A merger between two large Pennsylvania insurance companies could result in Philadelphia job cuts.
Independence Blue Cross, located in Philadelphia, is considering a merger with Pittsburgh-based Highmark Inc. According to an article by Philly.com, the merger would create the largest health insurer in the state, but would also lead to between 745 and 1,200 job cuts.
It is not known yet which jobs would be affected. However, a report by Booz Allen Hamilton, the company’s consultant, states the biggest cuts would come in information technology, where 383 to 461 positions would be eliminated. This is the area where the two companies report their lowest turnover, 5 percent for Independence Blue Cross and 3 percent for Highmark.