ALLSTATE TO CUT 3,800 JOBS IN COST-CUTTING RESTRUCTURING

US property/casualty and life group Allstate said Wednesday it will lay off 3,800 employees, almost 8% of its workforce, as part of a cost-cutting restructuring effort. The restructuring, in turn, is an element of a so-called transformative growth plan the company announced in December that aims to increase personal property/liability market share by expanding customer access, improving customer value and investing in marketing and technology. The Illinois-based group said the job cuts in claims, sales and support roles, would result in a $290m pre-tax restructuring charge. “Implementing this plan is difficult as we still deal with the impact of the pandemic but necessary to provide customers the best value,” said Allstate chairman, president and chief executive Tom Wilson.