Webster Financial - June 2008

Webster Financial Corp. announced in June 2008 that it would cut 240 positions over the next year. Webster, one of the state's largest banks, said it will lay off 100 employees - virtually all in Connecticut - and eliminate another 140 positions through attrition and by not filling vacant positions. The layoffs represent 3 percent of the bank's workforce. James C. Smith, Webster's chairman and chief executive, pictured at left, said in June that while it is difficult to make decisions that lead to job losses, Webster's obligation to serve its customers and shareholders requires greater efficiency.
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