Advertisement

USF&G; Cuts 900 Jobs: The diversified insurance...

From Times Staff and Wire Reports

USF&G; Cuts 900 Jobs: The diversified insurance and financial services company said it will eliminate 900 jobs in order to cut $42 million in costs. About 360 employees in the Baltimore headquarters and 540 people working in branches will lose their jobs. The cuts, at all levels, will involve onetime costs of about $7 million. More cuts are expected. The firm slashed its dividend and launched $75 million in cost-cutting measures in November because it lost $15 million in the third quarter of 1990. USF&G; Corp. had 12,600 employees nationwide and 2,500 in Maryland at the end of 1989.


Advertisement