Aetna To Cut 1,000 Jobs

Aetna Inc. is the latest Connecticut company to cut jobs. The Hartford-based health insurer will eliminate 1,000 jobs, or about 2.8 percent of its work force, to reduce costs.

A company spokesperson said 375 positions in Connecticut would be cut, mostly in the Hartford and Middletown campuses. Some are those people are working from home, the spokesperson said.

Company officials said Aetna would take a charge of about $35 million in the fourth quarter along with the moves. The job cuts will allow it to reduce administrative expenses and focus on areas with greater potential growth, but did not specify what business areas or regions will be involved in the changes, company officials said.

Aetna -- the third-largest U.S. health insurer -- employs 36,208 people. It has about 37.2 million members.

The company said last month it would cut staff and reduce costs as it deals with the U.S. recession and job losses, which is swelling the ranks of the uninsured.

The Connecticut Center of Economic Analysis in November forecast 40,000 jobs out of about 1.7 million in Connecticut will be lost.

Job Cuts

Several Connecticut companies have announced job cuts. Here are some of the most recent: 

  • Chemtura said last week it would cut at least 500 jobs worldwide
  • The New Britain, Conn.-based toolmaker Stanley Works plans to cut 2,000 jobs
  • The Hartford is cutting 500 jobs
  • Pfizer already cut about 14,000 jobs worldwide and expects more layoffs
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