International insurance company Metlife is to reduce the workforce of Travelers Life and Annuity by 600 within the first year, depending on if and when its purchase of the company gains state approval.
Metlife, a provider of a diversified portfolio of insurance and financial services products, made an offer of $11.5 billion to Citigroup in January for Travelers Life and Annuity. It is currently awaiting official authorization for the deal to go through.
When the acquisition is completed, the company said that it would retain 1,400 of the 2,000 staff long term, with 1,100 of the retained staff remaining in Travelers Life and Annuity’s Hartford, Connecticut headquarters.
In the short term, Metlife said it has offered approximately 1,900 ongoing and transition jobs to the current 2,000 Travelers associates and approximately 1,650 ongoing and transition jobs to the 1,800 Travelers employees currently employed in Hartford. This means 100 associates and 150 Travelers employees will lose their jobs with immediate effect on completion.