Aetna To Cut Hundreds Of CT Jobs As Part Of CVS Health Layoffs

HARTFORD, CT — CVS Health confirmed it will cut hundreds of jobs at Aetna's Connecticut headquarters as part of its broader plan to slash 5,000 positions in the company's restructuring, the company said in a notice Friday.

The terminations will affect employees who work and may also live in Connecticut as well as remote employees who report to a Connecticut leader but may live elsewhere, according to the notice.

More than 500 Aetna Hartford employees will be laid off, 306 of whom are Connecticut residents, the notice said. A complete list of how many people hold each of the positions that will be eliminated was included in the notice.

"All employees who will be terminated as a result of this action have been notified of their specific separation dates and that their separation from employment will be permanent," according to the notice.

Earlier this week, the Hartford Courant reported that employees of the Hartford-based health insurer Aetna were beginning to receive notices if their positions are on the chopping block.

The Woonsocket, Rhode Island-headquartered CVS Health Corporation, which owns the pharmacy and retail chain, is set to lay off "a number of non-customer facing positions," the company confirmed to Patch in an email Aug. 1. Aetna, one of the largest health insurers in the United States, was founded in 1853 in Hartford and is now a subsidiary of CVS Health.

The layoffs are not expected to include employees working in stores, pharmacies, clinics, and customer service centers, Mike DeAngelis, Executive Director of Corporate Communications for CVS, told Patch at the time.

"Our industry is evolving to adapt to new consumer health needs and expectations," DeAngelis said. "As part of an enterprise initiative to reprioritize our investments around care delivery and technology, we must take difficult steps to reduce expenses ... We’re committed to supporting impacted colleagues, and they will receive severance pay and benefits, including access to outplacement services."

DeAngelis added that the company remains "focused on our mission – continuing to provide the exceptional care and support our customers, patients and communities deserve and depend on."

"Throughout our company’s history, we’ve continuously adapted to market dynamics to lead the industry," DeAngelis said. "The difficult decision we are making will set the company up for long-term success."

The Wall Street Journal was the first to report that the company was set to slash around 5,000 jobs, according to a company staff memo from Chief Executive Karen Lynch sent July 31.

According to a recent news release from the company, CVS Health employs over 300,000 people. The company operates more than 9,000 retail locations and 1,100 walk-in clinics in the United States.

CVS Health completed two acquisitions this spring—Signify Health in March and Oak Street Health in May—as part of its mission to advance its "value-based care strategy," according to the company.

"This transaction advances our value-based care strategy by enhancing our presence in the home," Lynch wrote in a news release announcing the Signify Health acquisition. "Our expanded capabilities will bring us closer to the consumer as we continue to redefine how people access and experience care that is more affordable, convenient and connected."