Friday, August 28, 2009

Famers Insurance to cut 750 Jobs in SFV

From the LA Times:

California's largest auto insurer, Farmers Insurance Group, said Thursday that it planned to slash jobs at the offices of its newly acquired 21st Century Insurance unit in Woodland Hills.

Los Angeles-based Farmers told employees that it would cut 554 jobs by the end of this year and that the total would reach 750 by the end of 2010.

The Woodland Hills complex, which had been 21st Century's headquarters until last November, currently has 979 employees, Farmers said.

That's a pretty decent sized hit to the local economy, it has both CRE and residential housing implications for the area.

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