Travelers Insurance to lay off nearly 180 people in downtown Syracuse office
Downtown Syracuse will lose nearly 180 jobs as a property and casualty insurance company reduces its presence in the area.
Employees of Travelers Insurance were notified during a meeting Tuesday morning. The company is located in the Galleries in downtown Syracuse.
Corporate officials tell CNYCentral the office will remain open in the Galleries, although it is unclear how many jobs will remain. â??Our Personal Insurance business is serving a changing marketplace, and prudently managing expenses is more critical than ever to remain competitive. We are dedicated to being a market leader," the company told CNYCentral in a statement.
â??We did not know it was coming. The Mayor received a letter this morning informing us of the decision. Obviously, weâ??re very disappointed," said Ben Walsh, Deputy Commissioner of Neighborhood and Business Development.
Travelers Insurance says the jobs are being eliminated as part of 'expense reduction actions that will allow us to improve both pricing competitiveness and product returns.' Due to the company-wide reorganization, officials expect to save $140 million. "We will begin realizing some of these savings immediately and they will be fully realized in 2015. The savings will be achieved through the consolidation of certain operations along with other efficiency gains throughout the business," the company told investors.
The jobs will be eliminated over the next year.
Walsh says the positions being eliminated in Syracuse will be consolidated into other existing business centers including one in Glens Falls.