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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: stomper who wrote (142688)	1/9/2002 8:43:05 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

This story is priceless...Cigna laying off thousands in order to "enhance service"...<NG> Cigna fires 2000 to 'enhance service' By William Spain, CBS.MarketWatch.com Last Update: 5:19 PM ET Jan. 9, 2002 PHILADELPHIA (CBS.MW) -- Health insurance giant Cigna said Wednesday that it will fire about 2,000 people and take a $65 million charge "as part of efforts under way to enhance service capabilities." In a statement after the markets closed, CEO H. Edward Hanway said the move was tied to the company's "strategic commitment to further improve service" and will result "in greater efficiencies [and] reduced operating expenses in 2003 and beyond." Cigna said it hopes to save $45 million to $55 million a year. Its $65 million charge this year will cover severance and facilities costs. The company has consolidated assets of nearly $89 billion with annual revenues in the $20 billion range. Excluding the charge, Cigna said it expects operating income for the full years 2001 and 2002 to be "in line with previous guidance." The consensus estimate of Wall Street analysts polled by Thomson Financial/First Call is for Cigna to earn $6.96 per share in 2001 and $7.70 this year. Shares in Cigna rose $2.21, or 2.4 percent, to close at $93.21 Wednesday. Hmm, firings lead to enhanced service? I guess Webvan and Pets.com have the greatest service of them all!<GGG>