Aetna

(AET)

said Wednesday it plans to eliminate roughly 1,000 jobs to reduce costs amid the downturn in the economy.

The reduction amounts to less than 3% of the health insurer's 36,208 employees. "This action is designed to align administrative expenses with the company's growth outlook for 2009 and redirect resources to areas with a greater potential for future growth," Aetna said in a press release.

As a result of the job cuts and other actions, Aetna expects to incur approximately $35 million in restructuring charges in the fourth quarter.

This article was written by a staff member of TheStreet.com.