The Hartford Will Cut Jobs And Expenses

The Hartford Will Cut Jobs And Expenses

There are 150 comments on the Hartford Courant story from Oct 29, 2008, titled The Hartford Will Cut Jobs And Expenses. In it, Hartford Courant reports that:

The Hartford said Wednesday that it will slash expenses, cut jobs and retool prices and terms of variable annuity products after reporting a $2.63 billion quarterly net loss from investment troubles and ...

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Gosh Amos

Orange, CT

#1 Oct 30, 2008
I suppose all those hot stocks and CDO's we were in are coming back to haunt us now!? Sure am glad I don't insure with them...
Grampy

South Windsor, CT

#2 Oct 30, 2008
Dump Ramani now. No golden parachute.$15 million a year to lose $2.6 billion in a quarter? And he promises to layoff other people? Start at the top with the pink slips. Thats where the savings add up fast.
Former Resident

Canada

#3 Oct 30, 2008
Layoffs in the 4th qtr? Nice Christmas present. I bet Ramani and Marra get t keep their bonus. If they are going to layoff, how about starting with the hundreds of Accenture consultants John Chu brought in to eB&T who did nothing but arrange one re-organization after another which cost a lot but brought no savings to the table.
Yup

Vernon Rockville, CT

#4 Oct 30, 2008
Yeah, as I recall, there are a lot of people in "management" that should be looked at first. 1 exec makes more than an entire division. Happy Holidays from The Hartford!!!!
Ella

Bloomfield, CT

#5 Oct 30, 2008
Too bad they had to get involved w/ investing in mortgage backed securities.
Jill-Canton CT

Hartford, CT

#6 Oct 30, 2008
I would like to know where Ms. Levick got her information regarding job cuts at The Hartford? After reading the transcript of the earnings call from last evening, there was no mention of job cuts. Mr. Marra said they would be taking " a hard look at our expense base. We are taking actions in the fourt quarter and we are working on additional plans that will be implemented throughout 2009." I think Ms. Levick was reading a bit too much into Mr. Marra's comments. Let's try to have responsible journalism and not sensationalism.
The Shadow Knows

United States

#7 Oct 30, 2008
Since when did the Hartford start insuring the coal industry?

Lotsa stockings to fill in a couple of months, eh, RAMANI!!!

Greedy baztards!!!
Same as it ever was

AOL

#8 Oct 30, 2008
Ramanie Ayer Total Compensation as per Forbes Magazine April, 2008
$21.73 mil

5-Year Compensation Total
$71.94 mil

Hartford Stock as of 10:00 am Today:
$13.00 plus or minus
Hartford Stock May, 2007:$107.00
Hartford Stock when Mr. Ayer became CEO in 1997:$37.50

Nice Metrics!!!! Now that's justifying your pay.
MJS08

Columbus, OH

#10 Oct 30, 2008
And it will get worse under Obama's reign.
WAT

United States

#11 Oct 30, 2008
This happens every 5 years or so to the Hartford based Ins companies. After the layoffs, you do a stint with a consulting Co. Then one of your buddies gets in with one of the other insurers and gets you in. By the time you retire, you have had worked with Travelers, Phoenix, The Hartford, and any number of the smaller reinsurers and boutique insurers/financial Cos. in the city.
It is always devastating to go through, but it really does go like clockwork.
Wondering

United States

#12 Oct 30, 2008
Who is John Chu and what did he do?
Former Resident wrote:
Layoffs in the 4th qtr? Nice Christmas present. I bet Ramani and Marra get t keep their bonus. If they are going to layoff, how about starting with the hundreds of Accenture consultants John Chu brought in to eB&T who did nothing but arrange one re-organization after another which cost a lot but brought no savings to the table.
FAV

