Business Services Industry
Market Cheers CIGNA Profits but Employees Face More Layoffs.
Knight Ridder/Tribune Business News, November, 2003
By Diane Levick, The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Nov. 1--Investors rejoiced Friday over CIGNA Corp.'s improved earnings and outlook, boosting the stock price nearly 19 percent. CIGNA employees, though, face grimmer news: more layoffs.
CIGNA's $204 million third-quarter operating profit surpassed Wall Street's expectations, but the company signaled more cost-cutting because its health plans have been bleeding enrollment.
CIGNA officials wouldn't comment on the layoffs, but they are expected to be significant and include some job cuts in Connecticut.
"In 2004, we will take actions necessary to drive further productivity improvements and right-size the organization to expected membership levels,"...
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