Nationwide cutting jobs
COLUMBUS, Ohio (AP) - January 17, 2008 Nationwide wants to reduce costs and stay in position for
long-term growth in the face of a weakening economy and tough
competition, said spokesman Joe Case. The Columbus job cuts will
begin next month.
"We're making some strategic adjustments to maintain our
momentum," he said Thursday. "We are a growing company, and we're
making sure we're efficient and effective."
Most of the affected jobs are in the property and casualty
division, which makes up two-thirds of the company and includes
auto, homeowners and commercial insurance.
Case said Nationwide has nearly 36,000 employees total. Among
other offices with cuts are Harrisburg, Pa., where some 190 jobs
are being phased out; Portland, Ore., where consolidation of some
operations will affect 240 people; and Raleigh, N.C., where changes
will affect 100 positions, he said.
Other affected jobs are scattered around the country with some
cuts coming through attrition, he said.
Nationwide will offer severance packages and outplacement help
for some affected employees, while others will have the option to
apply for other jobs within the company, Case said.
Donald Light, a senior analyst with Celent, a financial
consulting firm, said there have been expectations that the
insurance market would grow softer and profits would fall.
Nationwide is likely trying to get ahead of that trend, he said.
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On the Net:
http://www.nationwide.com
