Financial Services Industry
Industry: Email Alert RSS FeedAt the Bell; Allstate plans to cut up to 700 jobs.(Late News)
Investment News, January, 2006
Allstate Corp. said Thursday that it plans to cut 600 to 700 of the approximately 9,000 jobs at its Northbrook, Ill., headquarters through a voluntary-buyout program. Employees were told about the "voluntary-termination offers'' in an internal memo distributed last week. Those who accept will be terminated by May 31.
In October, the insurer announced a third-quarter loss of $1.55 billion, due mainly to hurricane-related claims exacerbated by inadequate reinsurance in Louisiana and Mississippi. Allstate is scheduled to release its next quarterly earnings report tomorrow. Hartford's quarterly earnings drop 24% Hartford (Conn.) Financial Services Group Inc. said on Thursday that fourth-quarter earnings in 2004 were down 24%, due...
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