SHELTON, Conn. - American Skandia Inc., a provider of annuities, mutual funds, and other long-term savings products, said it will cut its work force by 13% about 150 jobs as part of a program to reduce operating expenses.
Most of the layoffs will be at the Shelton corporate headquarters, American Skandia announced Friday. The company estimated that the cuts will save it more than $35 million a year.
The prolonged duration and severity of the market pullback, along with the difficulty in predicting the timing of its culmination, have led us to these hard decisions, chief executive officer Wade Dokken said in a press release.
