CIGNA To Cut About 1,100 Jobs

CIGNA Corp. said Monday that it will cut about 1,100 jobs and consolidate some offices because of the flagging economy and won't give pay raises to salaried employees this year.

[Che Guevara]

Good ole Eddie "Corporate Crook" Hanaway. Why do corporations always get rid of their productive middle managers while the overpaid, fat lazy $400K a year vice presidents never get let go. Last time I checked, under capitalism the productive, not the useless empty suits are supposed to reap the benefits. Yet another oligarchy disgrace!!!

[Yasser]

It's sad to see that many laid off during these times. For those affected, i have a resource that could help. Google "jobstaxi", its a great resource for all kinds of jobs. Do check it out and my heart goes to those laid off, Keep your heads up!

[Bolo]

How much does the CEO make?

[Bolo]

Would you complain if you were one of th empty suits making the $400K?

Che Guevara wrote:

Good ole Eddie "Corporate Crook" Hanaway. Why do corporations always get rid of their productive middle managers while the overpaid, fat lazy $400K a year vice presidents never get let go. Last time I checked, under capitalism the productive, not the useless empty suits are supposed to reap the benefits. Yet another oligarchy disgrace!!!

[Big CIGNA Hater]

PIGNA is getting exactly what they deserve. Sending thousands of American jobs overseas. They should be ashamed of themselves. Keep your eyes open for Fast Eddie's bonus this year.

[Mandy]

Bolo wrote:

Would you complain if you were one of th empty suits making the $400K?<quoted text>

I was working at a college many years ago when the state was doing massive layoffs. The professers were asked to take a 1% pay cut to keep a clerical position (probably 30K?). Do you think the professers agreed? Of course not, they needed their 6 figure incomes. I'm sure the $400k people at Cigna feel they deserve every penny too.

Good luck to all those laid off.

[Read between the lines]

"Curran also said salaried CIGNA employees, including senior executives, won't get annual merit pay raises this year."

But he fails to say that the senior executives will have their pocketbooks soothed by bonuses and other non-merit-pay raises as compensation.

Meanwhile, CIGNA employees have been receiving their 401k matching funds from the company in now-almost worthless stock.

Executives ALWAYS take care of themselves, even when they appear to be "taking one for the company".

[WTIC-AM]

Private and public companies must rid themselves of unproductive driftwood.

[Nope]

Cutting off raises is a fantastic way to lose your talent. I'm certain the core GOOD workers (especially programmers and financial analysts) are searching Monster.com right now. You've got to retain your good workers- the price to replace them is much, much higher than a decent raise.

Solid programmers/developers and financial analysts are in demand and have no worries finding a new job very quickly.

[Time for Rendition]

Nope wrote:

Cutting off raises is a fantastic way to lose your talent. I'm certain the core GOOD workers (especially programmers and financial analysts) are searching Monster.com right now. You've got to retain your good workers- the price to replace them is much, much higher than a decent raise.
Solid programmers/developers and financial analysts are in demand and have no worries finding a new job very quickly.

Not sure what planet you're living on or what you've been smoking. Citibank recently laid off 50,000 financial workers and every development job to be had is being sent to our friends in India.

[Weary]

Mandy wrote:

<quoted text>
I was working at a college many years ago when the state was doing massive layoffs. The professers were asked to take a 1% pay cut to keep a clerical position (probably 30K?). Do you think the professers agreed? Of course not, they needed their 6 figure incomes. I'm sure the $400k people at Cigna feel they deserve every penny too.
Good luck to all those laid off.

If you think most college professors have six-figure incomes you should look more closely.

[CT worker]

So when is it the State's turn to clean house of driftwood? CT's population only rose 2% over 10 years, but State employee rolls grew 24%! What gives?

[CtMC]

Big CIGNA Hater wrote:

PIGNA is getting exactly what they deserve. Sending thousands of American jobs overseas. They should be ashamed of themselves. Keep your eyes open for Fast Eddie's bonus this year.

What is the deal with people who change a letter to make a new word? PIGNA... wow! You are a really crafty! How long did it take you? Do you make tee shirts for high school kids?

[Bob]

Bolo wrote:

How much does the CEO make?

Taking a bonus and salary increase on the heads from laid off workers. This is blood money.

In 2007, this is from Forbes

The chief executive of health insurer Cigna Corp. received a compensation package worth $22.7 million in 2007, boosted by a big bonus awarded during a year of lackluster stock performance, according to a regulatory filing made late Friday.

In 2008
CIGNA CEO's Pay Climbs
CIGNA Corp. Chief Executive H. Edward Hanway scored $29.3 million in compensation last year as his long-term bonus ballooned, and he got new stock options worth an estimated $3.57 million,

[just dont get it]

normally i wouldn't like to see anyone get laid off, but my company contracted our health insurance through cigna and, after all the aggravation they have put me and all of our employees through, they should shut it down completely....they are totally useless. just one way in which they waste our money is that they contracts an outside agency to negotiate radiology costs (AIM - Amerian Imaging Mgmt.). why can't someone directly with cigna get off their fat a** and negotiate the price? why do my premiums have to skyrocket because they can't do their jobs?

[Cedric]

First they layoff, do away with raises and bonuses.
Later this year when/if the insurance companies can no longer layoff any more employees and still operate, then they will start to cut salaries. As soon as one does it, the rest will follow in order to "remain competitive." If that happens, then welcome to wage deflation, the ugly brother of price deflation.

[Unbelievable]

CtMC wrote:

<quoted text>
What is the deal with people who change a letter to make a new word? PIGNA... wow! You are a really crafty! How long did it take you? Do you make tee shirts for high school kids?

Yea. I just made one with your picture and a big letter "L" on it.

[Capt Kirk]

Cedric wrote:

First they layoff, do away with raises and bonuses.
Later this year when/if the insurance companies can no longer layoff any more employees and still operate, then they will start to cut salaries. As soon as one does it, the rest will follow in order to "remain competitive." If that happens, then welcome to wage deflation, the ugly brother of price deflation.

..and you know that every employer in the Hartford market is re-doing their comp budgets at this very moment because Cigna has set a major prescedent. Why would Travelers, Hartford, Aetna, etc. even give a miserly 3% increase while Cigna is giving 0%. This is a small market and they all know it. If you work in Hartford your employer has you by the short ones becasue they know you have no where to run, no where to hide. But as long as the CEO/CFO/CIO take home their huge bonuses to their mansions in Avon who cares, right?

[Mark]

H Edward Hanway Total Compensation (2006)
$28.82 mil
5-Year Compensation Total
$78.31 mil

[Froderick VonSchlongstein]

Until you see laid-off employees with pitchforks and burning torches outside of Cigna's office, NOTHING WILL EVER CHANGE.
Heck, that goes for every industry.
The little man needs TO STAND UP!!!