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MBIA cuts 48 positions, to hire up to 30

NEW YORK
Thu Mar 6, 2008 3:53pm EST

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NEW YORK (Reuters) - MBIA Inc (MBI.N) the world's largest bond insurer, said on Thursday it was cutting 48 positions, as it retools its structured finance insurance business.

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As the company cuts positions, it is also hiring -- MBIA plans to hire 15 to 20 people for strategic roles and fill another 10 open positions.

The positions being eliminated will all be in MBIA's insurance operations and many of the employees will be moved into the asset management business.

(Reporting by Dan Wilchins; Editing by Andre Grenon)
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