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Wednesday, November 18, 2009
Aetna Cuts 1.75% of Staff; More Cuts in 1Q
By Kathryn Glass
FOXBusiness
Health Insurer Aetna (AET) announced Wednesday that it has cut about 625 jobs, or 1.75% of its work force and plans to reduce its staff by the same amount by the end of the first quarter of 2010.
The company currently employs 35,500 and expects to incur a charge of $40 million after taxes, as a result of the reductions, Aetna said in a release.
“The economic downturn has had a significant impact on our customers. In addition, we must prepare for the impact that health care reform and regulatory changes may have on our business,” said Ronald A. Williams, chairman and CEO, in a statement.
Williams also said that streamlining the company’s business will make it more competitive and allow it to focus on future growth.
Shares of Aetna fell 6 cents or 0.20% to close at $20.21 on Wednesday. Shares were down another 5 cents or 0.17% in after-hours trading.
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