Genworth Financial Cuts About 80 Positions at Virginia Offices

May 8, 2012

Genworth Financial Inc. has cut nearly 80 positions at two Virginia operations.

The move comes days after the Richmond-based company’s chairman and CEO, Michael D. Fraizer, resigned.

Genworth spokesman Tom Topinka told the Richmond Times-Dispatch that the cuts were fewer than 40 positions in Richmond and fewer than 30 in Lynchburg in the company’s life insurance and information technology units.

In a statement, Topinka said the changes are “designed to drive cost efficiencies” within its U.S. life insurance unit and move its technological capabilities “deeper within the business.”

Topics Virginia

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