MetLife decided earlier this year to part with most of its U.S. life-insurance business. Now it is cutting ties with Snoopy.
Could the Gecko be next???
The Oklahoman link is to their online comics section for October 21, 2016.
Scroll to the bottom of the page for the Peanuts strip.
There’s a lot of moving parts, but the bottom line for life insurers in this low interest rate environment is they just can’t earn enough money to meet the
The layoffs are part of a plan MetLife acknowledged for the first time publicly in March. At the time, MetLife said it will cut 650 workers in Bloomfield, leaving 1,300 at the site, over a three year period.
MetLife (NYSE: MET) has begun its layoffs in the Northeast for jobs that are moving to North Carolina this fall, per its agreement to the state in March to create 2,600 jobs in Cary and in Charlotte in return for more than $100 million in economic development incentives.
MetLife has about 5,000 advisers who sell insurance and investment products, down from 7,500 in February of 2012, Eric Steigerwalt, head of MetLife’s U.S. retail business, said at a May 21 investor day presentation. The New York-based firm lowered the number of agencies to about 60, from 85, he said.
“We’re not financing advisers who, frankly, were never going to make it in this business,” Steigerwalt said. “Our productivity is way up and we’re saving a lot of money.”