P.M. BRIEFING : USF&G; to Eliminate 900 Jobs
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BALTIMORE — Financially troubled USF&G; Corp. said today it will eliminate 900 jobs to cut $42 million in costs.
About 360 employees in the Baltimore headquarters and 540 people working in branches and branches of its subsidiaries will lose their jobs, the company said.
The cuts, coming in all levels of the company, will save USF&G; about $42 million and will involve one-time costs of about $7 million. The company said more cuts are expected as a realignment plan goes into effect.
USF&G; has assets of $13.9 billion. It is engaged primarily in property and casualty and life insurance and the sale of financial services. Its main subsidiary is United States Fidelity & Guaranty Co.
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