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Cigna cuts 1,100 jobs, expects charge of $40 million, January 6, 2009
Philadelphia-based health Insurer Cigna Corp. said it will cut about 1,100 jobs and take a fourth-quarter after-tax charge of $30 million to $40 million for 2008. The company's 4% workforce reduction will be complete by the middle of the year, and some offices will be consolidated. A declining stock market and the recession have eroded the earnings outlook for Cigna.