Wilmington Trust to cut 721 jobs

Hundreds of Wilmington Trust workers learned Wednesday they will lose their jobs as part of the bank’s planned merger with M&T Bank, inflicting further pain to the state’s once-dominant financial services industry.

M&T will lay off 721 Wilmington Trust employees after the two businesses combine in the middle of the year, the company’s president, Mark Czarnecki, confirmed in an interview. All but three of the jobs that will be cut are in Delaware; most will be in the downtown Wilmington offices off Rodney Square, Czarnecki said.

The cuts represent a 26 percent reduction in force at Wilmington Trust, the embattled Delaware institution with about 2,800 employees. M&T officials said the cuts will affect employees who do not work directly with customers, including lawyers, human resources workers, executives and information technology specialists.

From: Delaware Online