Wednesday, December 10, 2008

Principal Financial Group Lays Off Workers

Company Lays Off 3.5% Percent Of Their Work Force
550 Employees At Different Locations

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 Tuesday blamed the cuts on continued deterioration of U.S. and global markets.

The cuts represents about 3.5 percent of Principal's work force.

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

All affected employees will receive severance and career assistance.
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