M&T Bank Corp.
Over 700 layoffs will be the result of M&T Bank Corp. 's (MTB) acquisition of Wilmington Trust (WL) for $351 million in November 2010. The merger will result in a cut of approximately a quarter of Wilmington's original workforce.The layoffs, which were announced in November, will be completed later this year. In Delaware over 721 employees will lose their jobs. The layoffs will primarily be in back office including lawyers, human resources and information technology. The company plans to spend $23 million on severance payments, according to The Wall Street Journal The state of Delaware expects to lose $1 million in revenue due to layoffs from the merger, according to Delaware's News Journal. The merger will be voted on by Wilmington Trust shareholders on March 22.
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