January 28, 2009

Allstate plans to cut 1,000 jobs

Allstate Corp., the insurance giant based in Northbrook, Ill., says it plans to eliminate about 1,000 jobs during the next two years.

The cuts are scheduled for Allstate Financial, the company's financial arm, and plans call for a combination of attrition and elimination of positions, the Chicago Tribune reported Wednesday.

Allstate Financial sells a variety of insurance products -- including life insurance, supplemental accident and health insurance, annuity, banking and retirement instruments. The products are distributed through Allstate agencies, as well as independent insurance agencies, financial institutions and brokers, the newspaper said.

Allstate just announced in December that Allstate Financial President and Chief Executive James E. Hohmann was leaving the post. In all, Allstate Corp. had 38,000 full-time employees and about 1,000 part-time workers at the end of 2008, the newspaper said.