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.
Topics Talent
Was this article valuable?
Here are more articles you may enjoy.
Illinois USPS Employee Indicted for Alleged Workers’ Comp Fraud 
Kin Moves Into Florida and Texas With Home-Auto Bundle Products 
Tampa Bay Rays’ New Stadium in Tampa: What We Know So Far 
Howden-Driven Talent War Has Cost Brown & Brown $23M in Revenue, CEO Says 
