MetLife has cut 2,500 advisor jobs since 2012

Associated Press

NEW YORK (AP) -- Insurer MetLife Inc. says it has eliminated about a third of its adviser jobs, or approximately 2,500 positions, since early 2012.

Treasurer Eric Steigerwalt said the company had 7,500 advisers in February 2012 and now has around 5,000. Steigerwalt said the cuts make MetLife more productive and are saving a significant amount of money.

"We're not financing advisers who frankly were never going to make it in this business," he said. "And we're putting all of our resources into people who have demonstrated that they can do a great job for their clients and a great job for the company."

Steigerwalt said he thinks the number of advisers has reached a low point and should start to grow.

His remarks were made at the company's investor day on May 21.

Shares of MetLife rose 43 cents to end Thursday trading at $44.36.