said Wednesday that it will cut 690 jobs, or roughly 2.5% of its workforce, and take a $30 million restructuring charge in the fourth quarter, in an attempt to better align its resources with a reduced customer base.
The Hartford, Conn., company said that once these and previously announced layoffs are completed, it expects to have a total of 27,500 employees. Back in late October, the company said it was in the process of cutting 2,750 jobs, or about 9% of its workforce, to compensate for unprofitable membership. Total medical membership declined 500,000, to 13.95 million, in the third quarter.
Aetna is the second-largest health insurer in the U.S., providing health care, dental, long-term care and disability benefits for roughly 13.9 million medical members, 11.9 million dental members and 11.7 million group insurance customers.
The shares were up 45 cents, or 1.1%, at $40.23 in afternoon trading on the
New York Stock Exchange.