NU Online News Service, Oct. 18, 3:00 p.m. – The MONY Group Inc., New York, says it plans to eliminate some operations and reduce employment by about 10% by early 2002 to improve profitability.
The company says it expects to post an operating loss of about $0.12-$0.15 per share for the third quarter as a result of poor retail brokerage results and the poor performance of the venture capital portfolio.
The operating loss projection includes an estimated $0.20 per share loss from the venture capital portfolio, MONY says.
MONY hopes to save $12 million a year by reorganizing MONY Life Insurance Company. Other cuts in operations and personnel should save another $23 million, the company says.