Business Services Industry
CIGNA to Cut 3,000 More Jobs.
Knight Ridder/Tribune Business News, February, 2004
By Diane Levick, The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Feb. 7--Health insurer CIGNA Corp. will slash 3,000 more jobs this year -- including hundreds expected in Connecticut -- as it nurses an ailing business that has lost more members than expected.
The company Friday announced the 9 percent cut in employment and a dramatic reduction of dividends to shareholders even as it reported higher profits -- but not high enough to match competitors or satisfy investors.
A gloomier enrollment outlook, the quarterly dividend cut from 33 cents to 2 1/2 cents a share, and questions about future earnings led investors to pummel CIGNA's stock Friday.
The company's shares plunged $5.55 -- 8.9 percent -- to close at...
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