Cigna Corp., Philadelphia, said it will cut 3,000 more jobs -- or about 9% of its workforce -- this year, despite ending 2003 with strong earnings gains. The job cuts follow an 11% drop in enrollment year-over-year and are part of Cigna's plan to reduce operating expenses by $300 million in 2004. Cigna already has eliminated 3,200 jobs since undertaking a massive restructuring in October 2002. The company posted 2003 net income of $668 million, or $4.75 per share, compared with a net loss of $398 million, or $2.83 per share, in 2002. Revenue fell 2.8% to $18.8 billion. Cigna said it will take a first-quarter, after-tax charge of up to $75 million for the job cuts. The company expects 2004 earnings of between $645 million and $705 million, excluding one-time gains. -- by Laura B. Benko
Cigna to cut more jobs after 11% enrollment drop
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