Prudential to Cut Senior Leader Positions Amid Cost-Cutting Push
- Insurer plans to eliminate 243 jobs, according to NJ filing
- CEO Charlie Lowrey says ‘unnecessary complexity slows us down’
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Prudential Financial Inc. plans to cut 243 positions as it seeks to curb costs — the latest step in the life insurer’s years-long overhaul.
The company expects the effort to reduce the number of management layers by one-third, Chief Executive Officer Charlie Lowrey said in a memo to staff seen by Bloomberg. The cuts will impact different levels of senior vice presidents and vice presidents, Lowrey said.