Posted on 24 Jul 2009
Hartford Financial Services Group slashed 270 jobs in its investment products division, eliminating positions in its PLANCO LLC unit.
The layoffs, which included wholesalers, cut across a variety of functions, including sales, marketing and distribution support, according to a spokesman.
The job losses were related to the reduced volume in The Hartford's variable annuities business, he said.
The layoffs took place in recent weeks.
The company's sales, marketing and support staff for its mutual funds weren't affected, the spokesman said.
“The reductions reflect the need to realign our expenses with the reduced volume of business that we have experienced in our investment products business, particularly variable annuities,” the company said in a statement.