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Published: November 04, 2008 10:09 am    print this story   comment on this story  

Hartford Financial to cut 500 jobs

By IEVA M. AUGSTUMS
Associated Press

CHARLOTTE, N.C. — Hartford Financial Services Group Inc. said it will cut 500 jobs, or about 2 percent, of its total work force this month, citing losses in its investment portfolios and declining revenue.

The Hartford, Conn.-based insurer said Tuesday the layoffs were announced internally on Monday. It employs about 31,000 people.

After reporting disappointing third-quarter results last week, the company said it would slash jobs and other expenses to save $250 million in annual costs by the end of 2009.

The company reported a loss of $2.6 billion, or $8.74 per share, compared with a profit of $851 million, or $2.68 per share, a year ago.

The news sent Hartford Financial's shares plummeting 58 percent during the week to close at $10.32. Shares fell as low as $8.23 during the week.

Its stock rebounded Monday, closing up 57.8 percent to $16.28.

Spokeswoman Shannon Lapierre said 500 employees around the country — including nearly 125 in the Hartford region — in life and property-casualty insurance operations and corporate staff will be notified by the end of this month that they will be laid off. No layoffs will take place in December, she said.

Less than 1 percent of the company's 12,600 Hartford-region employees will be affected, including those in Hartford, Southington, Windsor and Simsbury.

In Tuesday morning trading, shares of Hartford rose $1.24, or 7.5 percent, to $17.51.

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