Berkshire’s Geico Has Cut Thousands of Jobs in Turnaround Effort
The Geico booth during a shareholders shopping day ahead of the Berkshire Hathaway annual meeting in Omaha, Nebraska.
Photographer: Dan Brouillette/BloombergThis article is for subscribers only.
Berkshire Hathaway said its auto insurer Geico has cut tens of thousands of jobs as part of its efforts to turn around a business that’s lagged behind peers.
Berkshire’s Vice Chair of Insurance Operations Ajit Jain said Geico reduced the insurer’s headcount from approximately 50,000 to roughly 20,000, though he didn’t specify the time period for the reductions.