UPDATE 1-WellCare cuts 5 pct of workforce

(New throughout)

NEW YORK, May 22 (Reuters) - WellCare Health Plans Inc (WCG.N), which has been the target of a federal and state probe, said on Thursday it cut 208 jobs, or about 5 percent of its work force after conducting a review of its business.

Most of the cuts came from its Florida and New York Medicaid sales operations, said the Tampa, Florida-based provider of managed care services for government-sponsored healthcare programs.

"It is our obligation to deploy our resources as efficiently and effectively as possible," Chief Executive Heath Schiesser said in a statement.

Schiesser took over as CEO in January as part of a major overhaul of the executive suite that saw the chief executive, chief financial officer and general counsel all resign.

WellCare said it remains committed to the Florida and New York Medicaid programs, and that it plans to expand the provider networks for its Medicaid and Medicare products in those states. It currently serves more than 2.4 million members nationwide.

More than 200 federal and state agents raided the company's headquarters last October, sparking a sharp sell-off of WellCare shares. Even with a recent rebound, they are trading more than 50 percent lower than the pre-raid price.

WellCare shares closed up $1.13, or 2.2 percent higher, at $53 on the New York Stock Exchange. (Reporting by Bill Berkrot; Editing by Tim Dobbyn)