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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV