CVS Health to cut another 22 jobs

HARTFORD -- CVS Health plans to cut later this year another 22 jobs connected to its offices in Hartford, adding to hundreds of previously announced layoffs affecting the hub.

The elimination of those 22 positions tied to CVS' offices at 151 Farmington Ave., which includes the main offices of the company's Aetna health insurance business, will be carried out on June 7, according to a letter that the company sent Tuesday to the state Department of Labor.

All of those jobs are in finance-focused areas including accounting and financial reporting/analysis. Ten of those positions are held by Connecticut residents, while the remainder are held by residents of Alabama, Arizona, Colorado, Delaware, Massachusetts, New Jersey, Pennsylvania and Texas.

"Impacted colleagues have been notified and will be eligible for severance pay, continued benefits and access to outplacement services," company officials said through a written statement provided to CT Insider. "We value the contributions of all of our colleagues and remain committed to supporting those impacted during this transition."

The job cuts are part of a nationwide downsizing for the Woonsocket, Rhode Island-headquartered CVS. Last September, the company announced that it would lay off about 2,900 employees across the U.S., as part of a multi-year plan to cut $2 billion in costs.

"We are focused on reducing expenses, optimizing our work processes, integrating our assets and leveraging technology to sustain growth and improve operational performance," company officials said in the statement. "As part of these efforts, we are modernizing our finance organization to provide the innovation, speed and scale needed to meet evolving industry demands. As a result, a select number of internal finance roles will transition to an external partner."

A message for a CVS spokesperson asking if the 22 employees to be laid off in June would join the "external partner" was not immediately returned.

Across the first three months of this year, CVS will have eliminated more than 200 positions connected to the Hartford offices, according to its recent layoff notices. In 2023 and 2024, the company laid off a total of about 1,000 employees who are based at or report to the Hartford offices.

CVS has declined to disclose how many employees are still based in Hartford. But company officials said in December that it had nearly 9,000 employees and approximately 170 CVS Pharmacy locations across Connecticut.

The company is scheduled to report on Feb. 12 its financial results for the fourth quarter and entirety of 2024.