Principal Financial to Cut 550 Jobs at Des Moines Headquarters

Des Moines-based Principal Financial Group Inc. says it is cutting 300 jobs at its headquarters and around 250 in 45 other locations.

The insurance, banking, retirement and asset management company on Dec.9 blamed the cuts on continued deterioration of U.S. and global markets.

The cuts represents about 3.5 percent of Principal’s workforce.

The company released a statement saying most affected employees will leave Dec 31.

All affected employees will receive severance and career assistance.

Spokeswoman Mary O’Keefe says market conditions have worsened since September and that despite cutting expenses the company needed to eliminate some jobs.

Shares were trading up 5.6 percent, or $1 higher, at $18.84.

Latest Comments

• December 11, 2008 at 2:33 am

  Karma says:

  These guys dragged a $300 claim for over 11 months on me. They don't seem to feel that their own insurance policy terms and conditions should be followed and they make up thin... read more
• December 11, 2008 at 2:07 am

  Cloudy Retirement says:

  Imagine riding the PFG stock up to over $70 only to see it fall to less than $10. Now on a slight rebound.
• December 11, 2008 at 1:51 am

  Never to Retire says:

  Lord have mercy! These folks are administering my 401K! If they can't manage their own money, I've got to wonder what they're doing with mine!