LOS ANGELES (Reuters) - Health insurer Cigna Corp <CI.N> said on Monday it will cut 1,100 jobs, or about 4 percent of its workforce, and consolidate certain operations as it copes with the economic downturn.
As a result, the company said it expects to record after-tax restructuring charges of $30 million to $40 million in the fourth quarter of 2008.
"Given the unprecedented economic situation we and our customers are facing, these actions are essential to ensure we can meet their needs for high value, cost effective products and services," Chairman and Chief Executive H. Edward Hanway said in a statement.
Cigna said it expects the job eliminations to be completed by mid-year 2009.
(Reporting by Deena Beasley; Editing by Phil Berlowitz)
Publié le 05 janvier 2009 Copyright © 2009 Reuters
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