CVS Health Corp Announces Layoffs at Aetna Headquarters in Hartford
In a move that is likely to have a significant impact on the local workforce and community, CVS Health Corp has announced plans to lay off more than 300 corporate employees based in Connecticut, primarily at the Aetna headquarters in Hartford. These job cuts are part of CVS’s larger plan to eliminate 5,000 positions nationwide this year.
The layoffs come as a setback to the city’s efforts to bring workers back to the office and support the recovery of local businesses from the ongoing pandemic. They also raise concerns about the future of Aetna’s campus in Hartford, which has been an iconic presence in the city for years.
According to CVS, the company will still retain around 9,000 employees in Connecticut following the job cuts. Layoff notices have already been sent to affected employees across the organization, and the higher number of job cuts reported in a filing with the state includes remote employees who report to someone in Connecticut.
Despite these significant job losses, the CEO of the MetroHartford Alliance insists that the layoffs are not a reflection of the local workforce, the insurance industry, or the city of Hartford itself. CVS has cited the need to reduce expenses and invest in health care delivery and technology as the reasons behind the downsizing.
Fortunately, CVS does not anticipate any impact on customer-facing roles, and the affected employees will receive severance pay and benefits. Hartford Mayor Luke Bronin expressed hope that those affected by the layoffs will quickly find new positions within the insurance industry in Hartford.
It is worth noting that when CVS acquired Aetna in 2018, it had committed to maintaining employment at Aetna and its subsidiaries at 5,300 for four years. The company also agreed to keep Aetna’s headquarters in Hartford for a decade. However, this recent round of layoffs follows smaller-scale job cuts that occurred in 2020.
CVS, which currently employs approximately 300,000 individuals nationwide, insists that the planned reductions represent only about 2% of its overall workforce. The company has been expanding its services into the health care sector and recently acquired primary care provider Oak Street Health.
For more information, please contact Kenneth R. Gosselin at [email protected].
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