CVS Health To Consolidate Ops, Cut Jobs, At Aetna In Hartford

HARTFORD, CT — Nearly two years after completing its acquisition of Aetna, CVS Health Corp. has announced it will be eliminating some jobs at the Hartford-based insurance giant.

The cuts will be a "very small percentage" of the Hartford workforce, but will occur across all parts of the business, according to a statement released Wednesday.

The move comes as the parent company begins a reorganization and consolidation of business segments "to take advantage of CVS Health’s enterprise capabilities, while continuing to grow our core businesses and create added value for our members, customers and provider partners," the statement said.

Provisions made with state insurance regulators when the $70 billion merger went down in November 2018 include a guarantee to keep the staffing rolls at Aetna and its subsidiaries at 5,300 through Q4 of 2022, at least. Most of Aetna's employees are based in Hartford, where the company has made its headquarters since 1853. The statement Wednesday echoed that arrangement, noting that: "These changes will not impact our continued commitment to the state of Connecticut."

Those Hartford employees who did lose their jobs would be given an opportunity to apply for other jobs within the company, according to the statement from CVS Health.

On Monday, Aetna announced its intentions to expand its 2021 Medicare offerings, a plan that relied upon increased integration with Rhode Island-based CVS Health.

CVS profits were up 54 percent on revenues of $65.3 billion in Q2 2020.