WellPoint (WLP) Cutting 1,500 Positions
WellPoint, Inc. (NYSE: WLP) announced it is streamlining its administrative cost structure in response to the ongoing economic downturn as it continues to manage its business for long-term success.
As part of this initiative, WellPoint is eliminating approximately 1,500 positions. This includes the elimination of more than 900 open positions. The approximately 600 associates affected by the layoff will receive both severance pay and outplacement assistance in accordance with WellPoint's policies. WellPoint anticipates these actions will result in a fourth quarter 2008 after-tax charge of approximately $24 million.
Customer service to all members remains a high priority for WellPoint. This adjustment to the size of its workforce does not impact any existing compliance staff involved in its Medicare Advantage or Medicare Part D compliance process.
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