US auto Insurer Allstate is reportedly planning to lay off thousands of its employees in a bid to cut down costs.
Allstate global CEO Tom Wilson told senior team leaders, in a recent video conference, that ‘thousands of jobs’ at all levels of the company’s operations will be affected by the layoffs.
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More details regarding the layoffs are anticipated to be announced shortly by Tom Wilson.
Bloomberg said in a report that it reached out to an Allstate representative for a comment on the matter, but did not receive a timely response.
According to the US Securities and Exchange Commission filing by the company, it has 45,780 employees as of the end of last year. The vast majority of its staff are in North America.
It is speculated that Allstate may be preparing for a ‘price war’ against its major competitor, State Farm.
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By GlobalDataState Farm is dropping its insurance rates by 11% on average across the US. The State Farm rates in Illinois are expected to fall around 14% next month.
In April, Allstate Canada collaborated with Pembridge Insurance Company and Pafco Insurance Company (ACG) to launch ‘Stay at Home Payment’ of more than $30m.
