People’s United Financial, the parent company of Chittenden Bank, says it’s eliminating 420 jobs, about 8 percent of its work force, to save $57 million a year.
The Bridgeport-based parent of People’s United Bank also said Thursday it will close 20 branches in Connecticut, Massachusetts, Vermont and New Hampshire this summer.
The bank says the 420 job cuts throughout the organization include 150 vacant positions, 100 that will be reduced by attrition and 170 layoffs. The 170 workers to be dismissed were notified Wednesday.
President and Chief Executive Philip R. Sherringham says People’s United Financial Inc. is focusing on greater efficiency following its acquisition in January of Chittenden Corp. The $7.4 billion bank holding company is based in Burlington, Vt.
People’s reported a profit of $151 million in 2007, up nearly 23 percent over 2006.