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December 21, 2024

CVS discloses additional Aetna layoffs

Andrew Larson | Hartford Business Journal A sign outside Aetna's headquarters at 151 Farmington Ave. in Hartford.
By Greg Bordonaro

With new leadership in place, CVS Health has disclosed more layoffs at Hartford health insurer Aetna, which has struggled this year with higher-than-expected medical costs. 

The Rhode Island-based healthcare services company said Friday it has identified 164 additional remote workers who work at Aetna who will be laid off during a 14-day period starting Feb. 15. 

Only three of those workers live in Connecticut; the rest are out of state, according to a Worker Adjustment and Retraining Notification letter sent to the state Department of Labor. 

The positions that will be eliminated range from care management associates and clinical case managers to field sales reps and sales administration managers, according to the WARN filing. 

In a statment, CVS said "In October, we announced we are reducing 2,900 corporate roles this year. This notice includes roles that are part of those reductions, as well as some positions that are impacted by an unexpected loss of contract within Aetna Better Health of Kansas. While the notice indicates that a total of 164 positions are impacted, none of these colleagues work at 151 Farmington Ave., and only three of those positions are based in Connecticut. The total number includes people who work remotely but report to someone who is located at the Hartford office. We are committed to supporting these colleagues, who will receive severance pay and benefits, including access to outplacement services."

This is the third round of layoffs announced by CVS/Aetna since October, when the companies announced an initial round of 416 layoffs tied to the Hartford health insurer.

Since then, the companies disclosed an additional 200 job cuts tied to Aetna.

CVS Health — a provider of everything from health plans and prescription drugs to retail pharmacies and even primary care — has dealt with numerous challenges in 2024, including higher-than-expected medical expenses from its insurance arm Aetna.

That has weighed down earnings and led to investor unrest.

In response, the company’s top executives and board have made major changes in 2024, including new leadership at both CVS Health and Aetna, who are driving a cost-cutting effort. 

 

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