Molina to lay off 10% of its workforce

Reuters is reporting this afternoon that Molina’s interim CEO has told employees in a memo that Molina will be laying off 10% of the workforce.  According to reports, the memo says that this is in response to losses incurred in the individual market.

From the story:

The memo was sent to employees by Molina’s Interim CEO and CFO Joe White, who said the cuts, which represent 10 percent of its 6,400 corporate employees and 10 percent of 7,700 health plan jobs, aim to contribute to savings by 2018.