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CIGNA Announces Upcoming Layoffs Will Include Corporate Staff Positions.
Knight Ridder/Tribune Business News, May, 2003
By Diane Levick, The Hartford Courant, Conn. Knight Ridder/Tribune Business News
May 4--CIGNA Corp. said more layoffs are on the way as the company reported first-quarter financial results Friday that beat forecasts, but disappointed investors.
CIGNA, which had previously announced 3,900 job cuts nationwide, now says it will also lay off an undetermined number of corporate staff members in Connecticut and its Philadelphia headquarters.
CIGNA reported $205 million, or $1.46 a share, of first-quarter profits from continuing operations, excluding realized investment gains and losses. That was 25 percent lower than the $275 million, or $1.92 a share, a year earlier as the company struggles with rising medical costs.
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