Signify Health cutting nearly 500 employees

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Recent off rumors it might be bought via CVS Well being, Symbolize Well being is shedding just about 500 staff, starting Oct. 1.

The worth-based care era corporate notified the Connecticut Division of Hard work it deliberate to chop 489 staff, together with 147 who paintings in one of the vital corporate’s 5 places of work and 342 who paintings remotely.

The letter used to be despatched as a demand of the Employee Adjustment and Retraining Notification Act. Symbolize, which has an administrative center in Norwalk, Connecticut, is founded in Dallas. 

A spokesperson for Symbolize mentioned some staff can be reassigned to different roles inside the corporate.

CVS Well being is making plans to make a bid for the corporate, in keeping with a file in The Wall Boulevard Magazine. Symbolize’s CEO, Kyle Armbrester, have shyed away from the subject totally all through the corporate’s quarterly income name on Aug. 4.