MBIA, Armonk, New York, has announced plans to eliminate 48 positions in its bond insurance operation but redeploy many affected employees into different asset management jobs as it reorganizes in the wake of mortgage-related concerns. MBIA's chairman and chief executive officer, Jay Brown, said the company has tried to make the cuts "quickly and in a manner that is as painless and generous as possible, with the same treatment for every employee who will leave our organization." He said that in addition to the cuts, the reorganization includes filling 15-20 new "strategic roles" in addition to filling "another 10 open positions."
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