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May 31, 2013 at 07:53 AM
NEW YORK (AP) — Insurer MetLife Inc. says it has eliminated about a third of its advisor jobs, or approximately 2,500 positions, since early 2012.
Treasurer Eric Steigerwalt said the company had 7,500 advisors in February 2012 and now has around 5,000. Steigerwalt said the cuts make MetLife more productive and are saving a significant amount of money.
“We’re not financing advisors who frankly were never going to make it in this business,” he said. “And we’re putting all of our resources into people who have demonstrated that they can do a great job for their clients and a great job for the company.”
Steigerwalt said he thinks the number of advisors has reached a low point and should start to grow.