East Hartford, CT

#13 Oct 30, 2008
Same as it ever was wrote:
Ramanie Ayer Total Compensation as per Forbes Magazine April, 2008
$21.73 mil
5-Year Compensation Total
$71.94 mil
Hartford Stock as of 10:00 am Today:
$13.00 plus or minus
Hartford Stock May, 2007:$107.00
Hartford Stock when Mr. Ayer became CEO in 1997:$37.50
Nice Metrics!!!! Now that's justifying your pay.
This kind of reward for incompetence has been going on for many years in the boardrooms around the country. With an interlocking system of managers sitting on the boards of other companies, they have a great thing going. With most stock held in margin accounts or by mutual funds and voted by those institutions run by more managers, management gets its way. Even if the CEO is so bad that the company is brought down, the platinum parachute is at the ready. And thart's the story of how we've gotten a rotten-rich aristocracy in this country that rules.
What

United States

#15 Oct 30, 2008
Naive comment.
Jill-Canton CT wrote:
I would like to know where Ms. Levick got her information regarding job cuts at The Hartford? After reading the transcript of the earnings call from last evening, there was no mention of job cuts. Mr. Marra said they would be taking " a hard look at our expense base. We are taking actions in the fourt quarter and we are working on additional plans that will be implemented throughout 2009." I think Ms. Levick was reading a bit too much into Mr. Marra's comments. Let's try to have responsible journalism and not sensationalism.
What

United States

#16 Oct 30, 2008
AMEX is cutting 7k jobs after losing 1.8B. Hartford will do the same. 2.8B is such a huge number. HIG doesn't have the ability to recoup this amount in 1 quarter. Impossible. Quickest way and the only way HIG knows how to get it back is cut employees. Alot of fat over there.
Venus Envy

Hartford, CT

#17 Oct 30, 2008
Of course the insurance industry is the next to collapse....didn't everyone see this coming? I'm embarassed that I work in the industry. Let's see how much worse Obama is going to make it ! And Lawrence Kudlow, you sound like a rich elitist sneering at the struggling "middle" class - the working poor if you will. Go screw
Employee

Hartford, CT

#18 Oct 30, 2008
I am an employee of The Hartford and it's sad because it's only today when our management officially came out and told us about layoffs. For now, no one knows what divisions will be impacted. I'm just as nervous as anyone else. I do agree that lay offs should start with management, what do we need an assistant director for? I'm only 26 and I'm sure I have a lot more lay offs in my future, but what really bothered me, is that no one came out to confirm or dispel rumors until this article came out. It will be sad for a lot of families this Thanksgiving and Christmas. I guess that's just the cycle of business.
Joe

Hartford, CT

#21 Oct 30, 2008
Wondering wrote:
Who is John Chu and what did he do?
<quoted text>
John was a young finance (I believe) guy they brought in in eary 2000's into their research group, he was quickly promoted to head up IT where he out sourced production support to India a couple of divisions a year (project greenlight). After the first year, with production support in India with major problems and few people with knowledge of the systems left at the HIG he continued to off-shore more areas. Accenture was brought in to help decide what order divisions should be outsourced and clean up the mess. The did such a great job (at messing up the place), he gave them a job.
But you need to give Zewinner some credit for making things so bad as well.
REASSIGNMENT

Waterbury, CT

#22 Oct 30, 2008
THEY WILL LAYOFF HERE AND MOVE MORE JOBS TO ASIA JUST LIKE THE IT DEPT A FEW YEARS AGO AND HE WILL GET ANOTHER HUGE BONUS. WAIT UNTIL YOU TRY TO MAKE A CLAIM AND HAVE TO REPEAT YOURSELF 10X BECAUSE YOUR CALL IS BEING HANDLED IN INDIA.
Just Saying

Hartford, CT

#23 Oct 30, 2008
Any task that has a "process" that can be followed will be outsourced. Mark my words! This is the future of America.
Lawrence Kudlow

United States

#24 Oct 30, 2008
Venus Envy wrote:
And Lawrence Kudlow, you sound like a rich elitist sneering at the struggling "middle" class - the working poor if you will. Go screw
Little words, from a little person.

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