Looks like Sprint & Aetna won't be hiring anytime soon>
Aetna Inc.(NYSE:AET - News), the No. 2 U.S. health insurer, said on Wednesday it will cut almost 700 jobs and take a $30 million charge in the fourth quarter to reduce costs as membership shrinks.
The work force slimming brings total job cuts since late last year to nearly 8,500. The Hartford, Connecticut-based insurer, which has been trying to boost profitability after a string of losses in 2001 and a management reshuffle, will have a work force of 27,500 after the move.
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Sprint Corp. (NYSE:FON - News) said on Wednesday it would cut about 2,100 jobs, the second round of layoffs at the No. 3 U.S. long-distance telephone company in the last month, to cope with the severe industry downturn.
The latest cuts, which affect about 3 percent of Sprint's work force, come as it faces weak demand for long-distance, wireless and data services, a problem plaguing all phone companies.
"The job cuts are certainly consistent with what we've been seeing industry-wide," said Jefferies & Co. analyst Richard Klugman, who has a "hold" rating on Sprint. |
