Virginia’s Genworth Financial to Cut 330 Positions

February 9, 2016

Henrico County, Virginia-based insurance company Genworth Financial Inc. has announced it would eliminate 330 positions in a cost-cutting move.

Media outlets report that the latest job cuts were disclosed on Friday, Feb. 5, after Genworth announced on Feb. 4 that it was suspending sales of its traditional life coverage and fixed annuity products in the first quarter of this year.

Genworth spokeswoman Julie Westerman says 70 of the cut positions are in the Richmond, Virginia, area and 200 are in Lynchburg, Virginia. Some employees outside Virginia will also be affected.

The company says the job cuts, combined with other measures, would save the company between $80 million and $90 million a year.

Genworth President and CEO Tom McInerny said in a statement the company would “support” employees who lost their job and treat them with “the utmost respect.”

 

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Latest Comments

  • February 9, 2016 at 3:01 pm
    Hal Lindsay says:
    Employees will be treated with respect and rightfully so, but shareholders have gotten no respect and it could be argued if management is competent. They destroyed the value ... read more
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