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MetLife Adjusts Travelers Life Plans

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NU Online News Service, April 17, 2005, 12:26 a.m. EDT

MetLife Inc. now says it hopes to cut only 390 jobs at Travelers Life & Annuity.[@@]

MetLife, New York, still plans to move 100 jobs away from Travelers Life’s main offices in Hartford. But MetLife says it has decided to scale back a proposal unveiled Monday that showed MetLife would offer “ongoing” jobs to only 1,400 Travelers Life employees.

MetLife is trying to acquire Travelers Life, which now employs 2,000, from Citigroup Inc., New York, for $11.5 billion in cash and stock.

Connecticut Gov. M. Jodi Rell, a Republican, and Connecticut Attorney General Richard Blumenthal, a Democrat, reacted to the original jobs announcement by saying they would try to persuade the state’s insurance commissioner, Susan Cogswell, to block the deal. Blumenthal has responded to the new jobs announcement by withdrawing his threat to lobby against the MetLife-Travelers Life deal.


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