MetLife Weighs Leaving Some Offices as CEO Cuts Costs

MetLife Inc., the largest U.S. life insurer, said it’s weighing whether to close some offices as the company seeks to cut costs.

“We are currently undergoing a review of our real estate footprint, which includes strategies around consolidating and exiting certain locations,” John Calagna, a MetLife spokesman, said today in an e-mailed statement.

Chief Executive Officer Steven Kandarian, 60, is seeking to cut costs by $600 million at the New York-based insurer, mostly in the U.S. The Charlotte Business Journal reported today that MetLife is in negotiations to lease about 250,000 square feet of office space in Charlotte, North Carolina, and may move some jobs there from the Northeast. Calagna didn’t identify sites the insurer may exit or lease.

“MetLife continually evaluates its real estate footprint,” Calagna said. “We are in the process of conducting due diligence on these locations and do not have any additional information to provide.”

To contact the reporter on this story: Zachary Tracer in New York at ztracer1@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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