M&T Bank has begun dismissing former Hudson City Savings Bank workers in New Jersey, following the completion of its acquisition of the company.
The $132 billion-asset M&T plans to cut 366 former Hudson City employees in Bergen County, N.J., next year, largely at Hudson City's former headquarters in Paramus, the business news site NJBIZ reported.
The employees primarily were assigned to back office positions that overlapped with existing roles at M&T's headquarters in Buffalo, N.Y., These job duties include credit administration, retail management and human resources.
The former Hudson City workers will be terminated between January and August. Those affected will receive will receive severance pay and outplacement assistance, M&T's New Jersey region executive, Paula Mandell, told NJBIZ.
"Obviously this is not something we take lightly," Mandell told the publication. "We understand that this is an extraordinary impact on people."
Mandell told NJBIZ that most customer-facing staff from Hudson City — around 1,155 employees — will join M&T.
Also, Hudson City’s former headquarters office will remain open for now, company spokesman Michael Zabel told NJBIZ.
"For now there are no plans to change that building or that location, but that’s still something over the longer term that we’re going to have to determine," he said.
M&T did not respond to requests for comment from American Banker.
M&T's acquisition of Hudson City finally closed on Nov. 2, after being announced more than three years earlier. The company also recently announced its new leadership in the New York metropolitan area in the wake of the closing.