OTHER NEWS - Jan. 11, 1993
From Times Staff and Wire Reports
John Hancock Lays Off 700: John Hancock Financial Services laid off 700 employees last week in 31 sales offices around the country, company officials confirmed. Most who lost their jobs were field office sales agents in offices that Hancock’s chairman and chief executive, Stephen L. Brown, said were unprofitable. Boston-based Hancock has added 19 agencies with about 420 employees “in areas of the country we think are rapidly growing and where we have not had sufficient coverage before,” Brown said. He told the Boston Globe that Hancock plans to add offices in Arizona, California and Florida, more lucrative markets, and anticipates no further cuts in the near future.
