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Aetna to book charge for layoffs

Wall Street Journal, December 31, 2009

Aetna Inc. announced it will book up to $65 million in fourth-quarter charges for a work-force reduction plan, as the health insurer tries to align its cost structure with projected 2010 membership, the Wall Street Journal reports. In November, Aetna said it had cut 1.8% of its work force and planned a similar reduction at the end of the first quarter. The fourth-quarter charges will include $40 million for a completed elimination of 625 jobs and real-estate consolidation. Aetna expects a charge of $20 million to $25 million for the first-quarter downsizing, reports the Journal.