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MassMutual has just laid off 65 workers, with most of the layoffs occurring in its Boston office, and the cuts spanning all departments—including finance, marketing and sales.
The firm expects to make further cuts before the end of the year, through actual layoffs and by not refilling positions as individuals leave. The last round of layoffs occurred in March 20, affecting 30 people in the 401(k) retirement division.
With the current layoffs, MassMutual has 6,400 employees. Its revenues increased 3% in 2008 to $19.3 billion, up from $18.7 billion in 2007.
