SKANDIA TO REDUCE U.S. STAFF

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