Sweden’s Skandia Group announced staff reductions in its U.S. subsidiary, American Skandia. The company will eliminate 150 positions—about 13 percent of its work force—following a serious downturn in U.S. sales, that has seen its income reduced by half in January and February. The move is part of an overall effort to cut costs by $35 million annually, and also reflects the general weakness of the U.S. market for financial products. Skandia is the U.S. leader in variable annuities with a 10 percent market share last year.
Topics USA
Was this article valuable?
Here are more articles you may enjoy.
Head of EEOC Urges White Men to Report Discrimination 
Board Calls for US Steel to Address Safety Issues as It Rebuilds Site of Fatal Explosion 
Three Top P/C Insurers Account for Most of Insurance AI Patents 
Brown & Brown Files Suit Over Alleged Howden Poaching of 200+ Employees From This Issue
