Cigna CEO Reveals Layoff Plans

[UpInArms]

http://abclocal.go.com/wpvi/news/011704_nw_cignacuts.html

PHILADELPHIA (AP) - January 17, 2004 — Cigna Corp. is planning layoffs this year as part of a continued restructuring plan, the chairman and chief executive said in an internal memo.

The announcement comes two months after Philadelphia-based Cigna sold its retirement and investment services business to New Jersey- based Prudential Financial Inc. The decision led Moody's Investors Services to downgrade the company's debt ratings.

"Some of the changes I describe will be painful," H. Edward Hanway wrote in the memo. "The fact is, there will be layoffs this year as we streamline our operation."

...more...

no number of anticipated layoffs given - and do you think that Hanway will be in pain? Naaah, just those redeployed folks that are streamlined.

[Kathy in Cambridge]

1. Cigna is a large employer in the Hartford CT area

this will really hurt them.

[joeybee12]

3. A friend works in Hartford HR for Cigna--figures he'll be kept on to lay

everyone off, and then HR will get the axe!

Ah, the American Dream!

[bleedingheart]

2. Wow the economy is getting better every day!

[ninkasi]

4. Oh, yeah...

and according to what I've read, Chimpy is going to use his SOTU address to take credit for an "improving economy." I wonder how many of the nation's unemployed are going to feel about this? I'm retired, and it still infuriates me. When will the CEOs be asked to share the pain?

[neverforget]

5. The company I work for just switched from Cigna to Aetna on Jan 1.

My wife and I had no problems with Cigna whatsoever. FYI: my company has 12000 plus employees

[54anickel]

6. I see the year end holiday lull in layoffs has come to an end, judging by

some of the recent layoff postings. I like how some, think it was Boeing, will not be releasing numbers in their future announcements.

[aquart]

7. Bet he doesn't take a paycut.

Maybe their salaries become his next bonus.

I'm not a big fan of the CEO class.

I am a fan of the guilotine.

[reprobate]

8. Yup. Where is the good doctor when you really need him?

[pasadenaboy]

9. The Bush economy

better for those who live off of investment

Disaster for those who work for a living.

[pasadenaboy]

10. Progressives should use Kaiser if its available

they are non-profit. I don't think my healthcare dollars should fund a return on equity for shareholders.

[mbperrin]

11. Gee! Look at that *Bush job machine go!

there it goes!