Connecticut may escape the worst in the latest round of job cuts at insurer The Hartford, but the company warns there will be more layoffs next year.
The Hartford, which has been particularly hard hit by the crisis on Wall Street, announced this week it would cut 500 jobs. Almost 125 of those will come in Connecticut, at its operations in Hartford, Southington, Simsbury and Windsor. That represents less than one percent of its more than 12,000 strong workforce in the state.
The layoffs will come from property-casualty operations and from among corporate staff, and they’re expected to be complete by the end of this month. The layoffs come as part of a drive to save $250 million in costs by the end of next year, and the company says more job cuts will be implemented in 2009. The Hartford revealed a more than $2 billion loss in the third quarter, as its investment portfolio was battered by the failures on Wall Street. Its stock price plummeted in response, but recovered earlier this week, as the insurer sought to reassure investors about its capital position.