Webster Reports Huge Loss, Will Cut 200 More Jobs

Full story: Hartford Courant

Webster Financial Corp. reported a huge loss in the fourth quarter, slashed its dividend and cut more jobs, but the chief executive of the Waterbury -based bank insisted Friday that prospects for the future ...
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1 - 20 of 25 Comments Last updated Jan 27, 2009
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mrPedro

Enfield, CT

#1 Jan 23, 2009
wasn't Bush's bailout money supposed to help? There should be a clause that said if they give bailout money people can't be laid off !
I'm closing my accounts from Webstter tomorrow, all should follow suit
GEO

Newington, CT

#2 Jan 24, 2009
All the economic handout is going to do is allow the wealthy to stay wealthy!

I wonder how many MBA's they have working for them that were clueless?

ANyone every notice that 4 years ago all these people were just throwing money around like it was nothing? Now what do they have?

Greed, Folks thats all it was and all is.
Tom

United States

#3 Jan 24, 2009
Webster has a terrible reputation in the community. They couldn't process a loan correctly for someone I know in the middle of building an addition onto their house--lawyers had to get involved to get Webster to do things correctly.

Joke of a bank. Should be absorbed by some other bank.
Webster

Cleveland, OH

#4 Jan 24, 2009
It is happening everywhere @@@@@@
Lucille

Waterbury, CT

#5 Jan 24, 2009
I agree with Tom from W. Htfd. Webster Bank can be incompetent and anal retentive in the way it handles or mishandles even simple financial tasks like the one he mentioned. Part of the problem is it's emphasis on sales, sales, sales, without any regard to training. "Let's push products and services" that most people don't need. Then let's not train staff on how to service those products. Oh, and once a manager has achieved his/her sales quota, let's give them a free car, or a week in Disney World (I'm not kidding!). I wonder if Webster is going to eliminate these perks as well?

Webster Bank also needs to look at how it's employees work. In these harsh economic times, slackers, timewasters, and incompetent boobs need to be let go and Webster has more than it's share of these. This bank, and most of it's employees, have no idea with a work ethic means.
Kim

Willimantic, CT

#6 Jan 24, 2009
If you have over the amount insured by the FDIC in a Webster account, you seriously need to draw down that account.

Furthermore if you depend on a Webster account for your day to day expenses, you need to set aside an emergency stash of cash for the inevitable delays that would follow an FDIC closure.
Cheers

Willimantic, CT

#7 Jan 24, 2009
Webster is a miserable bank. I'm rooting for it to collapse. Couldn't happen to nicer people.
Hmmmm

East Berlin, CT

#8 Jan 24, 2009
Probably get bought by Peoples Bank. More millions for Jim Smith.
Reaganomics

Marstons Mills, MA

#9 Jan 24, 2009
mrPedro wrote:
I'm closing my accounts from Webstter tomorrow, all should follow suit
Dude, you should've put all your money into gold the moment the 2nd plane hit on 9/11.
mr cheech

Hamden, CT

#11 Jan 25, 2009
Better be careful, the Attorney General of Connecticut will try to force you return all employees to their jobs as he is advocating AT&T must do. Then again, it would be to your advantage to leave Connecticut all together to escape this atmospher of antiBusines.
Ted K

West Hartford, CT

#12 Jan 25, 2009
What happened to the money from the bailout?? Maybe it's time to boycott Webster Bank until they become more honorable.
MrLogical

Wallingford, CT

#13 Jan 25, 2009
Ted K wrote:
What happened to the money from the bailout?? Maybe it's time to boycott Webster Bank until they become more honorable.
Did Webster receive TARP bailout money? I don't remember seeing that. Please cite a factual, auditable source for proof. Otherwise, keep your idle and uniformed opinions to yourself.
Yeah right

Quincy, MA

#14 Jan 25, 2009
I find it intersting that Bank of America has been laying off hundreds of employees in CT and thousands nationwide since the first week of January and you don't hear anything about it in the news. Also interesting is that they bought the enormous failure of a company, Merrill Lynch and instead of laying off Merrill employees they laid off the BoA employees.
Yeah right

