MetLife Inc. (MET), the largest U.S. life insurer, cut its adviser force by a third, eliminating 2,500 jobs as the company scales back variable annuity sales and turns to other nations for growth.MetLife has about 5,000 advisers who sell insurance and investment products, down from 7,500 in February of 2012, Eric Steigerwalt, head of MetLife’s U.S. retail business, said at a May 21 investor day presentation. The New York-based firm lowered the number of agencies to about 60, from 85, he said.
“We’re not financing advisers who, frankly, were never going to make it in this business,” Steigerwalt said. “Our productivity is way up and we’re saving a lot of money.”
MetLife has said U.S. units should contribute 60 percent of Chief Executive Officer Steven Kandarian’s targeted $600 million in expense cuts as he seeks growth in emerging markets such as Chile and Turkey. Kandarian plans to cap variable annuity sales at $11 billion this year, compared with $28.4 billion in 2011, after low interest rates pressured returns on the retirement products, which can guarantee minimum returns for clients.
Panasonic to cut 5,000 workers from automotive and industrial division
http://www.reuters.com/article/2013/05/30/us-panasonic-jobs-idUSBRE94T03920130530
The division, which covers automotive components, semiconductors, production machinery and other devices, employs 110,000 people, around a third of Panasonic's workforce. The business is at the forefront of Tsuga's strategy to shift Panasonic away from consumer electronics to building gadgets and machinery it sells to other companies.
"A reduction in labor costs will be a big part of our plan to improve profitability," Yoshihiko Yamada, the head of the automotive and industrial division said during a presentation to analysts and investors in Tokyo
I'm sure all these folks will be out shopping and flipping real estate real soon. ( I kid of course )
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