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MassMutual Cuts 160 Jobs, ‘Restructuring Complete’

Sep 9, 2009 | Reprints | Unlock Link | Print

MassMutual Financial Group says it has completed a company-wide restructuring by cutting an additional 160 jobs.

The Springfield-based company on Tuesday laid off 160 workers, bringing the total number of job cuts over recent months to 500.

In a statement, MassMutual spokesman Mark Cybulski said the layoffs were across all aspects of its business and were made to ensure the company can compete effectively as possible now and in the future.

The 157-year-old insurance and financial services company had more than 6,000 employees in western Massachusetts before the restructuring, making it one of the largest employers in the region.

The company reported $363 billion in assets under management at the end of 2008.

Insurance