Hartford slashes 270 jobs in investment products division

The Hartford (Conn.) Financial Services Group Inc. said that it has slashed 270 jobs in its investment products division, eliminating positions in its Planco LLC unit.

The Hartford (Conn.) Financial Services Group Inc. said that it has slashed 270 jobs in its investment products division, eliminating positions in its Planco LLC unit.
The layoffs, which included wholesalers, cut across a variety of functions, including sales, marketing and distribution support, according to a spokesman.
However, the company’s sales, marketing and support staff for its mutual funds weren’t affected, he said.
The job losses, which took place in recent weeks, were related to the reduced volume in The Hartford’s variable annuities business, the spokesman said.
“The reductions reflect the need to realign our expenses with the reduced volume of business that we have experienced in our investment products business, particularly variable annuities,” the company said in a statement.