NU Online News Service, Dec. 20, 2:23 p.m. – The Phoenix Companies Inc., Hartford, intends to cut $30 million in annual expenses by eliminating about 5% of its 2,200 jobs and focusing more tightly on domestic wealth management.
Phoenix, which converted to a shareholder-owned stock company from a mutual insurer in June 2001, will try to get $5.8 million of the annual expense savings by “adjusting the size of its distribution force in annuities and investment management to reflect the current market environment.”
Phoenix will also be shutting some international operations, restructuring its computer operations, selling an offsite meeting facility and working to tie employee compensation more closely to individual employees’ performance.