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Rating:Hartford to Shed 500 Jobs in its First Round of Cuts Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, November 05, 2008

Hartford to Shed 500 Jobs in its First Round of Cuts

by: Armie Margaret Lee

The Hartford reportedly plans to lay off 500 employees, or about 2 percent of its workforce, this month and make additional cuts next year. The reports did not mention whether any cuts will be made in Hartford's mutual fund unit.

The cuts will affect life and property insurance operations as well as corporate staff, according to reports.

Hartford spokeswoman Shannon Lapierre told The Hartford Courant that the firm plans to make additional cuts next year, but declined to give numbers.

"In today's economy, companies are making prudent spending decisions," the paper quoted Lapierre as saying. "The Hartford has engaged in a corporatewide program to drive costs out of our business."

Hartford posted a $2.63 billion third-quarter loss last week. 

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