MetLife on track for 500 jobs in Charlotte this year

NANCY PIERCE

Eric Steigerwalt, MetLife Inc. executive vice president, spoke to the Charlotte Business Journal in an interview this spring.

MetLife Inc. plans to have 500 workers on the ground in Charlotte by the end of this year.

Executive Vice President Eric Steigerwalt, the insurer's head of U.S. retail, provided the target to investors in a conference on Tuesday. Steigerwalt will lead the new retail headquarters that's moving to Ballantyne Corporate Park. He and his entire management team will relocate to Charlotte this summer, he says. Read more about Steigerwalt from my sit-down with him earlier this spring.

During his presentation, Steigerwalt said he was pleased with how the company's employees across the country have reacted to the news that the retail business will consolidate in Charlotte. He said in addition to the 500 employees this year, MetLife plans to have 800 more workers on site in Charlotte by the end of 2014.

He says the Charlotte operation will replace 10 other sites where retail employees are based.

After my colleague Will Boye broke the story in February, MetLife in March announced it would relocate more than 1,300 jobs here and create a headquarters for its U.S. retail insurance and annuity business. We've also reported MetLife is eyeing Charlotte for even more expansion over time.

Steigerwalt says the relocation will allow his team to develop a thriving company culture here that can lead to improved results. "In addition, we're going to save a lot of money through this move," he said Tuesday.

Cost savings are a big focus for the retail business at MetLife this year. Steigerwalt says the company intends to save $150 million in net cost-cutting. It is accomplishing that through the move, a reduction in less-productive advisers (shrinking to 5,000 from 7,500 a year ago by instituting minimum production standards) and by restructuring third-party sales agreements. MetLife also is retooling some of its annuities and life insurance products to reduce cost and risk.

"Our productivity is up and we're making a lot more money," Steigerwalt said Tuesday. "We're putting all of our resources into people who are doing a great job for their clients and for our company."

Adam O'Daniel covers banking, entrepreneurs and technology for the Charlotte Business Journal.

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