Tuesday, November 4, 2008

Hartford Financial Trims Some 500 Jobs

In yet another sign of the tough economic times, Hartford Financial Services Group Inc. has announced it will cut approximately 500 jobs as part of its effort to cut costs after a $2.63 billion, third-quarter loss.

The Hartford employs 31,000, and some 12,600 of its positions are in its home state of Connecticut. According to a company spokesperson, 500 employees nationwide - including nearly 125 in the Hartford region - in life and property/casualty insurance operations and corporate staff will be notified by the end of November that they will be laid off. No layoffs are planned for December.

The company had indicated last week it would trim jobs and other expenses to save $250 million in annual costs by the end of next year.

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