Met Life to Cut Nearly 2,000 Non-Sales Jobs

Metropolitan Life Insurance Co., the second-largest U.S. life insurer, said it plans to slash costs by eliminating 10% of its 19,500 non-sales employees, or almost 2,000 jobs, by the end of this year. New York-based Met Life, which is considering a shift to a shareholder-owned company from a mutual company owned by policyholders, has about 42,000 employees worldwide. The company said some of the cuts will come through attrition and it doesn’t yet know how many will be fired. Met Life also will consider further cuts and other ways to reduce expenses next year.