The Hartford says it will be cutting 500 jobs, citing losses in its investment portfolios and declining revenues.
The Connecticut-based financial services company says the layoffs will include nearly 125 in the Hartford region.
The Hartford had said last week it would slash jobs and other expenses to save $250 million in annual costs by the end of 2009.
The company says that 500 employees around the country in life and property-casualty insurance operations and corporate staff will be notified by the end of this month that they’ll be laid off.
A company spokeswoman says less than 1 percent of the company’s 12,600 Hartford-region employees will be affected, including those in Hartford, Southington, Windsor and Simsbury.
___
Information from: The Hartford Courant, http://www.courant.com
Topics Talent
Was this article valuable?
Here are more articles you may enjoy.
Insurtech Lemonade Starts Autonomous Car Product With Tesla’s Data 
Illinois USPS Employee Indicted for Alleged Workers’ Comp Fraud 
Water ‘Bankruptcy’ Era Has Begun for Billions, Scientists Say 
Hot Sauce Company Sues Manufacturer Over Exploding Bottles 
