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MetLife will consolidate operations and shift jobs to North Carolina, where it will build two new campuses, in a move aimed at saving hundreds of millions of dollars by 2016.
Jobs will be slashed in Bloomfield — the number was not disclosed — and other MetLife locations around the country to move 2,600 positions to Charlotte and Cary, N.C. It’s an investment of $125.5 million.
A spokesman for the nation’s largest life insurer said the transition will happen over years.
“This is a multi-year relocation plan,” said MetLife spokesman John Calagna. “So, I don’t have a number to share with you at this point regarding the number of positions in Bloomfield impacted.”
Calagna confirmed that MetLife is closing its offices in Lowell, Mass., Somerset, N.J., and Aliso Viejo, Calif., and the company will be reducing its workforce and its footprint in Bloomfield, Boston, Irvine, Calif., Johnstown, Pa., and Warwick, R.I.
MetLife, officially called the Metropolitan Life Insurance Company of New York, said last year it was looking to cut $600 million in expenses by 2016.
I work for MetLife and will be relocating to NC as part of the move.
Surprisingly everyone at the office was very enthusiastic about the news and I hate to sound like a snot but it really isn't that surprising. People were looking forward to the lower cost of living and more manageable tax bill. NC is also talking about eliminating the state income tax something CT would never think of. Taxes are a big reason why Met Life chose to exit the north east in favor of NC.
With Malloy increasing the budget 10% over 2 years, increasing taxes has destroyed any competetiveness CT once had. More companies will move out and the state will be like an empty shell that collapses under its own weight of taxes and government regulations.
In my opinion this path to liberal destruction was solidified the last election when democrats won every single seat up for a vote.
Well its been fun CT! I will remember the good times we've had over the years. Unfortunately your future doesn't look too bright and that's a little sad.
Is it entire departments being shifted, or on a case by case basis? Courant did break their NC plans weeks ago, but have you any idea yet the percentage of the CT workforce being moved?
And taxes are dirt cheap, there is lots of land and housing will continue to be cheap as well. The city grew at about 25% over the last decade.
Not all houses have HOA dues either, just the ones that offer some kind of amenities.
I'll definitely enjoy the low taxes and cost of living, you can stick with the dictator Malloy's planned economy of buses to nowhere 2 billion dollar engineering campus and ever increasing state spending.
Is it entire departments being shifted, or on a case by case basis? Courant did break their NC plans weeks ago, but have you any idea yet the percentage of the CT workforce being moved?
I don't know specifics but from talking to people around the office it was probably like 90%.
Don't worry. Continued white collar relocation to North Carolina will drive up cost of living there just fine. And enjoy your enormous HoA fees.
St. James Plantation in Brunswick county, very upscale, very beautiful,basic monthly fees are below $60.00 month with a pool and bathhouse on the ocean, several golf courses, 3 country clubs (memberships optional) tennis, etc. plus the care of common areas, garbage, security, activities, marina, etc. .
My daughter, in CT, $200.00 a month, nada. No comparison.
I know people love to sh*t on 'blue' states losing jobs but what's happening is more along the lines of what a WSJ article from a few days ago pointed out in regards to California.
I'm surprised most operations of insurances companies haven't moved to places like NC earlier (I included P&C insurers in this).
However CT can and should still attract hedge funds, high finance, media work, etc.
It isn't the best but that's what's happening...prestigious and well-paying jobs, a hollowing out in the middle, and low paying service jobs to cater to those in the first group.
I know people love to sh*t on 'blue' states losing jobs but what's happening is more along the lines of what a WSJ article from a few days ago pointed out in regards to California.
What is happening is, via the internet, location is not of the utmost importance for the vast majority of jobs, and corps are recognizing their value, making states bid for the right to host them.
Courant comments from Met Life staff indicated the battle was truly NC vs st. Louis-no doubt the 2 high bidders.
Last edited by bobtn; 03-08-2013 at 05:33 AM..
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