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Aetna To Shed 2,750 More Workers
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Business New Haven
9/30/2002
By: BNH
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HARTFORD ‹ Aetna (NYSE: AET) announced September 26 that it intends to reduce its overall work force by approximately 2,750 positions through targeted job reductions over the next year. As a result, the company will record an after-tax charge of approximately $58 million against third-quarter operating results related to severance and associated facilities costs.
Our turnaround is on track, and we have two solid quarters behind us so far this year, said Aetna Chairman and CEO John W. Rowe. However, our costs must be reduced to reflect our reduced membership and the realignment of operations with our new business segment model. These new actions will help position Aetna for future profitable growth.
Once these and previously announced actions are completed, Aetna expects to have approximately 28,000 employees.
Aetna provides health, dental, group life, disability and long-term care benefits to some 14.4 million health-care members, 11.9 million dental members and 12 million group insurance customers as of June 30.
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