The Hartford Cuts 270 Investment Positions

By Money Management Executive

July 28, 2009

The Hartford has cut nearly 270 jobs in its investment products division, and more layoffs are expected, The Hartford Courant reports. The division sells variable annuities, mutual funds and retirement plans.

“The reductions reflect the need to realign our expenses with the reduced volume of business that we have experienced in our investment products business, particularly variable annuities,” said company spokesman David Potter.

The company has already eliminated 475 jobs and is working to reduce annual expenses by $250 million beginning at the end of 2009.

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