Webster Bank laid off 165 workers last year. The bank, including this Stamford branch, employs about 2,700 in Connecticut.

Webster Financial Corp. says it will lay off about 100 workers and eliminate 140 other jobs as part of a cost-cutting program that began in January after heavy residential lending losses.

Webster said Tuesday that it expects to save $40 million with the job cuts and other cost savings. It will take a $3.1 million charge.

Webster employs about 3,300 workers, mostly in New England and New York. About 2,700 work in Connecticut. The layoffs represent about 3 percent of the bank’s work force.

Webster laid off 165 workers last year after it shut its wholesale mortgage lending division for borrowers outside New England amid heavy losses.

Webster said it did not make subprime loans that prompted housing troubles. But its wholesale lending unit made riskier loans that often required low down payments or no verified income. (AP)