MetLife Inc., the nation's largest life insurer, reached an agreement Friday with Connecticut Governor Jodi Rell and Attorney General Richard Blumenthal over job cuts at Travelers Life and Annuity, which MetLife is buying from Citigroup Inc.
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The pact clears a hurdle for MetLife, which expects to complete the $11.5 billion purchase in July. Ms. Rell said Friday in a press release that the Connecticut Department of Insurance must still approve the deal.
MetLife said it would keep 1,310 jobs in Hartford, and it reduced the number of job cuts planned there to 490, from 1,200. Mr. Blumenthal withdrew his opposition because of the jobs agreement, the press release said.
