Hartford Financial Services Group Inc. is going ahead with overseas expansion plans, an executive says, after a quarter it called "the most challenging in its history" and the announcement of a $2.63 billion loss that knocked the share price down 58% last week, forcing the company to announce job cuts Tuesday.

Hartford said it will cut 500 jobs this month, or about 2% of its work force, because of losses in its investment portfolios and declining revenue.

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