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October 28, 2023

CVS Health discloses deeper Hartford job cuts

COSTAR Aetna's Farmington Avenue headquarters in Hartford.
By Greg Bordonaro

Health insurer Aetna’s parent company CVS Health disclosed to state and city officials this week it will be making deeper job cuts in Connecticut than originally announced. 

The company in a letter to the state Department of Labor and Mayor Luke Bronin said that 336 Connecticut residents will be laid off as part of a broader cost-cutting initiative, through which CVS said it will cut about 5,000 jobs nationwide. 

In total, there will be more than 500 job cuts tied to health insurer Aetna’s Hartford headquarters, including remote workers who do not reside in Connecticut, the letter said. 

The layoffs began on Oct. 21, are expected to run through the rest of the year, the letter stated. Positions impacted range from analysts and case managers to data engineers, sales managers and a CFO position, the letter said. 

“These terminations will affect employees who work (and may also reside) in Connecticut, and also includes a significant number of employees who are outstationed (“remote”) employees who are not physically present in Connecticut but for work purposes report into a leader located in Connecticut,” the letter said. 

COSTAR
Aetna's Farmington Avenue headquarters in Hartford.

The retail pharmacy chain announced recently that it plans to reduce costs as it “sharpens its focus on healthcare services.”
The reductions will primarily affect corporate staff, according to a statement from the company.

CVS, which has its corporate headquarters in Woonsocket, Rhode Island, purchased Aetna in November 2018 in a deal valued at $69 billion.

To win over state regulators who could have blocked or at least held up the merger, CVS pledged to keep Aetna anchored in Hartford for at least a decade and retain staffing levels of roughly 5,300 employees for at least the following four years. 

The company also announced local layoffs in 2020.

Aetna is the healthcare benefits arm of CVS that provides benefits and insurance to employers, individuals and government entities. It serves nearly 35 million people. 
 

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