Travelers Cuts Workforce by 1,400 as Insurer’s Profit Slumps
Travelers Co., the insurer in the Dow Jones Industrial Average, cut about 1,400 jobs, or 4.4 percent of the workforce, in 2011 as the company had its least profitable year since 2004.
The insurer had about 30,600 employees as of Dec. 31, according to the company’s annual report today, the lowest in seven years, according to data compiled by Bloomberg. There were 32,000 workers at the end of 2010 at New York-based Travelers, which provides coverage to businesses, motorists and homeowners.