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Aetna Planning Job Reductions

The economic downturn is to blame, the company’s CEO says. A spokesman doesn’t say when the cuts will come or how many employees will be affected.

November 13, 2008
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Aetna Inc. is planning staff cuts as the health insurer expects the economic downturn to extend into 2009.

An internal memo was sent to employees of Hartford, Connecticut-based Aetna by Ronald Williams, chairman and CEO, explaining that “selective” cuts would need to be made as a result of the economic slowdown, an Aetna spokesman confirmed.

The spokesman provided no further details on when the cuts would come or how many employees would be affected.

Aetna previously reported that its third-quarter net income dropped 44 percent, to $277.3 million, primarily due to investment losses. Meanwhile, the insurer reported that enrollment was up 1 percent, to $17.7 million, for the quarter.

Filed by Jeff Casale of Business Insurance, a sister publication of Workforce Management. To comment, e-mail editors@workforce com.

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