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Lincoln To Cut 600 To 800 More Jobs

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NU Online News Service, Aug. 4, 2003, 1:35 p.m. EDT – Lincoln National Corp., Philadelphia, says it already has cut 200 jobs and will eliminate 600 to 800 more jobs as a result of a previously announced effort to realign the company’s organizational structure.

Lincoln reported earlier this year that the realignment would lead to the elimination of 115 jobs and affect its life and annuity businesses in Fort Wayne, Ind.; Hartford; and Schaumburg, Ill. Now the company says the realignment also will affect its other U.S. operations.

Lincoln will be including $15 million in charges related to the realignment in its second-quarter earnings.

The company included $6.4 million in realignment-related charges in its first-quarter earnings.

Lincoln estimates that the realignment will save about $95 million this year.