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01/11/2012

MetLife to lay off more than 800 in Irving

More than 800 Irving employees of MetLife Inc.’s mortgage origination operation will lose their jobs when the country’s biggest life insurer closes the unit, which has 4,300 workers nationwide. “The majority will no longer have a position,” said John Calagna, a spokesman for New York-based MetLife, told Bloomberg News Tuesday. About 20 percent of the unit’s employees work in  Irving, and the rest are scattered throughout the U.S., he said.

MetLife in October announced plans to sell its mortgage unit. Last month it sold $7.5 billion of bank deposits to General Electric Co. The Federal Reserve, which oversees MetLife because of its size and banking operations, rejected its plan last year to raise the dividend and resume share buybacks.

-- Jim Fuquay

 

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Hi
Whole life insurance can be used in the retirement years as cash assets. It can provide equity for loans and have fixed payments that do not increase with time.


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