Layoffs Hit Lincoln Financial Again

, the investment and insurance company which has a location in Concord, cut 1.5 percent of its workforce this week, or about 130 employees, including eight people at the city's West End facility.

Michael Arcaro, a spokesperson with the external communications division of the company, said the cuts were an effort to "enhance the strategic design of our organization." The job cuts, he noted, were "spread across" different office locations and did not target a specific business entity or location.

"We are providing severance packages and outplacement services to the staff that were affected by these changes," he noted in a statement.

Despite the cuts, Arcaro said Lincoln Financial was still committed to supporting the communities the company operates in, with the layoffs reflecting "a constant focus on refining the way we do business." Back in 2009, the company cut more than 500 employees, according to press reports.

Arcaro confirmed that along with regular building security, an off-duty officer was on-hand to assist if there were any problems.

"No one was escorted from the building," Arcaro noted. "They were there to provide extra security and support to our staff that was there ... providing security is of utmost importance to us. We are always looking at ways to keep locations secure."

Arcaro did not offer any specifics as to what the company was doing to enhance its strategic design. But he did say, "We feel that we have a responsibility to our shareholders and clients to look at ways to enhance our business (and) these changes do just that."

Locally, Lincoln Financial sponsors a number of arts, cultural, and business events in the area, including concerts and luncheons. The company to the new building fund.

The company has been in business for more than a century, manages assets of around $168 billion, and offers various forms of insurance, financial planning, and other business products. The company also owns 13 radio stations.

Dennis R. Glass has been president and CEO of Lincoln National for about five years and has been with the company for 19 years, according to Forbes.com. He was listed #318 on the Forbes CEO Compensation list and was paid more than $5 million last year, in salary, bonus, and other payments. He also reportedly owns $13.2 million worth of stock at the company.

The company's stock price closed up 99 cents per share to $24.16, on Sept. 6.