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M&TBank Corp. to cut 521 jobs at new Baltimore acquisition
March 8, 2009
Trading Markets:M&T Bank Corp. says it will cut 521 jobs at Provident Bankshares Corp., 29 percent of the workforce, after it completes its acquisition of the Baltimore-based bank in late May. The cuts would mostly be at Provident's Baltimore headquarters, in corporate and back-office-support functions, such as marketing, administrative and operations jobs that duplicate what M&T already has in Baltimore and in Buffalo. M&T agreed in December to pay $401 million in stock to buy Provident, Baltimore's largest independent bank, giving it the No. 2 market share in Maryland, behind Bank of America Corp. It already has the largest commercial market share in Maryland, and will now have the largest branch and ATM network in Baltimore and Washington, D.C.
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