual cost synergies of approximately $330 million."

The bolded means layoffs, Jay. The link below expands on the definition a bit. Synergies or duplicity of operations in a merger means "I have 2 H/R departments, I need 1. I have 2 Accounting Departments, I need 1. Etc."

Hence 661 at a former bank hq are being terminated, as they represent a large part of "annual cost synergies of approximately $330 million".

I called this out in late April in this post in this thread: https://www.city-data.com/forum/conn...l#post60866242


Cost Synergies defined below:

https://www.investopedia.com/terms/c...%20development.

So why is ALL the “synergies” directed at Bridgeport? M&T also says it wants “strengthen” its ties to Connecticut. The only strengthening they want is access to our rich towns. Pretty nasty IMHO. Jay

[BobNJ1960]

Originally Posted by JayCT

So why is ALL the “synergies” directed at Bridgeport? M&T also says it wants “strengthen” its ties to Connecticut. The only strengthening they want is access to our rich towns. Pretty nasty IMHO. Jay

Because Bridgeport is just a regional hq, and the corp hq avoids the hits. This was not a merger of equals. M&T was far larger before the merger than People's, and People's stock was liquidated in return for fewer M&T shares. They also awarded Peoples a minority portion of board seats.

M&T is strengthening its ties by adding Ct market share it did not have. They will have access to our towns now. Routine business strategy, not nasty if you are familiar with mergers and the meaning of what they call "synergies". Personally, I prefer calling it terminations. They make solid business sense, but I abhor the sugar coating of what the result is-terminations.

My 4-20 post projected it well as I have been at corps that merged or bought other corps. This is a quite mundane business merger doing all the routine things that occur in a merger. I was at a Ct company bought by an out of state larger corp 30+ years ago, who did just what M&T is doing, except within 2 years, the entire Ct staff was gone. No bad will. I anticipated it, moved on. These 661 will also move on. We always have bank hqs looking for seasoned staff at the hq level somewhere in the nation, usually in many states at any given time. I am hoping many of the 661 not only get new jobs, but time it well enough to get a nice severance deal from M&T, as well. That would be terrific!