Job Elimination Notices Given to 170 Employees
BRIDGEPORT, Conn., April 3, 2008 /PRNewswire-FirstCall/ -- People's
United Financial, Inc. (Nasdaq: PBCT) announced today that, as a result of
an ongoing assessment of its business, it is reducing the size of its
workforce across the entire organization. Overall, the changes will result
in an estimated $57 million decrease in annualized company expenses,
excluding severance costs.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070607/NYTH047LOGO )
In total, approximately 420 positions were eliminated companywide. The
company eliminated 150 vacant positions and also expects to eliminate about
100 positions through attrition. Lastly, it notified 170 employees
yesterday that their positions were eliminated. At the end of the first
quarter, the total number of employees at People's United was 4,985.
"We continually monitor our business requirements and make adjustments
as needed to be more efficient and to meet our customers' needs and
investors' expectations," said Philip R. Sherringham, President and Chief
Executive Officer. "Our ongoing focus on this process is heightened right
now due to specific opportunities created by the combination of People's
United Financial and Chittenden Corp. as well as by broad challenges facing
the banking sector and the economy.
"Our financial condition, with over $2 billion in excess capital,
continues to provide us with significant strength and flexibility,"
Sherringham said. "While we remain focused on building revenues, we also
need to keep an eye on costs.
"Reducing headcount is a difficult, but necessary part of expense
reductions," he continued. "Decisions like these are among the most
difficult for any business and its leaders to make."
As a result of the business assessment, the company also decided to
consolidate approximately 20 branches identified after a detailed review of
several factors including customer volume, geographic strategy and market
growth potential. The branches will begin to close in the third quarter of
this year. Affected customers will be notified in writing 30 to 90 days
prior to any branch closing.
"We want to ensure our branch network is appropriate for our customers'
needs, the current banking sector environment and our expanded geographic
footprint," Sherringham said. "In making these difficult decisions, we
consistently seek to minimize the customer impact."
People's United Financial, a diversified financial services company
with $21 billion in assets, provides consumer and commercial banking
services through a network of more than 300 branches in Connecticut,
Massachusetts, Vermont, New Hampshire, Maine and New York. Through its
subsidiaries, People's United Financial provides equipment financing, asset
management, brokerage and financial advisory services, and insurance
services.
SOURCE People's United Financial, Inc.
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Related links:
http://www.peoples.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20070607/NYTH047LOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
http://www.prnewswire.com/comp/113252.html /
CONTACT:
Media Contact, Brent DiGiorgio, Corporate
Communications of People's United Financial, Inc.,
+1-203-338-3135, Fax, +1-203-338-3461,
brent.digiorgio@peoples.com, or Investor Contact, Jared Shaw,
Investor Relations of People's United Financial, Inc.,
+1-203-338-4130, Jared.Shaw@peoples.com
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