Quincy, MA

#15 Jan 25, 2009
Oh, and BoA is one of the biggest, if not the biggest recipient of TARP money. Which was supposed to be used to open up the lending. Instead they have all but shut down lending. And, they recently moved 1000's of jobs to India and spent $6 billion dollars buying a bank of China. Now there's a company looking to help the American economy. If Obama & pals give this bank another dime then vote Obama & pals out of office asap.
Your mama

Meriden, CT

#16 Jan 25, 2009
MrLogical wrote:
<quoted text>
Did Webster receive TARP bailout money? I don't remember seeing that. Please cite a factual, auditable source for proof. Otherwise, keep your idle and uniformed opinions to yourself.
YES Webster received TARP money! Where the hell have you been? Practice what you preach. Otherwise "keep your idle and uniformed opinions to yourself!"

Look up Webster's stock symbol WBS and review the November 21, 2008 press release.

http://biz.yahoo.com/prnews/081121/ny48084.ht...
Bill

Western Springs, IL

#17 Jan 25, 2009
They are going down, along with the rest of us.
Ted K

West Hartford, CT

#18 Jan 25, 2009
MrLogical wrote:
<quoted text>
Did Webster receive TARP bailout money? I don't remember seeing that. Please cite a factual, auditable source for proof. Otherwise, keep your idle and uniformed opinions to yourself.
Please try to be Logical and informed before spouting off your false nonsense, this is from the Hartford Courant, second paragraph.

"The Year In Business

A Rough Year On Wall Street, Main Street
previous 1 2 Treasury Secretary Henry Paulson first asked Congress to pass a two-page proposal authorizing the financial industry bailout. That plan went down in flames. His next try, which passed after much bipartisan arm-twisting, was more detailed. But the terms kept changing. Paulson first said the Treasury would buy troubled assets from financial institutions, then he said it wouldn't. Instead, the Treasury used most of the first round of bailout money to invest directly in banks and lenders.

Within two months, Treasury had allocated the first $350 billion to banks, insurers and automakers. Life insurers including The Hartford Financial Services Group and The Phoenix Cos. took steps to try to qualify for the federal funds. Among banks, Webster Financial Corp. and Connecticut Bank & Trust Co. qualified for cash infusions under the bailout."
Wheres the KINGq

New Milford, CT

#19 Jan 25, 2009
Hey Blumy why are you suing to block these layoffs or get the State Banking Commissioner to block them. Not lazy UNION workers KING
MrLogical

Cromwell, CT

#20 Jan 25, 2009
Ted K wrote:
<quoted text> Please try to be Logical and informed before spouting off your false nonsense, this is from the Hartford Courant, second paragraph.
"The Year In Business
A Rough Year On Wall Street, Main Street
previous 1 2 Treasury Secretary Henry Paulson first asked Congress to pass a two-page proposal authorizing the financial industry bailout. That plan went down in flames. His next try, which passed after much bipartisan arm-twisting, was more detailed. But the terms kept changing. Paulson first said the Treasury would buy troubled assets from financial institutions, then he said it wouldn't. Instead, the Treasury used most of the first round of bailout money to invest directly in banks and lenders.
Within two months, Treasury had allocated the first $350 billion to banks, insurers and automakers. Life insurers including The Hartford Financial Services Group and The Phoenix Cos. took steps to try to qualify for the federal funds. Among banks, Webster Financial Corp. and Connecticut Bank & Trust Co. qualified for cash infusions under the bailout."
I read the article. If you will note, the operative word is "qualified". Fact: while Webster did indeed 'qualify' for TARP funds, it has not received any such infusions. I stand by the assertion.
Ted K

West Hartford, CT

#22 Jan 25, 2009
MrLogical wrote:
<quoted text>
I read the article. If you will note, the operative word is "qualified". Fact: while Webster did indeed 'qualify' for TARP funds, it has not received any such infusions. I stand by the assertion.
On January 16, 2009 an article appeared in the Hartford Courant, this is not the same article I quoted above, it reads as follows, and please note the 400 million they recieved from the government.
"This is unlike anything we've ever seen," said James C. Smith, Webster's chief executive.

Smith said Webster remains well-capitalized and well-positioned to serve its customers. Webster raised $225 million in capital in 2008 and received $400 million from the government assistance program, he said.

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