NU Online News Service, Oct. 22, 5:18 p.m. – MetLife Inc., New York, says it plans to cut at least 1,900 jobs and take at least $368 million in charges in an effort to cut costs and improve its operations, but it says the Sept. 11 attacks will cost it somewhat less in the third quarter than it had previously estimated.
The major operating changes announced include:
Cutting 253 jobs at the officer and director level, or about 10% of all jobs at that level. (MetLife says 158 officers and directors left the company during the third quarter.)
Cutting 640 non-sales jobs in the individual business unit and 340 operations and technology jobs that support the individual business unit.
Cutting 450 jobs by discontinuing stand-alone 401(k) recordkeeping services. (MetLife will refer its 26 401(k) recordkeeping clients to Hewitt Associates L.L.C., Lincolnshire, Ill.)
Discontinuing the externally managed, guaranteed index separate accounts now available through pension unit.
