Bad news at Mercury Insurance
Mercury Insurance Group laid off 363 employees throughout the company yesterday, including positions in the Foothill Boulevard office. The Rancho office employs 606 people, according to 2008 figures from the Redevelopment Agency, making the company the third largest private employer in the city.
The company, which deals mostly with automobile and homeowners insurance, did not disclose how many Rancho employees were affected.
"Over the past year, Mercury has initiated several cost containment measures, such as freezing salaries for all employees, halting most hiring, and cutting expenses across the board," according to a company statement. "While these measures have been successful, as the economy has continued to worsen it has become evident that further action is needed."
The company, which deals mostly with automobile and homeowners insurance, did not disclose how many Rancho employees were affected.
"Over the past year, Mercury has initiated several cost containment measures, such as freezing salaries for all employees, halting most hiring, and cutting expenses across the board," according to a company statement. "While these measures have been successful, as the economy has continued to worsen it has become evident that further action is needed."
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