New Jersey and California will be two of the states on the losing end of cost-cutting efforts at America’s largest life insurance company.
Metlife (NYSE:MET) is planning to transfer 2,600 office positions away from locations across four northeastern states and California to the North Carolina cities of Charlotte and Cary. The move comes after North Carolina provided incentives worth up to $100 million to lure the insurance giant, Bloomberg noted.
Investors liked the news, sending Metlife shares up more than 3% in Friday morning trading.
The company employs 23,000 administrative workers in the U.S. Each location in North Carolina will see 1,300 new jobs.
Northeastern states losing Metlife jobs include Massachusetts, New Jersey, Connecticut and Rhode Island.
Last year, Metlife agreed to pay almost $500 million to settle claims that it failed to make adequate efforts to pay unclaimed benefits to the families of deceased life insurance policy holders.