CIGNA announced Monday several actions in response to the economic downturn that will reportedly strengthen the company’s competitive position, including the reduction in its global workforce by approximately 1,100 positions, around 4 percent of the company’s employees, and the planned consolidation of certain real estate locations.As a result of these actions, CIGNA expects to incur approximately $30 - 40 million, after tax, in cost reduction charges in the fourth quarter of 2008.
The job eliminations are anticipated to be in large part complete by mid-year 2009 and all those impacted by these actions will be eligible for severance benefits and outplacement support.
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