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"Fewer than 20" of the layoffs were in Connecticut, said David Potter, a spokesman for Simsbury-based Hartford Life, which is part of The Hartford Financial Services Group.
The investment products division, which is part of Hartford Life, also sells mutual funds and retirement plans. Potter said the job cuts include a variety of functions, including wholesaling staff.
"The reductions reflect the need to realign our expenses with the reduced volume of business that we have experienced in our investment products business, particularly variable annuities," Potter said.
The Courant reported in late June that The Hartford had already cut 475 jobs in Connecticut since late 2008. More layoffs at the company are expected. As of late June, The Hartford had roughly 12,000 Connecticut employees.
The company has been laying off employees as part of efforts to reduce annual expenses by $250 million a year by the end of this year.
The Hartford, which has suffered heavy investment losses and problems in its variable annuity business, accepted $3.4 billion in federal bailout funds last month.
To see more of The Hartford Courant, or to subscribe to the newspaper, go to http://www.courant.com. Copyright (c) 2009, The Hartford Courant, Conn. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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