CIGNA talking more job cuts after first-quarter earnings report
Hartford Courant, May 1, 2009
Health insurer CIGNA Corp. lowered its profit and membership forecasts for the year after its first-quarter earnings fell short of expectations and said it would take further actions to cut expenses. CIGNA, which announced in January that it would cut 1,100 jobs companywide, plans additional expense reductions "to improve our competitive position in the marketplace," said David Cordani, president and chief operating officer. The size of the new cuts won't be disclosed until second-quarter earnings are announced, but Cordani said they will include "employment-related cost reductions," consolidation of vendors and other actions.