Sweden’s Skandia Group announced staff reductions in its U.S. subsidiary, American Skandia, aimed at eliminating 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.
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