(Bloomberg) -- Molina Healthcare Inc. is cutting costs,shrinking its headcount and exiting some Obamacare markets after the health insurerposted a steep second-quarter loss, three months after pushing out the brothers who’d led the firmtheir father founded.

The company said it’s eliminating about 1,500 jobs as part of arestructuring plan that it hopes will save $300 million to $400million by late next year.

In the meantime, Molina withdrew its 2017 earnings outlook. Thecompany also said it will exit money-losing Affordable Care Act markets in Utah andWisconsin for next year.

Molina, a major player in Medicaid health plans and the ACA,fired Chief Executive Officer Mario Molina and Chief FinancialOfficer John Molina in May. The company is still searching for apermanent leader as interim CEO Joseph White, who is also thefinance chief, takes action to improve results.

The second-quarter loss was $230 million, or $4.10 a share. Thecompany said it increased the amount of funds set aside to coverlosses in ACA plans to $100 million, as performance in thosemarkets deteriorated. Molina said it will exit other states “as maybe necessary.”

The shares fell 8.1 percent to $60.85 at 4:54 p.m. in NewYork.

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