MetLife to move 2,600 jobs to NC from NE, Calif.

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Associated Press

Posted on March 8, 2013 at 7:06 AM

RALEIGH, N.C. (AP) — Insurance giant MetLife Inc. is moving 2,600 jobs from offices in four Northeast states and California to North Carolina, which is offering tax and other incentives that could top $94 million.

The insurer said Thursday it is shifting the jobs from Lowell and Boston, Mass.; Somerset, N.J.; Bloomfield, Conn.; Johnstown, Pa.; Warwick, R.I.; and Aliso Viejo and Irvine, Calif.

The positions will be consolidated in Charlotte and the Raleigh suburb of Cary, with each landing about 1,300 jobs. Charlotte will be the U.S. headquarters for MetLife's retail business, while Cary becomes a global technology and operations hub.

MetLife spokesman John Calagna said the company employs about 23,000 U.S. administrative staffers and the consolidation will allow teams to work together in the same location while cutting MetLife's real estate presence.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

Insurance giant MetLife Inc. plans to create 2,600 management, information technology and other jobs in two North Carolina cities by the end of 2015, Gov. Pat McCrory's office said Thursday.

The announcement comes after a state committee approved a tax break that could be worth up to $89 million over 12 years if MetLife retains the jobs and invests $125 million in two new sites. The new jobs would include product management, marketing, sales and customer support in Charlotte and information technology positions in Cary.

MetLife plans to establish hubs for its U.S. retail business in Charlotte, one of the country's financial centers, and for its global technology and operations in Cary, in the Research Triangle technology region, McCrory's office said. Favorable infrastructure and deep talent pools in the regions were key reasons for the decisions, MetLife executive vice president Eric Steigerwalt said.

New York-based MetLife reported last month that its fourth-quarter profits plunged after it took $855 million in losses on derivatives, which are financial instruments often used to hedge against future price fluctuations of an underlying commodity or security. MetLife uses them to hedge changes in interest rates and fluctuations in foreign currencies.

The company also announced last month it plans to pay about $2 billion to buy the largest private pension fund administrator in Chile as MetLife builds its presence in emerging markets.

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