Business Services Industry
CIGNA's Plans to Sell Money Management Unit May Cost Jobs in Hartford, Conn.
Knight Ridder/Tribune Business News, July, 2003
By Matthew Lubanko, The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Jul. 31--CIGNA Corp. said Wednesday the company might sell its profitable money management business, a move that could jeopardize at least some of the high-paying jobs of 1,200 workers in downtown Hartford.
The company reportedly has hired Goldman Sachs to broker a possible sale from the parent company based in Philadelphia.
It's also possible that CIGNA would spin off its money management business and create an entirely separate company, company officials said.
"We will choose the option that allows us to deliver on our commitments to provide competitively superior value for clients and their participants and to maximize shareholder value,"...
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