It seems that MetLife is not done restructuring itself yet.
In August, the company said it was consolidating several of its branch offices across the country.
Now, looking forward, the insurance giant said its cutting nearly 1,900 jobs and selling off the large company sector of its 401(k) recordkeeping business to Hewitt Associates, to increase profitability while utilizing its resources more effectively.
Although most of the cuts are coming from the retail division -- approximately 980 positions will be cut from non-sales as well as operations and technology, MetLife still will eliminate 450 positions by only focusing on the smaller and mid-size company 401(k) plans.
A spokeswoman said the sector is not profitable for MetLife because large companies need more customizable defined-contribution plans and services. She could not say whether any more cutbacks would be within the firms financial planning division, but said that the company is still focused on those financial advisers who work with smaller companies retirement plans and investment management offerings.
The cuts will come across the board, including officer and director positions as well as administrative jobs in its auto and home insurance division. MetLife is also discontinuing its index separate accounts.
For more information on MetLife, go to: