MetLife cuts jobs, sees stock rise
Slashing employees and cutting costs helped MetLife Inc. increase investor confidence as its shares climbed 5 percent last week to a Friday close of $44.13 per share.
The largest life insurance company in the United States announced last week it would cut 2,500 advisers as it shifts attention away from annuity sales and looks to growing markets overseas.
With such low interest rates, annuities are not lucrative for the company.
About 60 percent of MetLife Chief Executive Steven Kandarian's target of $600 million in expense cuts will come from the company's U.S. units.
Mr. Kandarian unveiled the plan in May 2012.
Earlier, the company retreated from banking to avoid U.S. Federal Reserve oversight.
The company is also moving 2,600 jobs to North Carolina and has begun selling insurance in Wal-Mart stores.
The New York-based MetLife has operations at the Abington Executive Park in Clarks Summit and at the Glenmaura Corporate Center in Moosic.